analysis2026-10-11· GridToChip · 1 min read · part-of-the-day

Part of the day: Immersion cooling systems

Assembled by the nightly build from this catalog’s own entry for Immersion cooling systems (5.08, Layer 5 — Liquid cooling (IT-side: chip to CDU)). The tables below are rebuilt every night; published 2026-10-11.

Systems that submerge servers or trays directly in a dielectric fluid, either in open tanks (single-phase) or sealed chambers where the fluid boils and recondenses (two-phase), to cool the whole tray rather than individual dies.

Immersion cooling replaces the cold-plate-and-manifold chain entirely: instead of routing coolant to each die through a plate, the whole server tray sits in a bath of dielectric fluid that carries heat away by direct contact. Single-phase systems keep the fluid liquid throughout and rely on pumps and heat exchangers to move heat out of the tank; two-phase systems let the fluid boil at the hot surfaces and recondense at a coil, using the phase change itself to move heat more efficiently. It is a different mechanical and facility design from the rack-based direct-to-chip chain used elsewhere in this layer — servers and racks built for immersion need different chassis, connectors, and serviceability approaches, and retrofitting an existing air-cooled or direct-to-chip hall for immersion is a bigger undertaking than adding cold plates. Adoption has concentrated in specific use cases rather than becoming the default alongside direct-to-chip. Investors should watch it as a higher-conviction, narrower bet than direct-to-chip cooling: fewer vendors, less standardization, and adoption tied to specific operators and use cases rather than broad industry uptake.

Who makes it

Immersion cooling systems (5.08 — full page)
CompanyRoleOwnershipTickerPrice1dConfidenceNote
Asperitasmanufacturerprivatedisclosed · source
Firmus (Sustainable Metal Cloud)manufacturerprivateinferred
GRCmanufacturerprivatedisclosed · source
Hypertecmanufacturerprivatedisclosed · source
Iceotopemanufacturerprivatedisclosed · source
LiquidStackmanufacturerprivateinferred
Midasmanufacturerprivatedisclosed · source
Submermanufacturerprivatedisclosed · source
TMGcoremanufacturerprivateinferred
Competing on Immersion cooling systems:Asperitas disclosed, Firmus (Sustainable Metal Cloud) inferred, GRC disclosed, Hypertec disclosed, Iceotope disclosed, LiquidStack inferred, Midas disclosed, Submer disclosed, TMGcore inferred

The full entry — sub-categories, news, videos and sources — lives on the Immersion cooling systems page.

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