Why SPX Technologies (SPXC) Is Becoming a Clearer Data Center Cooling Play as HVAC Backlog Builds

SPX Technologies, Inc. (NYSE:SPXC) is one of the fastest-growing data center cooling stocks to invest in right now. The company’s growth story is increasingly tied to its HVAC backlog and rising demand from data center customers. On June 10, 2026, Trefis noted that SPX is investing more than $100 million to expand HVAC manufacturing capacity as demand for data center cooling products rises. The company’s HVAC segment revenue increased 22% year over year in the first quarter, while HVAC backlog reached $755 million, up 38% organically, primarily driven by data center demand. SPX also expects data center sales to rise about 50% in 2026, making cooling one of the clearer growth engines inside its HVAC portfolio.

The product angle supports that demand. On April 29, 2026, SPX Cooling Tech launched the Marley OlympusMAX Fluid Cooler, a modular dry and adiabatic cooling platform built for data centers, industrial plants, and high-density cooling applications. SPX said the unit can be configured in dry or adiabatic versions, includes a bolt-on adiabatic module that can be installed at the factory, in the field, or after the system is operating, and is designed to improve energy and water-use predictability for hyperscale data centers.

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SPX Technologies, Inc. (NYSE:SPXC) provides highly engineered products and technologies across HVAC and detection and measurement markets, including cooling towers, fluid coolers, adiabatic cooling systems, dry coolers, air movement products, and related infrastructure technologies.

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