Neocloud selloff has been roug

Neocloud selloff has been rough, no question. But look at the relationship between backlog and market cap across some of these names right now.

$CoreWeave, Inc.(CRWV)$ : roughly $99.4B backlog against a $39B market cap. That's about 2.5x.

$NEBIUS(NBIS)$ : roughly $46B contracted, $47B market cap. So right around 1x.

$IREN Ltd(IREN)$ : roughly $13B contract book, $13B market cap. Also 1x.

These are signed contracts, not projections, not TAM estimates.

The market is currently pricing these companies at or below the value of business they have already won.

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