DePIN market hitting $10-30B with $3.5T projected by 2028 but here's what actually matters. Revenue is separating real infrastructure from speculation: -- @AethirCloud: $166M ARR -- @helium mobile: $21M 30-day ARR -- @grass: $33M annualized -- With ~42M+ devices deployed globally @Weaver_Labs in the revenue-first category: - Cell Stack generating venue revenue from infrastructure ownership - 3x ROI improvements proven (£16.8M → £52.14M NPV) - Enterprise partnerships: Samsung, Qualcomm, Nokia - 8 live deployments: Stadium MK, Liverpool venues, JOINER 6G, ports - AI integration with Madevo delivering 50% downtime reduction AI-related DePIN = 48% of sector market cap. Cell-Stack positioning at intersection of telecom DePIN + AI-native networks. The shift: "DePIN projects generating eight-figure ARR" vs tokens with no revenue. 2026 is about proof of revenue over pure speculation. Infrastructure with measurable business outcomes wins!