{"slug":"vertiv","name":"Vertiv","name_en":"Vertiv","ticker":"VRT","updated_at":"2026-07-12T04:06:32.328615+00:00","canonical":"https://valuechain.wiki/vertiv","same_as":["https://finance.yahoo.com/quote/VRT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1674101"],"citable":"밸류체인 그래프 기준 Vertiv의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Vertiv is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 데이터센터 인프라 · 전력·액체냉각","kicker_en":"NYSE · Datacenter infrastructure · Power & liquid cooling","lead":"AI 데이터센터의 물리 인프라(전력·열관리·액체냉각·랙) 공급사. FY2025 매출 $102.3억(+28%), 수주잔고 $150억. 랙당 발열이 10~20kW에서 100kW+로 치솟으며 액체냉각이 필수가 됐고, Vertiv는 칩 액체냉각에서 세계 선두. 하이퍼스케일러·콜로·통신사 고객.","lead_en":"Supplies the physical infrastructure of AI datacenters (power, thermal, liquid cooling, racks). FY2025 revenue $10.23B (+28%), backlog $15B. As rack power jumped from 10-20kW to 100kW+, liquid cooling became mandatory, and Vertiv is a world leader in chip liquid cooling. Customers are hyperscalers, colos and telecoms.","segments":{"fy":2025,"parts":[{"desc":"UPS·배전 등 AI 랙 전력 인프라 — 100kW+ 고밀도 랙의 전력 공급.","name":"전력관리"},{"desc":"칩 액체냉각(CDU)·열관리 세계 선두. 쿨테라 인수로 고밀도 냉각 내재화.","name":"열관리·액체냉각"},{"desc":"랙·통합 서비스 — 전력·냉각을 묶어 파는 통합 벤더의 접점.","name":"랙·서비스"}],"total":"FY2025 매출 $10.23B (+28%)","concentration":"하이퍼스케일러·콜로·통신사. 수주잔고 $150억."},"segments_en":{"fy":2025,"parts":[{"desc":"UPS and power distribution for AI racks — powering 100kW+ high-density racks.","name":"Power management"},{"desc":"World-leading chip liquid cooling (CDUs) and thermal management; CoolTera acquisition internalized high-density cooling.","name":"Thermal/liquid cooling"},{"desc":"Racks and integrated services — the touchpoint of a vendor bundling power and cooling.","name":"Racks/services"}],"total":"FY2025 revenue $10.23B (+28%)","concentration":"Hyperscalers, colos, telecoms. $15B backlog."},"returns_yearly":{"2021":33.8,"2022":-45.3,"2023":251.8,"2024":136.8,"2025":42.8,"2026":96.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"equinix","name":"Equinix","name_en":"Equinix","tier":1,"returns_yearly":{"2021":20.3,"2022":-21.1,"2023":25.4,"2024":19.5,"2025":-16.9,"2026":38.6}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":1,"returns_yearly":{"2026":24.1}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[],"analysis":"투자 논점은 AI 랙의 발열 급증이 필수화한 액체냉각·전력 인프라에서 버티브가 갖는 선두 지위다. 랙당 발열이 10~20kW에서 100kW+로 치솟으며 공랭이 물리적 한계에 부딪혔고, 칩 액체냉각을 선도하는 버티브는 전력관리·열관리·랙을 묶어 파는 통합 벤더로 올라섰다 — FY2025 매출 $102.3억(+28%)에 수주잔고 $150억이 향후 매출을 선확정한다. 코어위브 GB200 NVL72 레퍼런스, 하이퍼스케일러·에퀴닉스 같은 콜로까지 고객이 넓어 특정 사업자가 아니라 AI 데이터센터 증설 전체에 노출되고, 쿨테라 인수로 고밀도 액체냉각을 내재화했다. 위험은 하이퍼스케일러 capex 사이클 의존과, 냉각 레이어에서 델타 등과의 경쟁 심화다.","analysis_en":"The thesis is Vertiv's lead in the liquid-cooling and power infrastructure that AI rack heat has made mandatory. As rack power jumped from 10-20kW to 100kW+, air cooling hit physical limits, and Vertiv — a leader in chip liquid cooling — became an integrated vendor bundling power management, thermal and racks: FY2025 revenue of $10.23B (+28%) and a $15B backlog pre-lock future revenue. With a CoreWeave GB200 NVL72 reference and customers spanning hyperscalers and colos like Equinix, it is exposed to total AI-datacenter buildout rather than one operator, and the CoolTera acquisition internalized high-density liquid cooling. Risks are dependence on the hyperscaler capex cycle and intensifying competition in the cooling layer with the likes of Delta.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러·콜로 (전력·냉각)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"FY2025 매출(+28%)","value":10230000000,"period":"2025","basis_en":"FY2025 revenue (+28%)","qualifier":"approx"},"note":"하이퍼스케일러·콜로에 AI 데이터센터 전력·액체냉각 인프라 공급.","note_en":"Supplies AI-datacenter power and liquid-cooling infrastructure to hyperscalers and colos.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001674101&type=10-K","title":"Vertiv 연차보고서(10-K, SEC)","title_en":"Vertiv annual report (10-K, SEC)","excerpt":"Vertiv FY2025 매출 $102.3억(+28%), 수주잔고 $150억.","excerpt_en":"Vertiv FY2025 revenue $10.23B (+28%), $15B backlog."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2025-09-01","url":"https://www.e4ds.com/sub_view.asp?ch=22&t=0&idx=19276","title":"Vertiv, AI 시대 데이터센터 전력·냉각 정보 공개","title_en":"Vertiv shares AI-era datacenter power/cooling","excerpt":"랙당 100kW+ AI 클러스터로 액체냉각이 필수, Vertiv가 선두.","excerpt_en":"At 100kW+ per rack, liquid cooling is mandatory; Vertiv leads."},{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://www.vertiv.com/en-us/solutions/learn-about/liquid-cooling-options-for-data-centers/","title":"Vertiv 데이터센터 액체냉각 솔루션","title_en":"Vertiv datacenter liquid-cooling solutions","excerpt":"랙당 100kW+ AI 클러스터로 액체냉각이 필수, Vertiv가 선두.","excerpt_en":"At 100kW+ per rack, liquid cooling is mandatory; Vertiv leads."}]},{"direction":"revenue","counterparty":"CoreWeave","counterparty_slug":"coreweave","confidence":"high","metric":null,"note":"CoreWeave AI 데이터센터에 전력·냉각 공급(GB200 NVL72 레퍼런스).","note_en":"Supplies power/cooling to CoreWeave AI datacenters (GB200 NVL72 reference).","sources":[{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.vertiv.com/en-us/about/news-and-insights/articles/blog-posts/how-vertiv-and-coreweave-are-orchestrating-ai-innovation/","title":"Vertiv·CoreWeave AI 데이터센터 협력","title_en":"Vertiv and CoreWeave orchestrating AI innovation","excerpt":"CoreWeave AI 데이터센터에 전력·냉각 공급(GB200 NVL72 레퍼런스).","excerpt_en":"Supplies power/cooling to CoreWeave AI datacenters (GB200 NVL72 reference)."},{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"news","lang":"en","published_at":"2024-10-17","url":"https://www.vertiv.com/en-emea/about/news-and-insights/news-releases/vertiv-codevelops-with-nvidia-complete-power-and-cooling-blueprint-for--nvidia-gb200-nvl72-platform/","title":"Vertiv·NVIDIA GB200 NVL72 전력·냉각 레퍼런스 공동개발","title_en":"Vertiv co-develops GB200 NVL72 power/cooling blueprint with NVIDIA","excerpt":"CoreWeave AI 데이터센터에 전력·냉각 공급(GB200 NVL72 레퍼런스).","excerpt_en":"Supplies power/cooling to CoreWeave AI datacenters (GB200 NVL72 reference)."}]},{"direction":"revenue","counterparty":"AI 데이터센터·통신 (전력·열)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"AI·HPC 데이터센터·통신사에 전력·열관리 인프라 공급 — 랙 발열 급증으로 액체냉각이 필수가 되는 구조의 직접 수혜.","note_en":"Supplies power and thermal infrastructure to AI/HPC data centers and telecoms — a direct beneficiary as surging rack heat makes liquid cooling mandatory.","sources":[{"stance":"confirms","publisher":"KHARN","publisher_en":"KHARN","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kharn.kr/news/article.html?no=30314","title":"데이터센터 쿨링 주도권 전쟁(버티브 등)","title_en":"Datacenter cooling power struggle (incl. Vertiv)","excerpt":"AI 데이터센터 발열 급증으로 전력·냉각 수요 폭증.","excerpt_en":"Surging AI-datacenter heat drives power/cooling demand."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 등 하이퍼스케일러 데이터센터에 전력·냉각 공급 — 대형 클라우드 capex의 인프라 채널.","note_en":"Supplies power and cooling to hyperscaler data centers like Microsoft — the infrastructure channel of large cloud capex.","sources":[{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"news","lang":"en","published_at":"2024-10-17","url":"https://www.vertiv.com/en-emea/about/news-and-insights/news-releases/vertiv-codevelops-with-nvidia-complete-power-and-cooling-blueprint-for--nvidia-gb200-nvl72-platform/","title":"Vertiv·NVIDIA GB200 NVL72 전력·냉각 레퍼런스 공동개발","title_en":"Vertiv co-develops GB200 NVL72 power/cooling blueprint with NVIDIA","excerpt":"MS 등 하이퍼스케일러 데이터센터에 전력·냉각 공급.","excerpt_en":"Supplies power/cooling to hyperscaler datacenters (Microsoft, etc.)."}]},{"direction":"revenue","counterparty":"Equinix","counterparty_slug":"equinix","confidence":"mid","metric":null,"note":"콜로케이션 1위 에퀴닉스에 전력·냉각 공급 — 하이퍼스케일러 외 콜로 수요까지 커버해 고객 저변을 넓힌다.","note_en":"Supplies power and cooling to colocation leader Equinix — covering colo demand beyond hyperscalers to broaden the customer base.","sources":[{"stance":"confirms","publisher":"Equinix","publisher_en":"Equinix","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://investor.equinix.com/news-events/press-releases/detail/1086/equinix-reports-strong-third-quarter-2025-results","title":"Equinix FY2025 3분기 실적","title_en":"Equinix FY2025 Q3 results","excerpt":"콜로 데이터센터에 전력·냉각 공급.","excerpt_en":"Power and cooling to colocation datacenters."}]},{"direction":"cost","counterparty":"전력·냉각 부품·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전력전자·냉각 부품 및 소재(비공개).","note_en":"Power-electronics and cooling components/materials.","sources":[{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://www.vertiv.com/en-us/solutions/learn-about/liquid-cooling-options-for-data-centers/","title":"Vertiv 데이터센터 액체냉각 솔루션","title_en":"Vertiv datacenter liquid-cooling solutions","excerpt":"전력관리·열관리 장비용 부품 조달.","excerpt_en":"Sources parts for power/thermal-management gear."}]},{"direction":"cost","counterparty":"R&D·엔지니어 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"액체냉각·전력 인프라 R&D(쿨테라 인수 등).","note_en":"Liquid-cooling/power R&D (e.g., CoolTera acquisition).","sources":[{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2025-09-01","url":"https://www.e4ds.com/sub_view.asp?ch=22&t=0&idx=19276","title":"Vertiv, AI 시대 데이터센터 전력·냉각 정보 공개","title_en":"Vertiv shares AI-era datacenter power/cooling","excerpt":"쿨테라 인수로 고밀도 액체냉각 내재화.","excerpt_en":"Internalized high-density liquid cooling via CoolTera."}]}]}