Corvex Reports Third Quarter 2026 Financial Results

ARLINGTON, Va., Nov. 12, 2026 /CourierPR/ -- Corvex, Inc., an engineering-led AI computing platform, reported financial results for the third quarter ended September 30, 2026. The company, which specializes in GPU-accelerated infrastructure for AI workloads, secured 1.5 MW of critical IT capacity, supporting approximately $22 million of contracted annualized revenue (ARR). This capacity is part of a larger plan to grow from 1.5 MW to 8 MW by the end of 2026, with expansions at its Mid-Atlantic 1 and Midwest-1 facilities. The Mid-Atlantic 1 expansion and Midwest-1 are expected to be ready for service in the fourth quarter of 2026. Corvex also holds a right of first refusal on an additional 12.5 MW at Midwest-1, which could bring its total capacity above 20 MW.

In the third quarter, Corvex launched Corvex Token Factory publicly, moving its serverless inference platform out of closed alpha. The company received notices of allowance for two patents, bringing its total patent portfolio to two allowed patents and 10 pending applications. Corvex defines its operating metric as the annualized value of fixed contractual fees on capacity that has been delivered, accepted by the customer, and generating revenue as of the stated date. As of November 12, 2026, the company had contracted annualized revenue on live compute of approximately $21.7 million.

Financial highlights for the third quarter include total revenue of $5.0 million, up 31% from $3.8 million in the second quarter of 2026. For the nine months ended September 30, 2026, total revenue was $9.3 million. Deferred revenue, including current and non-current portions, was $3.2 million at September 30, 2026, compared with $12,000 at December 31, 2025. Net loss attributable to common stockholders for the third quarter was $(17.5) million, or $(0.60) per share, and for the nine months ended September 30, 2026, it was $(35.4) million, or $(3.22) per share. Adjusted EBITDA, a non-GAAP financial measure, was $(3.2) million for the third quarter and $(8.0) million for the nine-month period.

Total stock-based compensation expense was $11.3 million in the third quarter, including $9.3 million recorded in general and administrative expense. Cash and cash equivalents were $42.0 million at September 30, 2026, and cash used in operating activities for the three months ended September 30, 2026, was $7.0 million. Corvex's platform is designed to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources, with all AI Platform and services revenue generated under take-or-pay contracts.