Abstract: A multi-stage thermal management system includes a fluid loop configured to supply a chilled heat transfer fluid to a plurality of thermal loads having different cooling demands. The system includes a plurality of heat rejection components arranged in stages and fluidly coupled to the fluid loop. The plurality of heat rejection components is configured to receive a return heat transfer fluid from the plurality of thermal loads and extract heat from the return heat transfer fluid to generate the chilled heat transfer fluid. A control system is configured to selectively draw the chilled heat transfer fluid from each heat rejection component individually and to direct the chilled heat transfer fluid to the plurality of thermal loads based on the different cooling demands of the plurality of thermal loads to meet each of the different cooling demands via supply of the chilled heat transfer fluid.