commitments → Helios racks → billed revenue → valuation held
How GW commitments convert into 2027 data-center revenue and where the chain can break Helios rack system ships late 2026 18 trays · ~7,000 lb 4x Instinct + EPYC Pensando networking GW commitments deployment intentions — not yet billed Meta 6GW · 1GW now Anthropic 2GW · MI450 OpenAI · Oracle 2026 Helios Microsoft Helios on Azure conversion rate sustainable GM Billed DC revenue recognized revenue 2027 targets DC revenue doublestens of billions conversion rate dropstargets stay intentions ~$770B valuation 82x trailing non-GAAP holds on billed ramp ~$770B valuation 82x trailing non-GAAP conversion missed ~4.5% DC-GPU share share erodes Breakage path — presses on share before conversion lands CUDA ecosystem lock-in Vera Rubin rack lower price Late Helios ship slips timing conversion thins