Based on the numbers at steamframeout.com you can do some very rough back of the envolope calculations and it’s not looking great.

In recent days, purchases and deliveries seem to move to a pretty consistent 150/day pace. At this rate, moving through the queue of roughly 37.000 reservations will take around 240 days.

Being more generous you could substract the already shipped Frames and assume a more optimistic 160 deliveries per day. This shortens the timespan to just 200 days for the outstanding backlog.

So yeah, the last reservations would be delivered around April 2027.

I am fully aware of all the caveats of the numbers used, this is just a fun little exercise based on available data.