High-current, high-power-density 48V voltage regulator modules (VRMs) are critical for 48V data center power architecture. In the paper, a single-stage 48V converter with multiphase current doubler rectifiers is proposed for CPUs in data center applications. The magnetizing inductors of the matrix transformer are used as the output inductors of the multiphase current doubler rectifier. The magnetic integration structure for the matrix transformer is optimized to reduce both core loss and winding loss. A 48/1.8V converter is designed, which can reach a power density of 1.04 kW/in³ under 120A continuous output current and a peak efficiency of 93.1%, with air-cooling method. The proposed converter can handle up to 300A peak output current for 2ms×62Hz, which is verified by thermal performance.