We model the broad-band X-ray spectrum of Cyg X-3 in all states displayed by this source as observed by the Rossi X-ray Timing Explorer. From our models, we derive for the first time unabsorbed spectral shapes and luminosities for the full range of s
pectral states. We interpret the unabsorbed spectra in terms of Comptonization by a hybrid electron distribution and strong Compton reflection. We study the spectral evolution and compare with other black hole as well as neutron star sources. We show that a neutron star accretor is not consistent with the spectral evolution as a function of Ledd and especially not with the transition to a hard state. Our results point to the compact object in Cyg X-3 being a massive, ~30 Msun black hole.
