Embodiments herein relate to multi-phase cooling of electronic equipment such as processors and voltage regulators in a rack computing system. In various embodiments, a cooling device may include a heat exchanger, an inlet manifold, an outlet manifold, one or more fluid conductors coupled with the heat exchange, the inlet manifold, and the outlet manifold to carry a two-phase fluid from the outlet manifold to the inlet manifold through the heat exchanger, and one or more fans to generate a flow of air against the heat exchanger. In some embodiments, the heat exchanger may be arranged in an inverted-V or an inverted-W configuration with respect to the fans. In embodiments, the cooling device may be disposed in a rack module. Other embodiments may be described and/or claimed.