Liquid Cooling in Data Centers 2025: A Comprehensive Analysis of AI, Power, and Market Leaders

Industry Activity Overview

The following charts provide a comprehensive view of media signals and commercial activities across all companies in the Liquid Cooling in Data Centers sector.

Liquid Cooling in Data Centers Industry Analysis 2025: Comprehensive Company Overview

This comprehensive analysis examines the leading companies in the Liquid Cooling in Data Centers sector, providing detailed insights into their strategies, technologies, and market activities throughout 2023-2025.

Google AI Infrastructure 2025: Data Center Cooling →

Throughout the 2023-2025 period, Google solidified its dominance in energy-efficient AI infrastructure by executing a multi-year strategy focused on vertically integrated, sustainable systems. Key milestones demonstrate a progression from hardware innovation to large-scale deployment, beginning with the December 2023 launch of its Cloud TPU v5p and AI Hypercomputer featuring integrated liquid cooling. This momentum continued in 2024 through a strategic partnership with Danfoss to implement advanced cooling and heat reuse technologies. The company’s push toward commercialization culminated in 2025 with a significant partnership with TeraWulf to deploy approximately 250 MW of AI infrastructure and the release of its seventh-generation “Ironwood” TPU, which utilizes a powerful 9,216-chip pod design. While Google actively shapes industry standards, such as its plans for 1 MW IT racks, it also faced reactive pressures, notably in Q3 2024, when it mounted a major public relations response to reports of rising emissions, highlighting a pivotal challenge in balancing explosive growth with environmental accountability.

Azure’s 2025 AI Hardware & Liquid Cooling Strategy →

Over the 2023-2025 period, Microsoft Azure has aggressively pivoted to address the intense energy demands of AI, establishing itself as a key innovator in data center efficiency through a vertical integration strategy. The company moved from acquiring chip startup Fungible in 2023 to developing its own custom silicon, including the Azure Maia 100 AI Accelerator. This focus on proprietary hardware was complemented by a rapid evolution in cooling technology, progressing from two-phase liquid immersion cooling to the 2025 unveiling of a breakthrough in-chip microfluidic cooling system, commercialized via a partnership with Corintis. Key collaborations, such as deploying NVIDIA‘s GB200 and GB300 systems and a $17 billion deal with Nebius in 2025, highlight its market influence. Backed by a planned $80 billion infrastructure investment and achieving $75 billion in revenue for fiscal year 2025, Azure is globally expanding its footprint with new liquid-cooling-ready facilities, exemplified by a $3.2 billion investment in Sweden. This strategic shift, marked by discontinuing experiments like Project Natick in 2024, positions Azure to define future standards for high-performance AI computing.

AWS Clean Tech: Mastering AI Data Center Cooling in 2025 →

Amazon Web Services (AWS) has strategically pivoted to address the significant energy and thermal demands of Artificial Intelligence, reframing data center sustainability as a core competitive advantage. This multi-year strategy progressed from foundational investments to full-scale commercialization, beginning in 2023 with a collaboration with NVIDIA on liquid-cooled infrastructure and the use of reclaimed wastewater at 20 data centers. The company solidified its commitment to carbon-free energy in 2024 with the acquisition of a $650 million nuclear-powered data center site. This buildup culminated in Q3 2025 with a synchronized surge in commercial activity, highlighted by the launch of its proprietary In-Row Heat Exchanger (IRHX) liquid cooling system and associated Amazon EC2 P6e-GB200 UltraServers. This powerful market entry, supported by a $100 billion expansion plan and a key partnership with SK Group in South Korea, confirms AWS’s successful shift toward vertical integration and its new, disruptive role as a key hardware innovator in the sustainable AI infrastructure market, aiming for 100% renewable energy by 2030.

Meta’s AI Data Center Cooling Strategy: 2025 Outlook →

Meta Platforms has executed a significant strategic pivot from internal restructuring in 2023 to establishing itself as a market leader in high-efficiency AI infrastructure by 2025. This transition was driven by foundational investments in an open hardware ecosystem, featuring its proprietary Open Rack v3 standard and advanced liquid cooling capable of managing 120-140 kW per rack. Key initiatives include an $800 million AI-focused data center in Indiana and the 2025 unveiling of its market-ready Catalina Pod AI System. The company’s commercial influence surged in H2 2025, underscored by a landmark $14.2 billion deal with CoreWeave and a partnership with AMD, which adopted Meta’s Open Rack standard. Reversing an early 2023 budget cut of $4 billion, Meta committed $65 billion in 2025 for global AI data center expansion, with its financial strategy validated by an innovative joint venture with Blue Owl Capital. Having successfully de-risked its core technology, the company is now a de facto standard-setter for AI data center architecture, shifting its focus from development to large-scale market execution.

Oracle’s AI Power Play: 2025 Fuel Cell Investment →

Oracle has solidified its position as a market catalyst, shifting from strategic planning in 2023 to aggressive commercial execution by 2025 to sustainably power its high-growth Oracle Cloud Infrastructure (OCI) and AI businesses. The company’s focus on a diversified, on-site power strategy materialized through pivotal initiatives, including a landmark 2025 partnership with Bloom Energy to deploy solid-oxide fuel cells (SOFCs) as a primary power source for its data centers. This was complemented by a parallel deal with VoltaGrid for 2.3 GW of ultra-low-emissions natural gas generation in Texas. This market activity, which saw a surge in commercial deals in the second half of 2025, successfully de-risked the on-site power model for institutional investors, evidenced by the $5 billion deal between Brookfield Asset Management and Bloom Energy in Q4 2025 that was directly spurred by Oracle‘s commitment. Separately, the brand’s clean energy association is broadened by Oracle Power PLC‘s development of a planned 700MW green hydrogen project in Pakistan, established through 2023 MoUs with partners like China Energy Engineering Corp.

Digital Realty: AI Infrastructure & Liquid Cooling in 2025 →

Digital Realty has strategically positioned itself as a critical infrastructure leader for the AI revolution, evolving from strategic messaging to validated market execution between 2023 and 2025. The company’s focus on high-density, energy-efficient solutions was demonstrated through early deployments of Direct Liquid Cooling (DLC) in Paris, leading to a commercial DLC colocation offering in 2024 and the launch of the DRIL Lab innovation hub in 2025. Key milestones include opening new AI-ready data centers like NRT12 in Japan and FRA18 in Frankfurt, alongside a partnership with Microsoft to reduce data center water usage. This momentum was underscored by escalating capital deployment, including a $200 million UK data center acquisition and a landmark commitment to a $2 billion AI-focused mega-campus. The company’s strategy culminated in a pivotal Q4 2025 partnership with NVIDIA to support its AI Factory, a move that validated its technological focus on solutions supporting up to 70 kW per rack and solidified its market leadership.

CoreWeave’s 2025 AI Cloud & GPU Strategy Deep Dive →

CoreWeave has rapidly transitioned from a niche provider to a pivotal leader in the AI infrastructure market, capitalizing on the explosive growth of generative AI. A foundational achievement was cementing its strategic partnership with NVIDIA, which secured a critical supply of high-demand, latest-generation GPUs. Following massive funding rounds in 2023, the company’s primary focus in 2024 is the aggressive deployment of new data centers and the scaling of its purpose-built infrastructure to meet unprecedented market demand. Looking toward 2025, key strategic initiatives include expanding its global footprint through specialized sovereign cloud projects to address data residency requirements and potentially diversifying its service stack. This focused strategy on high-performance computing for AI has allowed CoreWeave to capture significant market share from hyperscalers like AWS, Azure, and GCP, solidifying its position as a go-to provider for large-scale model training while navigating the challenges of hyper-growth and supply chain dependence.

Equinix 2025: Fuel Cells & Clean Energy for AI Data Centers →

As a global data center leader, Equinix has aggressively accelerated its clean technology strategy between 2023 and 2025 to meet the escalating energy demands of the AI era. The period marked a clear evolution from foundational planning, including the allocation of $4.9 billion in green bond proceeds in 2023, to large-scale execution. A pivotal shift occurred in 2025 with landmark agreements to secure over 750MW of future power through a combination of advanced nuclear and expanded fuel cell partnerships. This complements its existing portfolio, which now exceeds 100MW of deployed Bloom Energy Solid Oxide Fuel Cells (SOFC) and includes significant Power Purchase Agreements, such as a 151MW wind PPA in Australia and a 149MW solar PPA in Portugal. The company’s technology-forward strategy was further validated in late 2025 when its key partner, Bloom Energy, secured a potential $5 billion investment from Brookfield, significantly de-risking Equinix‘s supply chain and affirming its market leadership in building a resilient, sustainable power infrastructure for future growth.

Aligned 2025: AI Infrastructure & Data Center Cooling →

Aligned Data Centers has solidified its position as a dominant force in AI-ready infrastructure, progressing from strategic growth to market leadership between 2023 and 2025. The company’s surging activity included methodical campus expansions and achieving the industry-first OCP Ready for Hyperscale certification in 2024, alongside partnerships with firms like Nutanix. The year 2025 proved transformative, marked by the launch of its Advanced Cooling Lab and a key partnership with Lambda to power next-generation, liquid-cooled AI. This progress is built upon proprietary technologies like the Delta Cube and its DeltaFlow liquid cooling solution, designed for high-density workloads. Financially, Aligned demonstrated exceptional strength, securing a colossal $12 billion capital raise in January 2025 followed by over $1 billion from Blackstone in Q3 2025 to fund a 5GW expansion. This momentum culminated in the Q4 2025 announcement of a planned $40 billion acquisition by a consortium including AIP, MGX, and BlackRock‘s Global Infrastructure Partners, positioning the company for accelerated global deployment.

Applied Digital (APLD) AI Data Center Breakthrough 2025 →

Applied Digital has successfully transitioned into a key infrastructure provider for next-generation AI data centers, marked by significant commercial execution between 2023 and 2025. The company evolved from a focus on market awareness in 2023 to a highly successful capital acquisition campaign in 2024, raising a total of $510 million through strategic deals including an endorsement from Nvidia. This momentum culminated in 2025, a transformative year highlighted by the landmark achievement of securing a $5 billion long-term AI factory lease with a major U.S. hyperscaler in October 2025. This contract validates its large-scale project pipeline, including the 100MW Ellendale AI Factory Campus which became ready for service in late 2025, and a newly announced $3 billion, 280MW campus. These facilities leverage the company’s proprietary designs, like the Polaris Forge architecture, and advanced zero-water consumption cooling systems developed with partners such as BASX. With substantial backing from partners like Macquarie Asset Management, Applied Digital has firmly shifted its focus from securing financing to the operational execution of its project backlog.

Industry Conclusion

The liquid cooling sector for data centers is undergoing a fundamental and rapid transformation, driven by the unprecedented computational demands of Artificial Intelligence. The industry has decisively moved past pilot programs and exploratory phases, with liquid cooling now established as a mandatory, mission-critical technology for high-density AI workloads. A defining trend is the aggressive vertical integration by hyperscalers, as Google, Microsoft Azure, and Amazon Web Services (AWS) develop proprietary, liquid-cooled silicon like the TPU and Maia 100 AI Accelerator, and bespoke cooling hardware such as AWS’s In-Row Heat Exchanger (IRHX). Innovation is advancing at a torrid pace, from the widespread deployment of Direct Liquid Cooling (DLC) by providers like Digital Realty to the pioneering of next-generation solutions like Microsoft Azure‘s in-chip microfluidic cooling, developed with Corintis. This focus on thermal management is inextricably linked to a parallel revolution in power delivery, where companies like Oracle and Equinix are acting as first-movers in deploying on-site solid-oxide fuel cells (SOFCs) from partners like Bloom Energy and securing future capacity from advanced nuclear power.

The collective activities of these leading companies have reshaped the market, catalyzing an immense influx of capital and validating the economic viability of sustainable AI infrastructure. The sector’s financial maturation is evidenced by staggering investment commitments, including AWS‘s $100 billion and Microsoft Azure‘s $80 billion expansion plans, and landmark transactions such as the $40 billion acquisition of Aligned Data Centers. This capital has de-risked the ecosystem, enabling specialized providers like Applied Digital to secure multi-billion-dollar leases and encouraging strategic partnerships, such as Digital Realty‘s collaboration with NVIDIA. The market has also been disrupted, as hyperscalers’ moves toward proprietary hardware exert pressure on traditional suppliers. The clear timeline from strategic announcements in 2023–2024 to massive commercial deployments in 2025 signals that the sector has reached a new stage of scaled execution. Furthermore, companies like Meta Platforms are driving industry-wide change by promoting open standards like its Open Rack design, fostering an ecosystem that accelerates adoption and de-risks supply chains.

Moving forward, the sector’s primary challenges have evolved from technological uncertainty to the complexities of global, at-scale execution. The foremost risk is now operational: successfully deploying tens of billions of dollars in new infrastructure on accelerated timelines, as faced by Microsoft Azure, Aligned Data Centers, and Applied Digital. A significant and growing threat is the intense environmental, social, and governance (ESG) pressure, as rising water and energy consumption attract severe regulatory and public scrutiny, a challenge that forced a major public relations response from Google in Q3 2024. However, these challenges create significant opportunities for market leadership. Companies that successfully navigate supply chains, manage execution risk, and demonstrate verifiable gains in sustainability through innovations like heat reuse, zero-water consumption cooling, and carbon-free energy will set the industry standard. The future of the liquid cooling sector will be defined not just by technological prowess, but by the ability to deliver this critical infrastructure reliably, efficiently, and sustainably at a global scale.