$SanDisk Corp.(SNDK)$ Looking at the hard numbers, the picture is clear.

First, the first three NBM agreements alone have brought in a massive Remaining Performance Obligation of roughly $42 billion in minimum contractual revenues.

Second, these five contracts are fully backed by over $11 billion in firm financial guarantees held by third-party financial institutions. If a hyper-scaler misses their quarterly purchase commitment, those financial instruments trigger immediately.

Management also disclosed that these agreements already lock up over one-third of SanDisk's entire fiscal 2027 bit production volume. They expect that number to approach or exceed 50% as more enterprise customers convert.