I'm not so sure it will be fine.
I may not be understanding what you mean, but it sounds like you have a single PCIE cable attached to a splitter.
The CS650M should have 2 PCIE cables according to its specs. If that's the case, you really ought to use both. Each GPU could draw up to 150W of power. Most likely they included 2 cables because a single cable was not designed for that sort of current draw. You could melt your cables and/or start a fire.
With a CX PSU especially you should be careful. According to the Tom's PSU tier list, they are tier 4. Your particular model may be different, but the CX series is know for cheap construction and using thin cables. I would not risk the potential damage if you have other options.