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COMPANY RESEARCH / 2421.TW

SUNON (Sunonwealth)

Compact cooling fans & thermal modules

Published by FyncaResearch checked How we research

HUMANOID ROBOT

Where it fits in the robot

SUNON explicitly markets fans, heat sinks, and thermal modules for cooling humanoid heads, torsos, limbs, and battery packs.

What the evidence establishes

Humanoid evidence

SUNON explicitly markets cooling for humanoid heads, torsos, limbs, and packs. Its compute link is thermal hardware, not processor design.

An explicit humanoid product, development program, application, or partnership. This does not establish revenue, market share, or production volumes.

Component roleCompact cooling fans & thermal modules
EvidenceSUNON explicitly markets cooling for humanoid heads, torsos, limbs, and packs. Its compute link is thermal hardware, not processor design.
Primary sourceSUNON (Sunonwealth) — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Thermal capability does not identify a named humanoid customer or quantify robotics revenue; other electronics markets remain important.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. A robotics product or development announcement does not by itself establish material humanoid revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Heat spreader & cooling

A thermal interface conducts heat to the spreader and fins. Airflow or another heat-removal path is needed; cooling capacity affects sustained performance.

Scope of the company links: SUNON supplies fans and thermal modules for robotic cooling. Processor and computer vendors are not treated as cooling-component makers.

AI SERVER RACK

Where it fits in an AI server rack

Makes compact server fans, AI fan walls, heat pipes, vapor chambers, heat sinks and thermal modules, and has added cold plates, in-rack RPU/CDUs and in-row CDUs (cold-plate shipments in 1H 2026; CDUs ready for mass production). AI-server revenue was NT$1,111 million, 22.6% of 1Q26 sales, within server revenue at 47.3%; NVIDIA named SUNON among its Blackwell partners (Oct 2024).

What the evidence establishes

AI-rack evidence

Disclosed: SUNON’s 1Q26 results presentation (MOPS) reports AI-server revenue at 22.6% of sales and its cold-plate and CDU roadmap.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component roleServer fans, cold plates and CDUs
EvidenceDisclosed: SUNON’s 1Q26 results presentation (MOPS) reports AI-server revenue at 22.6% of sales and its cold-plate and CDU roadmap.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceSUNON (Sunonwealth) — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Customers are not named. Liquid cooling is new, with cold-plate revenue expected from 2H 2026, and fans also serve autos, appliances and industry.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Cold plates

Copper plates with fine internal channels mounted on the GPUs and CPUs. Coolant flowing through the channels carries the chips’ heat away.

Scope of the company links: Cold-plate makers with documented AI-server products: AVC (large-scale AI liquid-cooling production; a reference designer for unnamed leading GPU makers), Motivair by Schneider Electric (cold plates for NVIDIA SXM5 and AMD Instinct MI300X), JetCool, a Flex company (SmartPlate for NVIDIA H100 and RTX PRO 6000 and Broadcom TH6 switches), CoolIT, owned by Ecolab since July 2, 2026 (5+ million cold plates shipped), Auras, Delta (microchannel cold plates), Envicool, Jentech (liquid-cooling modules), SUNON (shipping since 1H 2026) and Forcecon (catalog). Eaton added Boyd Thermal’s cold plates when it closed that purchase (Mar 12, 2026); Supermicro markets its own DLC-2 cold plates; Luxshare lists cold plates for AI racks; Furukawa is adding cold-plate capacity for data-center GPUs from January 2027. The cold-plate supplier in any given NVL72 tray is not disclosed. Cooler Master and ZutaCore are private, and Fositek’s “Cold Plate + UQD” offer relies on AVC, so Fositek is mapped to quick disconnects only.

Coolant distribution unit

Pumps, a heat exchanger, filters and controls that circulate the rack’s clean coolant and pass its heat to the building’s water loop.

Scope of the company links: In-rack CDUs like the illustrated one sit at the bottom of the rack: Kaori (4U in-rack CDU), Auras, SUNON (in-rack RPU/CDU, mass-production ready in 1H 2026), JetCool (Flex; SmartSense rack-mounted CDU), Envicool (rack CDU validated by Intel) and Forcecon (80 kW, catalog). Row- and facility-scale CDUs serve many racks: nVent (in its GB200 NVL72 reference architecture with NVIDIA), Delta (40–144 kW liquid-to-air; 1.5 MW liquid-to-liquid), Motivair by Schneider Electric (MCDU-70 in the Schneider–AMD Helios reference design; WCDU up to 3.5 MW), CoolIT (Ecolab), Vertiv (Liebert XDU), AVC, Nidec, Modine’s Airedale (400 kW–2 MW+) and Lite-On (a 600 kW in-row CDU announced in 2024). Sanyo Denki supplies a liquid-cooling pump, a CDU component rather than a CDU. LiquidStack is private. Eaton’s Boyd Thermal markets CDUs for GB200 NVL72 deployments, Supermicro’s GB300 NVL72 rack carries its own in-rack CDU of up to 250 kW, and Luxshare lists CDUs.

Fan modules

High-speed fans in power shelves, switch trays and other air-cooled parts that pull air front to back through the rack.

Scope of the company links: SUNON reports AI-server revenue at 22.6% of 1Q26 sales and sells server fans and AI fan walls; Delta’s 2025 annual report describes fans for air- and liquid-cooled AI servers and hot-swap rack fans; AVC makes server fans; Sanyo Denki developed a counter-rotating fan for generative-AI GPU servers; Nidec markets server and data-center fans. Which fan maker supplies a given NVL72 tray or power shelf is not disclosed, and private fan makers are not mapped.

Air heat sinks

Finned heat sinks and vapor chambers on network chips, power parts and other components that are not on cold plates.

Scope of the company links: Heat sinks, heat pipes and (3D) vapor chambers for servers: AVC, Delta (two-phase vapor-chamber heat sinks for AI GPU/ASIC chips and power racks), Auras (heat-pipe, vapor-chamber and 3D-VC modules), SUNON, Nidec and Forcecon (server thermal modules, catalog). In a liquid-cooled tray these cover the parts left on air (NICs, drives, power stages); the supplier for any given rack is not disclosed. Jentech’s heat spreaders are package lids, not heat sinks, so they are not mapped here. Furukawa began new data-center heat-sink output in July 2026.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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