Corvex shares rose sharply, climbing 67% after the company revealed a multi-year supply arrangement to provide clusters equipped with NVIDIA Blackwell GPUs and NVIDIA Quantum-2 InfiniBand networking to a leading AI company.
The expanded contract builds on an earlier commitment from the same customer and adds dedicated high-speed storage and CPUs to the GPU clusters. According to Corvex, the first portion of the cluster delivery was completed in the first quarter, with the remaining capacity slated for delivery across the second and third quarters.
Management indicated that full run-rate revenue from the expanded agreement is expected to begin midway through the current quarter. The company said the additional infrastructure is being financed without issuing new equity - funding will come from a mix of debt financing, customer pre-payment and available cash on hand.
The agreement centers on NVIDIA’s latest Blackwell GPU architecture paired with Quantum-2 InfiniBand networking technology for high-performance computing clusters. Corvex described the contract as an expansion of its ongoing relationship with the unnamed AI customer, extending a prior infrastructure commitment rather than establishing a new customer relationship.
From an operational perspective, the schedule calls for staged delivery: an initial cluster portion already delivered in Q1, followed by remaining capacity arriving in Q2 and Q3. Corvex said it expects the contract to start contributing at full run-rate midway through the current quarter, implying a near-term revenue ramp tied to the completion of the delivery schedule.
On the funding side, Corvex noted the expansion will be supported through a combination of debt, customer pre-payments and cash reserves. Management specifically stated no new equity will be issued to finance the deal. That funding mix suggests an increased leverage and working-capital interaction tied to the customer’s pre-payments and the timing of deliveries.
The company did not disclose the identity of the AI customer or financial terms of the agreement. Aside from the timing and funding mechanics, Corvex characterized the contract as a continuation and expansion of previously announced infrastructure commitments.
Investors reacted immediately to the announcement, sending shares higher as the market priced in the near-term revenue contribution and the multi-quarter delivery cadence tied to the NVIDIA-based clusters.