# Who are Modine Manufacturing's customers? Who does Modine Manufacturing earn revenue from?
Canonical: https://valuechain.wiki/modine · Facet: customers · Updated: 2026-07-12T08:23:49.777+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Modine Manufacturing discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).

### 전략 데이터센터 고객 (비공개) (high)
- metric: contract $4B · CY2027~2029 · long-term capacity agreement ($165M upfront)
- note: Long-term agreement guaranteeing more than $4B of Airedale data-center cooling capacity for CY2027-2029, with a $165M upfront cash payment. Customer unnamed.
- [confirms] Business Wire (EN, ir, published 2026-05-26) https://www.stocktitan.net/news/MOD/modine-announces-landmark-4-billion-long-term-capacity-agreement-3dz0l7nqvlwt.html: "Capacity guarantee for $4B+ of Airedale cooling products, CY2027-2029, with $165M upfront."

### 하이퍼스케일러·데이터센터 (냉각) (high)
- metric: Market share 11% · FY2026 최대 고객 · 10-K (top-10 customers 49%)
- note: Supplies 1MW CDUs and immersion cooling to hyperscalers (FY2026 DC revenue +60%); the top customer was ~11% of FY2026 sales and the top 10 were 49% — high customer concentration.
- [mentions] Analyst consensus (EN, research, published 2026-06-29) https://public.com/stocks/mod/forecast-price-target: "7 analysts Strong Buy. Roth Capital initiated Buy at $263; DA Davidson raised to $265 from $255. Climate Solutions (data-center cooling) revenue $400M+ and a long-term $4B capacity agreement; DC revenue +64% FY25→27 approaching ~$2B; FY2027 net-sales growth guidance +20-35%."
- [confirms] SEC EDGAR (EN, filing, published 2026-05-27) https://www.sec.gov/Archives/edgar/data/67347/000110465926066795/mod-20260331x10k.htm: "One global technology customer at ~11% of sales in FY2026; top ten customers at 49% of net sales."
- [confirms] Wikipedia (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/모딘: "60%+ datacenter revenue growth in FY2026."
- [confirms] AInvest (EN, news, published 2025-07-01) https://www.ainvest.com/news/modine-100m-data-center-cooling-expansion-strategic-play-2b-growth-opportunity-2507/: "60%+ datacenter revenue growth in FY2026."

### NVIDIA 냉각 레퍼런스 생태계 (미검증) (low)
- note: The claim of supplying into NVIDIA's AI-rack liquid-cooling (CDU) reference ecosystem rests only on media/aggregator reports. Modine's FY2026 10-K does not name NVIDIA, and NVIDIA's published cooling reference partner is confirmed to be Vertiv. The actual revenue flow is to hyperscaler/datacenter customers, not NVIDIA as a direct buyer — so counterparty_id is held per the Trane-NVIDIA precedent (partnership ≠ flow). Kept at low confidence pending verification.
- [mentions] SEC EDGAR (EN, filing, published 2026-05-27) https://www.sec.gov/Archives/edgar/data/67347/000110465926066795/mod-20260331x10k.htm: "Modine FY2026 10-K: discloses datacenter cooling (Airedale) revenue; does not name NVIDIA."
- [mentions] Data Center Frontier (EN, news, published 2026-01-15) https://www.datacenterfrontier.com/cooling/news/55360274/coolings-new-reality-its-not-air-vs-liquid-anymore-its-architecture: "NVIDIA's published GB200 NVL72 cooling reference partner is confirmed to be Vertiv (not Modine)."
- [mentions] AInvest (EN, news, published 2025-07-01) https://www.ainvest.com/news/modine-100m-data-center-cooling-expansion-strategic-play-2b-growth-opportunity-2507/: "Claim of supplying NVIDIA AI-rack liquid-cooling (CDU) reference ecosystem (aggregator; unverified)."

Reverse side: https://valuechain.wiki/modine/suppliers.md · Ripple: https://valuechain.wiki/modine/ripple.md

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