IREN Secures Works License for 300-Megawatt Spanish AI Campus
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IREN has secured a civil works license for its planned 300-megawatt data center campus in Spain and established a European holding company as it expands its AI cloud business beyond North America.
The Badajoz campus in Extremadura is targeting initial operations in 2028, IREN said in a Wednesday statement at Nvidia’s GTC Berlin conference. It plans to offer managed AI cloud services to customers seeking control over where their workloads run and how their infrastructure is operated.
The project builds on IREN’s acquisition of Spanish data center developer Nostrum Group in June. That transaction included the Badajoz site and local development, engineering and construction capabilities. IREN valued the acquisition’s total consideration at about $147.9 million, including cash, shares and contingent payments, according to its annual filing.
The campus update comes three days after Real Madrid announced IREN as an official sponsor on Oct. 18, adding a sports marketing presence alongside the company’s data center expansion in Spain.
Former Banco Santander Chief Executive Officer Ángel Corcóstegui will chair the board of IREN Europe, the new holding company. Roberto Purcaro was appointed executive director for Europe and joins the board.
IREN said Badajoz has secured grid-connected power and will use closed-loop liquid cooling designed to limit cooling-water requirements. The campus is being designed for compatibility with Nvidia’s DSX AI Factory platform.
The expansion comes as the European Union seeks to increase domestic computing capacity and reduce strategic dependence on overseas technology providers. The European Commission’s AI Continent Action Plan includes an initiative to mobilize €20 billion for up to five AI gigafactories.
For IREN, the Spanish development extends a business undergoing a shift from bitcoin mining to AI computing. AI cloud revenue rose to $128.8 million in the fiscal year ended June 30, from $16.4 million a year earlier, while bitcoin mining still generated $578.2 million. The company reported a $702.6 million annual net loss, including substantial noncash impairments as mining equipment was decommissioned.
