LiquidStack
Bottleneck owner
Two-phase and single-phase liquid immersion cooling tanks and modular plants for AI data centers. Acquired by Trane Technologies (completed 2026-03-03, announced 2026-02-10) — liquidstack.com/news.
LiquidStack sells liquid cooling for high-density data centers: two-phase immersion DataTank systems (including 48U and 4U form factors), prefabricated modular immersion plants (DataTank Modular up to company-stated 1.5 MW and MicroModular edge up to 250 kW), and a later single-phase immersion line. Servers are immersed in dielectric fluid so heat is rejected without CRAC, server fans or bulky heat sinks; the company claims large cuts in cooling energy and water versus air. CEO Joe Capes has said Microsoft, Toyota, NTT Data and Standard Power have publicized use of LiquidStack gear. The technology began at Allied Control in Hong Kong in 2012, was acquired by Bitfury, and was spun out and rebranded LiquidStack around the 2021 Series A; Trane Technologies led a Series B in March 2023.
Research mapping
Physical AI / Grid, Power & Thermal Infrastructure (L2) / Bottleneck owner
Evidence boundary
Original analysis and independent corroboration remain under development. Commercial scale and durable technical advantage remain under review.
What makes it defensible
Two-phase immersion at hyperscale rack density — a cooling method air and cold-plate systems cannot match on heat flux, with a claimed large live install base.
Position in the stack: Infrastructure bottleneck under AI and HPC compute. Sits in the data-hall mechanical stack; hard to copy because two-phase fluid management, tanks and a multi-year hyperscale install history are all required together.
Who buys it
Named customers: Microsoft, Toyota, NTT Data, Standard Power
Founding team
Joe Capes — CEO and Co-founder — Career in mission-critical cooling at APC/Schneider Electric and co-founder of Coolcentric (rear-door heat exchangers); joined Allied Control in 2019 and led its spin-out and rebrand as LiquidStack
SourceFinancing detail
- Last round
- $35M Series B (Sep 2024)
Investors: Tiger Global, Trane Technologies
Mapped funds and investors
Direct relationships supported by published evidence.
Reported holdings as-of
No sourced relationships mapped yet.
Disclosed investment history
No sourced relationships mapped yet.
Showing up to four relationships in each group. ETF weights describe the fund’s portfolio, not ownership of this company. Private investment history does not establish current ownership.
Evidence & media
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Trane acquires cooling firm LiquidStack
What this source supports: Trane Technologies acquired LiquidStack (completed late 2025); LiquidStack's two-phase immersion had been adopted by NTT and Standard Power.
What it does not establish: Deal value not disclosed; not confirmed by LiquidStack directly; changes independence vs the DB's Series B framing.
Source -
LiquidStack raises $35M, led by Tiger Global
What this source supports: LiquidStack raised a $35M round including a $20M extension, led by Tiger Global (Sep 2024).
What it does not establish: No revenue or margin; funding only.
Source -
LiquidStack gets investment from Trane to advance immersion cooling
What this source supports: Trane Technologies invested in LiquidStack to advance two-phase immersion cooling; NTT and Standard Power cited as customers.
What it does not establish: Investment size undisclosed; customer list not independently audited.
Source -
Trane Technologies Completes Acquisition of LiquidStack
What this source supports: Trane Technologies (NYSE: TT) completed its acquisition of LiquidStack on 2026-03-03, making it a Trane subsidiary.
What it does not establish: Financial terms not disclosed.
Source -
Trane Technologies Launches LiquidStack CDU 2.X for Faster, More Flexible AI Cooling Deployments
What this source supports: Parent Trane Technologies launches the LiquidStack CDU 2.X: one architecture-agnostic CDU design across current and emerging AI silicon, up to 3,750 lpm at 3.5 bar, ultra-low-harmonics VFD architecture. Announced at Yotta 2026.
What it does not establish: Vendor performance claims; no independent test data, no unit volumes or order book.
Source