Lumen Technologies, Inc.
LUMNQ3 2024(LUMN Q2 FY2024)Estimated1% AI
AI Revenue %
1%
AI Fair Value
$175.6M
AI Revenue (Q)
$30.2M
Total Revenue (Q)
$3.0B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 2024 was a pivotal quarter for Lumen. In mid-2024, Lumen publicly announced over $5B in new business driven by AI demand, including custom fiber network builds (later branded 'Private Connectivity Fabric' or PCF). Total quarterly revenue was $3,268M. However, the 10-Q filing itself still only mentions AI in boilerplate risk factors. No specific AI revenue figures appear in the financial statements. The PCF deals are primarily structured as long-term leases/IRUs with significant deferred revenue — revenue recognition is spread over many years. Current deferred revenue rose to $670M from $647M at year-end 2023. I estimate approximately $30M in Q2 2024 AI-attributable revenue from early custom fiber deployments beginning to be recognized, primarily dark fiber and conduit sales to hyperscalers building AI data centers. $30M / $3,268M = 0.92%, rounded to 1.0%. This remains 'estimated' because the filing provides no AI revenue breakout.
Analyzed by claude-opus-4-6
Quoted Figures
our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services and artificial intelligence services
10-Q Q2 2024, Forward-Looking Statements
OPERATING REVENUE $ 3,268 3,661 6,558 7,399
10-Q Q2 2024, Consolidated Statement of Operations
AI Products Identified (Ring 1)
Dark Fiber and Conduit (AI hyperscaler custom builds)Private Connectivity Fabric (early stage)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Edge Cloud ServicesIP services (AI workload traffic)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix