Part 4 of 9

Liquid Cooling Strategy

Technology stack, CapEx efficiency vs. air cooling, and thermal management.

Target PUE

< 1.15

Max Density

100+ kW

Technology Stack & Feasibility

Cooling Technology Comparison

🔴

Air Cooled (Chillers)

Feasibility: Low
PUE
1.4-1.6
Max Density
15-20 kW/rack
🟡

Water Cooled (Evaporative)

Feasibility: Medium
PUE
1.2-1.3
Max Density
30-50 kW/rack
🟢

Liquid Cooling (Direct-to-Chip/DLC)

RECOMMENDED
Feasibility: High
PUE
<1.15
Max Density
100+ kW/rack (AI Standard for NVIDIA H100/Blackwell)

Rack Density Requirements

Power per Rack (kW) - AI workloads demand 4-6x higher rack density than legacy infrastructure

CapEx Premium Analysis

Construction Cost per MW ($M)

$1.5MM/MW Premium (15-20%) for AI-Ready Infrastructure

Density Support

Direct Liquid Cooling (DLC) supports 100+ kW per rack, which is mandatory for modern AI architectures. AI Training workloads require 50-100kW per rack, while AI Inference requires 20-40kW/rack. DLC captures 70-80% of the heat generated.

Thermal Management

Heat rejection utilizes evaporative cooling towers fed by SAWS Recycled Water. For a "Zero-Water" design, DLC is paired with Air-Cooled Chillers, though this raises PUE to approximately 1.35.

Efficiency Metric (PUE)

Target Power Usage Effectiveness (PUE) for the liquid-cooled facility is <1.15. AI tenants will demand a PUE Cap of <1.25 in the lease structure. The "Zero-Water" air-cooled option raises PUE to 1.35.

CapEx Premium

Construction Cost (Hyperscale/AI Capacity): $9.3MM–$11.7MM per MW. The "AI-Ready" CapEx target is $13MM per MW. The mechanical/cooling infrastructure component (CDUs, Piping, Towers) accounts for approximately $4.0MM per MW, representing a CapEx premium of $1.5MM/MW (15-20%) over traditional air-cooled facilities (~$9MM–$11MM/MW).

Payback & ROI

The CapEx premium for liquid cooling has a Payback Period of <3 years, based on the annual rental premium of $540,000 per MW. The premium for liquid cooling readiness commands a 15-20% rental premium ($160-$185+ per kW/month base rent). A specific comparison: $212/kW for Liquid Cooled vs. $130/kW for Legacy Air-Cooled.