IREN Expands Into Europe With Acquisition of Spain-Based Nostrum Group

New York, New York, United States - May 7, 2026 - IREN has announced an agreement to acquire Spain-based data center developer Ingenostrum, known as Nostrum Group, marking the company’s entry into the European AI infrastructure market as competition for large-scale GPU capacity intensifies globally.

The acquisition adds approximately 490MW of secured, grid-connected power capacity in Spain, along with a broader development pipeline that will increase IREN’s total global power portfolio to 5GW. The company said the deal strengthens its ability to meet growing customer demand for AI cloud infrastructure across Europe.

IREN described Spain as an increasingly attractive market for hyperscale AI infrastructure due to supportive AI policy frameworks, relatively streamlined permitting conditions, robust network connectivity, and access to low-cost renewable energy. The company has been aggressively expanding its AI cloud platform as demand for training and inference capacity continues to surge worldwide.

“This acquisition establishes a strategic platform in Europe for IREN,” said Daniel Roberts, Founder and Co-CEO of IREN. He added that Nostrum contributes “high-quality sites, an experienced local team, and a leading position in an attractive market for AI infrastructure.”

Nostrum’s existing team across development, engineering, construction, and operations will also join IREN, strengthening the company’s execution capabilities as it scales its vertically integrated AI cloud platform internationally.

Gabriel Nebreda, CEO of Nostrum Data Centers, stated that the partnership positions the combined companies to support growing European demand, including emerging sovereign AI initiatives across the region.

The announcement comes alongside a broader expansion push by IREN, which, on the same day, revealed a five-year AI cloud services agreement with NVIDIA, valued at approximately USD 3.4 billion. The company is also expanding its global AI infrastructure pipeline across North America, Europe, and Asia-Pacific.

IREN, originally known for its Bitcoin mining operations, has increasingly repositioned itself as a large-scale AI cloud provider. The company is converting significant portions of its power-intensive infrastructure toward GPU deployments for AI workloads, including liquid-cooled and air-cooled AI data centers.

Industry analysts view the Nostrum acquisition as part of a larger trend in which AI infrastructure providers are racing to secure power-rich sites and development pipelines amid tightening global compute supply. Europe has become a growing target for hyperscale expansion due to rising sovereign AI investments and increasing enterprise demand for localized AI infrastructure.

IREN said completion of the Nostrum transaction remains subject to customary closing conditions