CoolIT's New Coldplate Points to Longer Runway for 1P-DTC

研报英文原文证据摘录

CoolIT's New Coldplate Points to Longer Runway for 1P-DTC

June 11, 2026 | 04:00 ET~

US Chemicals

CoolIT's New Coldplate Points to Longer Runway for US Chemicals

1P-DTC John P. McNulty, CFA Analyst

john.mcnulty@bmo.com (646) 946-8428

Bhavesh Lodaya VP Associate

Bottom Line: bhavesh.lodaya@bmo.com (347) 274-1393

CoolIT’s (to be acquired by ECL early Q3) announcement of a 15kW direct-to-chip (DTC) Caleb Boehnlein Senior Associate

coldplate marks an improvement in cooling capability required for next-generation AI caleb.boehnlein@bmo.com (347) 906-1860

infrastructure. Equally important, given the constant innovation cycle (which we do Margarita Margulis Associate

not believe is over) we believe the 1P-DTC useful life extends a bit further, which likely margarita.margulis@bmo.com (332) 257-0592

delays the transition to 2P-DTC. We see ECL ($264.44; Outperform) as a Top Pick. Legal Entity: BMO Capital Markets Corp.

Key Points

CoolIT announced the development of a 15kW coldplate for data center cooling. This

represents a significant jump in capabilities as the prior version of CoolIT's coldplate was

rated for 4kW--announced March 2025. Given the substantial increase, we believe

CoolIT now sits at the very high end of capabilities for coldplates (for single-/two-

phase DTC). Exhibit 1 inside shows expectations for thermal design power (TDP) growth

is significant over the next 2-3 years, with GPUs expected to reach ~7kW in 2028 up

from 1,400w and thus require more efficient cooling technologies.

The 15kW coldplate likely provides 1P-DTC runway beyond 2028, although how

much is unclear given expectations for TDP levels to near/surpass 15kW in 29/30. That

said, one consistent theme from our prior work in data center cooling is innovation