IREN acquires Spanish AI data center developer Nostrum, entering the European market

AI infrastructure company IREN, which has transitioned from a Bitcoin mining enterprise, announced the acquisition of Spanish AI data center developer Ingenostrum, S.L., also known as Nostrum Group, officially entering the European market.

This transaction adds approximately 490 megawatts of secured, grid-connected power resources to IREN and brings a pipeline of AI data center development located in Spain. The Nostrum team consists of over 50 employees, covering development, engineering, construction, and operations. IREN stated that Europe is one of the largest and fastest-growing AI infrastructure markets globally, and Spain, with its abundant renewable energy and strong fiber optic connections, is an important gateway to the European market.

This acquisition is also the latest move by IREN to transform from a pure Bitcoin mining company into a global supplier of AI and high-performance computing infrastructure. Previously, IREN had just announced plans to build an 800-megawatt data center park in South Australia and has signed a multi-billion dollar AI cloud agreement with Microsoft, as well as established a partnership with NVIDIA.

After the announcement, IREN's stock price rose nearly 4% on Monday, reporting around $62.