LiquidStack
LiquidStack designs and manufactures advanced liquid cooling systems (direct-to-chip CDUs up to 14MW, single- and two-phase immersion tanks, and modular data centers) for AI factories, hyperscalers, colocation operators, and edge deployments. A Trane Technologies subsidiary operating from Texas and Hong Kong.
- Company typePrivate
- Founded2012
- HeadquartersCarrollton, United States
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What LiquidStack does
LiquidStack is a pure-play liquid cooling technology provider for data centers, founded as Allied Control Limited in Hong Kong in 2012 and rebranded following its 2021 spin-off from Bitfury Group. The company designs and manufactures advanced cooling systems spanning direct-to-chip coolant distribution units (CDU-1MW at 1,350kW and GigaModular platform scaling from 2.5MW to 14MW per building block), single-phase and two-phase immersion cooling tanks (DataTank, EdgeTank, CryptoTank), and modular data center solutions (MicroModular 250kW and MacroModular 1.5MW containers). Its technology enables AI factories, hyperscalers, and colocation operators to deploy high-density GPU clusters with power densities exceeding 30-100kW per rack, achieving partial PUE as low as 1.02-1.03 with zero water consumption in two-phase configurations.
LiquidStack operates a hardware-centric, project-based revenue model selling capital equipment via direct enterprise field sales and channel partnerships, with quote-based pricing dependent on capacity, redundancy, and configuration. The company holds the world's largest installed base of liquid cooling at over 160MW globally, with notable deployments across the U.S., Europe, Asia, and the Middle East. Key customers include Standard Power, NTT Data (tested achieving 97% less cooling energy), Microsoft (250kW per rack tested in its cooling lab), Global Switch (Europe's first dedicated liquid cooling showcase in London), and a major unnamed U.S. data center operator that placed a 300MW CDU-1MW order in January 2026.
LiquidStack operates from Carrollton, Texas headquarters and manufacturing (three facilities), with R&D in Hong Kong, and was acquired by Trane Technologies (NYSE:TT) in March 2026, operating within Trane's Commercial HVAC Americas business unit. The company is led by CEO and co-founder Joe Capes, with a leadership team expanded in 2025 to include COO Ersson Zapata, CFO Mike Tapp, and Chief Innovation Officer Ed King. Strategic priorities center on capturing demand from AI infrastructure buildouts with products aligned to NVIDIA Vera Rubin specifications and expanding geographic reach into the Middle East and other emerging AI infrastructure markets.
LiquidStack firmographics
Firmographics- Name
- LiquidStack
- Legal name
- LiquidStack Holding B.V.
- Website
- https://liquidstack.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- LiquidStack designs and manufactures advanced liquid cooling systems (direct-to-chip CDUs up to 14MW, single- and two-phase immersion tanks, and modular data centers) for AI factories, hyperscalers, colocation operators, and edge deployments. A Trane Technologies subsidiary operating from Texas and Hong Kong.
- Ownership category
- akta.pro rank
LiquidStack industry classification
Industry- Product category
- Data Center Liquid Cooling Infrastructure
- NAICS
- Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)
- SIC
- Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)
- akta.pro primary industry
- Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling) (HDABAKAD)
- akta.pro secondary industries
- AI Datacenter Power, Cooling & Racks (liquid cooling, power delivery) (HDAAAAAH), Heat Rejection & Mechanical Plant (Cooling Towers, Pumps, Condensers) (HDABAKAE)
Keywords
Where LiquidStack is headquartered
LocationHeadquarters
- HQ city
- Carrollton
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
LiquidStack business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales
Revenue model
- CDU Hardware Sales (Direct-to-Chip): Revenue from sale of Coolant Distribution Units including CDU-1MW and GigaModular platforms. Hardware is sold as capital equipment with project-based deployments; pricing is quote-driven based on capacity, configuration, and deployment scale. Supporting full lifecycle services including installation, maintenance, and ongoing support.
- Immersion Cooling Systems (DataTank, EdgeTank, CryptoTank): Sale of immersion cooling tanks and complete cooling systems for data centers. Includes both single-phase and two-phase immersion solutions. Systems are sold with associated engineering services for installation and commissioning.
- Modular Data Center Solutions: Turnkey prefabricated data center containers (MicroModular, MacroModular) sold as complete units with integrated liquid cooling infrastructure for edge and regional deployments.
- Services & Support: Full lifecycle services including expert installation, proactive maintenance, and continuous support across the equipment lifecycle. Part of comprehensive customer engagement alongside hardware sales.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | CDU-1MW — Rapid deployment unit for high-density AI workloads |
| Unit Pricing | Multi-year contract | GigaModular CDU — Scalable centralized liquid cooling for large-scale AI workloads |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels10 records
LiquidStack product offering
Product offeringCore offering
LiquidStack designs, manufactures, and sells liquid cooling solutions for high-density data centers powering AI and high-performance computing workloads. Its product portfolio includes Coolant Distribution Units (CDUs) for direct-to-chip cooling (CDU-1MW and the GigaModular platform) and single-phase and two-phase immersion cooling systems (DataTank, EdgeTank, CryptoTank), along with turnkey modular data center solutions (MicroModular, MacroModular). The company sells capital equipment with installation, maintenance, and lifecycle services primarily to hyperscalers, colocation operators, and large enterprise AI deployments.
Differentiator
Problem solved
Functional benefit
Brands
- GigaModular CDU: Modular coolant distribution unit platform for large-scale AI workloads, scalable up to 14MW
- CDU-1MW
- DataTank
- EdgeTank
- CryptoTank
- MicroModular
- MacroModular
Products and services
- CDU-1MW Universal high-capacity Coolant Distribution Unit providing 1,350kW of cooling capacity for direct-to-chip liquid cooling in AI data centers. Features ETL, CSA, and CE certification, hot-swappable dual VSD pump operation, N+1 redundancy, and programmable logic controller. Compatible with next-generation GPU platforms including NVIDIA Vera Rubin and included on NVIDIA's Recommended Vendor List. Quick-ship availability for rapid deployment in in-row and perimeter configurations.
- GigaModular CDU Modular, scalable Coolant Distribution Unit platform supporting single-phase direct-to-chip liquid cooling heat loads from 2.5MW to 14MW per building block. Features centralized control architecture with dual-redundant communications, N+1/N+2 redundancy, and 45°C return water support for chillerless operation. Pay-as-you-grow modular building blocks enable phased AI capacity expansion without infrastructure redesign. ETL certified and designed for NVIDIA Vera Rubin platforms.
- DataTank (Two-Phase Immersion Cooling) Two-phase immersion cooling tank system where servers are submerged in dielectric fluid that boils to vapor, with the gas condensing back to liquid inside the tank. Achieves partial PUE as low as 1.02-1.03 with zero water consumption for heat rejection. Supports power densities up to 252kW per 48U rack. Includes DataTank 48U configuration for up to 252kW capacity per rack.
- Single-Phase Immersion Cooling Single-phase liquid cooling solution using non-hazardous dielectric fluids. Performs better than W3 ASHRAE thermal guidelines at greater than 2.8kW/U and achieves more than 110kW per full-size tank at W3 water conditions. Compatible with multiple IT form factors including 1U, 2U, 4U, 600mm, 750mm, OCP, and ORV3.
- EdgeTank
Quantifiable outcome
- Two-phase immersion cooling achieves partial PUE as low as 1.02-1.03, compared to 1.50-1.80 for traditional air cooling
- +8 more outcomes
Companies that use LiquidStack
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
LiquidStack technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
LiquidStack partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered strategic, tactical and core.
- INNOVOstrategicINNOVO and LiquidStack partnered to develop the UAE's first modular, AI-ready liquid-cooled data center, combining modular data center design with direct-to-chip liquid cooling technology and Castrol ON thermal management fluids. Assembly and testing in the UAE ahead of expected completion in April 2026, with broader commercial deployment planned across the GCC and Middle East.
- ChemourstacticalLiquidStack and Chemours conducted joint testing of Chemours' Opteon two-phase immersion cooling fluid in a commercial-scale 48U immersion tank, with Samsung Electronics subsequently qualifying the fluid. A commissioned study by LiquidStack and Chemours, conducted by Syska Hennessy Group, examined cooling technologies across Copenhagen, Ashburn Virginia, Singapore, and Abu Dhabi.
- Global SwitchtacticalGlobal Switch opened Europe's first dedicated liquid cooling showcase at its London Docklands data centre, partnering with LiquidStack and SuperMicro to address rising AI and high-density computing demands. The showcase features direct-to-chip and immersion cooling technologies.
- Syska Hennessy GrouptacticalLiquidStack collaborated with Syska Hennessy Group to develop a white paper comparing server liquid-cooling technologies (Single-phase DTC, Single-phase Immersion, Two-phase Immersion) across diverse data center climates. Syska Hennessy contributed to the Total Cost of Ownership (TCO) analysis tool.
- NTT DatatacticalNTT Data completed a successful test of LiquidStack's two-phase immersion systems at its Mitaka Data Center East in Japan (March-April 2022), achieving 97% less cooling energy than traditional cooling systems. NTT Data planned to adopt immersion cooling for energy-saving data center services during 2023.
- Standard PowercoreLiquidStack partnered with Standard Power to build the first large-scale U.S. colocation data center using 2-phase immersion cooling in the Midwest, with up to 12MW capacity. Standard Power focuses on maximizing operating efficiency and computational density in the most sustainable and cost-effective way for advanced data processing companies.
- WiwynncoreWiwynn, a cloud IT infrastructure provider, invested $10M in LiquidStack's Series A funding and entered a strategic partnership for joint development of immersion-optimized servers. Wiwynn and LiquidStack collaborated on OCP (Open Compute Project) standards and mutual supply chain capabilities. Wiwynn has shipped systems to over 300 data centers globally and generated $6.3B in revenue in 2020.
- MicrosofttacticalMicrosoft tested LiquidStack's two-phase immersion cooling systems in its cooling lab, supporting power densities of up to 250kW per rack. Microsoft's interest in immersion cooling stems from its goal to reduce water usage by 95% and become water-positive by 2030.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
LiquidStack competitors and assessment
Company assessmentBroad incumbents
- Rittal: Rittal is a broad data center infrastructure incumbent offering liquid cooling solutions for IT racks as part of its enclosure and cooling portfolio. It competes with LiquidStack in the European and hyperscale markets.
- Schneider Electric: Schneider Electric is a broad data center infrastructure incumbent offering its own liquid cooling solutions as part of a larger portfolio including UPS, switchgear, and DCIM. Notably, LiquidStack's CEO Joe Capes previously spent 19 years at Schneider Electric, and Schneider is a key comp for the broader market opportunity.
- Boyd (parent of Aavid): Boyd Corporation is a broad thermal management incumbent with a data center liquid cooling practice. It offers cold plates and liquid cooling assemblies as part of a diversified thermal solutions portfolio, competing with LiquidStack at the component level.
Direct peers
- CoolIT Systems: CoolIT Systems is a direct competitor specializing in direct-to-chip liquid cooling CDUs and cold plates for HPC and AI workloads. It is one of the most established pure-play liquid cooling competitors and a direct rival to LiquidStack's CDU portfolio.
- Vertiv: Vertiv is a direct competitor offering Liebert-branded direct-to-chip and rear-door heat exchanger liquid cooling solutions, plus a full data center infrastructure portfolio. It competes with LiquidStack's CDU-1MW and GigaModular platforms for hyperscale and colocation customers.
- Asetek: Asetek is a direct competitor in liquid cooling, with both consumer/gaming and a data center division (Asetek A/S) producing CDUs and cold plates. It competes directly with LiquidStack in the AI/HPC data center CDU market.
- Green Revolution Cooling (GRC): GRC is a direct competitor specializing in single-phase immersion cooling tanks for data centers. It competes directly with LiquidStack's DataTank and single-phase immersion product lines.
Emerging players
- Iceotope Technologies: Iceotope is an emerging player focused on precision immersion cooling for edge and enterprise data centers. Its chassis-level immersion approach is a partial overlap with LiquidStack's immersion product family.
- Submer: Submer is an emerging player in immersion cooling solutions, offering both single-phase and two-phase immersion tanks. It competes with LiquidStack in mid-market and European data center deployments.
- ZutaCore: ZutaCore is an emerging player in two-phase immersion cooling technology, offering direct-to-chip and immersion cooling solutions. It competes with LiquidStack's two-phase immersion cooling DataTank product.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
LiquidStack social profiles
Digital presenceLiquidStack financial estimates
Financial estimateRevenue estimate
Valuation estimate
LiquidStack leadership team
Management profileNumber of profiles
Profiles6 records
LiquidStack funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LiquidStack M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LiquidStack
What does LiquidStack do?
LiquidStack designs, manufactures, and sells liquid cooling solutions for high-density data centers powering AI and high-performance computing workloads. Its product portfolio includes Coolant Distribution Units (CDUs) for direct-to-chip cooling (CDU-1MW and the GigaModular platform) and single-phase and two-phase immersion cooling systems (DataTank, EdgeTank, CryptoTank), along with turnkey modular data center solutions (MicroModular, MacroModular). The company sells capital equipment with installation, maintenance, and lifecycle services primarily to hyperscalers, colocation operators, and large enterprise AI deployments.
Is LiquidStack a public or private company?
LiquidStack is a private company. It is classified as corporate owned and is currently operating.
When was LiquidStack founded?
LiquidStack was founded in 2012. It employs 51 to 100 people.
Where is LiquidStack based?
LiquidStack is headquartered in Carrollton, United States, in the North America region.
How does LiquidStack make money?
Four revenue lines are on record. CDU Hardware Sales (Direct-to-Chip) is the primary driver. The others are immersion Cooling Systems (DataTank, EdgeTank, CryptoTank), modular Data Center Solutions and services & Support.
Who are LiquidStack's main competitors?
Broad incumbents on record are Rittal, Schneider Electric and Boyd (parent of Aavid). Direct peers are CoolIT Systems, Vertiv, Asetek and Green Revolution Cooling (GRC). Emerging players are Iceotope Technologies, Submer and ZutaCore.
Does LiquidStack have an API?
No public API is recorded for LiquidStack.
What industry is LiquidStack in?
LiquidStack's product category is Data Center Liquid Cooling Infrastructure. Its primary akta.pro industry code is HDABAKAD, Cooling Systems & Thermal Management (CRAC/CRAH, Chillers, Liquid Cooling), with a secondary code of HDAAAAAH, AI Datacenter Power, Cooling & Racks (liquid cooling, power delivery). Its NAICS code is 33341 and its SIC code is 3585.