Data-center 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· 4 recurring
Per the valuechain.wiki graph, Vertiv is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 21 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 |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -49.9 |
| Equinix | lead1 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| CoreWeave | lead1 | · | · | · | · | · | +24.8 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Vertiv | node | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
Vertiv operates across NYSE, Datacenter infrastructure, Power & liquid cooling. Momentum stayed firm and it is +73.2% in 2026. The stock (+73.2%) and its demand side (avg +22%) are moving in step. Among connected nodes the furthest ahead is Equinix (+37.3%) and the furthest behind is Microsoft (+4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Customers are hyperscalers, colos and telecoms.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $418 · Price $280 (09-05) · Upside +49%
| 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