Order volume surges by 252%! NVIDIA's liquid cooling supplier's earnings surpass expectations, causing the stock price to gap up and hit a new high

On February 11th, local time, NVIDIA’s liquid cooling supplier Vertiv (Vertiv Technologies) delivered an impressive earnings report.

In Q4 2025, Vertiv reported earnings of $1.36 per share and sales of $2.9 billion, representing a 23% year-over-year increase. Wall Street’s prior expectations were $1.29 per share and $2.9 billion in sales.

Not only did profits surpass expectations, but order volume was also very strong: year-over-year growth of 252% during the reporting period, and a 117% increase compared to Q3 2025. Oppenheimer analyst Noah Kaye stated, “Despite high expectations this quarter, the strong growth in orders is still remarkable. Management sees robust project pipelines across all technologies and regions, and expects orders to continue growing in 2026.”

Regarding guidance, Vertiv expects 2026 earnings per share to be between $5.97 and $6.07, with sales around $13.5 billion. Currently, Wall Street forecasts the company’s 2026 earnings per share at $4.85 and sales at $11.7 billion. CEO Giordano Albertazzi said, “Our Q4 performance demonstrates Vertiv’s leading position in the increasingly complex and competitive data center market. Looking ahead to 2026, we expect this growth momentum to continue.”

Following this news, Vertiv’s US stocks jumped 24.49% overnight, hitting a new all-time high.

Public information shows that Vertiv is one of the world’s largest providers of liquid cooling and power management solutions. As NVIDIA’s official designated liquid cooling partner, its cooling systems can preemptively address power consumption and heat dissipation needs for next-generation platforms like Blackwell and Rubin, and participate in developing compatible reference designs.

At this year’s CES, NVIDIA CEO Jensen Huang announced the new AI platform Rubin, which features a third-generation Transformer engine, with NVFP4 inference computing power five times that of Blackwell. Well-known analyst Ming-Chi Kuo stated that compared to GB300, Rubin’s architecture’s cooling design will rely more on liquid cooling solutions because its internal compute trays and network switch brackets are fanless.

CITIC Securities believes that the evolution of models drives increased computing power demand, further boosting the power density of chips, servers, and data centers, while also increasing overall system heat output. To ensure system safety, stability, and lifespan, thermal management becomes even more critical. Compared to traditional air cooling, high-power liquid cooling solutions offer significant advantages such as lower energy consumption and better heat dissipation, gradually replacing air cooling as the mainstream cooling method in data centers.

Based on NVIDIA’s latest guidance, these institutions estimate that NVIDIA’s GPU shipments will reach 9.2 million and 12.5 million units in 2025 and 2026, respectively. With the launch of new system architectures, the proportion of liquid cooling will also increase. It is expected that the demand for cold plates for NVIDIA GPUs in 2025-2026 could reach $6.9 billion and $17.3 billion, while demand for liquid cooling of ASIC chips from other manufacturers is estimated at $500 million and $1.2 billion.

Guotai Securities pointed out that by 2026, liquid cooling will move from “pilot phase” to “mass production,” reaching a trillion-yuan scale. The technological approach mainly involves cold plate DTC as the backbone, with microchannels and two-phase technology as high-end supplements, and immersion cooling targeting ultra-high-density scenarios. Cold plate liquid cooling involves minimal modifications to server chip components, allowing a smoother transition from air cooling, with a relatively mature industry chain, broad applicability, and ongoing improvements in heat transfer efficiency, cost reduction, and application expansion.

Additionally, TSMC, NVIDIA, Microsoft, and other companies are promoting the implementation of these technologies. Microchannel liquid cooling is at a critical stage of transitioning from laboratory research to large-scale industrial application. Immersion cooling, limited by the high cost of oxidation liquids and cooling liquid performance issues, has developed more slowly. However, with the widespread adoption of high-density chips in the future, immersion cooling is expected to see rapid growth.

In terms of investment, organizations like Donghai Securities further state that, driven by the global supply chain and similar technological evolution logic, the development of data centers will boost demand for efficient cooling solutions, potentially creating opportunities for Chinese thermal management industry chain companies. Currently, systems and services are dominated by Europe and the US, while domestic manufacturing relies on overseas capacity and projects with companies like NVIDIA and Google to integrate into the global supply chain, supporting domestic AI computing infrastructure. The liquid cooling sector continues to grow strongly. It is recommended to focus on providers of cooling source equipment, compressor manufacturing companies like Binglun Environment and Liande Shares; and in the secondary side of liquid cooling solutions, pay attention to companies like InnoVek that have full-chain liquid cooling solution reserves.

(Article source: Kechuang Board Daily)