CRWV reports tonight — here's what the actual SEC filings say about their risks before the number drops

I took some time to review the most recent 10-Q and some of the earlier filings from $CRWV ahead of the Q4 earnings report. Sharing this as I haven't seen the discussion in most threads. The bull case from the filing is that the company had: $55.6B in revenue backlog at the end of Q3, which represented a near-doubling in a quarter $50B in RPOs, which was something that CoreWeave stated reached this mark faster than any company in cloud history Customers over $100M in annual revenue increased three fold year over year The percentage of revenue coming from any one customer decreased to under 35% of total revenue backlog The bear case from the same filing is that: The level of customer concentration is still present, even if the percentage is lower. One customer represents 35% of the revenue. The CapEx is massive. $1.9B was spent on CapEx in Q3, and $6.9B is currently under construction. The company explicitly states in the filing that hyperscalers like AWS, Microsoft and Google are entering the AI space and offering competitive prices for similar services. The audit report. I'd encourage everyone to take a look at the 10-K to see if there are any new qualifying language from the audit reports. The first two pages. The most important pages, which most people do not read. What I'm going to be watching for tonight: Can the percentage of revenue from the largest customer be improved from 35%? Will the CapEx for 2026 be more moderate than expected? Are there new risk factors mentioned regarding competition and capital requirements? What do the auditors say? The move is ±12.9% in either direction. There is no trading direction, just reading the filing as it drops. What's your thesis going into the report? submitted by /u/arrremayu [link] [comments]