What is NBIS's backlog?

NBIS reported $21.3B of remaining performance obligations at 31 Dec 2025. That is 40.3 years of trailing revenue already under contract.

Who are NBIS's biggest backlog customers?

Disclosed counterparties: Microsoft ($17.4B), Meta ($15.0B).

NBIS (NBIS) backlog: remaining performance obligations

How much revenue NBIS already has under contract, how fast it converts, and who it is with.

Data as of 7 Nov 2026.

Open the interactive Backlog view NBIS competitor analysis

NBIS reported $21.3B of remaining performance obligations at 31 Dec 2025. That is 40.3 years of trailing revenue already under contract.
The company reports 28% of the backlog due within the first 24 months.
Customer prepayments (contract liabilities) cover 7.4% of the backlog.
The latest filed figure is more than 200 days old.
Disclosed counterparties: Microsoft ($17.4B), Meta ($15.0B).

NBIS backlog history

Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).

Amounts in USD. Source: SEC XBRL filings.
Quarter end	Backlog (RPO)	TTM revenue	Coverage	Customer prepayments
31 Dec 2025	$21.3B	$530M	40.3 yrs	$1.58B

Who NBIS's backlog is with

Who the backlog is with: the curated counterparty ledger (company filings and releases)
Counterparty	Disclosed contract value	Type	Credit rating
Microsoft	$17.4B	bigtech	AAA
Meta	$15.0B	bigtech	AA-

Backlog compared with peers

GPU clouds

Company	Backlog	1-year growth	Coverage	As of
CoreWeave CRWV	$104B	+245%	13.7 yrs	30 Jun 2026
NBIS NBIS	$21.3B	n/a	40.3 yrs	31 Dec 2025
Iren IREN	$6.35B	+3,155%	9.1 yrs	30 Sep 2026

Questions

What is NBIS's backlog?: NBIS reported $21.3B of remaining performance obligations at 31 Dec 2025. That is 40.3 years of trailing revenue already under contract.
Who are NBIS's biggest backlog customers?: Disclosed counterparties: Microsoft ($17.4B), Meta ($15.0B).

About these numbers

Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.