Corvex Hits 8 MW GPU Capacity Target, Lifts AI Cloud Revenue 31%

Corvex grew AI cloud revenue 31% quarter-over-quarter to $5.0 million in Q3 and says it has now secured all roughly 8 MW of the critical IT capacity in the plan it laid out in August. The company, a GPU cloud provider that reverse-merged into wearables maker Movano in March, reported the figures on Nov. 12. Its net loss widened to $17.5 million, or 60 cents a share, from $12.8 million in the second quarter, driven largely by $11.3 million of stock-based compensation; adjusted EBITDA came in at a $3.2 million loss.

The quarter was the first full one since Corvex transferred Movano's legacy healthcare assets on June 30, so year-ago comparisons don't hold. A year earlier, the old business generated just $80,000 of revenue.

How much capacity is actually billing?

Just 1.5 MW of the 8 MW is live today. "Of that capacity, 1.5 MW is live and supports approximately $22 million of contracted ARR," co-CEO Jay Crystal said. The remainder — an expansion at the Mid-Atlantic 1 data center and a new Midwest-1 site — is due to be ready for service in the fourth quarter, according to the company's roadmap.

Corvex defines contracted annualized revenue as annualized fixed fees on capacity that has been delivered, accepted and generating revenue. That figure stood at about $21.7 million as of Nov. 12. Every dollar of AI platform revenue sits under take-or-pay contracts, meaning customers pay whether or not they use the capacity. Deferred revenue climbed to $3.2 million from $12,000 at the end of 2025 — a signal that customers are committing cash ahead of delivery.

What comes after the 8 MW?

Crystal said Corvex is negotiating offtake contracts for two additions: a 1.6 MW Nvidia Blackwell cluster at Mid-Atlantic 1 and 4.5 MW at Midwest-1. Neither deal is signed. At Midwest-1, Corvex also holds a right of first refusal on another 12.5 MW in 2027, which could push total capacity above 20 MW if exercised.

The financial picture by quarter:

• Q3 2025 (legacy Movano healthcare only): $0.08M revenue, $2.6M operating loss, $4.0M net loss
• Q2 2026: $3.8M revenue, $15.2M operating loss, $12.8M net loss
• Q3 2026: $5.0M revenue, $17.4M operating loss, $17.5M net loss (Nov. 12 release; Q2 figures from SEC-derived financials on MLQ.ai)

How is the buildout funded?

Project by project, not from a single war chest. In September, Corvex sold about 4.26 million shares at $7.75 each in a private placement, raising roughly $33 million. In August, a subsidiary borrowed $7.5 million from USD.AI under a secured equipment facility — non-recourse to the parent — to buy GPU servers for the Blackwell expansion. The company ended September with $42.0 million of cash and used $7.0 million in operations during the quarter.

On the software side, Corvex opened its Token Factory serverless inference service to the public on Sept. 30, targeting open-weight model deployments with zero data retention by default. Counting Series D preferred stock on an as-converted basis, the company had about 60.9 million common shares outstanding as of Nov. 10.

The next test is execution: converting the remaining 6.5 MW into live, billing capacity in Q4, and turning unsigned offtake talks for the Blackwell cluster and Midwest-1 into contracts that keep the take-or-pay revenue line climbing.