Earnings

Corvex Secures Full 8 MW Plan as Revenue Rises

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter revenue was $5.0 million, up 31% from $3.8 million, as the GPU platform posted a $17.5 million net loss and $42.0 million of cash.

Corvex, Inc. (MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure, reported third-quarter revenue of $5.0 million, up 31% from $3.8 million in the second quarter of 2026.

The quarter was the company’s first full reporting period after the June 30, 2026 transfer of legacy healthcare assets. All revenue was AI Platform and services, $4,982 thousand; connected devices and services contributed nothing. Prior-year periods reflected only the legacy healthcare business and were not directly comparable.

Net loss attributable to common stockholders was $17.5 million, or $0.60 a share. Adjusted EBITDA was $3.2 million of a loss, matching the second-quarter figure. AI Platform and services Adjusted EBITDA was $3.2 million of a loss.

Co-founders Jay Crystal and Seth Demsey said the company had secured all of the approximately 8 MW of critical IT capacity in the plan it set out in August. Of that capacity, 1.5 MW is live and supports approximately $22 million of contracted annualized revenue. The remaining capacity, at the Mid-Atlantic 1 expansion and Midwest-1, is on track to be ready for service in the fourth quarter of 2026.

Contracted annualized revenue on live compute was approximately $21.7 million as of November 12, 2026, versus approximately $22 million as of August 14, 2026. Corvex defines the metric as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer and is generating revenue. It excludes contracted capacity that is not yet live. All AI Platform and services revenue is generated under take-or-pay contracts rather than spot pricing.

Crystal said the company is working to complete offtake for a 1.6 MW NVIDIA Blackwell cluster planned for Mid-Atlantic 1 and for 4.5 MW at Midwest-1, where it also holds a right of first refusal on a further 12.5 MW in 2027. Corvex expects the Mid-Atlantic 1 expansion and Midwest-1 to be ready for service in the fourth quarter of 2026.

In early September the company closed a private placement of approximately 4.26 million shares of common stock at $7.75 a share, for gross proceeds of approximately $33 million. In August a subsidiary entered a secured equipment financing facility with USD.AI and borrowed $7.5 million to fund GPU servers for the Blackwell expansion at Mid-Atlantic 1. The loan is secured by the subsidiary’s assets, including the related customer contract, is supported by a limited guaranty from Corvex’s operating subsidiary, and is non-recourse to Corvex, Inc.

Cash and cash equivalents were $42.0 million at September 30, 2026, versus $21.7 million at June 30, 2026. Cash used in operating activities was $7.0 million in the three months ended September 30, 2026. Deferred revenue, including current and non-current portions, was $3.2 million at September 30, 2026.

Stock-based compensation was $11.3 million in the third quarter, including $9.3 million in general and administrative expense. Operating expenses were $22.4 million.

Corvex launched Corvex Token Factory publicly on September 30, 2026, moving the serverless inference platform out of closed alpha. Developers and enterprises can register at no cost, obtain an API key, and run open-weight models with zero data retention by default. The company said it received notices of allowance for two patents covering Corvex’s technology, bringing the portfolio to two allowed patents and 10 pending applications.

As of November 10, 2026, the company had approximately 39.1 million shares of common stock outstanding and approximately 21,800 shares of Series D preferred stock outstanding, convertible into approximately 21.8 million shares of common stock, or approximately 60.9 million common shares on an as-converted basis.

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