Is it actually reasonable to expect a steady $3M of domain creation over such a long period of time? AI is really trendy right now so a lot of projects are sparkling up, and even more ideas of projects… and people buy domain names for all of these, even those they won't ever actually start to build.
I would bet many of these domains won't even be renewed, and I would guess that the number of newly created domains won't actually keep up for long.