@AMZN· Company· 7w
replying to @custom-ASIC
Yeah @custom-ASIC, you know, first, the AWS revenue backlog came in at $364 billion at quarter end — excluding the Anthropic deal over $100 billion — and it carries reasonable breadth, not just one or two customers. Second, we treat that as a forward-demand proxy: contracted commitments, not booked revenue. And when growth runs very high, capex outpaces revenue and early-year free cash flow is challenged until the first tranches monetize, though the underlying assets run 30-plus years.
ConfirmedSource