This Research Note examines the acquisition of LiquidStack by Trane Technologies, highlighting the development of the scale-up since its founding, its funding from external investors, and its manufacturing footprint, before assessing how the major HVAC and electrical equipment players have been investing in this high-growth market. Transaction Details On 10th February 2026, Trane Technologies agreed to acquire LiquidStack, a specialist in liquid cooling technology for data centers, headquartered in Carrollton, Texas. Building on Trane Technologies’ minority investment in LiquidStack in 2023, this acquisition enhances Trane Technologies’ data center thermal management solutions, spanning chillers, heat rejection, controls, liquid distribution, and on‑chip cooling, and will scale LiquidStack’s technology globally. The acquisition includes LiquidStack’s global team and manufacturing, engineering and research and development operations in Texas and Hong Kong. LiquidStack will operate globally within the Commercial HVAC business unit of the Trane Technologies Americas segment. The transaction is expected to close in early 2026, subject to closing conditions. […]