Corvex to Expand Data Center Power Capacity from 1.5 MW to 8 MW by 2026

Corvex is planning a significant expansion of its U.S. data center footprint, targeting a jump in critical IT power capacity from approximately 1.5 MW today to roughly 8 MW by the end of 2026. The buildout spans two sites: a capacity expansion at the company's existing Mid-Atlantic data center and a second deployment within an existing enterprise-scale facility in the Midwest.

The Mid-Atlantic site is set to double its capacity, while the Midwest location represents a new operational footprint for Corvex. Both sites are expected to be ready for service in the fourth quarter of 2026, with revenue anticipated to begin flowing in the first quarter of 2027. The company says it has executed definitive agreements for both the Mid-Atlantic expansion and the Midwest site.

On the compute side, Corvex expects the expansions to bring approximately 3,000 additional latest-generation GPUs online across the two data centers, with roughly 2,000 GPUs at the Midwest site and approximately 1,000 at the Mid-Atlantic facility. Both clusters are designed around published vendor reference architectures for these platforms and will be offered either as bare metal or with a managed Kubernetes orchestration layer.

The Midwest facility also carries an option for further scale. Corvex holds a right of first refusal on an additional 12.5 MW of critical IT power capacity at that site, which could be ready for service in the third quarter of 2027. If Corvex exercises that right and contracts for the capacity, total critical IT power capacity could exceed 20 MW. However, the company notes that this expansion depends on factors including 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.

Both deployments are located within existing enterprise data center facilities with live utility power, which Corvex says can shorten deployment timelines and reduce development risk compared to greenfield construction. The company is leaning on powered, existing enterprise facilities rather than building from scratch, which can reduce schedule risk, though the critical path still runs through utility energization and long-lead GPU and infrastructure deliveries.

To fund the expansion, Corvex secured a $33 million private placement of common stock and Series D Preferred Stock led by Goldman Sachs & Co. LLC, Morgan Stanley, and Oppenheimer & Co. as joint lead placement agents. The deal is expected to generate approximately $33 million in gross proceeds before fees and expenses and is expected to close on or about September 2, 2026, subject to customary closing conditions. The purchase agreement covers 4.258 million shares of as-converted common restricted stock priced at $7.75 per share. Corvex expects the financing to increase pro forma cash and cash equivalents to approximately $55 million, compared to $22 million as of June 30, 2026.

Corvex also plans to use a portion of the proceeds to continue development of its Amplified AI Cloud platform, Token Factory, and Assured AI offerings. Token Factory is currently in closed alpha and is being designed to provide API access to open-source models with a zero data retention policy, running on a platform Corvex says is SOC 2 Type II certified with support for HIPAA compliance. Assured AI is described as a secure computing platform designed around a zero-trust architecture, which Corvex plans to integrate into Token Factory.

"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.