Overview
May pace
×12 run-rate
gross booking
inflated top line
2028 lane
S-1 gate
The headline figure is constructed: a monthly pace, ×12, booked gross, then audited at the S-1.
How the $47 billion run-rate is built and where it converts at the S-1 audit gate
monthly pace
May 2026 sales
×12
annualize
run-rate $47B
annualized
= month × 12
pace, not $47B earned
gross booking
full spend
= revenue
AWS · GCP · Azure
partner cut = cost
gross
net
inflated
vs net-reporting
2028 extrapolation
overstates reachable
S-1
audited
realized
revenue