IREN expands into Europe with Nostrum acquisition

IREN acquired Spain’s Nostrum Group, adding 490MW of power and 50+ staff, marking its European entry and advancing its shift from bitcoin mining to global AI infrastructure.

IREN, formerly focused on Bitcoin mining, has expanded into the European market by acquiring Ingenostrum, S.L. (Nostrum Group), a Spanish AI data center developer. This acquisition adds around 490 megawatts of secured, grid-connected power to IREN’s portfolio and brings in a team of over 50 professionals specializing in development, engineering, construction, and operations. The move grants IREN direct access to Spain’s growing data center market, leveraging the country’s strong renewable energy resources and robust fiber connectivity. This aligns with IREN’s strategy to become a global provider of AI and high-performance computing infrastructure. The acquisition follows IREN’s recent announcement of an 800-megawatt data center campus in South Australia and new partnerships with major tech firms. After the news broke, IREN’s shares rose nearly 4%, reflecting a positive market response to its expansion and transformation.