AirJoule Technologies acquires BitSink in $67m liquid cooling deal

Nasdaq-listed AirJoule has bought BitSink, a US maker of liquid cooling and power infrastructure for AI data centres, for up to $67m including earnout.

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AirJoule Technologies Corporation (Nasdaq: AIRJ) has acquired BitSink, a vertically integrated designer and US manufacturer of liquid cooling systems, power distribution units and equipment racks for AI and high-performance computing data centres. The deal closed on 14 September 2026 and marks a significant pivot for the Montana-based company, which previously focused on atmospheric water generation technology.

The upfront consideration totals $27 million: $18 million in cash and $9 million in AIRJ common stock, priced on a 15-day volume-weighted average. A further earnout of up to $40 million, payable solely in AIRJ stock, is contingent on BitSink hitting revenue milestones over the three calendar years following closing. AirJoule reported $45 million of cash on its balance sheet as at 31 August 2026, ahead of the transaction.

The deal

BitSink brings more than 220 MW of cooling and power capacity deployed across North America, primarily serving cryptocurrency mining operators. The company recorded cumulative revenue of approximately $11 million across 2024 and 2025, and holds $15 million in near-term purchase orders at the time of acquisition. Its manufacturing base is currently in Spartanburg, South Carolina, with a planned move to a 65,000-square-foot facility in nearby Chesnee.

AirJoule's strategic rationale centres on the thermal and water constraints of next-generation AI compute. The company says BitSink's closed-loop dry cooler systems reject low-grade waste heat of the kind that AirJoule's own Prime atmospheric water generation unit uses as an energy source, creating a potential integration path between the two product lines. AirJoule Prime, developed through a 50/50 joint venture with GE Vernova, was commissioned in June 2026 and is currently being shipped to a European data centre for a pilot in the fourth quarter of this year.

Matt Jore, founder and chief executive of AirJoule Technologies, said: "BitSink brings a proven track record of delivering high-density liquid cooling and electrical infrastructure at commercial scale to cryptocurrency mining customers, which is directly applicable to the growing demand for AI and HPC."

Market context

Liquid cooling has moved from a niche hyperscaler option to a mainstream requirement as rack densities for AI accelerators routinely exceed the practical limits of forced-air systems. Bloomberg Intelligence, cited in the release, projects the data centre liquid cooling market to grow from roughly $3.7 billion in 2025 to $11.5 billion by 2030, with direct-to-chip architectures accounting for the large majority of that growth.

The acquisition also positions AirJoule to capture a structural shift in the cryptocurrency mining industry. Public bitcoin miners have disclosed more than $70 billion in AI and HPC conversion contracts, according to the release, as operators repurpose existing power infrastructure at retrofit economics that are significantly cheaper than greenfield data centre development. BitSink's existing relationships with mining operators give AirJoule a commercial foothold in this conversion market.

The competitive field for integrated liquid cooling and power distribution infrastructure includes specialist vendors such as Vertiv, Schneider Electric's IT division, and a growing cohort of direct-to-chip cooling startups backed by infrastructure-focused venture capital. AirJoule's differentiation, if the product integration proceeds as planned, would rest on the ability to offer cooling, power distribution and on-site water generation as a combined modular stack, reducing a data centre developer's dependency on municipal water supplies.

Vinson and Elkins LLP advised AirJoule on the transaction. B. Riley Securities acted as exclusive financial adviser to BitSink, with Zarif Law Group providing legal counsel to the seller.

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