Snapshot
Modular and prefabricated data centers are factory-built units that integrate power, cooling, fire suppression, and IT enclosures into shippable modules — deployed in 6–12 months versus 18–24 for traditional stick-built construction. The global market was ~$30B in 2024, forecast to reach $80–100B by 2030–2031 (17–19% CAGR), driven by AI infrastructure demand and skilled-labor shortages. Vertiv (VRT) sells prefab power/cooling modules as products; Flex (FLEX) contract-manufactures DC power infrastructure for hyperscalers; CoreWeave (CRWV) is a buyer/deployer, not a seller.
~$30B
Global modular DC market, 2024 est.
$80–100B
Forecast 2030–31 est.
30–50%
Build-time savings vs stick-built est.
60%
DC providers can't fill roles (Uptime 2024)
$10–12M/MW
Trad. DC cost; AI: $20M+/MW est.
Hyperscalers spend $200B+/yr on AI data centers; skilled construction labor is the binding constraint. Modular shifts work to factory labor, compressing timelines 30–50%. The market is fragmented; none of the three tickers are pure-play modular DC.
The product & how money is made
Factory-assembled units — containerized or skid-mounted — arriving with power, cooling, fire suppression, and racks pre-integrated. Range: edge pods (50–200 kW) to multi-MW campus modules. Prefab ~63% of market revenue in 2025; containerized ~37% (~19.5% CAGR, faster-growing). est.
- Vertiv (vendor): SmartMod units (up to ~100 kW / 10 racks: Liebert UPS, PDUs, racks, fire suppression, ATS) and prefab power trains for multi-MW halls. 37% gross margins. Modular revenue undisclosed; inside "Critical infrastructure & solutions" ($4.4B FY2023, +23–25% organic).
- Flex (manufacturer): Power modules, switchgear, PDUs, busway, liquid cooling (Anord Mardix, Crown Technical, JetCool) to hyperscaler spec. DC power + cloud ~$3B FY2024, +20–40%/yr est.. Spinning off as separate public co Q1 CY2027.
- CoreWeave (deployer): Buys modular infrastructure. Standardized designs, ~130 kW liquid-cooled racks. Revenue from GPU rental (~$6.2B TTM). $16.6B TTM capex = demand for vendors.
Vertiv SmartMod product page; Flex Investor Day May 2024; CoreWeave capacity blog Dec 2024; Mordor Intelligence 2025.
Demand
Contracted
- Vertiv: $8.5B backlog all products (Q2 2025, BTB ~1.2x). Orders +15% YoY Q2, +20% TTM. contracted
- CoreWeave: ~1.6 GW contracted, 420 MW active (Q1 2025). Revenue backlog $25.9B. contracted
- Flex: No modular backlog disclosed. FY2026 guide $25.9–27.1B total. est.
Forecast
- Capex: ~$350B+ combined hyperscaler 2025, 2026 higher. est.
- US DC: 8,155 MW under construction H1 2025 (+43% YoY). 1,300+ hyperscale centers globally.
- Labor: DC costs $183→$415/sq ft (2020→2025), ~18% CAGR. 60% can't fill roles (Uptime 2024).
- AI density: GB200 NVL72 ~130 kW/rack needs liquid cooling not always fitting standard modular forms. Densest clusters sometimes need custom builds.
Vertiv Q2 2025; CoreWeave Q1 2025; Uptime 2024; Synergy Research; programs.com 2026; MarketsandMarkets; Mordor Intelligence.
Supply
Capacity
- Vertiv: Americas/APAC/EMEA manufacturing. Capex $250–300M FY2025 (vs $184M FY2024). Acquired Great Lakes Data Racks Q2 2025.
- Flex: 22 engineering/manufacturing centers for Cloud & Power. Expanding for spinoff. DC ~$3B+ growing 20–40%/yr est..
- Market: Fragmented. Dell, Schneider, Eaton, Huawei, ABB, Delta, Rittal, STULZ, HPE, Baselayer. No vendor >10% est..
Bottlenecks
- Components: Power transformers 100–150+ wk leads; UPS semiconductors (IGBTs, SiC); Li-ion cells (shared with EV).
- Liquid cooling: Factory CDU/cold-plate integration — newer competency. Vertiv orders +50% YoY 2025.
- Standards: Hyperscalers specify proprietary designs — no universal SKU.
Vertiv Q2 2025; Flex spin-off May 2026; Mordor Intelligence.
The gap
| Measure | Demand | Supply |
|---|
| US DC construction (H1 2025) | 8,155 MW (+43%) | Trad.: 18–36 mo |
| Hyperscaler capex (2025) | ~$350B+ est. | Xfmr: 100–150+ wks |
| Modular CAGR | 17–19% est. | No vendor >10% est. |
| Vertiv backlog | $8.5B | $10.8B TTM rev; BTB 1.2x |
| CoreWeave | 1.6 GW contracted | 420 MW active (26%) |
| Labor | ~1,500/site est. | 60% unfilled |
Pricing: Rising. DC costs ~18% CAGR (2020–2025). Vertiv raised FY2025 organic growth guide to 23–25%, BTB >1. Rental rates +20–40% since 2023 in constrained markets est..
CBRE H1 2025; Vertiv Q2 2025; programs.com; TrueLook.
The players
| Ticker | Company | Role | Mkt cap | Rev | DC rev | Backlog |
|---|
| VRT | Vertiv | SmartMod, power trains, UPS, cooling, PDUs, racks | $128.5B | $10.8B | ~100% | $8.5B |
| FLEX | Flex | Power pods, switchgear, PDUs, busway, liquid cooling. Spinning off Q1 CY2027. | $58.4B | $27.9B | ~$3B+ est. | N/D |
| CRWV | CoreWeave | Buyer: 130 kW racks, $16.6B capex → vendor demand | $65.1B | $6.2B | N/A | $25.9B |
Unlisted competitors
- Schneider Electric (SBGSF) — EcoStruxure modular, prefab power.
- Eaton (ETN) — modular power skids, xPave. ~$24B rev.
- Dell, Huawei, HPE, Baselayer, Rittal, STULZ, Delta
stockanalysis.com Jun 2 2026.
The price of exposure
| Metric | VRT | FLEX | CRWV |
|---|
| Price (Jun 2) | $334.49 | $159.43 | $119.27 |
| Market cap | $128.5B | $58.4B | $65.1B |
| EV | $129.2B | $60.5B | $98.0B |
| Rev TTM | $10.8B | $27.9B | $6.2B |
| Net income | $1.56B | $880M | -$1.59B |
| FCF | $2.28B | $1.05B | -$10.6B |
| P/E trail | 84x | 68x | N/A |
| Fwd P/E | ~49x est. | ~35x est. | N/A |
| EV/Rev | 12.0x | 2.2x | 15.8x |
| Net debt | $0.76B | $2.08B | $32.9B |
| Modular purity | Undisclosed | ~11% est. | Buyer |
VRT: 84x trail / 12x rev for ~25% organic growth. 25% margin target 2029 (now ~19%). FCF yield 1.8%.
FLEX: 2.2x EV/rev; ~89% lower-margin EMS. SpinCo guided 65–75% FY2027 growth on ~$3B+ base est..
CRWV: ~16x rev, $32.9B net debt, -$10.6B FCF. Altman Z-Score 0.36 est..
stockanalysis.com Jun 2 2026; Vertiv Q2 2025; Flex May 2026; CoreWeave Q1 2025.
What to deep-dive next
- Vertiv modular revenue: Transcript search "SmartMod" / "modular" to size the product line.
- Flex SpinCo S-1: Expected late 2026 — first standalone Cloud & Power financials.
- Cost-per-MW at AI density: No public modular vs trad. comparison at 50–130 kW/rack.
- Transformer leads: If shortening from 100+ to 50–60 wks by 2027, modular's pre-staging advantage narrows.
Sources & confidence
- Vertiv — FY2023 10-K ($6.86B), FY2024 ($8.0B), Q1 2025 ($2.04B, $7.9B backlog), Q2 2025 ($2.64B, $8.5B backlog, guide $9.93–10.08B). investors.vertiv.com / stocktitan.net.
- Flex — FY2025 ($25.8B), Q1 FY2026 ($6.58B, guide $25.9–27.1B). Investor Day May 2024 (DC ~$3B). Spin-off May 2026 (65–75% FY2027 growth). investors.flex.com / stocktitan.net / marketbeat.com.
- CoreWeave — FY2024 ($1.92B), Q1 2025 ($981.6M, 420 MW active, 1.6 GW contracted, $25.9B backlog). investors.coreweave.com / stockanalysis.com.
- Market data — Jun 2 2026 prices/caps from stockanalysis.com, companiesmarketcap.com, marketbeat.com.
- Market sizing — MarketsandMarkets ($29.9B 2024 → $79.5B 2030, 17.7% CAGR); Mordor Intelligence ($41.4B 2025 → $101.2B 2031, 18.9% CAGR). est.
- Construction/labor — TrueLook ($10–12M/MW trad., $20M+ AI); programs.com ($183→$415/sq ft); Uptime Institute 2024 (60%); Omdia ($2.3B→$11.7B modular by 2027 est.); Nimble DC (12 mo vs 18–24); Durata Global (30–50% compression).
Confidence: Company financials from SEC filings/earnings releases — high. Market sizing from commercial research firms — directional, not audited; two sources differ ~$10B on base year but agree on CAGR range. No company discloses modular-specific revenue — exposure estimates are approximate.