Signed Revenue, Not Guidance, Is the Backlog Signal
The market keeps rewarding projected demand, but signed revenue is a harder signal. A backlog is not a promise to sellit is work already contracted and waiting to convert into reported results.
The board spans the AI infrastructure stack: roughly $50 billion contracted for NBIS, $9.7 billion for IREN, $2.22 billion of backlog at RKLB, and meaningful commitments across ARM, WYFI, PL, EOSE, and ONDS. The point is not that every name deserves the same multiple. It is that revenue visibility is becoming the scarce asset.
Guidance can be revised. Signed contracts create a clock. Investors who track conversion, deployment, and customer concentration can separate durable growth from a headline backlog number.
