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Corvex to expand data center power capacity from 1.5 MW to 8 MW by 2026

Corvex plans to expand its data center footprint in the US, targeting a jump in critical IT power capacity from about 1.5 MW today to about 8 MW by the end of 2026. The buildout spans two sites, a capacity expansion at its existing Mid-Atlantic data center and a second deployment in an existing enterprise-scale facility in the Midwest.

The Mid-Atlantic site is set to double capacity, while the Midwest site adds a new location for Corvex operations. Corvex expects both sites to be ready for service in the fourth quarter of 2026, with revenue anticipated to begin in the first quarter of 2027.

On the compute side, Corvex expects the expansions to bring about 3,000 additional latest-generation GPUs online across the two data centers, with roughly 2,000 GPUs at the Midwest site and roughly 1,000 at the Mid-Atlantic site. Corvex says 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 has a right of first refusal on an additional 12.5 MW of critical IT power capacity at that site. Corvex anticipates that additional capacity could be ready for service in the third quarter of 2027 and says it plans to market that capacity to prospective customers. If Corvex exercises the right of first refusal and contracts for that capacity, total critical IT power capacity could exceed 20 MW, though the company notes the 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.

Corvex says it has executed definitive agreements for both the Mid-Atlantic expansion and the Midwest site. 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.

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. Corvex says the deal is expected to generate about $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, and Corvex expects the financing to increase pro forma cash and cash equivalents to about $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. Corvex describes Assured AI as a secure computing platform designed around a zero-trust architecture, and plans to integrate it into Token Factory.

One practical takeaway for infrastructure teams: Corvex is leaning on powered, existing enterprise facilities rather than greenfield builds, which can reduce schedule risk, but the critical path still runs through utility energization and long-lead GPU and infrastructure deliveries.

“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.

Corvex

Source: Corvex

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