Torus raised $500 million in a Series C round to start production of Foundry, a shipping container-sized unit that pairs battery storage with AI computing. The Salt Lake City company announced the round on November 11, 2026, Bloomberg reported.
Magnetar led the round. Iconiq Capital, Origin Ventures and Trinity Capital also invested. Torus did not disclose a valuation.
Until now, Torus has sold modular battery systems that help businesses and factories manage power use and cut energy bills. Foundry adds AI chips to that hardware.
Torus Series C funding details
The Series C will pay for Foundry manufacturing, according to the company’s statement. Magnetar has now led two Torus rounds in a row, after a $200 million investment in September 2025.
| Detail | Torus Series C |
|---|---|
| Amount | $500 million |
| Announced | November 11, 2026 |
| Lead investor | Magnetar |
| Other investors | Iconiq Capital, Origin Ventures, Trinity Capital |
| Use of funds | Manufacturing of Foundry |
| Valuation | Not disclosed |
What Torus Foundry does for AI inference
Foundry units handle AI inference, the work of running trained models. Each unit ranges from 1 to 20 megawatts, founder and CEO Nate Walkingshaw told Bloomberg.
Torus says a unit can be installed within four months. The company plans to place them at businesses and factories where the local grid has spare capacity.
That setup avoids costly grid upgrades, which tend to push up utility bills. Walkingshaw described the goal as a way to “move the chips to the power that’s already there.”
AI infrastructure company Hydra Host is one of the first Foundry customers, Torus said.
Investors have put money into several parts of the inference compute stack this year. One example is Hyperbolic’s $30 million Series A-1 for GPU cloud access.
Torus funding history and total capital raised
Torus has disclosed three major financings since 2024. Together they add up to $767 million.
| Date | Round | Amount | Lead investor |
|---|---|---|---|
| April 2024 | Series A (equity and debt) | $67 million | Origin Ventures |
| September 2025 | Growth investment | $200 million | Magnetar |
| November 2026 | Series C | $500 million | Magnetar |
The Series C is two and a half times the size of the 2025 round. It is also larger than every earlier Torus financing combined.
Torus energy storage business before Foundry
Torus was founded in 2021 in Utah. Its existing products mix two kinds of storage, Mercom Capital Group reported in 2025.
Nova Spin uses a motor to spin a metal rotor and stores energy as motion. It can release that energy fast to cover sudden demand spikes.
Nova Pulse uses lithium iron phosphate batteries for longer-duration storage. The two systems work together at utility, commercial and industrial sites.
By September 2025, Torus had deployed its systems more than 230 times that year. They managed over 1 gigawatt of facility power, the company said at the time.
The GigaOne factory in Salt Lake City
Torus builds its hardware at GigaOne, a 540,000-square-foot campus in Salt Lake City. The company aims to reach more than 1 gigawatt of output per quarter within three years.
Why the Torus funding targets the power bottleneck for AI
US data center developers are racing to find enough electricity for AI workloads. Large campuses can draw as much power as a city.
Those projects face more scrutiny and longer timelines in some states. Bloomberg pointed to Texas and Ohio, where candidates who campaigned for tighter data center rules won governor races in the November midterms.
Walkingshaw said that shift opens room for computing that does not raise power bills or add local noise and pollution.
Inference demand has drawn some of the year’s largest venture checks. An earlier example was the October week when Modal landed $750 million at a $15.75 billion valuation.
FAQ
How much did Torus raise in its Series C?
Torus raised $500 million in a Series C announced on November 11, 2026. Magnetar led the round, with Iconiq Capital, Origin Ventures and Trinity Capital participating.
What is Torus Foundry?
Foundry is a shipping container-sized unit that combines batteries with AI computing for inference. Units range from 1 to 20 megawatts and can be installed within four months, according to CEO Nate Walkingshaw.
Who is using Torus Foundry?
Torus named AI infrastructure company Hydra Host as a Foundry customer. The units are designed for businesses and factories located where the grid has spare power capacity.
How much total funding has Torus raised?
Torus has disclosed $767 million across three financings: $67 million in April 2024, $200 million in September 2025 and $500 million in November 2026.
What is Torus’s valuation after the Series C?
Torus did not disclose a valuation for the Series C. The company and its investors have shared only the round size and the list of participating investors.
