IREN gains European foothold with 490MW Nostrum buy

IREN completed its acquisition of Spain-based Nostrum Group (Ingenostrum S.L.) on June 15, adding 490 megawatts of secured, grid-connected power and a roughly 50-person development team. Nostrum will operate under the IREN brand and brings a pipeline of development-ready sites for AI data centers in Spain.

The deal gives the Nasdaq-listed company access to secured power in Spain and local execution capacity for artificial intelligence data center projects. Nostrum’s staff cover development, engineering, construction and operations, and the company’s sites are positioned for rapid build-out of GPU clusters.

Daniel Roberts, co-founder and co-CEO of IREN, commented, “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. Nostrum gives us secured power today along with a development pipeline and a great local team we’re excited to work with.”

Nostrum CEO Gabriel Nebreda added, “We have spent years assembling one of Spain’s most advanced AI infrastructure pipelines. Joining IREN means we can now develop it at the speed and scale Europe’s rapidly growing demand for AI infrastructure requires.”

IREN has shifted from large-scale bitcoin mining toward building a vertically integrated AI cloud business that combines data centers, GPU capacity and grid-connected land and power in renewable-rich regions across North America, Europe and APAC. The acquisition follows more than $3.65 billion in financing tied to GPU capital expenditure the company has secured for AI deployments.

Financial markets reacted to the announcement. On Monday midday, IREN shares traded around $61 to $62.30, up about 4% from Friday’s $59.77 close, with volume above 21 million shares. The stock had gained roughly 12.5% over the prior five trading days after swings that included a 10.1% jump on June 11 and an 8.7% decline on June 9. IREN’s market capitalization was near $22.26 billion, with a 52-week range from $9.52 to $76.87 and year-to-date gains of about 60% to 65%.

IREN said the acquisition establishes a Spanish base for AI data center development and expands its development pipeline in Europe. The company will integrate Nostrum’s operations under the IREN brand and use the secured power and local team to proceed with site development in Spain and potential future projects in the region.