All suppliers
Power & ElectricalSEC filings
Vertiv Holdings (VRT)
Thermal (liquid cooling, CDU), power (UPS, busway, switchgear) for AI DCs
Modeled AI capex flow
$36.1B
from Big 5 forward AI-attributable spend
Hyperscaler exposure
45.0%
of revenue (latest 10-K)
Top hyperscaler customer
AMZN
modeled $10.3B flow
Backlog
$7.4B+$0.6B QoQ
Q4 2025 10-Q
Forward visibility: Backlog
The leading indicator AM analysts read as capex commitments convert to supplier revenue.
Reported total backlog. Book-to-bill > 1.0 through 2025; orders accelerating on GB200/GB300 liquid-cooling transition.
As of: Q4 2025 10-QSource filing
Flow attribution by hyperscaler
Modeled dollars from each hyperscaler's AI-attributable forward capex.
| Customer | Modeled flow | % of total |
|---|---|---|
| Amazon (AMZN) | $10.3B | 28.5% |
| Microsoft (MSFT) | $8.4B | 23.3% |
| Meta Platforms (META) | $7.3B | 20.3% |
| Alphabet (GOOGL) | $7.0B | 19.4% |
| Oracle (ORCL) | $3.1B | 8.5% |
Computed from disclosed customer concentration and per-hyperscaler accelerator preferences. Per-edge values can be reconstructed from the Methodology page.
Notes & source
Backlog and book-to-bill leading indicator. Direct beneficiary of liquid cooling transition for GB200/GB300.
View SEC filings page