IREN Completes Acquisition of Spanish AI Data Center Developer Nostrum

IREN has completed its acquisition of Ingenostrum, S.L., known as Nostrum Group, marking the company’s entry into the European data center market as it accelerates its expansion from bitcoin mining into AI cloud infrastructure.

The deal adds about 490 megawatts of secured, grid-connected power in Spain, along with an additional development pipeline and a local team of more than 50 employees across development, engineering, construction and operations, IREN said Monday. Nostrum’s operations will continue under the IREN brand.

IREN did not disclose financial terms of the transaction.

The acquisition gives IREN a foothold in Spain, a market the company has described as attractive for large-scale AI data center development because of renewable power availability, fiber connectivity and a supportive permitting and regulatory backdrop. When IREN first announced the agreement in May, it said the deal would lift its broader power portfolio to 5 gigawatts.

“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,” Daniel Roberts, IREN’s co-founder and co-chief executive officer, said in the announcement.

Nostrum Chief Executive Officer Gabriel Nebreda said the Spanish developer had spent years assembling what he called “one of Spain’s most advanced AI infrastructure pipelines,” adding that IREN’s platform would allow the projects to be developed at greater speed and scale.

The closing comes as IREN is rapidly broadening its geographic footprint. Earlier this month, the company announced a planned 800 MW data center campus in Bundey, South Australia, supported by a transmission connection agreement, with energization expected to begin from 2028.

The expansion underscores how former bitcoin mining operators and mining-adjacent infrastructure companies are increasingly repositioning around AI compute, where access to large blocks of grid-connected power has become one of the industry’s main bottlenecks. IREN describes itself as a vertically integrated AI cloud provider delivering large-scale data centers and GPU clusters for AI training and inference.

IREN has also moved to deepen its AI infrastructure strategy through a partnership with NVIDIA announced in May to accelerate deployment of up to 5 GW of AI infrastructure.