Modine Shares Jump as Report Reveals Google, Amazon as Data Center Cooling Clients

Modine Manufacturing Co. shares rose on Friday. An investigative report from Hunterbrook Media confirmed that Google is the previously undisclosed client behind Modine's $4 billion cooling agreement. Here's what you need to know.

Modine Manufacturing Co. shares surged higher. Why is MOD stock up today?

Report Exposes Google as Modine's Mysterious $4 Billion Client

Hunterbrook Media said it obtained materials believed to be from Modine's internal planning database, which were publicly posted on GitHub about a month ago and appeared to have leaked during the company's broader records migration to Alphabet Inc.'s cloud infrastructure.

According to the report, the leaked documents link Google to a supply agreement Modine disclosed in May with an unnamed client, committing Modine to reserve capacity for over $4 billion in Airedale cooling units through 2029. The report also pointed to a second layer of Google business, with roughly $4.5 billion in pipeline opportunities at various stages, of which approximately $433 million had converted into orders.

The database reportedly also covered business beyond Google, pointing to nearly $3 billion in locked-in or high-probability business Modine attributes to Amazon.com Inc.'s cloud unit, Crusoe, and more than a dozen other data center clients, plus further early-stage business. Hunterbrook estimates Modine's overall pipeline approaches $23 billion, with Amazon's cloud unit alone accounting for more than half.

Given the scale of its report, Hunterbrook Media also disclosed that at the time of publication, its affiliated fund Hunterbrook Capital held a long position in Modine stock and a short position in a basket of comparable companies, warning that its positions could change.

Database Shows Modine's Pipeline May Exceed Its Own Guidance

Beyond the pipeline's sheer size, the report examined what these numbers could mean for Modine's upcoming results. Running Modine's own conversion rates, Hunterbrook derived implied revenue of $540 million for the fiscal quarter ending in September, roughly one-fifth above Modine's guidance.

For fiscal 2027, the same calculations yielded $2.3 billion, a figure that would more than double last year's results and exceed the top end of Modine's 60% to 80% growth target.

The same pipeline also carries real execution risk. The database reportedly also showed Modine grappling with supplier shortages and engineering constraints as it expands capacity, while pursuing new business further up the cooling stack, including efforts to certify equipment compliant with Nvidia's liquid-cooling specifications.

MOD Stock Rises

MOD stock performance: Modine shares were up 2.42% at $195.35 at the time of Friday's publication.