Overseas giants ignite! The liquid cooling trillion-dollar track opens

On Thursday, the liquid cooling concept exploded, with UCloud’s 20CM hitting the daily limit-up, and Shenling Environment, Fangsheng Co., and others rising over 14%. Several stocks, including Chuanrun Co., Dongyangguang, and Yingweike, also hit the daily limit-up.

According to Caixin, on February 11th, local time, NVIDIA’s liquid cooling supplier Vertiv (Vitec Technologies) reported a very impressive earnings report. In Q4 2025, Vertiv’s earnings per share were $1.36, with sales of $2.9 billion, a year-over-year increase of 23%. Wall Street’s previous forecast was $1.29 per share with $2.9 billion in sales.

Not only did profits exceed expectations, but order volume was also very strong: during the reporting period, it increased by 252% year-over-year and by 117% compared to Q3 2025.

Regarding performance guidance, Vertiv expects 2026 earnings per share to be between $5.97 and $6.07, with sales around $13.5 billion.

Giordano Albertazzi, CEO of the company, said, “Our Q4 performance demonstrated Vertiv’s leading position in the increasingly complex and competitive data center market. Looking ahead to 2026, we expect this growth momentum to continue.”

International giants benefit from strong demand for liquid cooling, and China’s liquid cooling market is also expected to see high growth in the coming years. According to data from the China Academy of Information and Communications Technology, the liquid cooling market size of China’s intelligent computing centers will reach 18.4 billion yuan in 2024, a year-over-year increase of 66%. Over the five-year period from 2025 to 2029, high growth is expected to continue, reaching approximately 130 billion yuan by 2029.

Dongwu Securities believes that liquid cooling technology is the only way to solve the heat dissipation pressure of data centers. It has advantages such as low energy consumption, high heat dissipation, low noise, and low TCO, and can reduce the PUE value of data centers to meet national requirements. Currently, among the main liquid cooling solutions, cold plate type dominates, while immersion cooling is expected to become a future development direction. The cold plate liquid cooling system consists of indoor and outdoor components, with CDU and distribution liquid pipe costs accounting for the highest proportions, at 25% and 20%, respectively.

(Source: Oriental Wealth Research Center)