Funding
Torus Secures $500 Million in Convertible Preferred Funding Led by Returning Investor Magnetar
By News Desk ·
Key takeaways
- Torus received $500 million in a funding round led by returning investor Magnetar Capital Partners on November 11, 2026.
- ICONIQ Capital, Origin Ventures Group and Trinity Capital, all returning investors, participated in the round.
- Torus issued convertible preferred shares in the transaction.
Torus, Inc. received $500 million in a funding round led by returning investor Magnetar Capital Partners, LP on November 11, 2026, MarketScreener reported. Returning investors ICONIQ Capital, LLC, Origin Ventures Group, LLC and Trinity Capital Inc. also participated. Torus issued convertible preferred shares in the transaction.
Torus's $500 Million Round and Its Investors
Torus is a Salt Lake City company founded in 2021 that develops modular power plants combining flywheel and lithium iron phosphate battery storage with management software, according to its website. The $500 million round brings in Magnetar Capital as lead investor for a second time, after the firm led a $200 million round in September 2025.
ICONIQ Capital and Origin Ventures Group joined as returning investors alongside Trinity Capital. Trinity Capital is a business development company that provides debt, including loans and equipment financings, to growth-stage companies. Magnetar founder Alec Litowitz said in a September 2026 Bloomberg interview that data centers were a past bottleneck and power is a current one, adding that bottlenecks migrate.
Torus's Funding History
Torus has raised $509 million in total, according to akta.pro company records, across seven funding rounds on record. The same records list a $67 million equity round in 2024 led by Origin Ventures, a $200 million investment from Magnetar in September 2025, a $7 million secondary market transaction in January 2026, a $35 million debt-funded round led by Trinity Capital in April 2026 and a Series C round in June 2026.
| Date | Round | Amount | Lead investor |
|---|---|---|---|
| 2024 | Equity | $67 million | Origin Ventures |
| September 2025 | Not stated | $200 million | Magnetar Capital |
| January 2026 | Secondary market | $7 million | Not stated |
| April 2026 | Debt-funded | $35 million | Trinity Capital |
| June 2026 | Series C | Not stated | Not stated |
Torus's Manufacturing and Grid Work Before the Round
Torus announced in July 2026 that its GigaOne manufacturing facility in Salt Lake City set a weekly production record for completed storage pods, increasing output by more than 76% since the plant came online six months earlier, FinancialContent Business Page reported. In May 2026, Torus was named a finalist for PLMA's 2026 Awards of Excellence for its work on PacifiCorp's grid through Rocky Mountain Power's Wattsmart Battery program, citing 2025 operational metrics of 359 virtual power plant events and 99.9% critical path uptime, Business Wire Blog reported. Torus was named Battery Manufacturer of the Year at the 2026 Battery Awards for the GigaOne factory, which began production in early 2026 and is expanding toward one gigawatt of annual capacity, Business Wire Blog reported in November 2026.
Magnetar's Invesque Take-Private Vote
Magnetar-managed funds agreed in October 2026 to take Invesque private at US$0.101 per share, a 68% premium to the September 29, 2026 close, with a shareholder vote targeted by November, The future of trading reported.