Midas Immersion Cooling

The primary product line centers on the XCI™ immersion tank, which accommodates up to 150 kW of compute power per unit and uses a patented plenum-and-weir flow design to circulate dielectric fluid through servers at a thermal efficiency approximately 1,000 times greater than air. Midas states the system reduces total facility power consumption by more than 40%, lowers capital expenditure by more than 50%, and shrinks physical footprint by over 60% relative to conventional air-cooled infrastructure by eliminating server fans, traditional CRAC units, and raised-floor architecture. For the bitcoin mining segment, the company developed the ASICE 2.0 tank (an ASIC-specific evolution of the XCI platform featuring overflow-prevention geometry and a modular build suited for rapid large-scale deployment). Both product lines are designed in Texas and assembled through a North American supply chain of tanks, pumps, and heat exchangers.

Prior to its largest disclosed contract, Midas had commissioned approximately 500 MW of immersion heat rejection capacity across roughly 4,000 tanks worldwide. In July 2023, the company announced a long-term purchase agreement with Riot Platforms (NASDAQ: RIOT) for an initial 200 MW of ASICE 2.0 systems, plus adiabatic coolers and ancillary equipment, destined for Riot's Corsicana, Texas facility, with delivery scheduled by year-end 2023. The agreement included an option for Riot to purchase up to 400 MW of additional systems on the same terms through December 31, 2024; full exercise would bring total commissioned Midas capacity worldwide to approximately 900 MW.

Midas has built a network of channel and technology partnerships over several years. In October 2017, the company partnered with server reseller PCPC Direct Ltd., followed one month later in November 2017 by a high-density HPC colocation agreement with CH3 Data. In July 2024, Carbon-Z (a micro data center developer using a build-on-demand model within existing commercial property footprints) named Midas as its strategic immersion cooling vendor. In September 2025, Belgian oleochemical manufacturer Oleon obtained MIDAS approval for its Qloe™ plant-based dielectric fluids, adding a bio-based fluid option to the approved product list for XCI and ASICE installations.

The company holds U.S. patent US10405457B2 and international equivalents covering its appliance immersion cooling architecture. As of 2026, Midas Immersion Cooling is engaged with multiple clients on greenfield data center builds designed from the outset around immersion-first facility layouts.