Vertiv Holdings (VRT +3.67%), a provider of critical digital infrastructure, including power and cooling systems, for artificial intelligence (AI) build-out, generated $10.2 billion in net sales in 2025. To reach an annual revenue of about $20.4 billion by 2029, the company will need to grow revenue at about 18.9% annually.
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However, Vertiv expects 2026 sales of $13.8 billion to $14.2 billion. Using the $14 billion midpoint, Vertiv would need revenue growth of only about 13.5% annually from 2026 through 2029 to double its 2025 sales.
Hence, the real question is whether it can double its revenue as the AI infrastructure build-out matures.
Expected growth rate is below management’s target
The strongest support for that forecast comes from Vertiv itself. Management is targeting 20% to 22% organic annual sales growth from 2025 through 2030 and roughly $26 billion of revenue in 2030. Hence, Vertiv seems well-positioned to cross the $20.4 billion threshold before then, even if growth slows meaningfully from current levels.
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Vertiv also enjoys high demand visibility. The company exited 2025 with $15 billion of backlog, more than its entire 2025 revenue. However, that backlog should not be treated as guaranteed 2029 sales. Management says orders can be canceled or rescheduled, and much of the backlog is expected to convert within 12 to 18 months. Vertiv will therefore need to keep replacing completed projects with new orders.
Execution risk
AI data centers are also becoming harder to power and cool as computing density rises. This increases demand for Vertiv’s power, cooling, and integrated infrastructure products, giving the company another way to grow even if the number of data centers expands more slowly.
However, strong demand does not always turn into revenue immediately. Vertiv’s second-quarter revenue (ending June 30, 2026) rose 24% year over year, but temporary supply chain congestion and the timing of larger, more complex projects delayed some sales. The company is expanding manufacturing capacity across power systems, integrated infrastructure, and cooling to keep up with demand.
Hence, investors should assess whether Vertiv can keep winning enough new orders and expanding capacity fast enough to sustain low-teens growth after 2026.