IREN, the company pivoting from bitcoin mining to AI and high‑performance computing, has acquired Spain‑based Nostrum Group (Ingenostrum, S.L.). The deal adds approximately 490 megawatts of secured, grid‑connected power capacity to IREN’s portfolio, strengthening its position in Europe’s fast‑growing AI data center market.
The acquisition brings more than 50 engineers, developers, and construction specialists into the fold, along with an established development platform in Spain. Co‑founder and co‑CEO Daniel Roberts called Europe “one of the largest and fastest‑growing markets for AI infrastructure” and highlighted Spain’s abundant renewables and strong fiber connectivity as key attractions.
This move is the latest step in IREN’s broader transformation. The company has already signed a multibillion‑dollar AI cloud agreement with Microsoft and deepened its partnership with Nvidia, while also planning an 800‑megawatt data center campus in South Australia. The Nostrum deal gives IREN a direct entry point into Spain at a time when power availability has become a critical constraint for AI compute projects.
IREN shares rose nearly 4% on the announcement, reflecting investor enthusiasm for bitcoin miners that can convert energy assets into AI infrastructure revenue. The deal underscores how AI demand is reshaping the mining sector, though successful execution will require IREN to turn megawatts and development rights into durable, contracted AI compute capacity.
