8 segments · 123 companies · as of Sep 18, 2026
Cooling
Moving heat from AI chips through liquid loops to the outside air
Where it sits
Fed by: Energy & ResourcesFeeds: Cloud & AI Capital
AI racks need a thermal chain from chip cold plates and coolant distribution units to chillers, heat exchangers and outdoor heat rejection. Component compatibility, coolant cleanliness, service coverage and available water determine which systems a facility can deploy.
Why now
Blackwell-scale deployments and Rubin preparation are pushing rack heat loads beyond conventional air cooling. In 2026 suppliers are expanding megawatt CDUs and factories, while acquisitions combine chip cooling, facility equipment and water chemistry.
Facility CDUs & liquid systems
Row and plant-scale systems separate clean server coolant from facility water. Hyperscalers and colocation operators select capacity, redundancy, water temperature and service support.
CoolChip CDU 2300 supplies 2.3 MW liquid-to-liquid cooling; CoolChip row manifolds connect the facility loop
leaderMotivair MCDU-70 delivers 2.5 MW; six units support a 10 MW cooling block with 4+2 redundancy
leaderCoolIT CHx2000 delivers 2 MW and supports up to twelve GB300 NVL72 racks; acquisition closed July 2026
majorBoyd Thermal ROL2300 in-row CDU provides 2.3 MW; acquired thermal business joined Eaton in March 2026
majorRackChiller and CX121 row CDUs support liquid-cooled racks; also develops Google's Project Deschutes architecture
majorGoCool-3000 liquid-to-liquid CDU; Daikin partnership integrates 100 kW to 3 MW cooling across ASEAN-Oceania
majorSilent-Aire in-row CDUs span 500-1,050 kW; gallery skid configurations scale to 10 MW
majorLiquidStack direct-to-chip CDU portfolio joins Trane's facility cooling after March 2026 acquisition
majorAiredale in-row and skid CDUs scale from 400 kW to 2 MW alongside chiller and control systems
majorDaleville campus manufactures CDUs with CRAHs and Geoclima chillers for integrated data center cooling
major600 kW CDU gained Nvidia quality certification in July 2026; larger capacities remain in qualification
challengerFlaktGroup Liquid-DENCO CDUs provide redundant pumps, leak detection and secondary-loop filtration
challengerChilldyne negative-pressure direct-to-chip systems combine with DDC high-density cooling cabinets
majorJetCool SmartSense modular CDUs cool 300 kW per rack and more than 2 MW at row scale
challengerCyberCool CDU isolates facility and technology cooling loops; published variants reach about 1.5 MW
majorDLC in-row CDU supplies 1 MW with redundant pumping for hyperscale facility-water integration
majorX-series row CDUs and full-chain liquid cooling connect Chinese high-density computing racks to facility loops
majorNortek CDUs span 300 kW to more than 1.2 MW, with modular pumps, 2N redundancy and hot-swappable field service
majorACM liquid cooling and 600-2,500 kW CDU systems support cold-plate and immersion deployments
challengerBASX adds coolant distribution units to its data center air-handler, chiller and fan-wall portfolio
challengerIn-row CDU lineup includes 2 MW-class systems and Google Project Deschutes cooling-loop integration
majorLCS-SCDU-1K3LR001 in-row CDU removes up to 1.8 MW from direct-liquid-cooled server loops
majorKR1000 in-row CDU is rated at 850 kW, combining brazed plate heat exchange with redundant coolant circulation
challengerCDUs and facility distribution units scale to 16 MW for liquid-cooled campuses; Lite-On's proposed 25% stake is minority
challenger
Sources: vertiv.com, coolitsystems.com, se.com, lge.co.kr, nidec.com, supermicro.com
Cold plates & rack cooling
Thermal modules, manifolds and rack cooling hardware sit closest to processors. Server OEMs and rack integrators buy qualified assemblies that meet pressure, cleanliness and mechanical limits.
Copper microchannel cold plates and liquid thermal modules cool Nvidia GB200 and GB300 server platforms
leaderNVIDIA MGX cold plates and coolant manifolds turn modular rack designs into deployable liquid-cooled systems
leaderCoolIT processor cold plates, manifolds and rack liquid loops complement its row-based CHx CDUs
majorBoyd Thermal liquid cold plates and manifolds complete the chip-side portion of its cooling portfolio
majorAI server cold plates, CDMs, QDs and rack liquid cooling modules; expands thermal production in Thailand
majorCold plates and 250 kW in-rack CDUs integrate with its rack thermal and facility cooling products
majorMicrochannel liquid cooling modules and precision heat spreaders manage concentrated processor hot spots
majorMikros Normal Flow microchannel cold plates and custom manifolds integrate into OEM rack cooling assemblies
majorJetCool SmartPlate liquid cooling for Dell PowerEdge R770 and R7725 supports Xeon 6 and fifth-generation EPYC
majorAlloy Enterprises Stack Forging cold plates add embedded microgeometries; acquisition closed May 2026
challengerCold-plate cooling removes heat from its 800 VDC power rack, demonstrated with QCT at COMPUTEX 2026
challengerCustom CPU/GPU cold plates and round or square coolant manifolds connect server liquid-cooling loops
nicheEC fans and airflow modules remove residual rack heat alongside liquid-to-air cooling assemblies
challengerUSystems ColdLogik rear-door heat exchangers serve Cambridge's GPU racks and direct-liquid-cooling retrofit
major70 kW rear-door heat exchangers remove rack exhaust heat without replacing the facility's room cooling system
majorLiquidJet cold plates demonstrated at 1,400 W Blackwell Ultra and 1,950 W Rubin heat loads; qualification not assumed
emergingMicrofluidic cold-plate prototypes tested with Microsoft; production-server deployment is not established
emergingAMD SP5 Genoa/Turin server thermal modules support 350-500 W CPUs alongside cold-plate liquid cooling
nicheDirect-to-chip cold plates and server thermal modules transfer CPU and GPU heat into the liquid loop
nicheDouble-sided cold plate demonstrated at 6 kW with liquid-metal TIM at COMPUTEX 2026; production qualification is separate
challengerMicrodeformation cold plates form fine copper structures for CPU and GPU liquid-cooling heat transfer
nicheHPC server thermal modules combine heat sinks, heat pipes and vapor chambers within the separately listed Nidec affiliate
nicheDesigns hyperscaler cold plates and manifolds for AI racks, with custom liquid-cooling thermal assemblies
challengerSingle- and two-phase server cold plates, TIM materials and fans are disclosed in its H1 2026 thermal-management portfolio
challenger
Sources: coolermaster.com, jabil.com, flex.com, nidec.com, celestica.com, static.cninfo.com.cn
Chillers & precision air
Chillers, computer-room air handlers and fan walls maintain facility water and room temperatures. Reliability, hot-weather capacity, refrigerants and local manufacturing decide large campus orders.
YORK YVAM and 3.5 MW YDAM magnetic-bearing chillers serve AI campuses; the applied-chiller business remains with JCI
leaderCentrifugal and air-cooled chillers anchor integrated plants; Stellar Energy Digital adds packaged cooling
leaderQuantumLeap suite includes AquaEdge 30CF, AquaForce 30XV and water-cooled centrifugal chillers
majorAiredale chillers and precision air systems underpin a $4 billion customer capacity agreement for 2027-2029
majorApplied chiller plants and DDC high-density cabinets link central cooling to AI server rooms
majorLiebert room and row cooling plus chiller systems remove residual air heat around liquid-cooled AI racks
majorFlaktGroup DENCO precision cooling, fan walls and chillers now sit within Samsung after November 2025 closing
majorCentrifugal chillers and fan-wall units complement its CDU line; Microsoft cooling work remains validation-stage
challengerBASX free-cooling chillers, CRAHs and fan walls supply Applied Digital's purpose-built AI campus
majorGeoclima Circlemiser chillers, CRAHs and SyCool systems now share expanded Daleville manufacturing capacity
majorMEHITS MECH-iC magnetic-bearing chillers launch in 350- and 500-ton models for US hyperscale sites
major10 MW centrifugal chiller test unit shipped to the US in 2026; certification precedes commercial deployment
challengerCyberAir precision room cooling and CyberCool chillers support mission-critical data center thermal systems
majorUniflair room cooling and Motivair chillers serve facility-water and residual-air cooling requirements
majorClivet magnetic chillers with INTELLIPLANT controls address large data center cooling plants
challengerCVT centrifugal chillers and modular cooling stations supplied Huawei Dongguan; this is a historical campus reference
nicheGeniox Tera fan-wall units supply a Finnish hyperscale campus under an August 2026 order for delivery in 2027
nicheSwegon BlueBox chillers and free-cooling systems regulate facility water for data center thermal plants
nicheMagnetic-bearing centrifugal chillers anchor the central cooling plant in its 2026 AIDC thermal offering
nicheDunham-Bush applied chillers and DBAire precision air systems cool data center water loops and server rooms
nicheUniCool-Max air cooling provides 60 kW per unit and up to 960 kW per controlled cluster for modular data centers
nicheVindur CoolWall supplies precision air cooling for data halls with rack densities up to 50 kW
nicheFan-wall units and computer-room air conditioning remove data hall heat alongside its clean-environment systems
nicheAbsorption chillers use heat-driven cooling; management disclosed an order for 23 units for US data centers
niche
Sources: johnsoncontrols.com, carrier.com, investors.modine.com, businesswire.com, gminsights.com, group.systemair.com
Heat rejection & thermal storage
Heat exchangers transfer heat from racks and coolant circuits into facility water; towers and dry coolers reject it outdoors. Buyers select approach temperature, water use, footprint and integration with high-density thermal loops.
CB brazed exchangers power Boyd's ROL2300 CDU; FreeWaterLoop combines facility heat exchange, pumps and filtration
leaderMarley NC and MD Everest cooling towers and dry/fluid coolers reject heat from high-density data centers
leaderSWEP brazed plate heat exchangers serve CDUs, chillers and heat-recovery loops; capacity expansion announced in 2026
majorThermoKey dry coolers and heat exchangers extend outdoor heat rejection; acquisition completed in June 2026
majorTrilliumSeries dry coolers and FXV3 closed-circuit towers address data center heat rejection
majoreco-ATWB and eco-ATWB-H hybrid closed-circuit coolers balance dry operation with evaporative capacity
majorHigh Density dry coolers with hydroBLU adiabatic control adjust water use to outdoor conditions
majorData center dry coolers and heat exchangers remain under Apollo control pending the announced SLB transaction
majorAlfaBlue heavy-duty dry coolers reject facility-loop heat for data center applications
majorBrazed plate heat exchangers separate data center liquid loops and integrate into its server CDUs
majorAiredale dry coolers and free-cooling chillers support higher-temperature AI facility water loops
majorSyCool Split and air-side economizers discharge data center heat while reducing compressor operation
majorBASX free-cooling heat-rejection chillers integrate with fan coils and custom campus thermal systems
majorStatePoint membrane-based heat rejection supplies chilled water at Digital Edge's 10 MW Manila facility
majorHeat exchangers serve data center condensers, evaporators, free-cooling circuits and CDUs
challengerGeniox Tera I indirect and Tera D direct free-cooling units remove facility heat with 300-400 kW modular blocks
majorSwegon Blue Box external free-cooling systems and dry coolers reject data center heat through facility water loops
majorThe Roberts Company fabricates thermal expansion and energy-storage tanks under a $125 million data center contract
nicheSIGMA M186 gasketed plate exchanger provides more than 15 MW of heat transfer for data center cooling loops
nicheSPX FLOW's APV plate heat exchangers transfer data center heat between cooling-water circuits
nicheHybrid closed-loop cooling towers reject facility heat; management disclosed an Indian data center order in 2026
nicheXFlex modular evaporative cooling rejects data center heat through integrated air and water circuits
majorEvaporative data center cooling systems transfer facility heat outdoors alongside its ACM liquid-cooling equipment
challengerPowerCool enclosed rear-door heat exchanger provides up to 80 kW per rack for PowerEdge systems
challenger
Sources: alfalaval.com, spxcooling.com, dovercorporation.com, baltimoreaircoil.com, apiheattransfer.com, dell.com
Pumps, valves & couplings
Coolant pumps, pipes and non-spill connectors maintain flow through facility loops and racks. Buyers qualify materials, pressure drop, leak performance and interoperability before volume deployment.
Energy Valve and EPIV devices regulate flow and monitor heat transfer in CDUs, cold plates and CRAHs
majorCOOL-FIT insulated piping and LiquidCore distribution connect chillers, CDUs and rack manifolds
majorFreeWaterLoop integrates facility circulation pumps, filtration and heat exchange into one cooling system
majorBell & Gossett hydrovar X pump systems circulate water through data center towers and direct-to-chip loops
majorTPE2/TPE3 pumps and distributed pumping systems serve data center cooling, including QNB Finansbank
leaderStratos GIGA B pumps operate at Iron Mountain Haarlem; GIGA2.0 and Helix systems serve cooling loops
majorEtaSeco sealed pumps serve CDUs while Etanorm circulation pumps support facility cooling circuits
majorDesign Envelope pumps and EVERCOOL controls automate redundant data center chiller and cooling-tower loops
majorEPAC develops dedicated pump specifications for US data center chiller manufacturers
nichePegler pressure-independent valves and VSH Shurjoint connections regulate primary and secondary cooling loops
majorTA-Smart valves stabilize data center water flow while measuring temperatures and thermal energy
majoriDROSET CSD balancing valves and industrial strainers regulate data center process-cooling water and protect sensitive pumps
majorSPX FLOW's Johnson Pump Combiflex units circulate coolant through facility thermal-management loops
nicheFisher and Keystone control and isolation valves regulate data center chilled-water and condenser-water systems
majorElectric valve actuators automate chilled-water isolation and flow control in data center cooling systems
nicheMagnetic-drive pumps circulate coolant in data center cooling equipment while sealing the motor from the liquid
nicheButterfly valves isolate chillers, CDUs and heat exchangers in data center cooling-water circuits
nicheAurora 3800-series pumps circulate chilled and condenser water in data center cooling plants
major
Sources: dovercorporation.com, parker.com, danfoss.com, emerson.com, iwakiamerica.com, pentair.com
Immersion & two-phase cooling
Immersion encloses whole servers in dielectric fluid; two-phase direct-to-chip systems boil coolant at cold plates. Adoption depends on server warranties, service practices and validated fluids.
SmartPod and SmartPod EXO immersion systems package high-density servers in dielectric cooling tanks
leaderICEraQ immersion tanks and 13 kW ICEraQ Nano edge systems; integrated cooling pilots with LG and SK Enmove
majorAcquired LiquidStack DataTank and EdgeTank immersion systems extend its thermal portfolio beyond chillers
majorControlled Accelsius sells NeuCool MR250 two-phase cooling for 250 kW racks; 2026 revenue guidance is suspended
emergingHyperCool waterless two-phase cold-plate platform gains further Carrier Ventures backing in April 2026
challengerKUL AI chassis-level precision immersion supports up to 100 kW heat rejection in a rack-compatible format
nicheAIC24N immersion systems operate at Bytesnet Groningen, Credit Agricole Chartres and Ecoracks Eindhoven
nicheSingle-phase immersion cabinets and matching CDUs form part of its Chinese full-chain liquid cooling portfolio
majorOffers immersion tanks and cold-plate liquid-cooling systems; disclosed product capability does not establish site volumes
challengerImmersion tank and coolant integration is in joint PoC with GRC and SK Enmove at the Pyeongtaek chiller site
emergingServer immersion enclosures and FDUs support whole-system cooling; Lite-On's proposed stake is minority
challengerQuantumLeap integrates ZutaCore HyperCool two-phase cooling; Carrier Ventures increased its minority stake in April 2026
emergingWhite-label sales alliance integrates ZutaCore HyperCool two-phase cold plates with facility thermal and power systems
challengerSmartBox immersion tanks combine Databean technology with its thermal systems; 12U, 25U and 50U products target pilots
emergingORv3 server tested in Intel Open IP single-phase immersion tank with Perstorp POE390z fluid in April 2026
emergingDUG Cool immersion technology is licensed exclusively to Baltimore Aircoil; DUG Nomad packages immersion-cooled HPC
nicheExclusive license commercializes DUG Cool immersion technology as an extension to facility heat-rejection equipment
emerging
Sources: investors.tranetechnologies.com, submer.com, grcooling.com, ir.innventure.com, dug.com, wiwynn.com
Fluids & water treatment
Water chemistry protects narrow cold-plate channels; dielectric fluids enable immersion and two-phase cooling. Qualification covers corrosion, materials compatibility, lifetime stability and environmental rules.
Nalco Water 3D TRASAR monitors direct-to-chip coolant; Cooling as a Service combines chemistry and CDU management
leaderLC 25 coolant in the DOWFROST family uses inhibited propylene glycol for copper-rich direct-to-chip loops
majorDevelopmental Opteon 2P50 fluid targets two-phase immersion; customer qualification precedes commercial deployment
emergingSolstice refrigerants and two-phase fluids serve precision air conditioning and liquid cold-plate cooling
majorS5 X gas-to-liquids dielectric fluid runs in Asperitas immersion systems, including Shell's Amsterdam installation
majorCastrol ON PG 25 direct-liquid coolant and DC 15/DC 20 immersion fluids; announced Castrol sale remains pending
majorEM DC immersion oil grades are PFAS-free; Intel collaboration develops and qualifies liquid cooling applications
majorDC Cooling BioLife biosourced dielectric fluids participate in GRC's ElectroSafe qualification program
majorLubrizol CompuZol IM2015, IM2020 and IM2025 fluids provide single-phase immersion cooling
nicheData center water treatment, reuse and Hubgrade monitoring support cooling-loop operation and water conservation
majorKorrodex closed-loop chemistry, cooling-water treatment and precommissioning cleaning serve data center HVAC loops
majorRENOLIN FECC 10 SYN, FECC 7 and FECC 5 SYNTH are dielectric fluids for single-phase electronics cooling
nicheIX Series plant-based dielectric fluids target single-phase immersion of data center servers
nicheSK On's former Enmove business validates immersion fluids with LG cooling equipment and GRC tanks
challenger50%-owned GS Caltex supplies Kixx Immersion Fluid S 30 to LG Uplus pilots; Kixx DLC Fluid PG25 targets chip loops
challengerOilbank XTeer E-Cooling Fluid is in Naver Cloud immersion validation under a 2025-2028 pilot program
emerginge-Cooling Solution fluid enters AI server testing with KTNF and GST under their September 2026 validation agreement
emergingChemTreat cooling-water chemistry and monitoring support more than 200 data center sites
majorCooling-water treatment programs control corrosion, scale and microbes; precommissioning chemistry cleans new loops
majorICF Series low-viscosity dielectric oils, launched in April 2025, immerse data center servers for heat removal
nicheForanext dielectric fluids and Forane refrigerants support two-phase chip cooling and data center thermal loops
nicheDAISAVE SS49 fluorinated fluid provides electrically insulating heat transfer for immersion-cooled electronics
nicheGreat Wall XinPai CS-S10 immersion oil and CF-B170 fluorinated fluid cool data center electronics
nicheSynfluid PAO base stocks from the 50%-owned Chevron Phillips Chemical JV formulate single-phase immersion fluids
niche
Sources: ecolab.com, dow.com, solstice.com, chemtreat.com, idemitsu.com, solenis.com
Quick disconnects & hoses
Serviceable liquid connections join cold plates, rack manifolds and CDUs. Rack designers select leak resistance, blind-mate alignment, flow capacity and compatibility with OCP connector standards.
CPC dry-break quick disconnects connect cold plates, rack manifolds and CDUs without draining entire cooling loops
leaderUQD and blind-mate liquid cooling couplings support OCP interoperability and serviceable rack coolant connections
majorHansen UQD, blind-mate and FD83 couplings plus Boston EPDM hoses carry coolant from facility loops into racks
majorOCP-compatible UQD non-spill connectors provide serviceable liquid connections for data centers and HPC
majorData Master hoses carry coolant through dense racks and chilled-water connections where rigid piping is impractical
majorMQD, NVQD and NVBQD connectors couple cold plates and manifolds in AI racks; June 2026 lineup includes Nvidia MGX
challengerOCP UQD hand-mate and high-flow non-drip couplings serve cold plates, rack manifolds and CDU connections
nicheUQD/UQDB V2, MQD and blind-mate couplings connect coolant hoses, cold plates and manifolds in AI server racks
majorQuick disconnects serve GB200/GB300 switch trays; management reports rack-manifold shipments and further ASIC qualification
challengerTube fittings and valve assemblies connect facility cooling headers, heat exchangers and instrumentation
nicheUQD02-08, blind-mate UQDB and MQD couplings provide detachable coolant connections for server and rack loops
challenger
Sources: lotes.cc, amphenol-industrial.com, nidec.com
Glossary
- CDU
- Coolant distribution unit: controls flow and temperature while isolating the server loop from facility cooling water.
- Cold plate
- A liquid-cooled metal component mounted on a processor to collect heat at the source.
- UQD
- Universal quick disconnect: a standardized, low-spill connector used to service liquid cooling circuits.
- PUE
- Power usage effectiveness: total facility power divided by IT power; lower means less infrastructure overhead.
- Two-phase cooling
- Cooling that uses a fluid's evaporation and condensation to transport heat.
Heat, spend, exposure and shares are editorial estimates. How to read the map ↗