{
  "version": 1,
  "unit": "USD billions",
  "reviewed": "2026-09-25",
  "sourcePages": {
    "contracts": "35–37",
    "annual": "15",
    "commencement": "16",
    "revenueBounds": "17",
    "growth": "20"
  },
  "timing": {
    "signingYears": [
      2025,
      2026
    ],
    "lagMonths": [
      24,
      36
    ],
    "earliestYear": 2027,
    "latestYear": 2029
  },
  "concentration": {
    "labBacklog": 1000,
    "totalBacklog": 2300,
    "sharePercent": 43.47826086956522
  },
  "contracts": {
    "openai": {
      "headline": 1170.4,
      "spend": 749
    },
    "anthropic": {
      "headline": 464,
      "spend": 329.7
    },
    "combinedHeadline": 1634.4,
    "combinedSpend": 1078.7
  },
  "annual": {
    "years": [
      2026,
      2027,
      2028,
      2029,
      2030
    ],
    "costs": [
      37,
      132,
      169,
      201,
      211
    ],
    "total": 750,
    "appendixDifference": 1
  },
  "commencement": {
    "years": [
      2027,
      2028
    ],
    "notional": [
      352,
      360
    ],
    "twoYearTotal": 712
  },
  "growth": {
    "baseYear": 2025,
    "targetYear": 2027,
    "revenueBase": 13.1,
    "costTarget": 132,
    "requiredPercent": 217.43244758314475
  },
  "coverage": {
    "cost": 132,
    "approximateRevenue": 65,
    "percent": 203.07692307692307
  },
  "fundingGap": {
    "years": [
      2026,
      2027,
      2028,
      2029,
      2030
    ],
    "revenueBounds": [
      [
        30,
        40
      ],
      [
        50,
        65
      ],
      [
        85,
        100
      ],
      [
        130,
        145
      ],
      [
        175,
        190
      ]
    ],
    "reportedGap": 375,
    "signedRange": [
      210,
      280
    ],
    "positiveOnlyRange": [
      213,
      280
    ],
    "interpretation": "Visual reconciliation bounds, not a confidence interval. Exact base-case series and figure revision are unavailable."
  },
  "operatingLeverage": {
    "unit": "Illustrative units, not USD billions",
    "baseRevenue": 120,
    "fixedCost": 80,
    "baseVariableCost": 20,
    "utilizationDecline": 0.3,
    "baseProfit": 20,
    "stressedProfit": -10
  }
}