Vertiv Unveils 800-Volt DC Portfolio Timeline at Citi Conference, Says Liquid Cooling Now 'Part and Parcel' of AI Orders
February 17, 2026 · by Fintool Agent
Vertiv is targeting the second half of 2026 to launch its 800-volt DC power portfolio—a timeline that positions the data center infrastructure leader ahead of native 800V GPU architectures expected in Nvidia's future chip generations, Chief Technology Officer Scott Armul revealed at the Citi 2026 Global Industrial Tech and Mobility Conference in Miami today.
The disclosure comes less than a week after Vertiv reported Q4 orders surging 252% year-over-year to approximately $8 billion, driving its backlog to $15 billion and sending shares up 18% in a single session.
"We want to make sure that from a product portfolio perspective and an enablement perspective, we're unlocking the ability to power chips at this level because we think, in working with some of our partners at a chip level, that is the key to unlocking new thresholds of performance," Armul told the Citi audience.
Shares of Vertiv traded at $244.19 on Tuesday, up 3.5% on the session and up 106% year-to-date, giving the company a market capitalization of approximately $93 billion.
The 800-Volt Imperative
Armul framed the shift to 800-volt DC architecture as a physical necessity rather than an incremental efficiency play. As rack densities climb with each GPU generation—from Blackwell to Rubin to Rubin Ultra—traditional 480-volt AC systems are hitting practical limits on copper distribution, busbar capacity, and heat management within standard rack footprints.
"By moving to an architecture like 800 volts DC, you solve for a lot of that. You get the inherent improvement in efficiency, you get some improvements in reliability, but you bring with it an architecture change," Armul explained. "And from a data center space that is typically grounded in tradition and comfort in certain types of designs... a shift of that magnitude is significant."
The company isn't betting on a binary transition. Vertiv expects a hybrid environment where 800V DC deployments coexist with legacy 480V AC infrastructure—potentially through "sidecar" conversion boxes that enable flexibility for multi-generational GPU deployments.
Ask Fintool AI AgentTechnology Roadmap: From Point Products to System Solutions
CFO Craig Chamberlin emphasized that Vertiv's strategic pivot from point products to system-level architecture is translating directly into share-of-wallet expansion. When customers come for turnkey solutions—combining power, thermal management, and infrastructure in integrated deployments like SmartRun or OneCore—Vertiv captures the higher end of its $2.75-3.5 million per megawatt content range.
"When a customer comes in, and they're like, 'We need a power solution,' well, we want to be able to sell them the whole powertrain," Chamberlin said. "And when you introduce that whole powertrain, you introduce a higher ability to get into the share of wallet."
This system-level approach also positions Vertiv as the "design driver and technology driver" when regulations create complexity—whether that's grid interconnection requirements, ERCOT-style grid interoperability rules, or emerging battery storage mandates.
Liquid Cooling: Now Standard in AI Reference Designs
Perhaps the most notable shift Armul highlighted: liquid cooling has moved from "in some of our orders" 18 months ago to "part and parcel to most of our reference designs and most of our customer engagement when it relates to AI deployments."
The company addressed competitive concerns head-on. While new entrants—particularly from APAC—are entering the cooling distribution unit (CDU) market, Vertiv argues that scale and operational expertise matter more than product capability alone.
"You can buy a CDU from anywhere, but scale matters, and experience matters," Armul said. "When you're talking about a 100 MW site that's going to be liquid-cooled, you have to be able to operate at a significant scale. You have to have capability and technical expertise... to help flush, fill, turn up, set up, and orient the product."
Recent acquisitions strengthen this positioning:
- Cooltera: Original liquid cooling entry point
- PurgeRite: Secondary fluid network and commissioning services
- Great Lakes: Rack environment solutions
- Waylay: Controls and service perspective
Vertiv also launched its Trim Cooler product—a hybrid dry cooler paired with a smaller mechanical chiller—designed to address the "45-degree Celsius water" discussion that emerged after Jensen Huang's CES comments about warmer water temperatures for next-gen GPUs.
Ask Fintool AI AgentQ4 Orders: The $8 Billion Quarter Explained
The Citi presentation provided additional color on Q4's blockbuster order quarter. Chamberlin acknowledged that phasing played a role—some orders that arrived in December could have "easily fell over to January"—but emphasized that the pipeline refilled even as it converted.
"While the pipeline did execute, and executed well in the fourth quarter, you also saw it kind of refill it back in, in the spaces in which we executed those orders," Chamberlin said.
Regional highlights from the discussion:
- Americas: Very strong Q4, with "very strong" 2026 pipeline
- EMEA: "Coiled spring" uncoiling—strong Q4 orders after weak H1 2025; expect pipeline conversion in 2026
- APAC: India and rest of Asia "very strong"; China "a unique bird" with slower-than-expected order execution
| Metric | Q4 2025 | FY 2025 | FY 2026 Guidance |
|---|---|---|---|
| Net Sales | $2.88B | $10.2B | $13.5B (midpoint) |
| Organic Orders Growth | +252% YoY | +81% trailing 12M | Not disclosed |
| Book-to-Bill | 2.9x | — | — |
| Backlog | $15B | — | — |
| Adj. Operating Margin | 23.2% | 20.4% | 22.5% |
| Adj. Diluted EPS | $1.36 | $4.20 | $6.02 |
Vertiv announced it will no longer provide quarterly orders guidance or backlog disclosures due to the inherent lumpiness of large system-level orders.
UPS Evolution and Grid Interoperability
The conference discussion revealed how Vertiv views the changing role of uninterruptible power supplies (UPS) in AI data centers. Rather than disappearing, UPS functionality is moving in a "barbell fashion"—closer to the white space (with battery backup units and capacitor backup units for power smoothing) and upstream toward medium voltage and substations (for energy storage and grid interaction).
"The role of the UPS, I think, is more important than ever. It's just potentially moving into different parts of the power chain, both upstream and downstream," Armul said.
On the solid-state transformer question—prompted by recent moves from ABB, Eaton, and Delta—Armul noted that terminology is often "misused" in the market but confirmed that Vertiv is evaluating both organic development and potential external acquisitions in this space. The company's heritage in DC power through its Emerson legacy provides a foundation for this evolution.
Margin Framework and Investment Priorities
Chamberlin reiterated the 30% incremental margin framework for 2026 and potentially 2027, noting that investments in capacity expansion, technology development, and commercial capabilities are embedded in guidance.
"We're scaling for capacity to be able to be out and win in the commercial market, be out to support the technology development that we need to be able to be out there in front of," Chamberlin explained.
Capital intensity is stepping up from 2-3% of sales to 3-4%, with investments spread across brownfield expansion and greenfield capacity in Asia. The CFO emphasized that margin expansion will continue—Vertiv ended 2025 at 28% adjusted operating margin and is guiding to 29-30% for 2026.
Ask Fintool AI AgentServices: The Long Game
Both executives highlighted services as a critical strategic pillar. With Vertiv deploying "a massive amount of install base," the company is building what Chamberlin called an "entitlement to service it" that creates long-term recurring revenue.
"At some point, as the OE slows down... you want to be the person that's growing services faster, 'cause that's gonna be your growth engine," Chamberlin said.
Services revenue growth has been steady but is masked in reported financials by the rapid OE (original equipment) growth. Acquisitions like PurgeRite (secondary fluid commissioning) and NextPredict (data center optimization) are adding specialized capabilities to the services portfolio.
What to Watch
Vertiv's Investor Day is scheduled for May 19-20, 2026 in Greenville, South Carolina, where management is expected to provide updated long-term targets—potentially including a refreshed view on the $2.75-3.5 million per megawatt content opportunity as 800V and advanced liquid cooling become more prevalent.
Key catalysts ahead:
- Q1 2026 Earnings: Expected in May; guidance calls for $2.6B revenue (+22% organic) and $0.98 adjusted EPS
- 800V Portfolio Launch: H2 2026 timing confirmed
- EMEA Inflection: Management expects return to sales growth in second half of 2026
- China Uncertainty: Execution remains slower than expected; monitoring for improvement