Vertiv Holdings (VRT)

Data-center power + liquid cooling + services — the AI thermal/power infrastructure leader

AI exposure 75% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Thermal & Cooling · figures rebased to Q2 2026, reported 2026-07-29

Thermal management is 38% of revenue — liquid cooling, chillers and room/rack cooling — tied with power at 38%, and it is the leg that makes Vertiv an AI story rather than a data-centre-equipment story: liquid cooling is what rack densities above 100kW force. Vertiv's own segment note already named Thermal as the primary while the placement said Power, and its eight core rivalries — Carrier, Trane, Modine, Johnson Controls, AAON, nVent, Eaton, Ecolab — are all contested on thermal. Power stays a secondary tag at the same 38%.

Also tagged: secondary in Physical Infrastructure → Power & Electrical Equipment; secondary in Physical Infrastructure → Storage & Server Systems.

Reported segments

Products — 79.6% of revenue
Services & spares — 20.4% of revenue

Vertiv ($3,274.3M Q2 2026, +24.1% YoY and +17.8% organic). Vertiv's ASC 280 segments are GEOGRAPHIC — AMER, APAC, EMEA — which the Atlas does not model because Americas thermal equipment and APAC thermal equipment sit in the same bucket. It models the PRODUCT-AND-SERVICE split Vertiv also discloses: products $2,606.4M (79.6%) and services and spares $667.9M (20.4%). The product pillars beneath — thermal, power, racks — are Atlas estimates, since Vertiv reports products only in total. The geographic detail is worth reading even though it is not modelled: AMER grew 21.1% organically and APAC…

How the 75% is built

Products — 79.6% of revenue × 80% AI-driven (estimate). New equipment shipping into the build-out — liquid cooling, UPS, switchgear and busway. This is where Vertiv's growth is: products grew faster than services in the Americas, and AI data centres are the stated driver. A residual serves telecom, healthcare and commercial critical facilities
Services & spares — 20.4% of revenue × 55% AI-driven (estimate). Maintenance and spares attach to an INSTALLED BASE, most of which was built before the AI cycle, so the AI-driven share is materially lower than for new equipment. It grew 43.8% in the Americas, which is the installed base catching up rather than new AI demand

Investment read

Moat. Full-stack data-center power + liquid-cooling + services with installed-base lock-in; the pure-play on AI thermal density. Reference-design wins with NVIDIA.

Bottleneck / pricing power. Strong pricing power as liquid cooling becomes mandatory for AI rack densities, and it landed in the numbers a year early: 22.6% adjusted operating margin in Q2 2026 (+410bps YoY) against a 22-24% aspiration the earlier bull case placed in 2026-27. The binding constraint is now delivery, not demand — Q2 sales came in below consensus on supply-chain congestion and multi-phase project timing, while Q3 was guided to +34-36% organic.

Role in the AI stack. The power + cooling layer — keeps AI racks energized and thermally viable.

Connected companies

Equinix (EQIX) — VRT supplies: power + thermal management
Digital Realty Trust (DLR) — VRT supplies: cooling + power systems
Monolithic Power Systems (MPWR) — VRT is supplied by: power-stage components into rack power systems
Texas Instruments (TXN) — VRT is supplied by: power-management + GaN devices into data-center power systems
Analog Devices (ADI) — VRT is supplied by: signal-chain + power into power/thermal systems
ON Semiconductor (ON) — VRT is supplied by: power semis (SiC/GaN) into data-center power conversion
Microchip Technology (MCHP) — VRT is supplied by: microcontrollers + power management into infrastructure equipment
Infineon Technologies (IFNNY) — VRT is supplied by: power semiconductors (SiC/GaN) into data-center power systems
STMicroelectronics (STM) — VRT is supplied by: power + analog ICs into infrastructure equipment
Mitsubishi Electric (MIELY) — VRT is supplied by: power electronics into data-center/infrastructure systems
Schneider Electric (SU) — VRT competes with: Data-center critical power + thermal — star players in every DC power/cooling study
Eaton Corporation (ETN) — VRT competes with: Data-center power chain (UPS, switchgear, busway, PDU)
Carrier Global (CARR) — VRT competes with: Overlap in data-center cooling but different tiers — Carrier building-HVAC/chillers vs Vertiv precision/liquid rack cooling
Trane Technologies (TT) — VRT competes with: Growing DC liquid-cooling overlap; Trane rooted in commercial HVAC/chillers vs Vertiv precision rack cooling

Others in Thermal & Cooling

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