Marina Lyubimova
Enterprise software is getting a new scorecard. As AI investment accelerates and software valuations face growing scrutiny, analysts and investors are shifting focus to Remaining Performance Obligations (RPO) - the clearest window into contracted future revenue. A chart from Futurum Equities ranking major enterprise tech companies by RPO size shows just how wide the gap has become between market leaders and the rest of the pack.
ServiceNow Leads the Pack With $28.2B in Contracted Revenue
At the top of the ranking sits ServiceNow (NOW) with $28.2 billion in RPO, well ahead of Palo Alto Networks (PANW) at $16.0 billion. Snowflake (SNOW) holds third place at roughly $9.8 billion, while CrowdStrike (CRWD) follows at approximately $9.0 billion. Further down the list, Zscaler (ZS) reports $6.1 billion, Palantir (PLTR) $4.2 billion, Atlassian (TEAM) $3.8 billion, and Datadog (DDOG) $3.5 billion. Cloudflare (NET) and MongoDB (MDB) round out the group at $2.5 billion and $1.5 billionrespectively.
RPO growth is emerging as one of the clearest signals distinguishing which enterprise technology companies are successfully adapting to the AI transition.
ChatGPT Leads AI Subscription Race as Gemini and Claude Hit 258% Growth notes that AI platforms are rapidly expanding paid adoption - a trend feeding directly into enterprise RPO growth.
Valuation Multiples and RPO Growth Reveal the Real AI Winners
Beyond raw RPO figures, valuation multiples paint an equally revealing picture. Palantir trades at roughly 84x RPO with about 143% RPO growth - the highest multiple in the group by far. Cloudflare sits at around 30x RPO with 48% growth, while MongoDB shows approximately 13x RPO paired with near 97% growth. CrowdStrike, Datadog, and Palo Alto Networks each report double-digit RPO growth as well. Research covered in Gemini Leads AI Conversion Rates at 68%, Beating ChatGPT, Perplexity and Claude shows how AI tools are deepening their integration into everyday workflows, reinforcing enterprise demand.
What this data ultimately reflects is a market increasingly willing to pay for visibility. As enterprise platforms embed AI into analytics, automation, and cloud infrastructure, long-term customer commitments have become as important as current earnings. Trends explored in AI Tools Lead Shopping Discovery in 2026 with Search Engines Dominating Final Purchase Stages show AI tools moving to the center of digital workflows - a shift that makes contracted revenue pipelines more predictive than ever.
Marina Lyubimova
