Vertiv makes the power, cooling and infrastructure equipment that keeps data centers running, including uninterruptible power supplies, precision cooling systems and rack enclosures. The surge in AI computing has driven demand for its equipment sharply higher, since AI servers draw far more power and generate far more heat than traditional computing hardware, forcing data center operators to upgrade the physical infrastructure around them. Vertiv's customers include cloud computing providers, colocation data centers and enterprises building out their own computing capacity, giving it exposure to the broader data center construction cycle rather than to any single customer's spending. The company was spun out of Emerson Electric and later went public through a merger with a special purpose acquisition company, giving it a somewhat unusual path to the public markets compared to a traditional IPO.