Corvex Reports Third Quarter 2026 Results
Key Highlights
- ➤Q3 revenue $4.982 million, up 31% from Q2 2026
- ➤Q3 net loss attributable to common stockholders $17.519 million, or $0.60/share
- ➤Contracted annualized revenue on live compute approximately $21.7 million
- ➤Approximately 8 MW of critical IT capacity secured under 2026 plan
- ➤Private placement raised approximately $33 million at $7.75 per share
Expert Statements
Jay Crystal, Co-Founder and Co-Chief Executive Officer of Corvex
“We are building the Corvex AI Factory business one underwritten project at a time, and the third quarter moved that business forward. We have now secured all of the approximately 8 MW of critical IT capacity in the plan we set out in August. Of that capacity, 1.5 MW is live and supports approximately $22 million of contracted ARR. 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. We see customer demand that meets our underwriting criteria, and we are 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 we also hold a right of first refusal on a further 12.5 MW in 2027. We finance each deployment alongside our customers and lenders to clear its cost of capital, and we continue to advance new data center opportunities in our pipeline.”
Seth Demsey, Co-Founder and Co-Chief Executive Officer of Corvex
“Corvex is an engineering company first. In the third quarter we launched Corvex Token Factory on schedule and received notices of allowance for two patents covering Corvex's technology, bringing our portfolio to two allowed patents and 10 pending patent applications. The goal is to get more useful work out of every GPU and every watt, on infrastructure customers can trust with their most sensitive data.”
ARLINGTON, Va., Nov. 12, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today reported financial results for the third quarter ended September 30, 2026. The third quarter is the Company's first full reporting period following the June 30, 2026, transfer of the legacy healthcare assets. Prior-year periods reflect only the legacy healthcare business and are therefore not directly comparable.
"We are building the Corvex AI Factory business one underwritten project at a time, and the third quarter moved that business forward. We have now secured all of the approximately 8 MW of critical IT capacity in the plan we set out in August. Of that capacity, 1.5 MW is live and supports approximately $22 million of contracted ARR. 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. We see customer demand that meets our underwriting criteria, and we are 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 we also hold a right of first refusal on a further 12.5 MW in 2027. We finance each deployment alongside our customers and lenders to clear its cost of capital, and we continue to advance new data center opportunities in our pipeline," said Jay Crystal, Co-Founder and Co-Chief Executive Officer of Corvex.
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