Corvex Stock Falls Despite Major Data Center Expansion Plan

(RTTNews) - Shares of Corvex, Inc. (MOVE) are trading lower despite the company announcing plans to expand its data center capacity more than fivefold.

The stock is currently trading at $11.29, down $0.20 or 1.74%, on the Nasdaq. It opened at $15.00 after closing the previous session at $11.49. The stock has traded between $3.44 and $26.72 over the past 52 weeks.

Corvex said its critical IT capacity is expected to rise from approximately 1.5 MW to 8 MW by year-end 2026, with both expanded sites expected to be ready for service in the fourth quarter. The company expects revenue from the expansions to begin in the first quarter of 2027.

The expansion is expected to support about 3,000 latest-generation GPUs across two U.S. data centers. Corvex also secured a right of first refusal on an additional 12.5 MW, potentially taking total capacity above 20 MW.

The company has secured approximately $33 million through a private placement to help fund the expansion.