PART ONE: Utah's Torus Secures $500 Million in New Growth Capital, Reaching $767 Million in Reported Financing, as it Launches a New AI Business

EXECUTIVE SUMMARY

✅ Salt Lake City-based Torus has raised $500 million in new growth capital, a funding round led by Magnetar, with participation from four other named investors. In total, the company has raised $767 million.

✅ According to Torus, the monies will be used to A) expand its Utah manufacturing operation, B) launch its new line of Foundry AI computing systems, and C) deploy both Foundry and its energy-storage technology solutions across the United States.

✅ Available in customizable configurations, Foundry is designed to allow clients to combine energy storage, power management, and modular computing capabilities into Lego-like solutions. Torus says it can bring new installations online in 12–16 weeks as it intends to deploy more than 47,000 graphics processing units (GPUs) by the end of 2027.

13 November 2026 — SALT LAKE CITY — Salt Lake City-based Torus announced on Wednesday that it has secured $500 million in growth capital, a new funding led by investment manager Magnetar, as it expands its manufacturing operations and launches a new artificial intelligence (AI) infrastructure business.

For a privately held Utah technology company, this is substantial growth financing. It brings Torus' self-reported cumulative fundraising to $767 million since its founding in Springville, Utah, in 2021.

The new capital is earmarked for
🟥  Expansion of the company's 545,000-square-foot GigaOne manufacturing facility in Salt Lake City and
🟥  The national deployment of two product lines:
🔺 Torus Reserve, systems which manage and store electricity, and
🔺 Foundry, a new offering which packages AI computing equipment with power and cooling infrastructure.

{AUTHOR'S NOTE: Both the Reserve and Foundry systems are enclosed in uniquely designed housings that, to me, can be connected together in Lego-like configurations.}.

As Torus CEO and Co-Founder Nate Walkingshaw shared in a LinkedIn post,

“This investment will support continued development of our core energy infrastructure and expand Foundry production capacity.”

In plain English, Torus has spent close to five years helping businesses and utilities manage electricity. Now it intends to use that expertise to supply the computing infrastructure consuming increasing amounts of electricity.

$700 Million in Announced Financings Led by Magnetar

The latest Torus funding was led by Magnetar, with participation from
🟣 ICONIQ,
🟣 Origin Ventures,
🟣 Ridgeline Partners, and
🟣 Trinity Capital.

Bloomberg identified the financing as a Series C round.

{AUTHOR'S NOTE: MarketScreener reported that convertible preferred shares were issued in connection with this newest funding.}

This is Magnetar's second major announced investment relationship with Torus in 14 months. Specifically, in September 2025, Magnetar led a $200 million investment in Torus, funding designed to expand its line of modular power systems for utilities, data centers, and industrial customers.

Together, the two announcements account for $700 million of the company's disclosed $767 million financing history.

To be clear, that does not mean Magnetar alone contributed all $700 million as Torus identified additional participants in the newest round, without disclosing each investor's contribution.

The $767 million in fundings began with a $67 million package announced in April 2024 led by Origin Ventures and involving other investors, converted notes, and a loan facility.

Accordingly, the company's $767 million figure should not be interpreted as $767 million of equity.

It should be noted that Torus did not disclose its current valuation, the percentage of ownership acquired in the new round, or the terms governing the investment.

Foundry: A New Torus Business Line Built on Existing Technology

The news release also included an announcement about the introduction of Foundry, a factory-built system combining electrical equipment, battery and flywheel storage, cooling, networking, and computing hardware for AI inference.

As explained in the Torus release, Foundry is designed to be installed at existing commercial and industrial properties with available electrical capacity, rather than requiring a newly constructed, conventional datacenter.

The Foundry systems can deliver between 1 and 20 megawatts of computing capacity per site, with deployment taking 12–16 weeks from contract to operating workloads.

The company is offering three commercial configurations within its Foundry product line:
🟠 Strategic supplies a powered enclosure without the graphics processing units (GPUs) that perform the computing;
🟠 Partner supplies the enclosure and GPUs as a turnkey system; while
🟠 Direct provides dedicated AI inference capacity directly to an enterprise customer, with computing hardware reserved for that customer's workloads.

Each deployment pairs with Reserve (Torus' existing power-management and storage product) to manage electricity demand and provide backup power.

Protect, the company's networking and cybersecurity platform, is also part of the modularized integrated offering.

In the release, Torus named Hydra Host and a second, unnamed AI cloud provider as initial Foundry customers.

According to Torus, thousands of GPUs have already been deployed via Foundry and it aims to surpass 47,000 installed GPUs by the end of 2027.

As Walkingshaw explained in a blog post, initial Foundry customers already have thousands of GPUs running. He also wrote:

"Next stop: 47,000 GPUs by the end of 2027."

Manufacturing Capacity to Support Growth

Foundry systems will be built at the company's 545,000-square-foot GigaOne factory in western-most Salt Lake City (off of 5600 West near Interstate 15).

Torus says that through GigaOne it can currently produce systems representing 500 megawatts of computing equipment demand annually, with an eventual expansion target of 1 gigawatt.

With nearly 400 employees company-wide, the company also says it has been opening new manufacturing lines at GigaOne at an average pace of one every 21 days during 2026, an indication of how rapidly it is attempting to expand production.

The expansion goes beyond the company's existing energy storage and management business.

With the launch of Foundry, Torus can
🔷 Sell computing infrastructure,
🔷 Supply complete GPU-equipped systems, or
🔷 Provide dedicated AI computing capacity, with each model carrying different
🔹 Revenue possibilities,
🔹 Margins,
🔹 Ownership requirements, and
🔹 Capital needs.

Could a 2027 Exit Be in the Cards? Probably Not.

With $500 million in newly announced growth capital, a major manufacturing facility, and a potentially substantial new market, could a possible financial exit come for Torus and its investors in the second half of 2027? Perhaps.

Instead, I think a Torus exit is more likely in 2028 or later, if (for no other reason) to take advantage of what I expect will be massive revenue growth in 2027, the first full year of Foundry-derived revenue.

Naturally, such an event could involve an acquisition, another form of investor liquidity, or potentially an Initial Public Offering.

That said, I have not even sniffed rumors about a potential Torus exit. However, whenever a firm raises money, it will at some point have an exit of some type. That part is clear.

For now, however, "Bravo" to Team Torus for the new funding and the launch of Foundry.

Additionally, I'm quite intrigued about what this expanded direction will bring to the company.

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