IREN, a bitcoin mining company transitioning to AI infrastructure, acquired Ingenostrum, S.L., known as Nostrum Group, a Spain-based AI data center developer. The deal adds about 490 megawatts of secured, grid-connected power to IREN's portfolio and brings more than 50 employees across development, engineering, construction, and operations. The acquisition expands IREN's European AI infrastructure footprint as the company scales beyond bitcoin mining, providing direct entry into Spain's data center market where AI computing demand is increasing the value of grid access and renewable power. IREN co-founder and co-CEO Daniel Roberts said Europe is "one of the largest and fastest-growing markets for AI infrastructure," adding that Spain is "among its most compelling entry points, with abundant renewables and strong fiber connectivity."
IREN Acquires 490 MW Power Capacity Through Nostrum Deal
The acquisition gives IREN a larger development base in Europe as it scales its AI infrastructure business. The 490-megawatt power position represents the central part of the acquisition, as available power has become one of the hardest assets to secure for AI infrastructure providers. The deal also brings more than 50 employees across development, engineering, construction, and operations to IREN's team.
The acquisition is part of IREN's wider transition from a bitcoin mining company into a global AI and high-performance computing infrastructure provider. The company has been building a business model around large-scale power access, data center development, and AI cloud capacity. IREN has signed a multibillion-dollar AI cloud agreement with Microsoft, partnered with Nvidia, and continued expanding its data center footprint across several regions.
The Spain deal adds another geographic layer to that strategy and strengthens the company's ability to serve AI workloads in Europe. The acquisition comes shortly after IREN announced plans for its first Australian data center campus, an 800-megawatt project in South Australia designed to serve AI demand across the Asia-Pacific region.
Spain Offers Renewable Energy and Fiber Connectivity for AI Data Centers
Spain offers renewable energy resources, access to European demand, and fiber connectivity that can support large compute projects. For infrastructure companies, that mix can help reduce development risk compared with markets where power availability or grid access is more limited. The deal gives IREN a base inside Europe, where demand for sovereign, regional, and enterprise AI infrastructure is growing.
Companies running AI workloads increasingly need large-scale compute capacity closer to end users, customers, and regulatory jurisdictions. That creates demand for data centers that can combine power, connectivity, and operational expertise. IREN's existing background in bitcoin mining provides experience in large power procurement, site management, cooling systems, uptime controls, and capital-intensive infrastructure planning.
IREN Shares Rise Nearly 4% Following Acquisition Announcement
IREN shares rose nearly 4% on Monday, trading around $62 after the acquisition was announced. The stock reaction suggests investors are rewarding bitcoin miners that can reposition themselves around AI infrastructure and high-performance computing. The market is assigning value to miners that can show credible data center pipelines, cloud partnerships, and access to advanced chips.
Companies with large power portfolios are trying to convert sites originally built for bitcoin mining into facilities that can support AI workloads. For IREN, the Nostrum acquisition adds scale to that pivot, as the company now has AI infrastructure projects in the works across multiple continents, including Europe and Australia.
FAQ
Why did IREN acquire Nostrum Group in Spain?
IREN acquired Nostrum Group to expand its European AI infrastructure footprint and secure 490 megawatts of grid-connected power capacity. The deal provides direct entry into Spain's data center market and adds more than 50 employees across development, engineering, construction, and operations to support IREN's transition from bitcoin mining to AI and high-performance computing infrastructure.
What partnerships does IREN have for its AI infrastructure strategy?
IREN has signed a multibillion-dollar AI cloud agreement with Microsoft and partnered with Nvidia as part of its AI infrastructure expansion. The company is building a business model around large-scale power access, data center development, and AI cloud capacity across multiple regions including Europe and the Asia-Pacific through its Spain acquisition and planned 800-megawatt Australian data center campus.
