Torus Raises $500M in Funding Led by Magnetar

Torus, a Salt Lake City, UT-based manufacturer of distributed power and compute infrastructure, has raised $500 million in a funding round.

The round was led by Magnetar, with participation from ICONIQ, Origin Ventures, Ridgeline Partners, and Trinity Capital.

The company will use the funding to expand its GigaOne manufacturing facility in Salt Lake City and accelerate the deployment of its Torus Reserve energy storage system and Torus Foundry modular AI computing infrastructure across the United States.

What is Torus?

Founded in 2021, Torus develops distributed energy and modular computing infrastructure for businesses facing growing power and computing demands.

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Its technology combines energy storage, power management and modular AI infrastructure. The company's products include Torus Reserve, an energy storage and management system, and Torus Foundry, a modular AI computing platform.

Foundry brings power, storage, cooling, networking and computing equipment together in a prefabricated system. It is designed to add computing capacity to existing sites within weeks rather than requiring the years typically needed to build a traditional hyperscale data centre.

How Much Funding Has Torus Raised?

Torus has raised $500 million in its latest funding round. The company did not disclose its total funding raised or provide details of previous funding rounds.

Who Invested in Torus’s Latest Funding Round?

The $500 million round was led by Magnetar.

Other participating investors included:

• ICONIQ
• Origin Ventures
• Ridgeline Partners
• Trinity Capital

Why the Funding Matters

Torus plans to use the capital to expand its GigaOne manufacturing facility in Salt Lake City and speed up the rollout of its energy storage and modular AI computing products.

The investment will support the deployment of Torus Reserve and Torus Foundry across the United States.

The company is targeting a key challenge for AI infrastructure: securing enough electricity and connecting new computing capacity to available grid power. Its systems are designed to make use of existing grid connections and available capacity.

Who founded Torus?

Torus was founded in 2021 by Nate Walkingshaw and Gilbert Lee. The company is headquartered in Salt Lake City, Utah.

“The industry has been trying to solve AI’s power problem by building net-new infrastructure, which causes costs to potentially rise and takes years to bring compute online,” said Nate Walkingshaw, CEO and Founder of Torus. “Inference doesn’t have to wait. We’ve spent years learning how to make the grid more affordable, flexible, resilient, and intelligent, and Foundry applies that to compute: capacity in weeks, with power that’s already available. Most providers are bringing power to the chips.

Market and Business Growth

Torus has expanded its product offering with the launch of Torus Foundry, a modular AI infrastructure system designed to support growing demand for AI inference computing.

The system integrates power, energy storage, cooling, networking and computing equipment into a prefabricated unit. The company says it can bring new capacity online within 12–16 weeks of a contract.

Its Torus Reserve system supports power management through energy storage, load curtailment and ramp-rate support. These capabilities are designed to help businesses manage electricity demand while supporting grid operations.

What Happens Next?

Torus will focus on expanding manufacturing at its GigaOne facility and deploying its energy storage and modular AI infrastructure across the US.

The company plans to grow the use of Torus Reserve and Torus Foundry as demand for reliable power and AI computing capacity increases.

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