Bookings-to-revenue conversion gates the forward sales multiple RPO bookings enter a reservoir and convert into recognized revenue as trapped-ion systems deploy; the multiple holds only while replenishment outpaces conversion. Customer contracts trapped-ion builds 1 Valuation gate multiple holds 5 replenish > convert bookings and revenue grow together RPO booked, not recognized 2 Trapped-ion deploy 3 milestones clear Recognized revenue revenue recognized 4 RPO converts capitalize Multiple holds reservoir stays full Multiple compresses outruns bookings In-house foundry 6 tightens loop