Overview
KVX Data is a purpose-built, modular GPU data center located in Grubišno Polje, Croatia. Designed as a Tier 4+3 facility, it delivers enterprise-grade AI compute infrastructure with full EU data sovereignty compliance. The facility is 100% owned by KVX Holding and represents the infrastructure pillar of the portfolio, complementing the SaaS revenue base provided by Congruence.
The data center is engineered to operate 140 GPU units comprising 30 NVIDIA H200 SXM and 110 NVIDIA H100 PCIe accelerators, delivering 13 TB of total VRAM. This mixed architecture supports a range of AI workloads from large-scale model training on the H200 SXM cluster to high-throughput inference on the H100 PCIe fleet.
Facility Design
The facility is designed for 1 MW of IT power at initial deployment, with infrastructure pre-engineered to scale to 5 MW. The GPU cluster is interconnected via InfiniBand NDR at 400 Gb/s, enabling the low-latency, high-bandwidth communication required for distributed training workloads.
Power efficiency is a core design principle. The facility targets a PUE of 1.33, supported by advanced liquid cooling for the high-density GPU racks. A 600 kWp on-site solar array provides supplementary renewable generation, reducing grid dependency and aligning with EU sustainability mandates.
Energy Economics
Croatia offers a structurally advantaged energy position for AI compute. KVX Data benefits from a secured energy rate of €80/MWh under a 14-year contract, providing long-term cost predictability that is difficult to replicate in Western European markets. This energy cost advantage is a fundamental driver of the project's financial returns.
Technical Specifications
Infrastructure at a glance.
GPU Count
140 Units
30× H200 SXM + 110× H100 PCIe
Total VRAM
13 TB
Aggregate GPU memory
Power
1 MW
Scalable to 5 MW
PUE
1.33
Power usage effectiveness
Energy Rate
€80/MWh
Secured for 14 years
Solar
600 kWp
On-site solar array
Location
Grubišno Polje
Croatia, European Union
Network
InfiniBand NDR
400 Gb/s interconnect
Financial Projections
Unit economics and return profile.
Target IRR
20–24%
Internal rate of return
Payback Period
5.5 Years
Capital recovery timeline
NPV
€9.1M
Net present value
EBITDA Margin
51%
At scale
Break-Even
49%
Utilisation threshold
Total CAPEX
€12M
Full deployment cost
Investment Rationale
KVX Data is positioned at the foundational layer of the EU AI economy. As European demand for sovereign AI compute accelerates—driven by regulatory requirements, data residency mandates, and growing enterprise AI adoption—purpose-built GPU infrastructure with competitive energy economics represents a structurally advantaged asset class.
The combination of low-cost, long-term energy contracts, EU-compliant facility design, and a mixed GPU architecture optimised for both training and inference workloads creates a differentiated competitive position in the European market. The 49% break-even utilisation threshold provides substantial margin of safety against demand volatility. Learn more about the strategic rationale in our investment thesis.