Corvex raises $33M to scale GPU capacity after merger reinvention
What's the deal? Corvex, the Arlington, Virginia-based GPU cloud infrastructure provider formerly known as Movano, has secured about $33 million through a private placement to fund a data-centre expansion. The company (Nasdaq: MOVE) disclosed the financing on August 31, 2026, as part of a plan to grow its AI compute footprint.
By the numbers: The raise ranks in roughly the 91st percentile by size among non-VC private placements over the trailing 48 months, based on a sample of 5,673 comparable rounds.
What's the endgame? Corvex expects critical IT capacity to grow from about 1.5 megawatts to 8 megawatts by the end of 2026, supporting around 3,000 latest-generation GPUs across two US sites. Both are due to be ready for service in the fourth quarter, with expansion revenue beginning in the first quarter of 2027. The company also holds a right of first refusal on a further 12.5 megawatts.
Why now? Corvex only recently changed character. An all-stock merger closed on March 19, 2026, after which the combined company took the Corvex name and pivoted from Movano's healthcare-device business. The deal lifted stockholders' equity above Nasdaq's minimum, following a delisting notice in October 2025.
The financials: Corvex reported second-quarter revenue of $3.8 million, up from $103,000 a year earlier, with a net loss of $12.8 million. Cash stood at $21.7 million at June 30, up from $2.8 million at the end of 2025. The company flagged contracted annualised recurring revenue on live compute of about $22 million as of August 14.
What could go wrong? Execution on fourth-quarter site readiness is central, since expansion revenue is not expected until early 2027. The company has also filed a $500 million mixed shelf and registration statements that could raise the share count over time. Goodwill of $519.3 million from the merger dominates total assets of $599.3 million, and the accumulated deficit reached $184.2 million at June 30.
The signal: Corvex's raise reflects the scramble for GPU capacity driving AI infrastructure, with a shell-sized healthcare firm reinvented as a compute provider. Whether contracted recurring revenue converts into durable growth will test if the pivot holds.
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