Direct-to-Chip Liquid Cooling Market Size, Share & Forecast to 2035

The Direct-to-Chip Liquid Cooling Market covers the cold plates, coolant distribution units (CDUs), manifolds, hoses, quick disconnects, coolants and services that carry heat away from processors and memory by pumping liquid through plates mounted directly on the chips inside data center servers. DC Market Insights values the global Direct-to-Chip Liquid Cooling Market at USD 4.14 billion in 2025 and forecasts USD 21.26 billion by 2035, a CAGR of 17.77%. The 2025 value is built from the build itself: about 2.53 GW of new AI capacity cooled direct-to-chip at roughly USD 1.37 million per MW gives USD 3.46 billion, about 0.29 GW of liquid-cooled conventional capacity at USD 0.62 million per MW adds USD 182.28 million, and services and coolant on an installed direct-to-chip base of about 9.9 GW add USD 497.15 million. Racks above 150 kW are the fastest-growing segment at 39.13% a year because each new generation of AI rack draws more power than the last, and the Middle East and Africa is the fastest-growing region at 21.00% a year, which DC Market Insights attributes to sovereign AI campuses starting from a small base.

Executive Summary

The Global Direct-to-Chip Liquid Cooling Market size was valued at USD 428.50 million in 2020, reached USD 4.14 billion in 2025, and is anticipated to reach USD 21.26 billion by 2035, at a CAGR of 17.77% during the forecast period.

Report attribute	Details
Historical Period	2020-2024
Base Year	2025
Forecast Period	2026-2035
Direct-to-Chip Liquid Cooling Market Size 2025	USD 4.14 Billion
Direct-to-Chip Liquid Cooling Market, CAGR	17.77%
Direct-to-Chip Liquid Cooling Market Size 2035	USD 21.26 Billion

The market grew at 57.43% a year between 2020 and 2025, and 2025 alone added 85.7% over 2024 as liquid-cooled rack-scale graphics processing unit (GPU) systems such as the NVL72 family moved into volume production. DC Market Insights expects growth to slow to 17.77% a year from 2025 to 2035, still roughly twice the pace of data center construction, because spend per MW falls as each CDU and cold plate handles more heat, while the share of new capacity built for AI keeps rising.

Direct-to-chip cooling is the largest technology inside the wider liquid cooling market: DC Market Insights estimates it at 71.4% of liquid cooling spend in 2025, rising to 77.6% by 2035. The full liquid cooling picture, including immersion and rear-door heat exchangers, is covered in the Data Center Liquid Cooling Market report.

Market Scope: What Does the Direct-to-Chip Liquid Cooling Market Cover?

The Direct-to-Chip Liquid Cooling Market covers every product and service needed to move heat from a chip into a liquid loop and out to the facility water system, valued at first sale in current US dollars, with 2025 as the base year and forecasts to 2035. DC Market Insights sizes it at USD 4.14 billion in 2025.

Included. Cold plates and the cold-plate loops inside the server, single-phase and two-phase designs, in-rack, in-row and facility-scale CDUs, rack and row manifolds, hoses and quick disconnects, water-glycol and dielectric coolants used in cold-plate loops, and design, commissioning, fluid management and maintenance services.

Excluded. Immersion tanks and immersion fluids, rear-door heat exchangers used on their own, computer room air handlers and chillers, cooling towers and dry coolers on the facility side, and the servers and accelerators themselves.

How the segments fit together. The component split adds up to the full USD 4.14 billion. The cooling-type, CDU heat-rejection, rack-density and end-user splits each re-cut the same total, so every dimension sums to the market.

Market Drivers: What Drives the Direct-to-Chip Liquid Cooling Market?

Three drivers explain most of the growth in the Direct-to-Chip Liquid Cooling Market: AI rack designs that ship only with liquid cooling, a construction pipeline of more than 23 GW, and a wave of acquisitions that has put direct-to-chip suppliers inside large electrical and thermal groups.

Liquid-Only AI Racks Added About 2.53 GW of Direct-to-Chip Capacity in 2025

Rack-scale AI systems such as the GB300 NVL72 are built only for liquid cooling. NVIDIA describes its GB300 NVL72 as a fully liquid-cooled, rack-scale architecture that integrates 72 Blackwell Ultra GPUs and 36 Grace CPUs. Amazon Web Services (AWS) said Blackwell is the first liquid cooling hardware platform it has deployed at scale, and Google said it has deployed liquid cooling at gigawatt scale across more than 2,000 TPU Pods in seven years at about 99.999% uptime. DC Market Insights estimates that 70% of new AI capacity was liquid-cooled in 2025 and that 86% of that was cooled direct-to-chip, which gives about 2.53 GW of new direct-to-chip capacity and USD 3.46 billion of hardware spend.

A Construction Pipeline of More Than 23 GW Feeds Demand to 2030

BloombergNEF counted more than 23 GW of data center capacity under construction worldwide at the end of September 2025, with 15.9 GW in the United States alone, and said more than 3.8 GW entered construction in the third quarter of 2025. The International Energy Agency (IEA) estimates that data centers used about 415 TWh in 2024, around 1.5% of world electricity, and expects consumption to more than double to around 945 TWh by 2030. DC Market Insights models annual completions rising from 12.0 GW in 2025 to 27.0 GW in 2035, with AI halls taking 66% of new capacity by 2035, which lifts direct-to-chip hardware spend on new AI capacity to USD 15.37 billion in 2035.

Acquisitions Put Direct-to-Chip Suppliers Inside Larger Groups

Eaton acquired Boyd Thermal on 12 March 2026 for USD 9.55 billion net of cash; Boyd Thermal had forecast 2026 sales of USD 1.7 billion, of which USD 1.5 billion in liquid cooling, from products that include CDUs, cold plates and cooling loops. Ecolab agreed to buy CoolIT Systems, a maker of CDUs, cold plates and direct-to-chip cooling technologies, for about USD 4.75 billion in cash, and CoolIT is expected to generate about USD 550 million in sales over the next 12 months (Source: Ecolab filing with the US Securities and Exchange Commission). Trane Technologies, Daikin Applied and Flex also bought liquid cooling specialists, and Schneider Electric acquired a 75% controlling stake in Motivair, with the remaining 25% expected in 2028.

Market Trends: How Is Direct-to-Chip Cooling Changing?

The Direct-to-Chip Liquid Cooling Market is moving toward multi-megawatt CDUs, warmer facility water, and new coolants and cold-plate designs that remove more heat from each chip.

CDUs Scale from 100 kW to 2.3 MW per Unit

Vertiv announced its CoolChip CDU 2300, a liquid-to-liquid unit with 2.3 MW of cooling capacity aimed at hyperscalers and colocation providers (Source: Vertiv press release), and in May 2026 it made the CDU 2300 and its row manifolds available in Europe, the Middle East and Africa, with a CDU range from 100 kW to 2.3 MW. JetCool’s CDU, now part of Flex, cools racks up to 300 kW and scales to row-based configurations of more than 2 MW. DC Market Insights forecasts CDU spend to grow at 17.11% a year, slightly below the market, as larger units spread fixed hardware over more kilowatts.

Dielectric and Two-Phase Cold Plates Gain Ground

Water-glycol cold plates still dominate: an Uptime Institute analysis found that 40% of operators that are considering direct liquid cooling (DLC) but not yet using it are looking at water cold plates, the top choice, and that water cold plates are deployed by 60% of enterprise operators already using DLC (n=65). Dielectric cold plates, which use a non-conductive coolant, have narrowed the gap and sit in second place. Accelsius, which uses a dielectric coolant that boils in the loop to remove more heat, raised USD 65 million in a Series B round led by Johnson Controls with investment from Legrand. DC Market Insights forecasts two-phase direct-to-chip systems to grow at 23.63% a year and single-phase dielectric systems at 22.47%, against 17.28% for single-phase water-based systems.

Microfluidic Cold Plates Move Toward the Silicon

The next step etches coolant channels into or onto the chip itself. In lab-scale tests, Microsoft found that microfluidics performed up to three times better than cold plates at removing heat, depending on workload and configuration, and reduced the maximum temperature rise of the silicon inside a GPU by 65%.

Market Challenges: What Holds the Direct-to-Chip Liquid Cooling Market Back?

Low adoption outside AI halls and the cost of retrofitting existing buildings are the two constraints that DC Market Insights expects to slow the Direct-to-Chip Liquid Cooling Market in enterprise and older colocation sites.

Only 18% of Operators Use Direct Liquid Cooling

Most of the installed base is still air-cooled. Uptime Institute data show that 18% of operators currently use DLC, while 62% are not yet using it but are considering it in their long-term plans. Uptime’s 2025 annual survey put the average of modal rack densities at almost 9 kW, up from 8.3 kW the year before, and more than 80% of operators said their facility has no racks above 30 kW. Racks of that density can still be cooled by air.

Retrofits Need Facility Water and New Skills

A liquid-to-liquid CDU needs a facility water loop that many older halls do not have. Liquid-to-air CDUs avoid the plumbing; DC Market Insights estimates they held 23.8% of 2025 value and grow at only 9.60% a year because their capacity per unit is limited. Supply is the other constraint: nVent announced a 160,000 square foot site in Blaine, Minnesota in July 2026, its third data center liquid cooling capacity expansion in three years, adding more than 400,000 square feet overall.

Market Opportunities: Where Are the New Revenue Pools?

The two largest new revenue pools in the Direct-to-Chip Liquid Cooling Market are services on a fast-growing installed base, growing at 21.73% a year, and colocation operators, whose direct-to-chip spend grows at 19.11% a year.

Services Grow to USD 3.55 Billion by 2035

DC Market Insights models services at USD 497.15 million in 2025, or 12.0% of the market, rising to USD 3.55 billion and 16.7% of the market in 2035 as the installed direct-to-chip base grows from about 9.9 GW to about 109.4 GW. Ecolab expects the CoolIT purchase to lift the organic sales growth rate of its Global Water business by 2% beginning one year after closing, a sign that suppliers see recurring service revenue as the long-term prize.

Colocation Operators Grow Spend from USD 662.38 Million to USD 3.81 Billion

DC Market Insights expects colocation operators’ direct-to-chip spend to rise from USD 662.38 million in 2025 to USD 3.81 billion in 2035, which favors suppliers with modular CDUs and pre-tested row manifolds. The pump and manifold content behind those systems is covered in the Data Center Cooling CDU Pumps Market and Data Center Liquid Cooling Manifolds Market reports.

Pricing: How Much Does Direct-to-Chip Cooling Cost per MW?

An AI hall spends about USD 1.37 million on direct-to-chip cooling hardware per MW of IT load in 2025, and a conventional hall that adopts direct-to-chip cooling spends about USD 0.62 million per MW. These are DC Market Insights estimates covering cold plates, CDUs, manifolds, hoses, quick disconnects and the first coolant fill, excluding facility-side chillers and dry coolers.

Direct-to-chip spend per MW (USD million)	2020	2025	2030	2035
AI hall	1.52	1.37	1.18	1.01
Conventional hall	0.58	0.62	0.66	0.70
Liquid-cooled share of new AI capacity	40%	70%	90%	97%

The two lines move in opposite directions. AI spend per MW falls about 3% a year because larger CDUs and denser cold plates spread fixed hardware across more kilowatts. Conventional spend per MW rises about 1.2% a year as operators move from simple liquid-to-air units to full facility-water installations. Supermicro says its DLC-2 design captures up to 98% of server heat per rack, accepts inlet liquid at up to 45°C, and reduces data center power consumption by up to 40% compared with air-cooled installations (Source: Supermicro press release).

Standards and Regulation: Which Rules Shape Direct-to-Chip Cooling?

Four sets of rules decide how direct-to-chip systems are designed: the liquid cooling water classes of ASHRAE, open hardware specifications from the Open Compute Project (OCP), the European Union’s data center reporting rules, and national efficiency laws such as Germany’s Energy Efficiency Act.

ASHRAE water classes. In its 2022 update, ASHRAE moved to facility water classes W17, W27, W32, W40, W45 and W+. Uptime Institute observes that facility water temperatures in liquid-cooled systems are converging around 32°C, although Uptime notes that 32°C often still requires additional evaporative or mechanical heat rejection.

Open Compute Project. Google said it would contribute its fifth-generation Project Deschutes CDU to OCP, and its +/-400 VDC power delivery design can support up to 1 MW per rack.

EU data center reporting. Delegated Regulation (EU) 2024/1364 requires operators of data centers with an installed IT power demand of at least 500 kW to report key performance indicators to a European database, including total water input and waste heat reused.

Germany’s Energy Efficiency Act (EnEfG). Data centers that start operating from 1 July 2026 must reach a power usage effectiveness (PUE) of 1.2 or lower and reuse at least 10% of their energy; sites starting from 1 July 2027 must plan for a reused share of at least 15%, and sites starting from 1 July 2028 at least 20%. Uptime’s 2025 survey put the weighted average PUE at 1.54, far above the new German limit.

Market Segmentation: Which Segment Leads the Direct-to-Chip Liquid Cooling Market?

Cold plates and cold-plate loops lead the Direct-to-Chip Liquid Cooling Market with 38.6% of 2025 value, hyperscale data centers lead buyers with 53.0%, and racks from 50 kW to 150 kW lead by density with 71.3%. Racks above 150 kW are the fastest-growing segment at 39.13% a year, rising from 11.2% of the market in 2025 to 59.3% in 2035, because each new generation of AI rack draws more power than the last.

By Component: Cold Plates and Cold-Plate Loops Lead with 38.6%

Component	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Cold Plates and Cold-Plate Loops	1.60	38.6%	7.65	16.95%
Coolant Distribution Units (CDUs)	1.22	29.4%	5.91	17.11%
Manifolds, Hoses and Quick Disconnects	0.58	14.1%	2.74	16.72%
Coolants	0.24	5.9%	1.40	19.10%
Services	0.50	12.0%	3.55	21.73%

Services grow fastest among components because they scale with the installed base rather than with new builds.

By Cooling Type: Single-Phase Water-Based Leads with 92.8%

Single-phase water-based systems are worth USD 3.85 billion in 2025 and USD 18.92 billion by 2035, a CAGR of 17.28%. Single-phase dielectric systems are worth USD 198.88 million (4.8%) and grow at 22.47% a year to USD 1.51 billion. Two-phase systems, in which the coolant boils on the cold plate, are worth USD 99.44 million (2.4%) and grow fastest at 23.63% a year to USD 829.22 million.

By CDU Heat Rejection: Liquid-to-Liquid Leads with 76.2%

Systems with liquid-to-liquid CDUs are worth USD 3.16 billion in 2025 and grow at 19.53% a year to USD 18.80 billion, reaching 88.4% of the market by 2035. Systems with liquid-to-air CDUs are worth USD 986.11 million and grow at 9.60% a year to USD 2.47 billion; they remain the entry route for colocation and enterprise halls without facility water.

By Rack Density: Racks from 50 kW to 150 kW Lead with 71.3%

Rack density	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Below 50 kW	0.73	17.5%	1.08	4.11%
50 kW to 150 kW	2.95	71.3%	7.57	9.87%
Above 150 kW	0.46	11.2%	12.61	39.13%

In the DC Market Insights model, racks of 50 kW to 150 kW cover most of the rack-scale GPU systems shipped in 2025. Racks above 150 kW overtake them before 2032 in the DC Market Insights forecast, as power designs such as Google’s +/-400 VDC system prepare for racks of up to 1 MW.

By End-user: Hyperscale Data Centers Lead with 53.0%

End-user	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Hyperscale Data Centers	2.20	53.0%	11.65	18.16%
GPU and Neocloud Providers	0.68	16.5%	3.49	17.68%
Colocation Data Centers	0.66	16.0%	3.81	19.11%
HPC and Research Centers	0.41	9.8%	1.15	10.92%
Enterprise Data Centers	0.19	4.6%	1.17	19.77%

Hyperscale data centers, run mainly by the large cloud service providers, buy more than half of all direct-to-chip systems. Enterprise data centers grow fastest from the smallest base as on-premises AI clusters arrive, while high performance computing (HPC) and research centers, the earliest adopters, grow slowest.

DC Exclusive: The Direct-to-Chip Spend per MW Model and Component × Buyer Matrix

At USD 882.28 million in 2025, hyperscale cold plates are the single largest cell of the matrix and 21.3% of all direct-to-chip spending. The matrix below cross-tabulates what is bought and who buys it. It is a DC Market Insights model, not a shipment count, built from 50 inputs: 32 capacity cohorts (16 years of conventional and AI halls), 4 adoption curves (liquid-cooled share and direct-to-chip share for AI and conventional halls), 2 spend-per-MW curves, 5 component splits, 5 buyer splits and 2 supplier disclosures used as a cross-check.

2025, USD billion	Cold Plates	CDUs	Manifolds and Hoses	Coolants	Services	Total
Hyperscale Data Centers	0.88	0.65	0.31	0.11	0.24	2.20
GPU and Neocloud Providers	0.25	0.21	0.10	0.04	0.07	0.68
Colocation Data Centers	0.24	0.19	0.09	0.04	0.10	0.66
HPC and Research Centers	0.16	0.11	0.05	0.03	0.05	0.41
Enterprise Data Centers	0.06	0.05	0.03	0.01	0.04	0.19
Total	1.60	1.22	0.58	0.24	0.50	4.14

Hyperscale buyers spend 40.2% of their direct-to-chip budget on cold plates and only 10.8% on services, which DC Market Insights attributes to in-house commissioning and maintenance. Enterprise data centers spend 18.7% on services, the highest share of any buyer, reflecting greater reliance on outside fluid management. GPU and neocloud providers carry the highest CDU share at 30.8%.

The spend per MW model behind these figures starts from new capacity delivered each year (12.0 GW in 2025), the share built for AI (35%) and the liquid-cooled share of AI capacity (70%). The model and its assumptions are explained on our research methodology page.

Regional Insights: Which Region Leads the Direct-to-Chip Liquid Cooling Market?

North America leads the Direct-to-Chip Liquid Cooling Market with 46.3% of 2025 value, and the Middle East and Africa is the fastest-growing region at 21.00% a year, which DC Market Insights attributes to sovereign AI programs adding liquid-cooled campuses from a small base.

North America Leads with 46.3% Share

North American operators spent USD 1.92 billion on direct-to-chip cooling in 2025, and the region is forecast to reach USD 8.63 billion in 2035, a CAGR of 16.23%. The United States hosted 15.9 GW of the more than 23 GW under construction worldwide in late 2025.

Asia Pacific Holds 26.4% Share

Asia Pacific is worth USD 1.09 billion in 2025 and USD 6.42 billion by 2035, a CAGR of 19.36%. China is the largest market in the region at USD 405.14 million in 2025. Asia Pacific gains 3.8 points of share, the largest gain of any region.

Europe Holds 18.6% Share

Europe is worth USD 770.66 million in 2025 and USD 3.83 billion by 2035, a CAGR of 17.38%. Germany’s PUE and energy reuse rules and the EU reporting regime favor warm-water direct-to-chip designs.

Middle East and Africa Holds 4.5% Share

The Middle East and Africa is worth USD 186.45 million in 2025 and USD 1.25 billion by 2035, the fastest growth of any region at 21.00% a year. DC Market Insights expects new AI campuses in the Gulf states to be designed for liquid cooling from the start, so the region skips the air-cooled retrofit stage.

Latin America Holds 4.2% Share

Latin America is worth USD 174.02 million in 2025 and USD 1.13 billion by 2035, a CAGR of 20.54%, led by Brazil at USD 83.41 million in 2025.

Country Analysis: Which Countries Spend the Most on Direct-to-Chip Cooling?

The United States is the largest country market for direct-to-chip cooling at USD 1.66 billion in 2025, 40.1% of global value, followed by China at USD 405.14 million (9.8%) and Canada at USD 207.87 million (5.0%). The 12 largest countries account for about 79% of 2025 spending.

Rank	Country	Region	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
1	United States	North America	1.66	40.1%	7.44	16.16%
2	China	Asia Pacific	0.41	9.8%	2.38	19.39%
3	Canada	North America	0.21	5.0%	1.04	17.46%
4	Japan	Asia Pacific	0.16	3.9%	0.81	17.40%
5	Germany	Europe	0.15	3.6%	0.75	17.51%
6	United Kingdom	Europe	0.14	3.4%	0.66	16.53%
7	India	Asia Pacific	0.11	2.6%	0.98	24.74%
8	Australia	Asia Pacific	0.10	2.3%	0.61	20.36%
9	France	Europe	0.09	2.2%	0.45	17.39%
10	South Korea	Asia Pacific	0.09	2.1%	0.51	19.28%
11	Brazil	Latin America	0.08	2.0%	0.55	20.78%
12	Singapore	Asia Pacific	0.08	1.9%	0.38	17.25%

India is the fastest-growing country market at 24.74% a year, ahead of Brazil at 20.78% and Australia at 20.36%. The country figures are a DC Market Insights allocation of the regional totals, weighted by each country’s estimated share of installed and new AI data center capacity.

Forecast Scenarios: How Could the 2035 Forecast Change?

The Direct-to-Chip Liquid Cooling Market reaches USD 21.26 billion by 2035 in the base case, with a range of USD 16.84 billion to USD 25.24 billion across the low and high scenarios.

Scenario	Assumption from 2026	2035 (USD billion)	CAGR 2025-2035
Low	Capacity additions 15% below base; direct-to-chip share of liquid-cooled AI capacity falls to 80% as immersion gains	16.84	15.05%
Base	Additions rise to 27.0 GW a year; AI share reaches 66%; direct-to-chip holds 88% of liquid-cooled AI capacity	21.26	17.77%
High	Additions 15% above base; enterprise and colocation retrofits double	25.24	19.80%

The low case reflects a two-year pause in AI capital spending and a faster move to immersion. Microfluidic cooling is the main technical swing factor: it would move value from cold plates into the chip package, which affects the component mix more than the total.

Competitive Insights: Who Leads the Direct-to-Chip Liquid Cooling Market?

• Vertiv
• Eaton (Boyd Thermal)
• CoolIT Systems (Ecolab)
• Schneider Electric (Motivair)
• nVent
• Trane Technologies (LiquidStack)
• Daikin Applied (Chilldyne)
• Flex (JetCool)
• Supermicro
• Accelsius

The three largest suppliers, Eaton through Boyd Thermal, Vertiv and CoolIT Systems, together hold about 36% of the Direct-to-Chip Liquid Cooling Market in 2026 (DC Market Insights estimate). The basis is disclosed sales: Boyd Thermal’s forecast of USD 1.5 billion of liquid cooling sales in 2026, which also covers immersion and two-phase products, would equal at most 23.5% of the DC Market Insights 2026 estimate of USD 6.40 billion; CoolIT expects about USD 550 million of sales over the 12 months from March 2026; and the Vertiv share is a DC Market Insights estimate. Vertiv does not disclose liquid cooling sales; it reported second-quarter 2026 net sales of USD 3.27 billion, 24% higher than a year earlier, and expects full-year 2026 net sales of USD 14.00 billion at the midpoint of its guidance. Trane Technologies completed its purchase of LiquidStack, which sells direct-to-chip and immersion systems, in March 2026, and Daikin Applied bought Chilldyne, a maker of negative pressure direct-to-chip systems that has deployed liquid-cooled GPU clusters since 2014. Supermicro offers its DLC-2 direct liquid cooling system for server racks, and Accelsius competes in two-phase systems.

Recent Developments

• In November 2024, Flex acquired JetCool, a maker of sealed cold plates and direct liquid-to-chip products whose CDU cools racks up to 300 kW (Source: Flex press release).
• In May 2025, Supermicro introduced DLC-2, a direct liquid cooling system that captures up to 98% of server heat per rack and includes an in-rack CDU that removes 250 kW of heat per rack (Source: Supermicro press release).
• In November 2025, Daikin Applied acquired Chilldyne, a maker of negative pressure direct-to-chip liquid cooling systems (Source: Daikin Applied press release).
• In March 2026, Eaton completed the acquisition of Boyd Thermal for USD 9.55 billion net of cash acquired (Source: Eaton quarterly report filed with the SEC).
• In March 2026, Trane Technologies completed its acquisition of LiquidStack, adding direct-to-chip and immersion cooling solutions (Source: Trane Technologies press release).
• In July 2026, Ecolab completed the USD 4.75 billion acquisition of CoolIT Systems, a maker of CDUs and cold plates (Source: Ecolab quarterly report filed with the SEC).

We follow these deals, launches and capacity announcements as they happen in our data center industry updates.

Methodology: How We Built the Direct-to-Chip Liquid Cooling Market Model

DC Market Insights built this market bottom-up from 16 annual capacity cohorts (2020 to 2035), each split into conventional and AI halls. Each cohort was multiplied by its liquid-cooled share (AI halls 40% in 2020, 70% in 2025 and 97% in 2035) and its direct-to-chip share (86% of liquid-cooled AI capacity in 2025, 88% in 2035; 30% to 35% of liquid-cooled conventional capacity), then priced with a direct-to-chip spend per MW (AI USD 1.37 million in 2025, falling 3% a year; conventional USD 0.62 million, rising 1.2% a year). Services and coolant were added on the installed direct-to-chip base at USD 0.050 million per MW per year. The annual series uses the same capacity cohorts as the DC Market Insights liquid cooling model, with direct-to-chip rising from 58.2% of liquid cooling spend in 2020 to 71.4% in 2025 and 77.6% in 2035. The total was split by 5 components, 3 cooling types, 2 CDU heat-rejection types, 3 rack-density bands, 5 buyer types and 5 regions, and every split sums to the market total. The result was checked top-down against the disclosed liquid cooling sales of Boyd Thermal and CoolIT Systems and against published capacity counts. Country values allocate each regional total by country weights for installed and new AI capacity.