But imho especially immersion cooling is a dead end. Contact problems with cabling lower reliability because the isolating coolant creeps between the metal surfaces. Maintenance is unbelievably convoluted, not only do you have to drain all the fluid out to pull a machine, you will need to clean each and every plug, socket and pin you touch because the contact surfaces will be coated with isolating coolant. This could only be fixed with a complete redesign of everything, so that all or at least most contacts are "dry". Using fluid-tight plugs is very expensive, and anyways, most ideas there won't work for important components such as CPU and RAM.
Liquid cooling will fare better, because you can strike a balance between high-power components like CPU and GPU where you slap a liquid cooler on. And low-power components like most of the board you just cool by air as usual. But even there, maintenance is somewhat of a hassle, in addition to all the cabling you also need to deal with piping, leaks, drippage (which aren't supposed to happen, but trust me, they do). I think the only field where this is really going to be used is HPC for applications where floorspace is limited. E.g. if your network cabling must be within a certain length limit of your central network node, so you need to cram all your racks for the supercomputer you are building within some 20m circle or the like.
Less top-of-the-line HPC and datacenters are better served by just limiting power density and continuing air cooling as usual. Datacentre floorspace is expensive, but not _that_ expensive, so you will always fare better (and usually more environment-friendly) with air cooling.