AirJoule Acquires BitSink in Deal Worth Up to $67m to Expand Into AI Data Center Cooling

AirJoule Technologies, a Montana-based company specializing in water-from-air technology, has acquired South Carolina-based cooling and electrical switchgear firm BitSink in a transaction valued at up to $67 million, marking a significant expansion into the rapidly growing market for AI and high-performance computing data center infrastructure.

The acquisition arrives at a critical juncture for the data center industry, as the rapid buildout of AI and HPC infrastructure is fundamentally reshaping cooling and water requirements across the ecosystem. Increasing power densities in modern compute environments have placed mounting pressure on operators to find integrated solutions that address both thermal management and water consumption challenges simultaneously.

BitSink manufactures air and liquid cooling systems designed to handle heat rejection ranging from 60kW to 2MW. The company originally established its reputation supplying equipment for Bitcoin mining operations and, like many cryptocurrency mining firms, has been transitioning its focus toward AI and HPC applications. According to the company, its equipment currently chills 220MW of compute capacity at data centers worldwide.

Under the terms of the agreement, AirJoule paid $18 million in cash and $9 million in stock for BitSink, with additional payments in AirJoule shares worth up to $40 million over the next three years contingent upon meeting certain revenue milestones.

"The rapid buildout of AI and HPC infrastructure is fundamentally changing the requirements for cooling and water across the data center ecosystem," said Matt Jore, founder and CEO of AirJoule Technologies. "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. This acquisition transforms AirJoule Technologies into a broader infrastructure solutions provider capable of addressing these interconnected constraints. We are excited to welcome the entire BitSink team to AirJoule Technologies."

BitSink founder Stan Dyshko also commented on the deal: "We built BitSink to solve the real-world infrastructure challenges facing increasingly power-dense computing environments. Joining AirJoule Technologies gives us additional resources and relationships to expand our manufacturing capabilities and reach new customers. It also creates an exciting opportunity to integrate BitSink's cooling and power infrastructure and the AirJoule atmospheric water generation technology to address the physical infrastructure constraints faced by data center developers."

AirJoule's proprietary technology uses a sorbent based on a metal-organic framework to extract water particles from data center waste heat, enabling the captured water to be reused. The company was formed as a joint venture between power technology firm GE Vernova and Montana Technologies, and in April 2025 raised $15 million to help develop its system. AirJoule is currently working with data center developer Nexus Data Centers to install its technology at a 600MW campus being planned in Hubbard, Texas.

The acquisition reflects a broader industry trend of consolidation across the cooling and infrastructure segment as data center operators seek integrated solutions capable of managing the dual constraints of thermal density and water scarcity. By combining BitSink's liquid cooling and electrical infrastructure capabilities with AirJoule's atmospheric water generation technology, the merged entity aims to offer data center developers a more comprehensive approach to physical infrastructure challenges at a time when AI workloads are pushing power and cooling demands to unprecedented levels.