IREN Acquires Spanish AI Data Center Developer Nostrum

IREN completed the acquisition of Ingenostrum S.L., known as Nostrum Group, a Spanish developer of AI data centers. The deal adds about 490 megawatts of secured, grid-connected power and transfers more than 50 employees to IREN.

The acquired team covers development, engineering, construction and operations. IREN stated the projects will integrate into its global AI cloud platform, providing immediate development and operational capacity in Europe.

Daniel Roberts, IREN co-founder and co-CEO, said Monday, “Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity.”

The acquisition follows IREN's announcement earlier this month of plans for an 800-megawatt data center campus in South Australia intended to serve AI demand across the Asia-Pacific region. Over the past year IREN has shifted from bitcoin mining to providing AI and high-performance compute infrastructure, signing a multibillion-dollar cloud agreement with Microsoft and forming a partnership with Nvidia.

Investors reacted modestly; IREN shares rose about 4% to trade near $62 on Monday. Company officials described the acquisition as part of a broader plan to scale capacity and offer AI cloud services on a global basis.

Nostrum has focused on developing large-scale, AI-optimized facilities in Spain. IREN added that integrating Nostrum's projects and staff will give it immediate development and operational capabilities in Europe as it continues to expand its AI infrastructure offering.