IREN enters Europe with acquisition of Spanish AI data center developer Nostrum

Bitcoin-miner-turned-AI infrastructure provider IREN has made headway in the European market through its acquisition of data center developer Nostrum.

IREN said in a release that it completed the acquisition of Ingenostrum, S.L., known as Nostrum Group, a developer of AI data centers based in Spain.

The deal adds roughly 490 megawatts of "secured, grid-connected power" to IREN's growing portfolio as it expands its AI cloud platform globally. It also comes with a team of more than 50 employees across "development, engineering, construction and operations."

"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," IREN Co-Founder and co-CEO Daniel Roberts said Monday in a statement.

The acquisition comes just weeks after IREN announced plans for its first Australian data center campus, an 800-megawatt project in South Australia that will serve AI demand across the Asia-Pacific region.

They're the latest pieces in IREN's transformation from a pure-play bitcoin mining operation into a global provider of AI and high-performance compute infrastructure. Over the past year, the company has been moving from strength to strength, signing a multibillion-dollar AI cloud agreement with Microsoft, partnering with Nvidia, and expanding its data center footprint across multiple continents.

IREN shares (IREN) were up nearly 4% on Monday, trading for around $62, according to The Block's equity price page.