Cooling computing modules of a rack-mountable tray

An information handling system, including a plurality of computing modules; a rack-mountable tray including: a plurality of bays, each bay including a thermal pad, wherein i) each computing module is engaged with one or more of the bays of the plurality of bays and ii) one or more of the thermal pads are in thermal communication with a respective computing module of the plurality of computing modules; and a fluid circulation system positioned within the tray and coupled to each of the thermal pads, the fluid circulation system circulating fluid proximate to the thermal pads to transfer heat from the computing modules through the thermal pads.