Corvex announced it has secured approximately $33 million in gross proceeds from a private placement to fund a significant expansion of its AI data center capacity. The company entered into a securities purchase agreement with institutional and accredited investors for the sale of common and preferred stock, with the closing occurring on September 2, 2026.
Key Details
- Financing: The private placement consisted of the sale of 3,904,970 common shares at $7.75 per share and 353.098 shares of Series D Preferred Stock at $7,750.00 per share, for total gross proceeds of approximately $33 million.
- Expansion Plan: Proceeds will fund an increase in critical IT power capacity from approximately 1.5 MW to 8 MW by year-end 2026. This expansion includes doubling capacity at its Mid-Atlantic facility and establishing a new Midwest data center, expected to support an additional 3,000 GPUs.
- Future Growth & Timeline: The company has a right of first refusal on an additional 12.5 MW of capacity. The new sites are expected to be ready for service in Q4 2026, with revenue generation anticipated to begin in Q1 2027.