Data center cooling stocks

Vertiv provides direct-to-chip and rack-level liquid cooling systems built specifically to manage heat in dense AI server clusters.

Market leader in liquid cooling for AI GPU clusters at the gigawatt scale.

Vertiv Holdings Co, headquartered in Columbus, Ohio, is a global provider of essential digital infrastructure technologies and comprehensive lifecycle services. The company specializes in the design, manufacturing, and servicing of critical systems vital for data centers, communication networks, and diverse commercial and industrial applications. Its extensive product range encompasses AC and DC power management, thermal control solutions, integrated rack systems, modular designs, and sophisticated management platforms for monitoring and governing digital environments. These solutions are fundamental to the operation of numerous modern services, including e-commerce, online banking, file sharing, video on-demand, energy storage, wireless communications, the Internet of Things, and online gaming. In addition to its hardware offerings, Vertiv delivers a full spectrum of lifecycle management services. These include professional deployment, ongoing maintenance, and optimization, supported by predictive analytics. Specific service capabilities extend to preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and specialized critical digital infrastructure software. Vertiv's products are marketed under prominent brands like Liebert, NetSure, Geist, E&I, Powerbar, and Avocent. The company serves a wide array of sectors such as social media, financial services, healthcare, transportation, retail, education, and government. Its global reach spans the Americas, Asia Pacific, and Europe, the Middle East, and Africa, facilitated by a robust network of direct sales professionals, independent representatives, channel partners, and original equipment manufacturers.

Envicool directly supplies liquid-cooling systems required to operate high-density AI racks.

Founded in 2005 and headquartered in Shenzhen, China, Shenzhen Envicool Technology Co., Ltd. specializes in the domestic production and sale of advanced thermal management solutions. The company's diverse product portfolio addresses a wide range of cooling needs, including AC and DC-powered air conditioners, heat exchangers, and integrated units for outdoor cabinets. They also deliver specialized cooling systems for telecommunications infrastructure, such as free cooling and split AC/DC air conditioners. Envicool serves industrial sectors with robust air conditioners, fan and filter assemblies, air-to-water heat exchangers, precise thermostats/hygrostats, heaters, and various oil and water cooling apparatus. Their expertise extends to comprehensive cooling solutions for transportation and data centers. Additional offerings encompass door/wall and floor-standing units, along with indoor environmental control devices like ceiling and wall-mounted air units, elevator air sterilizers, and mobile disinfection purifiers. The company leverages both liquid and air cooling technologies throughout its extensive product line.

Delta supplies megawatt-scale coolant-distribution equipment and liquid-cooling infrastructure.

High-density AI racks require coolant distribution and thermal-management hardware. Delta is identified as a leading supplier of sidecar coolant distribution units, creating potential demand exposure as MEGA IDC transitions toward AI-ready fit-out.

Established in 1971 and headquartered in Taipei, Taiwan, Delta Electronics, Inc. is a global leader specializing in power and thermal management solutions. Its extensive operations span Mainland China, the United States, Taiwan, and various international markets, organized into three primary divisions: Power Electronics, Automation, and Infrastructure. The Power Electronics division supplies a broad array of components, including inductors, transformers, networking devices, EMI filters, solenoids, and current sensing resistors, catering to applications in portable electronics, cloud computing, automotive systems, and the Internet of Things (IoT). It also manufactures diverse power supply units, such as switching power supplies, power modules, external adapters, and specialized power solutions for industrial and medical sectors, alongside industrial battery charging products. This segment further delivers comprehensive thermal management items like DC brushless fans, blowers, motors, cabinet thermal solutions, and ventilation/automotive fans. A core area of expertise is automotive electronics, encompassing full EV/HEV powertrain solutions, on-board chargers, DC/DC converters, traction inverters and motors, and both merchant and mobile power products. Within the Automation division, Delta offers a wide suite of industrial automation products and integrated solutions. These comprise drives, motion control systems, industrial control and communication devices, power quality enhancement tools, human-machine interfaces (HMIs), sensors, meters, and advanced robotic solutions. It also develops crucial information monitoring and management systems like SCADA and industrial EMS to enable smart manufacturing processes. Beyond industrial applications, this segment extends to building automation, providing management software, control systems, high-efficiency LED drivers and luminaires for smart lighting, and intelligent video surveillance technologies. The Infrastructure division focuses on essential systems such as telecommunications power systems, networking infrastructure, uninterruptible power supplies (UPS), and data center solutions. Furthermore, it addresses modern energy demands with EV charging products, energy storage systems, renewable energy solutions, and motor drives.

Tongfei is identified as a midstream Chinese liquid-cooling supplier.

Sanhe Tongfei Refrigeration Co., Ltd. research, develops, produce, and sells of industrial temperature control equipment in China. The company offers smart equipment manufacturing includes MCO/MCOI chiller, MCW/MCWI water chiller, MCS immersion chiller, MWA air/water heat exchanger, MEO oil/air heat exchanger, MCA temperature and humidity conditioner, MEA heat exchanger for electrical cabinet, HE/HS electrophoretic special heat exchanger; renewable energy storage such as LCI inverter liquid cooling unit, ECA wall mounted industrial air conditioner, ECA cabinet-in mounted industrial air conditioner, LCI PCS-specific cooling equipment, LCI high voltage cascaded/central cooling, ECH industrial dehumidifier; and power transmission and distribution electric, includes HWA air/water heat exchanger, and LWA/LWW pure water cooling unit. It also offers Intelligent Computing Center includes DWW cabinet CDU, DWW in rack CDU, DMF manifold, DTK TANK, DHWA dry cooler, DCW integrated chiller, DWA mini fan wall, DWA Chilled Water Rear Door Heat exchanger, DCA External Cabinet Backpack Aircon, DCA built-in integrated precision aircon, DCA DX rack aircon, DCA DX small precision aircon, DCA DX computer room, precision aircon, DCA DX in row precision aircon, DCA DX small precision aircon, DCA DX computer room precision aircon, DCA DX in row precision aircon, single rack/single-row modular data center, single rack/single-double-row modular date center, and DMDC container. In addition, the company offers semiconductor manufacturing; hydrogen energy; and lasers. Sanhe Tongfei Refrigeration Co., Ltd. was founded in 2001 and is based in Sanhe, China.

nVent directly supplies liquid-cooling distribution, racks, and manifolds.

nVent participates directly through liquid-cooling distribution, racks and manifolds for high-density AI infrastructure.

High-density Vera racks require rack-level coolant distribution, manifolds, and facility connections. nVent is identified in the liquid-cooling vendor landscape as supplying CDUs, racks, and manifolds, creating a positive enabling-infrastructure opportunity without evidence of a direct Supermicro contract.

Eaton supplies rack and facility liquid-cooling systems with associated pumps, manifolds, sensors and power infrastructure.

Eaton's thermal engineers develop custom liquid-cooling modules and manifolds specifically to support the high power densities of newer GPU clusters.

Eaton is the direct beneficiary of the reported developments, achieving record earnings and raising guidance due to 'extraordinary' AI infrastructure demand. The acquisition of Boyd Thermal transforms Eaton into an end-to-end provider of integrated 'chip-to-grid' power and liquid cooling solutions, significantly strengthening its competitive moat in the data center market.

Schneider provides end-to-end liquid cooling and CDUs for AI workloads and high-density IT environments, directly matching the facility requirements of the rack.

Schneider supplies both cooling and electrical-distribution systems for data centers, creating substantial revenue exposure to hyperscaler physical infrastructure.

Schneider supplies both data-center cooling and electrical-distribution equipment. The new hyperscaler-linked cooling demand should support specifications, backlog, and factory utilization across Schneider’s data-center infrastructure portfolio, while copper and other material costs remain a partial COGS risk.

Trane captures hyperscaler capex through commercial HVAC equipment and LiquidStack’s specialized liquid-cooling systems, but the exposure is diversified across its broader platform.

Trane's LiquidStack business provides liquid-cooling and CDU technology for high-density computing, creating specialized thermal-management exposure.

The Vera rack’s extreme density requires specialized liquid thermal management rather than conventional room air cooling. Trane’s LiquidStack business supplies liquid-cooling and CDU technology for high-density computing, creating a positive but indirect facility-capex read-through.

LITEON's investment explicitly combines AI-server power management and 800VDC power delivery with DCX liquid cooling.

LITEON is the direct investor and will obtain approximately 25% of DCX Liquid Cooling Systems. The transaction gives LITEON access to direct-to-chip, CDU, FDU, cold-plate, and immersion technologies that can be combined with its AI-server power-management and 800VDC capabilities, creating potential product, manufacturing, and go-to-market revenue synergies.

AAON’s BASX business has rapidly growing data-center sales and backlog, giving it meaningful leverage to hyperscaler cooling capex.

AAON, Inc., along with its affiliated companies, focuses on the engineering, manufacturing, promotion, and sale of heating and air conditioning systems throughout the United States and Canada. The enterprise's operations are divided into three distinct divisions: AAON Oklahoma, AAON Coil Products, and BasX. Its comprehensive product portfolio features a wide array of HVAC solutions, including rooftop units, specialized data center cooling, cleanroom climate control, chillers, pre-packaged outdoor mechanical rooms, air handling units, fresh air supply units, energy recovery ventilation, condensing units, geothermal/water-source heat pumps, coils, and integrated control systems. AAON markets and sells these offerings to a diverse set of commercial sectors, such as retail, manufacturing, educational institutions, hospitality, supermarkets, data centers, and the medical and pharmaceutical industries. Product distribution is managed through a dual approach, utilizing a network of independent manufacturing representatives in addition to an in-house sales team. Established in 1987, AAON, Inc. is headquartered in Tulsa, Oklahoma.

AAON’s BASX business sells specialized data-center cooling systems. LU-VE’s hyperscaler contract and upgraded growth outlook reinforce the same high-density cooling demand that can support AAON’s liquid-cooling sales, backlog conversion, and capacity expansion, although the companies compete for portions of the same customer budget.

Carrier directly sells chillers, air handlers, coolant distribution units and controls to hyperscale and colocation customers, with data-center sales forecast and backlog visibility through 2027.

Carrier has a liquid-cooling technology partnership but is not identified as a direct DCX supplier.

Daikin directly supplies air-conditioning and liquid-cooling technologies used to manage hyperscale and AI server heat loads.

Daikin is directly exposed to the AI-density transition through air conditioning and direct liquid-cooling technologies designed to manage server heat.

The project’s AI racks will generate substantial heat and require advanced cooling. Daikin is identified as a Japanese air-conditioning and data-center cooling supplier, creating potential equipment demand, while cooling design, procurement and commissioning remain uncertain.

Shenling is identified among Chinese data-center liquid-cooling suppliers.

Shenling supplies data-center thermal-management systems. The planned expansion of AI facilities and PUE compliance requirements should increase demand for liquid-cooling and environmental-control equipment, with revenue conversion dependent on project schedules and competition.

Additional AI computing facilities require thermal-management capacity to maintain server availability. Shenling is identified among Chinese data-center liquid-cooling suppliers and can capture equipment demand as computing-power deployments are commissioned, subject to project timing and competition.

Sanhua supplies thermal-management components used in liquid-cooling systems for dense AI servers.

AI racks generate substantially more heat than conventional servers, driving demand for liquid-cooling components. Sanhua is identified as a Chinese listed company expanding into liquid-cooling systems, giving its thermal-management components exposure to the compute-facility buildout.

Kehua is a power-systems and liquid-cooling supplier directly tied to high-density data-center deployment.

The national plan’s very large accelerator clusters require power systems and thermal-management equipment capable of supporting dense AI racks. Kehua is identified as a Chinese power-systems maker expanding into liquid cooling, creating equipment-revenue exposure to new AI facilities.

High-density AI loads require specialized cooling, making precision thermal-management equipment a bottleneck supplier opportunity.

High-density AI servers require specialized thermal management and precision cooling. Blue Star is identified as having a dedicated data-centre cooling vertical, creating a positive equipment-demand pathway if proposed campuses reach construction.

SPX has meaningful data-center cooling exposure through cooling towers, heat rejection, and related HVAC equipment, alongside power-generation and industrial applications.

SPX supplies cooling towers, fluid coolers, and heat exchangers, which support liquid and facility-level cooling but are not exclusively AI liquid-cooling products.

SPX supplies cooling towers, fluid coolers, heat exchangers, and related HVAC equipment that can benefit from broader data-center thermal infrastructure spending. Its diversified exposure makes the effect positive but less concentrated than for dedicated data-center cooling suppliers.

Nanjing Canatal Data-Centre Environmental Tech Co., Ltd provides digital infrastructure construction and energy management services in China and internationally. The company develops and manufactures temperature control equipment and also provides integrated solutions and related energy-saving technical services for the precision control of data rooms and other fields. Its products include data center temperature control products, integrated modular data center solutions, and energy management solutions. The company serves a diverse set of customers including government departments and communications, finance, internet, medical, rail transportation, aviation, and energy industries.

Amax Holding Co., Ltd. specializes in the development, manufacturing, and commercialization of sophisticated server hardware solutions for businesses. Their portfolio of offerings encompasses cutting-edge high-performance computing platforms for artificial intelligence, compact yet powerful high-density servers and storage units, and advanced liquid cooling systems for server cabinets. Established in 1984, the company's main operations are directed from its headquarters in Taipei, Taiwan.

Established in 2004 and headquartered in Yongin-si, South Korea, CK Solution Co.,Ltd. specializes in advanced HVAC&R (heating, ventilation, air conditioning, and refrigeration) technologies and facility construction. The company offers a diverse range of products, including dehumidifiers, precision air conditioning units, VOC concentrators, BCUs, air showers, air handling units, condensing units, electric heat pumps, clean room equipment, and chillers. They cater to various critical environments, providing solutions for dry room, clean room, HACCP and GMP compliant, precision air conditioning, low-temperature storage, and environmental plant systems. Their comprehensive services further extend to mechanical, HVAC&R, utility, and special facility construction, HVAC equipment supply and installation, COE/FED business management, industrial facilities design engineering, and dedicated customer support.

Established in Kaohsiung, Taiwan, in 1977, Kuen Ling Machinery Refrigerating Co., Ltd. is dedicated to the manufacturing and distribution of a broad spectrum of ice water systems and air conditioning equipment. The company's market reach spans Taiwan, Mainland China, Vietnam, and international territories. Its extensive product lineup includes water-cooled and air-cooled ice water units, specialized computer room cooling solutions, hot and cold water machines, and ice storage tanks. Kuen Ling also supplies vacuum dryers, a variety of refrigeration and chiller units (such as water-cooled spiral/reciprocating condensing units and air-cooled refrigeration equipment), air coolers, direct expansion air conditioners, open screw compressor units, and large direct expansion variable frequency air conditioning systems, alongside ice water coolers and condensers. In addition to production, the company engages in the processing, trading, and leasing of these crucial components. Kuen Ling's offerings are utilized across various applications, including office and commercial structures, healthcare facilities, and educational institutions.

Headquartered in Strasbourg, France, and established in 2005, 2CRSI S.A. operates as a global entity specializing in the creation, production, and distribution of advanced computing solutions. Their product line features a variety of hardware, including rackmount servers, Open Compute Project (OCP) servers and racks, and high-performance workstations. Beyond these core products, 2CRSI offers sophisticated cooling technologies such as air, direct liquid, and immersion systems, alongside specialized solutions in data science, artificial intelligence, cloud computing, gaming, and edge computing. The company also provides professional, hosted, and High-Performance Computing (HPC) managed services. 2CRSI serves diverse markets and applications, including cloud computing environments, data centers, enterprise IT, big data analytics, HPC, AI, 5G infrastructure, IoT, ruggedized PCs, embedded systems, and edge computing deployments. Furthermore, their offerings encompass hardware supply, datacenter colocation, and hosting services.

Supermicro's core product strategy focuses on delivering pre-engineered, integrated rack-scale liquid cooling to satisfy dense AI clusters.

Super Micro Computer, Inc., together with its subsidiaries, develops and sells server and storage solutions based on modular and open-standard architecture in the United States, Asia, Europe, and internationally. The company provides liquid and air-cooled AI servers for training and inferencing with integrated graphics processing units (GPUs) or PCIe based architectures; SuperBlade, MicroBlade, FlexTwin, GrandTwin, and BigTwin blade and multi-node systems; SuperStorage systems; Hyper, CloudDC, and WIO and rackmount systems; embedded (5G/IoT/Edge) systems; and MicroCloud server systems. It also offers workstations and networking devices; and modular server subsystems and accessories, including server boards, chassis, power supplies, and other accessories. In addition, the company provides remote system management solutions, such as Server Management suite comprising Supermicro Server Manager, Supermicro Power Management software, Supermicro Update Manager, SuperCloud Composer, and SuperDoctor 5. Further, the company identifies service requirements; creates and executes project plans; conducts verification testing; offers training; and provides technical documentation. Additionally, it offers rack level services from design to deployment for full rack and cluster level deployments of AI and HPC datacenters; help desk services and on-site product support; and warranties, maintenance, and technical support services. The company serves enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing markets through direct and indirect sales force, distributors, value-added resellers, system integrators, and original equipment manufacturers. Super Micro Computer, Inc. was incorporated in 1993 and is headquartered in San Jose, California.

Capchem can capture incremental demand for fluorinated coolants used in data-center immersion cooling, but its exposure is upstream and not contract-specific.

AI computing-center expansion increases demand for specialized cooling fluids and immersion-cooling systems. Capchem is identified as a domestic fluorinated-coolant supplier with products serving data-center immersion cooling, although the target contract does not specify the cooling technology used.

Parker has direct component exposure through non-spill quick-connect couplings used in liquid-cooling systems.

Parker-Hannifin supplies fittings, valves, and flow-control components that are part of liquid-cooling manifolds and quick-disconnect systems. Increased AI cooling deployment can create component demand, but Flow Control Holdings may compete in adjacent engineered assemblies.

ExxonMobil's immersion fluids complement the thermal layer but have little direct 800VDC power exposure.

ExxonMobil supplies immersion-cooling fluids for data-center applications. Increased strategic investment in liquid-cooling infrastructure can support demand for qualified dielectric and immersion fluids, although DCX's transaction does not identify ExxonMobil as a supplier.

Dow supplies specialty heat-transfer and immersion fluids used in AI data centers.

Dow supplies heat-transfer and silicone-based immersion-cooling fluids compatible with hyperscale AI and HPC deployments. The transaction's support for broader liquid-cooling adoption creates a modest upstream demand benefit without evidence of a direct DCX relationship.