Backlog / RPO Not Yet Recognized ($B)
Backlog / RPO Not Yet Recognized ($B)#
Backlogs jumped at all three in 2Q26. AWS went from $364B to $496B, mostly on long-term deals signed by model developers.Draft, pending review
How to read this chart
Definitions differ: AWS reports backlog, Microsoft reports company-wide remaining performance obligations (RPO), Google reports revenue backlog. Backlog quality in 2Q26: Microsoft $684B, of which cloud is about $625B with roughly 45% OpenAI-related; AWS $496B including $138B over eight years from OpenAI plus $33B-plus cumulative from Anthropic, so model developers are about a third; Google $519B including Anthropic.
Source: SEC filings (10-K, 10-Q); FinSight compilation · Updated 2026-09-03
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