Corvex Inc. (NASDAQ:MOVE) shares are trading higher after the company announced a data center expansion at its existing Mid-Atlantic data center and the establishment of operations at a second existing enterprise-scale data center in the Midwest.
- Corvex stock is showing exceptional strength. Why is MOVE stock surging?
To Boost IT Power Capacity 13-Fold to 20 MW
Corvex said the deployments are expected to increase its critical IT power capacity more than fivefold, from approximately 1.5 MW today to approximately 8 MW by the end of 2026, with both sites expected to be ready for service in the fourth quarter of 2026. The buildout is expected to bring roughly 3,000 latest-generation GPUs online across the two sites. Corvex has also secured a right of first refusal on an additional 12.5 MW of capacity at the Midwest site, which could push total capacity past 20 MW — a 13-fold increase from current levels.
“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.
Raises $33M in Private Placement
The buildout will be funded through a private placement of common stock and Series D Preferred Stock expected to generate approximately $33 million in gross proceeds, led by Goldman Sachs, Morgan Stanley and Oppenheimer & Co. as joint lead placement agents. The deal is expected to increase Corvex’s pro forma cash and cash equivalents to approximately $55 million, up from $22 million as of June 30.
Corvex Shares Race Higher
MOVE Price Action: At the time of publication, Corvex shares are trading 30.37% higher at $14.98, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.