Corvex Shares Double on Deal to Provide Nvidia Chips to AI Company
By Connor Hart
Shares of Corvex doubled after the company said it inked a multi-year deal to provide clusters of Nvidia Blackwell GPU chips to a leading artificial-intelligence company.
The stock recently traded at $21.68 in premarket trading. Through Monday's close, shares were up 66% year to date.
The AI cloud-computing company before the bell said that the new agreement expands an earlier customer commitment, though it didn't disclose the customer.
Corvex said it will fund the expansion through a combination of debt financing, customer pre-payment, and cash on hand.
Revenue from the transaction has been recognized throughout the year as portions of the cluster have been delivered, with full run-rate revenue starting midway through the current quarter, the company said.
"AI builders shouldn't have to choose between cutting-edge infrastructure and rapid deployment," Co-Chief Executive Seth Demsey said. "Standing up liquid-cooled Blackwell capacity inside an air-cooled facility in roughly two weeks is an engineering accomplishment."
He added that the company continues to optimize its processes, aiming to accelerate time-to-value in order while helping customers adhere to timelines and meet demand.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
August 04, 2026 09:01 ET (13:01 GMT)
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