Methodology

Coverage = contracted revenue divided by trailing twelve month revenue. It is expressed as a multiple and read as years: 2.0x means the company has already signed two years of its current sales rate.

It exists because the raw dollar figure is uncomparable. Microsoft's $678bn and Palantir's $4.9bn tell you which company is bigger, which you already knew. The ratio tells you which company has sold more of its future, which you did not.

What it is not: a valuation input, a growth forecast, or a quality signal. A wide ratio can mean enormous committed demand or a business whose revenue simply has not started yet. Applied Digital and Oracle sit near each other on this table for completely different reasons.

A disclosure enters the tracker when all of the following hold:

1. The company is publicly traded and the figure comes from its own reporting: a press release, shareholder letter, earnings call or SEC filing.
2. The figure is a contracted-revenue balance of at least $1bn, under one of the five metric labels below.
3. A trailing twelve month revenue denominator can be built from reported figures for the same business the balance converts into.
4. Two independent sources exist, at least one primary or tier-1. Aggregator sites never establish a figure on their own.

Explicitly out: analyst estimates of backlog, total addressable market figures, unsigned letters of intent, and any pipeline or bookings number that is not a contracted balance. Announced contracts that have not yet appeared in a reported balance belong in the AI Compute Deal Ledger, which tracks deals; this tracks what the accounts say afterwards.

Every row displays its metric. Sorting the whole table by coverage is useful for perspective and misleading as a ranking, which is why the metric column sits immediately left of the ratio.

Trailing twelve months, always, derived from reported figures using one of three methods, and the method is recorded on every row:

• Fiscal year. The period end is a fiscal year end, so the reported annual revenue is already the trailing twelve months. No arithmetic. Used for Microsoft, Oracle and Applied Digital.
• Four quarters. The four most recent reported quarters, summed, each figure listed as a component in the JSON export.
• Fiscal year plus year to date. Last fiscal year, plus this year to date, less the comparable prior year to date. Used where a segment does not report a clean quarterly series.

Trailing, not annualised. Companies prefer to quote backlog against an annualised run rate off the latest quarter, which flatters the ratio when revenue is growing fast. Amazon's backlog is 2.9x the AWS run rate and 3.3x AWS trailing revenue. This tracker uses trailing revenue everywhere and says so, because a run rate is a forecast wearing a fact's clothing.

Where a component is derived rather than directly reported, for instance a prior year half derived from a stated growth rate, the derivation string on the row says so and gives the precision.

The most common error in published comparisons is a segment numerator over a company-wide denominator. Alphabet's $513.9bn is Google Cloud, so it is measured against Google Cloud revenue, not Alphabet's. Amazon's is AWS, so it is measured against AWS.

Microsoft is the exception, and it is flagged with a dagger on the table. Microsoft reports commercial RPO, which excludes consumer businesses, but does not publish a matching commercial revenue line. The ratio shown, $678B over total company revenue, therefore understates Microsoft's true commercial coverage. Publishing it with the caveat is more useful than omitting the largest disclosure in the dataset, and inventing a commercial revenue estimate would be worse than both.

Every figure passes the same four checks the rest of this site runs before publication:

1. Scale. Does the balance fit the company's own recent size and its prior disclosure?
2. Arithmetic. The balance, the prior period and the growth rate must multiply out. This is enforced in code: a row whose stated growth rate disagrees with its own prior period figure by more than two points fails the build. So does a current portion that contradicts a stated twelve month percentage, and a set of revenue components that does not sum to the stated trailing twelve months.
3. Consistency. Figures already published elsewhere on this site are checked against the row, and conflicts are resolved before publication rather than forked.
4. Two sources, one primary or tier-1, recorded on the row and exported with it.

The validator that enforces the mechanical half runs before every merge. Currently 11 disclosures, 1 carrying an unmatched scope flag.

Rows are updated when a company reports, not when a figure is estimated. Restatements never overwrite silently: the change is recorded in the row's revision log with a date and a reason, and appears on the changelog. If a published figure turns out to be wrong, the correction stays visible rather than vanishing.

Coverage is deliberately quoted to two decimal places below 10x and one above. Precision beyond that is false: several of the underlying balances are themselves rounded by the companies that report them.

CC BY 4.0. Use it commercially, chart it, build on it. Attribution with a link is the only condition.

RPO and Backlog Coverage Tracker, Regards of Wallstreet, https://www.regardsofwallstreet.com/data/rpo

Machine-readable copies: JSON and CSV, generated from the same files this page renders from, so they cannot drift apart.