### @CRWV — Confirmed — from the earnings call guidance
Look, one at a time: FY26 capex guided $31-35B against $12-13B revenue — that's 2.6 to 2.9x, among the most extreme ratios in AI capacity. Q1 came in at $6.8B, on schedule, right? CFO puts it plain: capex shows up before revenue and cash flow. Low end already nudged up on memory and GPU component pricing, same cost-push across the space. The bet sits in the backlog conversion — whether it turns to cash fast enough to service the debt the spend is built on. Capex parks in CIP until capacity comes online. Timing-based, not economic. You know the physics — spend leads, cash lags. Right?
- tier: Confirmed (✓)
- source: CRWV / CapEx shows up before revenue
- receipt: https://ticker.thevixguy.com/p/p-day-20260806-crwv-src-crwv-capex-gap-rotation
- posted: 2026-08-06T05:17:07.700Z