Vertiv Acquires Thermal Labs, Backlog Hits $15 B with 109% YoY Growth
Vertiv has acquired Strategic Thermal Labs to bolster cold-plate design and high-density thermal validation expertise for liquid-cooling in AI and high-performance computing workloads. Its order backlog climbed 109% year-over-year to $15.0 billion at end-2025 with a 2.9x book-to-bill ratio, highlighting revenue visibility but potential conversion delays.
1. Acquisition Enhances Liquid-Cooling Expertise
Vertiv has completed the acquisition of Strategic Thermal Labs, integrating advanced cold-plate design, server-side liquid-cooling and thermal validation capabilities into its thermal-chain strategy. This move strengthens Vertiv’s engineering at the interface of high-density compute and supporting infrastructure, targeting performance, reliability and lifecycle improvements in AI and HPC data centers.
2. Order Backlog Growth and Visibility
Vertiv reported a combined order backlog of $15.0 billion at year-end 2025, a 109% increase year-over-year and a sequential jump of 57%, driven by hyperscale and colocation projects. The 2.9x book-to-bill ratio underscores strong demand for power and cooling infrastructure, though extended project timelines could stretch revenue recognition if build-outs face delays.