What is the core problem LiquidStack is solving?

LiquidStack addresses the 'thermal wall' in data centers. As GPUs like NVIDIA’s Blackwell series exceed 1000W, traditional air cooling becomes cost-ineffective and physically impractical. LiquidStack provides liquid immersion cooling and Cooling Distribution Units (CDUs) that allow these high-density chips to operate efficiently without overheating or wasting excessive water and energy.

How does LiquidStack differentiate itself from competitors like Submer or Vertiv?

According to Slide 11, LiquidStack differentiates through higher capacity (110kW vs 32kW-100kW for others), 2N redundancy, and the ability to support chip Thermal Design Power (TDP) of 1000W or greater. They also highlight their 'front-only' serviceability and a wider range of CDU specifications compared to industry standards.

What role does NVIDIA play in LiquidStack's pitch?

NVIDIA is the primary market driver in this deck. Slide 7 maps out NVIDIA's transition from a two-year to a one-year architecture rhythm. LiquidStack argues that every system using a Blackwell GPU (launching 2H 2024) will require liquid cooling, creating a massive, non-optional market for their hardware.

What is the significance of the Texas manufacturing facility mentioned?

The 20,500 square foot facility in Texas (Slide 5) serves as proof of 'Manufacturing Capabilities.' For a hardware startup, showing that you have moved beyond R&D into industrial-scale production is critical for a Series B raise, as it mitigates the risk of being unable to fulfill large enterprise orders.

Why is the timing of this deck (September 2024) important?

The timing aligns with the predicted 'inflection point' where CDU market demand starts to outpace supply. By raising $20M in 2024, LiquidStack is positioning itself to capture the overflow of demand as data centers scramble to upgrade their infrastructure for the next generation of AI chips.

LiquidStack Pitch Deck: All 13 Slides + Teardown

See all 13 slides of the LiquidStack pitch deck — a 2024 Series B deck — with a slide-by-slide teardown of what the deck does well and where it falls short.

LiquidStack’s 13-slide deck is a masterclass in market timing, positioning the company as the essential infrastructure provider for the Generative AI boom. By anchoring their value proposition to the specific power demands of NVIDIA’s Blackwell architecture, they transform a hardware pitch into a 'must-have' utility play. The deck excels at demonstrating technical maturity, featuring a new 20,500 square foot manufacturing facility and a leadership team with deep roots in Schneider Electric and Allied Control. While the deck is light on specific financial projections and customer logos, it use…

Key takeaways

The deck identifies a specific technical inflection point in 2H 2024 where air cooling becomes impractical for GPUs exceeding 350W (Slide 7).
LiquidStack positions itself as a 'Full-service liquid cooling company' rather than just a component manufacturer (Slide 5).
The leadership team boasts significant industry pedigree, including 24 years of cooling experience from the CEO and 33 patents from the CTO (Slide 3).
Operational scaling is evidenced by the opening of a new 20,500 square foot manufacturing facility in Texas (Slide 5).
The product roadmap is tied directly to NVIDIA's release cycle, specifically the Blackwell (B100) GPU (Slide 7).
Technical differentiation is highlighted through a 2N redundancy model and support for chip TDP ≥1000W (Slide 11).
The company addresses supply chain concerns by predicting a severe constraint in CDU supply by Q4 2024 (Slide 7).
LiquidStack uses a 'progress bar' visual to show their evolution from a niche immersion leader in 2022 to an end-to-end provider in 2024 (Slide 5).

LiquidStack: Cooling the AI Revolution

LiquidStack’s Series B deck is a targeted strike on the infrastructure bottlenecks of the generative AI era. As reported by Business Insider, the company raised $20M in 2024, a year characterized by the massive rollout of high-performance computing clusters. The deck is less about 'disruption' in the abstract sense and more about the physical reality of thermodynamics: chips are getting too hot for fans to handle.

Slide 1-2: Branding and Context

The opening slides establish the brand identity. Slide 1 features a high-tech data center aesthetic with a digital human silhouette, immediately signaling that this hardware is inextricably linked to the 'intelligence' of AI. The footer on these slides contains a standard confidentiality notice for LiquidStack Holding B.V., indicating the company's corporate structure.

Slide 3: The Pedigree of the Team

Slide 3, titled Experienced and Practiced Leadership , is one of the strongest slides in the deck. It splits the team into 'Visionary Founders' and a 'Seasoned Team.' Joe Capes (CEO) is credited with 24 years in cooling and globalizing APC’s cooling business (now Schneider Electric). Kar-Wing Lau (CTO) is framed as a 'Bitcoin mining pioneer' and the 'founding father of liquid cooling solutions' with 33 patents. The supporting team includes veterans from ABB, Intel, Nokia, and Siemens. This slide effectively de-risks the investment by showing the company is run by industry insiders, not hardware hobbyists.

Slide 5: The Two-Year Evolution

Slide 5 asks, What has changed in the last 2 years? This is a progress report that justifies a Series B valuation. The slide uses a 5-bar 'loading' graphic to show growth in market traction, technology breadth, and manufacturing. Key updates include the addition of 1-PIC and universal CDUs to the portfolio, a global service partnership with Trane Technologies, and the opening of a 20,500 square foot manufacturing facility in Texas. This slide tells investors that the 'heavy lifting' of setting up operations is already done.

Slide 7: The NVIDIA Inflection Point

This is the 'Why Now?' slide. Slide 7, Liquid Cooling in Data Centers - Inflection Point is 2H 2024 , creates a sense of extreme urgency. It quotes Zak Killian of HotHardware: 'Increasing power consumption is really the only way to get these massive generational leaps in performance.' The slide features a timeline of NVIDIA architectures (A100, H100, H200, B100). It explicitly states that air cooling becomes impractical above 350W, while the new Blackwell GPUs (B100) will require liquid cooling as they hit the ~1000W mark. By predicting that CDUs will become 'severely supply constrained' by Q4 2024, LiquidStack positions its hardware as a scarce and necessary commodity.

Slide 9: Product Maturity

Slide 9 provides a LiquidStack CDU Product Update , showing the 'CDU-L2L 800 KW Alpha Build Status.' The slide features two high-resolution photos of the actual hardware—one with the panel off to show the internal plumbing and one with the panel on. For a hardware raise, seeing the physical product in a near-production state is vital. It proves the technology isn't just a CAD drawing.

Slide 11: The Competitive Matrix

Slide 11 is a dense, data-heavy comparison of the Competitive Landscape . It is split into two tables: Liquid Immersion Cooling and Cooling Distribution Units (CDUs). LiquidStack compares its 'DataTank Single Phase' against Submer, Asperitas, and GRC. It claims superiority in capacity (110kW), redundancy (2N), and supported chip TDP (≥1000W). In the CDU table, it compares its CDU-800 against Vertiv, Motivair, and nVent, highlighting its ability to handle higher static pressure and more precise control valves. This slide is designed for the technical due diligence phase, providing the specific metrics that data center operators care about.

Slide 13: The Conclusion

The deck ends on a simple 'Thank You' slide with the company logo. Notably, the provided slides do not include a specific 'Ask' slide detailing how the $20M will be spent, nor does it show a cap table or detailed financial projections. This suggests the deck was likely used as a high-level overview or that those sensitive slides were removed for the public version.

What LiquidStack Does Well

The deck is exceptionally good at Market Anchoring . By tying their success directly to the roadmap of NVIDIA, they ride the coattails of the most successful company of the decade. They don't have to prove there is a market for AI; they only have to prove that AI chips get hot. This is a much easier sell.

Furthermore, the Operational Proof is strong. Mentioning a specific square footage for a Texas factory and a partnership with a giant like Trane Technologies moves the company out of the 'startup' category and into the 'scale-up' category. The use of technical specifications (Slide 11) also shows they understand their buyer—data center engineers who care about 'lpm' (liters per minute) and 'psi' (pounds per square inch).

What is Missing from the Deck

The most glaring omission is Unit Economics and Financials . While we know from publisher reports that they raised $20M, the deck doesn't show revenue growth, margins on the hardware, or the cost of customer acquisition. In hardware, margins are everything, and investors usually want to see a path to software-like scalability or at least significant manufacturing efficiencies.

There is also a lack of Customer Case Studies . While they mention market traction, they don't name specific data centers or cloud providers currently using their tech. Seeing a 'Powered by LiquidStack' logo next to a major hyperscaler would have significantly bolstered the 'Market Traction' claims on Slide 5.

Lessons for Founders

Identify the 'Thermal Wall': If you are in hardware, find the specific technical limit of the status quo (like the 350W limit for air cooling on Slide 7) and center your pitch around the moment that limit is breached. · Use a Progress Bar: Slide 5’s use of a visual growth indicator is a great way to show momentum without revealing sensitive revenue numbers in an initial deck. · Pedigree Matters in Deep Tech: If your team has 33 patents and decades of experience at market leaders, lead with that. Deep tech investors are buying the team's ability to solve hard physical problems. · Map to the Ecosystem: Don't pitch in a vacuum. Show how your product fits into the release cycles of the industry giants (NVIDIA, Intel, AMD).

Frequently asked questions

What is the core problem LiquidStack is solving?: LiquidStack addresses the 'thermal wall' in data centers. As GPUs like NVIDIA’s Blackwell series exceed 1000W, traditional air cooling becomes cost-ineffective and physically impractical. LiquidStack provides liquid immersion cooling and Cooling Distribution Units (CDUs) that allow these high-density chips to operate efficiently without overheating or wasting excessive water and energy.
How does LiquidStack differentiate itself from competitors like Submer or Vertiv?: According to Slide 11, LiquidStack differentiates through higher capacity (110kW vs 32kW-100kW for others), 2N redundancy, and the ability to support chip Thermal Design Power (TDP) of 1000W or greater. They also highlight their 'front-only' serviceability and a wider range of CDU specifications compared to industry standards.
What role does NVIDIA play in LiquidStack's pitch?: NVIDIA is the primary market driver in this deck. Slide 7 maps out NVIDIA's transition from a two-year to a one-year architecture rhythm. LiquidStack argues that every system using a Blackwell GPU (launching 2H 2024) will require liquid cooling, creating a massive, non-optional market for their hardware.
What is the significance of the Texas manufacturing facility mentioned?: The 20,500 square foot facility in Texas (Slide 5) serves as proof of 'Manufacturing Capabilities.' For a hardware startup, showing that you have moved beyond R&D into industrial-scale production is critical for a Series B raise, as it mitigates the risk of being unable to fulfill large enterprise orders.
Why is the timing of this deck (September 2024) important?: The timing aligns with the predicted 'inflection point' where CDU market demand starts to outpace supply. By raising $20M in 2024, LiquidStack is positioning itself to capture the overflow of demand as data centers scramble to upgrade their infrastructure for the next generation of AI chips.

Cover slide of the LiquidStack pitch deck — Series B 2024 — LiquidStack pitch deck, slide 1 (2024)

LiquidStack pitch deck: the facts

Company: LiquidStack
Year: 2024
Stage: Series B
Slides: 13
Sector: Hardware / Data Center Infrastructure
Deck type: Company Overview / Fundraising
Outcome: $20M Raised
Headquarters: North America

LiquidStack pitch deck PDF

The full LiquidStack deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the LiquidStack pitch deck was used for

This pitch deck is LiquidStack’s **Series B extension** fundraising deck in 2024, used to secure a **$20M investment from Tiger Global Management** as part of its broader Series B round.[1][2][3][7][10][14] The company develops advanced liquid cooling systems for data centers, particularly for AI workloads where GPU power densities exceed the limits of traditional air cooling, a theme the deck focuses on heavily.[1][4][7][10] The funding is aimed at expanding manufacturing capacity, scaling direct‑to‑chip and immersion product roadmaps, and broadening commercial and R&D operations globally.[1][3][10][12][14] Business Insider’s deck feature frames this raise specifically around meeting NVIDIA‑class GPU thermal requirements and positioning LiquidStack as critical AI infrastructure.[7]

Business model: LiquidStack provides advanced liquid cooling solutions—direct-to-chip and immersion cooling—for data centers and AI infrastructure, acting as a full‑service cooling provider for hyperscale, cloud, and enterprise facilities.[1][4][10]

Year: 2024
Lead investor: Tiger Global Management.[1][2][3][5][7][10][11][14][15]
Investors: Tiger Global Management (lead in the $20M Series B extension)., Trane Technologies (earlier Series B investor; cited by Business Insider via PitchBook and Tracxn)., Additional investors listed in data providers include Wiwynn and BitFury, though their specific rounds and amounts are n
Headquarters: Carrollton, Texas, United States.[2]
Industry: Data center infrastructure / thermal management / liquid cooling.[1][4][10]

Round: Series B extension (sometimes labeled Series B - II or Series B in databases)..[1][2][3][9][10][11][15]

Raised: $20M in a Series B extension round in September 2024, bringing total Series B funding to $35M.[1][2][3][5][7][10][11][12][14][15]

Total funding: Multiple sources report total funding around $35M–$45M: the company and several news outlets state its Series B round totals $35M,[1][2][3][5][10][12][14] while CB Insights lists $45M raised over 4 rounds.[9]

Use of funds as presented: Expanding manufacturing footprint; scaling direct‑to‑chip and immersion cooling product family roadmaps; broadening commercial and R&D operations; bringing liquid cooling to AI data centers globally.[1][3][10][12][14]

What happened after the LiquidStack deck

Following an initial Series B tranche in March 2023, LiquidStack completed a $20M Series B extension led by Tiger Global in September 2024, bringing the Series B total to $35M and enabling expansion of manufacturing, product roadmaps, and global commercial and R&D operations in AI data center cooling.[1][2][3][5][7][10][11][12][14][15]

Secured a **$20M Series B extension** from Tiger Global in September 2024, increasing the total Series B round to **$35M
Announced plans to use the capital to expand manufacturing footprint and globally scale direct‑to‑chip and immersion liq
Established a funding history that includes an earlier Series B tranche led by Trane Technologies and additional investo

What the LiquidStack deck got right

Strong investor validation and meaningful growth capital. The company has secured a **$20M Series B extension led by Tiger Global**, bringing its total Series B round to **$35M**, which validates investor confidence in its technology and market positioning.[1][2][3][5][7][10][12][14]
Direct alignment with AI and high‑density GPU market needs. LiquidStack targets a clear and rapidly growing pain point: AI and NVIDIA‑class GPU workloads that exceed the capabilities of traditional air cooling, positioning its liquid cooling solutions as critical infrastructure rather than optional efficiency upgrades.[1][4][7][10]
Focused scale‑up plan for manufacturing and product roadmaps. The funding is earmarked for expanding manufacturing and scaling both direct‑to‑chip and immersion product roadmaps, indicating that the company is at a scale‑up stage with a defined hardware portfolio rather than early‑stage prototyping.[1][3][10][12][14]
Blend of financial and strategic investors. The presence of both a major growth investor (Tiger Global) and an industrial player (Trane Technologies) across its Series B financings suggests a mix of financial strength and strategic industry expertise supporting LiquidStack.[7][11][15]
Comprehensive solution set across liquid cooling modalities. LiquidStack positions itself as a full‑service liquid cooling provider, offering direct‑to‑chip and immersion solutions, which can address a range of data center configurations and potentially increase wallet share per customer.[1][4][10]
Consistent external validation of funding details. Multiple independent news outlets, market‑intelligence platforms, and the company’s own communications consistently describe the same round size, investor, and use of funds, which enhances credibility and reduces ambiguity around the raise.[1][2][3][5][7][9][10][11][12][14][15]

What could have been stronger

Limited externally visible traction metrics. Public coverage of the deck and round emphasizes technical need and market momentum but does not surface clear metrics on installed base, recurring revenue, or signed multi‑year contracts—investors seeing only this deck would have limited visibility into commercial traction beyond qualitative statements about demand.[2][7][10]
Comparative performance vs. competitors not clearly quantified. Sources around the round stress the necessity of liquid cooling for NVIDIA‑class GPUs and AI data centers, but there is little independently verifiable detail on how LiquidStack’s performance, efficiency, or TCO compares quantitatively to leading competitors (e.g., other immersion and direct‑to‑chip vendors), which weakens comparative differentiation for investors relying mainly on this deck and press.[1][4][7][10]
Manufacturing and scale‑up execution not fully evidenced. While the funding will expand manufacturing and R&D, external sources do not reveal detailed information on existing production capacity, supply chain robustness, or deployment timelines, leaving questions about execution risk as AI demand accelerates.[1][2][3][10][12][14]
Go‑to‑market and strategic partnerships appear underdeveloped in public narrative. Coverage references Trane Technologies and other investors, but there is limited public information on strategic go‑to‑market partnerships or integrated solutions, which would be important for de‑risking adoption in conservative data center environments.[7][9][11][15]

How an investor would read this deck

What draws attention

The **$20M Series B extension led by Tiger Global**, bringing the Series B total to **$35M**, signals strong institutional confidence and validates LiquidStack’s positioning in AI infrastructure.[1][2][3][5][7][10][12][14]
LiquidStack’s focus on **direct‑to‑chip and immersion liquid cooling** for **AI and NVIDIA‑class GPU workloads** targets a clear pain point where air cooling is reaching physical limits.[1][4][7][10]
Use of funds—expanding manufacturing, broadening commercial and R&D operations, and scaling product roadmaps—indicates an inflection toward industrialization and global rollout rather than early prototyping.[1][3][10][12][14]
Prior Series B participation by **Trane Technologies** and mentions of additional investors (Wiwynn, BitFury) suggest a mix of strategic and financial backers that could help with adoption and integration into existing data center ecosystems.[7][9][11][15]

Risks that stand out

Adoption risk: Data centers may be slow to transition from established air‑cooling architectures to immersion or direct‑to‑chip systems, leading to longer sales cycles and retrofit complexity.[1][4][7][10]
Execution and scale risk: Expanding manufacturing and global operations in a hardware‑intensive, highly regulated environment could expose the company to supply chain, quality, and deployment risks if growth outpaces operational maturity.[1][2][3][10][12][14]
Competitive risk: Liquid cooling is a rapidly growing segment with numerous competitors; without clear, externally validated performance and cost advantages, LiquidStack could face margin pressure or commoditization.[1][4][7][10]
Technology lifecycle risk: Rapid changes in server, rack, and GPU design (e.g., new NVIDIA generations, changing power envelopes) might require continuous redesign of cooling systems, increasing R&D burden and product risk.[1][4][7][10]

Questions this deck invites

What are LiquidStack’s current deployment numbers (MW of cooled IT load, number of data centers, major reference customers), and how has this changed since the initial Series B in March 2023?[2][7][10][11][15]
How does LiquidStack’s total cost of ownership, energy savings, and rack density compare quantitatively against leading air‑cooled and other liquid‑cooled solutions in real‑world deployments?[1][4][7][10]
What is the company’s manufacturing capacity today, how quickly can it scale with the new funding, and what are the key supply chain constraints or dependencies?[1][2][3][10][12][14]
How durable are LiquidStack’s competitive advantages in IP (patents, proprietary designs, coolant formulations) and in relationships with GPU vendors, OEMs, and major cloud or hyperscale operators?[1][4][7][10]
What are the specific unit economics for LiquidStack’s solutions (margin profile on systems and services, payback period for customers, recurring vs. one‑off revenue) and how do they trend under different AI deployment scenarios?[1][2][7][9

What founders can take from the LiquidStack deck

Institutional investors such as Tiger Global are willing to lead sizable extensions when a company can clearly tie its technology to a macro trend—in this case, AI workloads and NVIDIA‑class GPU power densities exceeding air cooling limits.[1][2][3][7][10][14]
Framing a hardware business as critical infrastructure for AI, rather than just a niche thermal solution, can attract broader investor interest and justify manufacturing and R&D expansion.[1][4][7][10][12][14]
Demonstrating that an extension round brings a total Series B to a meaningful aggregate (here, $35M) helps show ongoing support and de‑risk perceived funding gaps, even when earlier tranches had undisclosed amounts.[1][2][3][5][7][10][12][14]
Publicly articulating focused use of funds—manufacturing expansion, product roadmap scaling, and commercial/R&D build‑out—helps investors understand near‑term milestones and capital efficiency.[1][3][10][12][14]
Strategic participation from industrial players (such as Trane Technologies) alongside financial investors can reinforce the credibility of a hardware company’s technology and market access in conservative sectors like data centers.[7][11][15]
Positioning around AI data centers and GPUs, rather than generic data center cooling, narrows the narrative to a high‑growth segment and can make Series B hardware stories more compelling to growth investors.[1][4][7][10]

LiquidStack pitch deck: common questions

What does LiquidStack do?

LiquidStack is a Carrollton, Texas–based provider of advanced liquid cooling solutions for data centers, including direct‑to‑chip and immersion cooling systems designed to support high‑density AI and GPU workloads.[1][2][4][10]

How much did LiquidStack raise in the 2024 round featured in the pitch deck?

In September 2024, LiquidStack secured a **$20M Series B extension** investment from Tiger Global Management, bringing its total Series B funding to **$35M**, according to the company and multiple news reports.[1][2][3][5][7][10][12][14] CB Insights separately reports $45M total funding over four rounds, indicating earlier or additional financings not fully detailed in public press.[9]

Who invested in LiquidStack’s 2024 Series B extension round?

Tiger Global Management led the $20M Series B extension in September 2024 and is explicitly identified as the investor in both LiquidStack’s press release and independent coverage.[1][2][3][5][7][10][11][14] Earlier Series B funding in March 2023 involved Trane Technologies, according to Tracxn and Business Insider citing PitchBook.[7][11][15]

What is LiquidStack using the new Series B extension funding for?

LiquidStack has stated it will use the $20M Series B extension to expand its manufacturing footprint, scale its direct‑to‑chip and immersion cooling product family roadmaps, and broaden its commercial and R&D operations, with a focus on AI data centers globally.[1][3][10][12][14]

Why is LiquidStack’s liquid cooling technology relevant for AI and NVIDIA GPUs?

LiquidStack’s liquid cooling systems are aimed at high‑power AI and GPU servers where traditional air cooling is no longer sufficient; coverage around the round emphasizes that NVIDIA‑class GPU power densities and rack‑level heat loads require liquid cooling to maintain performance and reliability in modern data centers.[1][4][7][10]