Corvex, Inc., the Nasdaq-listed AI computing platform operating under the ticker MOVE, has announced a major expansion of its critical IT power infrastructure, raising USD 33 million through a private placement to finance a buildout that will take its capacity from approximately 1.5 megawatts today to approximately 8 megawatts by the end of 2026, with a contractual pathway to exceed 20 megawatts in 2027.

Two Data Centers, Thousands of New GPUs

The Arlington, Virginia-based company has executed definitive agreements to expand operations at its existing Mid-Atlantic data center and establish a new presence at an enterprise-scale data center facility in the Midwest.

Together, the two sites are expected to bring approximately 3,000 latest-generation GPUs online. The Midwest site is projected to account for roughly 2,000 of those GPUs, while the Mid-Atlantic expansion is expected to add approximately 1,000 more.

Both sites are located within existing enterprise data center facilities that already have live utility power, a factor the company says can shorten deployment timelines and reduce development risk compared to greenfield construction.

Corvex has indicated that both deployments are expected to be ready for service in the fourth quarter of 2026, with revenue generation anticipated to begin in the first quarter of 2027.

The GPU clusters at both sites have been designed around published vendor reference architectures and will be made available to customers either as bare-metal compute or with a managed Kubernetes orchestration layer.

Right of First Refusal Anchors Long-Term Expansion Strategy

Beyond the near-term buildout, Corvex has secured a right of first refusal on an additional 12.5 megawatts of critical IT power capacity at the Midwest site.

That additional capacity is anticipated to be ready for service in the third quarter of 2027. If exercised, the total critical IT power footprint would exceed 20 megawatts, representing more than 13 times the company's current capacity.

Corvex has stated it intends to market that capacity to prospective customers, with the option to design the expansion around a customer's specific requirements.

The company was careful to note that the pursuit of this additional capacity is subject to capital availability, customer commitments, equipment delivery, utility energization, and local permitting, and that there can be no assurance that the expansion will be pursued or completed.

Jay Crystal, co-CEO and co-founder of Corvex, framed the strategic significance of the announcement around the scarcity of ready infrastructure.

"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," Crystal said.

Private Placement Led by Goldman Sachs and Morgan Stanley

To fund the expansion, Corvex has secured a USD 33 million private placement of common stock and Series D Preferred Stock.

Goldman Sachs & Co. LLC, Morgan Stanley, and Oppenheimer & Co. served as joint lead placement agents on the transaction.

Corvex entered into a securities purchase agreement with strategic institutional and accredited investors, issuing 4.258 million shares of as-converted common restricted stock at a purchase price of $7.75 per share.

The transaction is expected to close on or about September 2, 2026, subject to customary closing conditions. Following the closing, Corvex expects its pro forma cash and cash equivalents to reach approximately USD 55 million, compared to the USD 22 million reported as of June 30, 2026.

Proceeds are earmarked for the critical IT power expansion as well as continued development of the company's Amplified AI Cloud platform, its Token Factory offering, and its Assured AI secure computing platform.

Customer Conversations Underway for Multi-Year Commitments

Corvex has said it recently commenced discussions with potential customers to fill the new capacity, drawing on its existing pipeline as well as new customers introduced through partner co-selling initiatives.

The company believes current market conditions support the possibility of securing multi-year, take-or-pay commitments at prevailing market rates for long-term GPU-as-a-Service contracts.

Those arrangements may also encompass high-throughput storage and CPU compute services, which the company identified as additional revenue opportunities beyond GPU capacity alone.

Corvex acknowledged that there can be no assurance that any customer agreement will be entered into, or that any such agreement will be on the terms, pricing, or duration described.

Token Factory and Assured AI to Receive Development Funding

A portion of the PIPE proceeds will accelerate the development of the Corvex Token Factory, which is currently in closed alpha.

The offering is being designed to provide customers with reliable, scalable API access to high-performing open-source models, operating under a zero data retention policy on a platform that is SOC 2 Type II certified and built to support HIPAA compliance.

Seth Demsey, co-CEO and co-founder of Corvex, pointed to enterprise cost pressures as the key driver behind Token Factory's value proposition. "As inference volumes grow, enterprises are paying much closer attention to the cost of serving AI at scale.

Token Factory is built to address that cost by offering near-frontier performance on most enterprise workloads at a fraction of the price per million tokens of frontier proprietary models," Demsey said.

Proceeds will also support the development of Assured AI, described as a secure computing platform built on a zero-trust architecture designed to protect privacy-sensitive inference requests and customer model weights.

Corvex has stated plans to integrate Assured AI into Token Factory to offer differentiated privacy and security capabilities to customers.