what actually chokes liquid cooling buildout: brazed plate heat exchangers, CDU control valves, vapor chambers. physical components with 15-month lead times and no shortcut.
Kaori Heat Treatment makes the BPHEs that sit inside every CDU loop. Belimo supplies the actuators and valves that regulate coolant flow through those loops. both are structural chokepoints, not interchangeable commodity suppliers.
AI rack density is the demand driver here. as racks push past 100kW, the thermal load has to go somewhere, and air cooling stops being viable.
15 months to source key components means decisions made today shape deployments in 2027-2028