David Cote, the former CEO of Honeywell, has transformed Vertiv, an 80-year-old company specializing in air conditioning for server rooms, into a major AI infrastructure player. The company’s market capitalization has grown from under $11 billion to approximately $100 to $113 billion since its IPO in February 2020 via a SPAC merger valued at $5.3 billion. Vertiv holds approximately 23.5% of the global data center thermal management market, and its annualized return of 50.5% makes it the third-best performer in the entire S&P 500 over this period. The company is reporting record backlogs and has raised its revenue guidance for 2026 amid growing demand from hyperscalers.
Source: Read the original article
