Key Takeaways
A transatlantic group will invest over €50 billion to build a 1 GW AI data center in Croatia, the largest investment in the nation's history.
The project aims to address Europe's data capacity shortage, driven by AI demand and data sovereignty rules, while offering geopolitical stability as a NATO and EU member.
Project Pantheon AI: Key Metrics
A transatlantic consortium is set to invest over €50 billion in a new hyperscale AI data center in Croatia, aiming to solve a structural power and capacity gap in Europe for U.S. technology companies and other hyperscalers.
"We have assembled a transatlantic partnership to solve one of the most pressing challenges in global digital infrastructure: enabling hyperscale operators to meet AI-driven demand at scale," said Ryan Rich, Managing Partner of PantheonAI. "We have lined up the power, fiber, regulatory stability, and institutional support to solve that problem in Europe."
The project, named Pantheon AI, will have a total capacity of one gigawatt and 800 megawatts of usable IT load on a 310-acre campus in Topusko. Construction on the €12 billion campus is slated to begin in early 2027, with full operations expected by the first quarter of 2029.
The investment, the largest in Croatian history, seeks to capitalize on surging AI-driven demand that has strained capacity in established European hubs. By building in a NATO-protected, EU-regulated country with a clean energy grid, the project offers a secure alternative to geopolitically sensitive locations and helps U.S. tech firms comply with EU data sovereignty laws.
The project arrives as demand for data center capacity in Europe is projected to grow more than three-fold by 2035, with established hubs like Frankfurt, London, Amsterdam, and Dublin facing power and land constraints. Pantheon AI is designed to address this shortfall, providing a gigawatt-scale, AI-optimized facility in a region that currently lacks one. The development also aligns with EU data sovereignty regulations, which compel technology companies to store European data within the bloc's borders.
"Critical infrastructure of this scale, built by the private sector responding to real market demand, is exactly how US interests and European security advance together," said Joshua Volz, Special Envoy for Global Energy Integration at the U.S. Department of Energy. The location in Croatia, a member of the EU, NATO, and the eurozone, provides a layer of regulatory predictability and physical security that has become a critical factor for hyperscale tenants.
The Pantheon AI campus is designed to high standards of availability and resilience, rated above Tier IV, a benchmark for uptime and redundancy. The facility will be fully powered by renewable energy, supported by an on-site 500 MW solar plant and an 8,000 MWh battery storage system developed by Greenvolt International Power, which is majority-owned by investment firm KKR.
The project is expected to create 1,500 permanent jobs upon completion and another 3,000 roles during the construction phase. A consortium of partners is involved in the development, including Croatian energy company Koncar Group for the substation, Parsec Lab for data center design, and Eastdil Secured for advisory and tenant procurement. The investment vehicle, Pantheon Atlas LLC, is composed of U.S. institutional investors and high-net-worth individuals.
This article is for informational purposes only and does not constitute investment advice.
