Vertiv designs, manufactures, and services critical power and thermal management infrastructure for data centers. On the power side, Vertiv sells UPS systems, power distribution units, switchgear, busbar, and DC power systems that condition and distribute power from the grid to IT equipment. On the thermal side, Vertiv sells air- and liquid-cooled systems, including cooling distribution units and chillers, that remove heat from computing equipment. Vertiv also operates a services business covering installation, maintenance, remote monitoring, and spare parts tied to its installed base — a recurring revenue stream that grows alongside each new data center deployment. Vertiv's primary customers are hyperscale cloud operators, colocation providers, and AI-focused data center operators; it sells through a direct sales force and channel partners. Vertiv organizes into three geographic segments: Americas (~62% of sales), Asia Pacific (~20%), and EMEA (~18%). Products are sold project-by-project under large purchase orders, and customers typically pay advance deposits on large orders, providing working capital support. Management estimates Vertiv captures roughly $3–$3.5M of revenue per megawatt of deployed compute capacity. As the installed base grows, services revenue scales in parallel at higher margins than products. Vertiv's growth is driven primarily by the AI-fueled data center build-out, particularly the shift to high-density compute requiring liquid cooling and more complex power distribution. Vertiv is investing in capacity expansion, R&D (focused on liquid cooling and next-generation DC power distribution), and bolt-on M&A to add technology capabilities.