NYSE · Datacenter infrastructure · Power & liquid cooling
Vertiv
Supplies the physical infrastructure of AI datacenters (power, thermal, liquid cooling, racks). FY2025 revenue $10.23B (+28%), backlog $15B. As rack power jumped from 10-20kW to 100kW+, liquid cooling became mandatory, and Vertiv is a world leader in chip liquid cooling. Customers are hyperscalers, colos and telecoms.
VRT Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Vertiv is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $10.23B (+28%)
- Customer concentration · Hyperscalers, colos, telecoms. $15B backlog.
- Segments · Power management · Thermal/liquid cooling · Racks/services
Revenue from
- hyperscalers · colocation (power · cooling) High confidence· Revenue ~$10.2B · 2025 · FY2025 revenue (+28%)
Supplies AI-datacenter power and liquid-cooling infrastructure to hyperscalers and colos. - CoreWeave High confidence
Supplies power/cooling to CoreWeave AI datacenters (GB200 NVL72 reference). - AI datacenter · telecom (power · heat) Medium confidence
Supplies power and thermal infrastructure to AI/HPC data centers and telecoms — a direct beneficiary as surging rack heat makes liquid cooling mandatory. - Microsoft Medium confidence
Supplies power and cooling to hyperscaler data centers like Microsoft — the infrastructure channel of large cloud capex.Confirms EN Vertiv Published Oct 17, 2024: Vertiv co-develops GB200 NVL72 power/cooling blueprint with NVIDIA - Equinix Medium confidence
Supplies power and cooling to colocation leader Equinix — covering colo demand beyond hyperscalers to broaden the customer base.
Pays to
- power & cooling components & materials (undisclosed) Low confidence
Power-electronics and cooling components/materials. - R&D engineers (undisclosed) Low confidence
Liquid-cooling/power R&D (e.g., CoolTera acquisition).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Equinix | lead1 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| CoreWeave | lead1 | · | · | · | · | · | +24.1 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Vertiv | node | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is Vertiv's lead in the liquid-cooling and power infrastructure that AI rack heat has made mandatory. As rack power jumped from 10-20kW to 100kW+, air cooling hit physical limits, and Vertiv — a leader in chip liquid cooling — became an integrated vendor bundling power management, thermal and racks: FY2025 revenue of $10.23B (+28%) and a $15B backlog pre-lock future revenue. With a CoreWeave GB200 NVL72 reference and customers spanning hyperscalers and colos like Equinix, it is exposed to total AI-datacenter buildout rather than one operator, and the CoolTera acquisition internalized high-density liquid cooling. Risks are dependence on the hyperscaler capex cycle and intensifying competition in the cooling layer with the likes of Delta.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $418 · Price $319.5 (07-11) · Upside +31%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bernstein · Varun Govindaraj | Outperform | $416 | Jun 9, 2026 | Report ↗ |
| Oppenheimer · Noah Kaye | Outperform | $353 | May 21, 2026 | Report ↗ |
| TD Cowen · Lance Vitanza | Buy | $387 | May 20, 2026 | Report ↗ |
| RBC Capital Markets · Deane Dray | Outperform | $435 | May 15, 2026 | Report ↗ |
| Loop Capital · Ananda Baruah | Buy | $500 | May 15, 2026 | Report ↗ |
Initiated Outperform; the only pure-play with scale in datacenter power and cooling, with 2028 revenue ~15% above consensus on tech leadership, backlog conversion and AI demand.
Analyses covering this node
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- The propagation was real and it had an order: the lag itself draws the chain Jun 23, 2026
- The money enters through one door: AI demand converges on hyperscaler capex Jun 23, 2026
- Perez's clock: the frenzy of installation leaves the infrastructure of deployment Jun 23, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026