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# Vertiv Holdings — Cooling Infrastructure for AI
## Thesis
AI GPU density is driving unprecedented cooling requirements. Vertiv provides thermal management, power distribution, and rack infrastructure that every AI data center needs.
## Order Backlog
- **Backlog:** $6.2B (+35% YoY)
- **Book-to-Bill:** 1.3x (demand exceeding production)
- **Margin Expansion:** Operating margins improving to 18%+ as scale ramps
## Key Products
- Liebert liquid cooling units (designed for H100/B100 density)
- Integrated power and cooling racks
- Thermal management for edge AI deployments
VRTCapExmedium
VRT Capex Analysis: Cooling Infrastructure
February 15, 2026