Highlights

  • Corvex, Inc. (Nasdaq: MOVE) is an Arlington, Virginia-based company offering GPU-accelerated cloud infrastructure for artificial-intelligence workloads..
  • An all-stock merger with Corvex closed on 19 March 2026, after which the combined company took the Corvex name.
  • The merger lifted stockholders' equity above Nasdaq's minimum, after a delisting notice in October 2025..
  • Goodwill of US$519.3 million from the merger dominates total assets of US$599.3 million at 30 June..

Corvex (NASDAQ:MOVE) is at a consequential point in its latest reported developments. Corvex is an Arlington, Virginia-based company offering GPU-accelerated cloud infrastructure for artificial-intelligence workloads. It was formerly Movano Inc, a healthcare-device business.

The Latest Developments

Because the business only recently changed character, historical comparisons are limited. Readers should treat the figures below as an early picture of a company still building its operating record. Goodwill of US$519.3 million from the merger dominates total assets of US$599.3 million at 30 June.

Latest reported results

Corvex reported second-quarter 2026 results on 14 August 2026. Revenue was US$3.8 million, against US$103,000 a year earlier, and six-month revenue was US$4.3 million. The net loss attributable to common stockholders was US$12.8 million for the quarter, including stock-based compensation of US$9.4 million. Non-GAAP adjusted EBITDA was a loss of US$3.2 million.

Cash and equivalents were US$21.7 million at 30 June 2026, up from US$2.8 million at the end of 2025. Operating cash outflow in the quarter was US$5.3 million. The company highlighted contracted annualised recurring revenue on live compute of about US$22 million as of 14 August. It defines this as fixed contractual fees on delivered and accepted capacity, and says it is not a forecast or a GAAP measure. The release contained no financial guidance.

Expansion plans and financing

On 31 August 2026 the company outlined a data-centre expansion. It 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 U.S. sites. Both sites are expected to be ready for service in the fourth quarter, with revenue from the expansion beginning in the first quarter of 2027. Corvex also holds a right of first refusal on a further 12.5 megawatts. It said it had secured about US$33 million through a private placement to fund the work.

Further capital-markets activity followed. Around late September the company filed a registration statement for a securities offering and a filing to sell up to 4.26 million shares for existing holders, and, roughly a month earlier, a US$500 million mixed shelf, . Such filings can increase the share count over time, which investors typically weigh against growth plans.

Share price and market context

Corvex shares closed at US$10.00 on Wednesday 7 October 2026, down 5.57 per cent on the day, giving a market capitalisation of roughly US$316 million, . That is the latest dated close we could verify; a more recent price was not confirmed. On 31 August the stock traded near US$11.29, and its 52-week range was reported as US$3.44 to US$26.72, indicating considerable volatility.

The supplied material does not verify that Corvex is a constituent of any major index. The Nasdaq Composite is therefore used only as a general benchmark for Nasdaq-listed shares, and no membership is implied.

What to watch

Execution on the fourth-quarter site readiness is central, since the company expects expansion revenue only from the first quarter of 2027. Investors may also monitor the conversion of preferred stock, around 28.9 million common shares on an as-converted basis at the Series D level, and any further share issuance. The accumulated deficit was US$184.2 million at 30 June, with liabilities of US$26.1 million.

The next earnings report is estimated for 13 November 2026 by market-data listings, an estimate rather than a confirmed date. Corvex has also said it plans further releases of its Corvex Token Factory in the third and fourth quarters of 2026, and its security-first inference platform launch on 30 September is a recent product milestone.