IREN buys Nostrum, adds 490 MW, enters European market
IREN completed its purchase of Spanish data center developer Nostrum, adding about 490 MW of grid-connected power and more than 50 staff to support its AI cloud expansion in Europe.
IREN completed the acquisition of Spanish data center developer Nostrum, according to a press release on Monday. The deal provides about 490 megawatts of secured, grid-connected power in Spain, a development pipeline and over 50 employees across engineering, construction, development and operations. The company described the transaction as its entry into the European market.
The acquisition increases IREN’s global secured power capacity to roughly 5 gigawatts, with the Spanish assets accounting for about 10% of that total. IREN said the assets include fiber connectivity and sites designed for high-density computing that can support its AI cloud services in Europe.
IREN’s press release quoted co-founder and co-CEO Daniel Roberts: “Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points.”
The deal is part of IREN’s shift toward contract-based AI cloud services alongside its Bitcoin mining operations. For the quarter ended March 31, the company reported $111.2 million in mining revenue and $33.6 million in AI cloud revenue. AI cloud revenue rose from $17.3 million in the prior quarter, while mining revenue declined from $167.4 million. The company attributed the decline in mining partly to lower average Bitcoin prices and the decommissioning of mining hardware.
As of March 31, IREN reported about 150,000 GPUs installed or on order, which it estimates could support a $3.7 billion annual revenue run rate if fully deployed. Industry analysts have said IREN could repurpose existing mining sites for AI compute over time.
Other cryptocurrency miners have announced conversions or development of AI data center capacity in Europe. Companies pursuing such projects include HIVE Digital in Sweden and Bitdeer in Norway.
Nostrum is a Spain-based data center developer with existing grid-connected capacity and a pipeline of planned high-density sites. IREN did not disclose the purchase price in the press release.
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