A first-gen Oxide Computer rack puts out max 15 kW of power, and they manage to do that with air cooling. The liquid-cooled AI racks being used today for training and inference workloads almost certainly have far higher power output than that.

(Bringing liquid cooling to the racks likely has to be one of the biggest challenges with this whole new HPC/AI datacenter infrastructure, so the fact that an aircooled rack can just sit in mostly any ordinary facility is a non-trivial advantage.)