ARLINGTON, Va. -- Aug. 31, 2026 -- Corvex, Inc. (Nasdaq: MOVE) will boost its critical IT power capacity more than fivefold, from roughly 1.5 MW to approximately 8 MW by year-end 2026, backed by a $33 million private placement led by Goldman Sachs & Co. LLC, Morgan Stanley and Oppenheimer & Co.
Expansion adds 3,000 GPUs across two data centers
The buildout doubles capacity at Corvex's existing Mid-Atlantic facility and establishes a new operation at an enterprise-scale Midwest site. Combined, the two locations are expected to bring approximately 3,000 latest-generation GPUs online -- 2,000 at the Midwest site and 1,000 at the Mid-Atlantic location. Both sites are slated for service readiness in the fourth quarter of 2026, with revenue generation targeted for the first quarter of 2027.
Corvex has executed definitive agreements for both deployments, which occupy existing enterprise data center facilities with live utility power rather than greenfield construction sites. That distinction matters for deployment speed: energized power inside a finished building remains the primary bottleneck for AI infrastructure providers racing to meet GPU demand.
Right of first refusal opens path to 20 MW by 2027
Corvex holds a right of first refusal on an additional 12.5 MW of capacity at the Midwest site, targeted for service readiness in the third quarter of 2027. If exercised, total critical IT power capacity could exceed 20 MW -- a 13-fold increase from current levels. The company plans to market that incremental capacity to prospective customers, with the buildout subject to capital availability, customer commitments, equipment delivery, utility energization and local permitting.
"The scarce input in AI infrastructure is energized power inside a finished building. We have secured more than five times as much of it, with the right to scale to more than 20 megawatts in 2027," said Jay Crystal, co-CEO and co-founder of Corvex.
PIPE financing lifts pro forma cash to $55 million
The private placement involves 4.258 million shares of as-converted common restricted stock and Series D Preferred Stock at $7.75 per share, generating approximately $33 million in gross proceeds before fees. The transaction is expected to close on or about September 2, 2026. Pro forma cash and cash equivalents are projected to rise to approximately $55 million, up from $22 million reported as of June 30, 2026.
Proceeds will fund the capacity expansion alongside continued development of three platform offerings: Amplified AI Cloud, Token Factory and Assured AI. Corvex has begun discussions with potential customers to match new capacity against its existing pipeline and leads generated through partner co-selling initiatives, targeting multi-year, take-or-pay contracts for GPU-as-a-Service at prevailing market rates.
Token Factory targets lower-cost inference with security layer
A portion of the proceeds will accelerate Corvex Token Factory, currently in closed alpha, which provides API access to high-performing open-source models under a zero data retention policy. The platform is SOC 2 Type II certified with support for HIPAA compliance. Corvex plans to integrate its Assured AI zero-trust security architecture directly into Token Factory to protect privacy-sensitive inference requests and customer model weights.
"As inference volumes grow, enterprises are paying much closer attention to the cost of serving AI at scale," said Seth Demsey, co-CEO and co-founder of Corvex. Token Factory aims to deliver near-frontier performance on enterprise workloads at a fraction of the per-million-token price charged by proprietary frontier models, he said.
Both GPU clusters are designed around published vendor reference architectures and will be offered as bare metal or with a managed Kubernetes orchestration layer. Corvex has not disclosed which GPU vendor or model generation will populate the new clusters, nor pricing terms for prospective take-or-pay agreements.