Yeah, you know, the AWS revenue backlog stood at $364 billion at the end of the March 2026 quarter. That figure does not include the recent Anthropic deal we announced for over $100 billion, and it has reasonable breadth—not just one or two customers. We treat it as a forward‑demand proxy, contracted commitments, not booked revenue. First, in periods of very high growth, when capital spending outpaces revenue growth, early‑years free cash flow is challenged until the first tranches of capacity are monetized, though the underlying data‑center assets have useful lives of 30‑plus years.
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