We formulate a modeling and control framework aimed at direct liquid cooling of data servers. In our application scenario, the server’s heat load is rejected into a liquid cooling circuit that extends to individual chips. We start with a comprehensive discussion of our modeling derivations. We then show how to dynamically provision the coolant, while 1) regulating the temperatures of any self-heating components within the safe operational envelope; 2) minimizing the coolant supply cost; and 3) increasing the server outflow temperature (a key performance objective toward heat recovery systems). We confirm experimentally the benefits of the proposed controlled cooling strategy over several realistic scenarios corresponding to different inlet coolant temperatures and computational loads.