Torus raised $500 million to manufacture Foundry, its modular AI computing system paired with energy storage, Bloomberg News reported November 11, citing a company statement.
The Salt Lake City company already supplies energy storage to utilities and industrial operators. Foundry adds GPUs, cooling and networking at sites with existing grid connections, using storage to manage peaks in electricity demand.
Magnetar led the Series C, with participants including Iconiq Capital, Origin Ventures and Trinity Capital, according to Bloomberg. Torus identified AI infrastructure provider Hydra Host as a customer.
Torus says Foundry units arrive fully assembled and can be installed and commissioned in one or two days on site. It targets AI cloud providers and enterprises seeking dedicated computing capacity, with Torus handling permitting, installation and ongoing maintenance.
Trinity Capital had committed up to $35 million of equipment financing in April to expand manufacturing at GigaOne, where Torus says it builds Foundry. In a November 5 update, Torus said the plant began production in early 2026 and was adding a new production line roughly every 21 days during its ramp-up.