I took part a SMPS from a storage server from like 2003-04. It had some normal input part, then had the transistors, etc on a separate PCB n a heatsink. Normal SMPS transformer. seems to put out like 52V DC, then this ran 3 DC-DC converter units. 2 in parallel and another. Used 3 small fans to cool two for the SMPS, one for inverter. Seems like a rather inefficient, impractical setup for no real advantage.