Project Pegasus is a scientific research facility located in New York City. It mostly does sensitive energy experiments and it is defended by big guns on the front path and reinforced walls and doors.
In Seeing Red, Obadiah Stane (alongside with his head of security O'Brian) approached Anton Harchov to offer him help with funding, in exchange for updating the Crimson Dynamo armor. After O'Brian in the Crimson Dynamo armor captures Iron Man, Obadiah has Anton run a scan on the Iron Man armor while he is away. When Pepper causes a diversion by shutting down the power to activate the emergency power, Anton stays with the armor while the Crimson Dynamo heads out to investigate. Iron Man knocked down Anton and escaped with Pepper.
Upon hearing this from Anton, Obadiah demanded whatever data they have on Iron Man and the Crimson Dynamo armors to be sent to him immediately. To prevent that, Tony creates the Technovore virus (an updated version of the virus used to burn out Mr. Fix's system) to use on Project Pegasus's computers (which run on the A.I. Delphi). After the virus is uploaded and Iron Man defeats the Crimson Dynamo, Obadiah has his secretary tell Anton that his offer is rescinded.
In Technovore, the Technovore virus is continuing to consume the data and it has uploaded itself into nanotechnology and is running loose in the Project Pegasus building, assimilating any technology it can find. All of the scientists and people in the building eventually have fled the building. Iron Man and Rhodey try to stop it, but it eventually adapted to their attacks. Out of options, Tony gets out of his armor and activates the self destruct, destroying Technovore and the building along with it.
- The passcode to unlock their computer's encryption is "Supreme27696".
- Black Widow was mentioned to have worked for Project Pegasus in season two.