His whole marketing campaign is aimed at illiterate/innumerate people, those who can be convinced that the law of thermodynamics can be somehow suspended after paying for an expensive patented 3M cooling fluid. The reality is obvious: you can't omit the heatsink, but it can be either local or remote.
Interestingly, they actually built some of their water-cooled setups so they must have the exact costs available, they just don't disclose them, hoping to snare some semi-literate or semi-numerate investors who'll buy into the "no more heatsinks nor fans" spiel.
well, the ''magic'' of two phase immersion cooling is that the change from liquid to vapor state consumes a lot of heat energy! That's thermodynamics, too.
So you need a lot less cooling equipment than with air cooling or normal water cooling.