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Vertiv is a direct beneficiary of increasing capital expenditures in data centers and the rapidly expanding direct liquid cooling market.
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The company exited the third quarter with a $9.5 billion backlog, highlighting impressive revenue visibility.
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Vertiv is also focusing on providing higher-margin lifecycle services to support AI data centers.
The build-out of artificial intelligence (AI) infrastructure is increasingly running into an energy constraint that is far more challenging than the chip supply problem. In fact, Gartner estimates that data center electricity consumption will grow from about 448 terawatt-hours (TWh) in 2025 to roughly 980 TWh by 2030. Crucially, AI-optimized servers are expected to have accounted for around 21% of total data center electricity usage in 2025, a share that could climb to 44% in 2030 as AI workloads scale.
Since most of the electricity consumed by AI chips is ultimately converted into heat, data centers require cooling systems to bolster efficiency by preventing heat-induced hardware damage, performance degradation, and system failures. Hence, thermal management has become just as critical as power delivery in modern AI data centers.
Against this backdrop, here’s how Vertiv (NYSE: VRT) helps data centers efficiently run complex AI workloads.
Global data center capital expenditures (capex) jumped 59% in the third quarter of 2025, according to one estimate, while the direct liquid cooling market expanded 85%.
Vertiv stands to benefit significantly from these trends, as it provides critical power distribution and management systems, thermal management solutions, data center racks, and software services that enable data centers to run increasingly complex and power-intensive AI workloads.
Vertiv’s recent financial results have been strong. In the third quarter, the company’s revenue rose 29% year over year to $2.68 billion, while adjusted diluted earnings per share (EPS) soared 63% to $1.24. The company reported a book-to-bill ratio (orders received compared to orders invoiced) of 1.4, with orders up 60% year over year, in the third quarter. Vertiv also exited the third quarter with a $9.5 billion backlog, up 30% year over year, providing strong revenue visibility into 2026 and cushioning it from macroeconomic volatility.
Vertiv also expects its services platform, which integrates remote monitoring, predictive analytics, thermal mapping, power quality analysis, and energy optimization, to benefit dramatically as data center racks become denser and systems more complex.
