CapEx Spend vs. Realized ARR Cumulative Waterfall ($B)
Quarterly cumulative Free Cash Flow trajectory illustrating the deep CapEx trough before enterprise ARR catches up.
P/E Multiple Contraction & Fair Value Curve
Direct relationship between monetization lag and valuation contraction from initial baseline multi-year highs (35x baseline).
Financial Evidence & Model Proof
Quarterly DCF Projections & Cash Flow Table
| Period | CapEx Spend | Realized ARR | Operating FCF | Cumulative FCF | Discounted FCF |
|---|