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Latest / Chips, compute and energy

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Torus raises $500m to run AI computing on spare grid power

See how this story connects

Source: The Next Web

Torus, a Salt Lake City maker of energy storage systems, has raised $500m in a round led by Magnetar, with ICONIQ, Origin Ventures, Ridgeline Partners and Trinity Capital also taking part. The money will expand its GigaOne factory in Salt Lake City and pay for Torus Foundry sites across the US. Foundry units put 1 to 20 megawatts of AI inference computing at existing sites on the grid power they already have, and Torus says a site can go from contract to running workloads in 12 to 16 weeks.

Why it matters

Businesses and factories with spare grid capacity at existing sites can host AI computing without a new grid connection, according to Torus.

When
11 Nov 2026
ID
WTA-N-2026-0850
Who
Torus, Magnetar, Hydra Host; Nate Walkingshaw

Summary written with AI by wheresthe.ai, from The Next Web. Checked against the source on 11 Nov 2026.

Read the original at The Next Web

Source copy: saved on 11 Nov 2026 to check this story and not republished, because the text belongs to its publisher. Also held by the Internet Archive.

Earlier in this Storyline: What led hereDrax strikes £20bn deal for AI datacentre at North Yorkshire power plant

Cite this story

WTA-N-2026-0850: “Torus raises $500m to run AI computing on spare grid power.” wheresthe.ai, 11 Nov 2026. https://wheresthe.ai/d/us-torus-raises-500m-to-run-ai-computing-on-spare-grid-power-2026-11/ (source: The Next Web).

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