Business intelligence for data center liquid cooling & thermal management
A weekly newsletter covering the business of data center cooling. Land acquisitions, partnerships, energy efficiency, and commercial readiness across liquid cooling, immersion cooling, and hybrid cooling technologies. The decisions being made today determine who wins the next decade of infrastructure.
Read by thermal engineers, operators, and investors tracking the cooling buildout.
Campus announcements, land acquisitions, facility expansions for liquid cooling and immersion cooling-ready data centers. Loudoun County land is trading above $4M/acre. Secondary markets are surging 20-40% YoY. We track every liquid-ready build.
M&A, funding rounds, OEM agreements, and supplier partnerships across the thermal management stack. Eaton bought Boyd for $9.5B. Schneider acquired Motivair. $2.7B in cooling-sector funding in 2025 alone.
Product launches, competitive positioning, standards shifts from OCP and ASHRAE, and the technology bets in liquid cooling and hybrid cooling that separate the winners from everyone else.
Data centers consume up to 5M gallons/day. States are moving on water reporting mandates, the EU is setting minimum energy efficiency standards, and operators are scrambling to adapt their thermal management strategies.
Waste heat is becoming a revenue stream. Germany mandates reuse by 2026. Stockholm already heats 30,000 apartments from data centers. Energy efficiency and sustainability are reshaping how AI-driven cooling infrastructure gets built.
CDU lead times, component sourcing bottlenecks, manufacturing capacity constraints. Who can deliver and who is backordered. The supply chain signals that determine whether a cooling project hits its timeline or slips a quarter.
Every week, the deals, moves, and signals that matter in data center cooling. Scannable. No filler. Delivered every Tuesday morning.
March 18, 2026
Eaton acquires Boyd Thermal for $9.5B, making the largest pure-play liquid cooling acquisition in data center history
1,200-acre liquid cooling-ready campus breaks ground with $22B in financing from JPMorgan, Silver Lake, and DigitalBridge
European Commission expected to roll out minimum energy efficiency and water performance standards for data centers in 2026
Aligned Data Centers and Lambda partner on DFW-04 in Plano, TX, purpose-built with liquid cooling for NVIDIA Blackwell AI-driven compute
atNorth signs deal with Vestforbraending to heat 8,000+ Danish homes from a 22.5MW data center campus starting 2028
Johnson Controls makes strategic investment in Accelsius, signaling major HVAC incumbents entering immersion cooling and two-phase direct-to-chip
Every Monday morning, a forward-looking briefing on what to watch in data center cooling this week. Earnings calls with cooling implications. Regulatory deadlines. Events. Product launches. The agenda before it happens.
Week of March 16, 2026
AI racks now routinely hit 85kW per cabinet. Next-gen builds are targeting 200-250kW. Traditional air cooling tops out around 40kW. Liquid cooling is no longer optional, and hybrid cooling strategies combining air, liquid cooling, and immersion cooling are becoming the standard for commercial readiness at scale. Goldman Sachs projects 76% of AI servers will be liquid-cooled by 2026, up from 15% in 2024.
That means new land, new facilities, new partnerships, and hundreds of billions in capital flowing into thermal management infrastructure. Tech giants alone are projected to spend $600B on hyperscale data centers in 2026. The companies making energy efficiency and cooling decisions today are building infrastructure that runs for decades. The Cooling Report tracks those decisions.
One long-form report each week covering liquid cooling, immersion cooling, thermal management, and data center energy efficiency. Competitive landscapes. Technology comparisons. Market maps. Real analysis, not press release rewrites.
Eaton paid a massive premium to own liquid cooling hardware. Schneider grabbed Motivair. Daikin bought Chilldyne. The consolidation playbook reshaping commercial readiness in data center thermal management is clear. Here is who gets acquired next and what it means for the supply chain.
Northern Virginia is priced out. Secondary markets (Salt Lake City, Des Moines, Reno) are surging 20-40% YoY. Parcels near substations and hydro command 2-4x premiums. We map the next wave of liquid cooling and immersion cooling-ready data center campus deals.
Texas data centers used 49B gallons in 2025. California, Iowa, and Michigan are pushing water reporting mandates. The EU is rolling out minimum energy efficiency standards in 2026. Closed-loop liquid cooling and hybrid cooling are about to become non-negotiable for commercial readiness.
Stockholm does it already. Germany is mandating it. Equinix is running export partnerships across three continents. Waste heat at 12-30 EUR/MWh undercuts gas boilers. The data center cooling industry's next business model turns thermal management and energy efficiency into revenue.
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Track competitive launches in liquid cooling and immersion cooling, M&A activity, and where the consolidation is heading. Know which OEMs are expanding liquid-ready and hybrid cooling capacity before your competitors do.
Land deals, facility builds, and the thermal management decisions shaping new campuses. Know which markets are surging for AI-driven cooling, which are priced out, and where the capital is flowing.
Billions in infrastructure capital are targeting liquid cooling and immersion cooling. Understand the M&A pipeline, land valuations, startup activity, and commercial readiness signals across the thermal management stack.
Water mandates are tightening across states and the EU. Heat reuse and energy efficiency requirements are going into effect. Stay ahead of the regulations reshaping data center thermal management and cooling design.
For investors, operators, and vendors who need deeper analysis than a newsletter can provide.
Due diligence support on cooling companies. Competitive positioning analysis. Market sizing and TAM modeling. Vendor landscape briefings for PE, VC, and infrastructure funds evaluating cooling investments.
Cooling vendor shortlist research. Technology comparison briefings (liquid vs. immersion vs. hybrid). Regional market analysis for site selection. Supply chain and lead time intelligence.
Competitive intelligence on what other vendors are launching, pricing, and pitching. Customer pipeline analysis. Market positioning workshops. Go-to-market strategy review for new cooling products.
Retainer and project-based engagements. advisory@thecoolingreport.com