Key Takeaways:
IREN, the former Bitcoin miner turned AI infrastructure company, entered the European market by acquiring Spanish data center developer Nostrum Group, adding 490 megawatts of secured, grid-connected power.
"Europe is one of the fastest-growing markets for AI infrastructure, and Spain offers abundant renewable energy and strong fiber connectivity," Daniel Roberts, co-founder and co-CEO of IREN, said.
The deal brings more than 50 employees across development, engineering, construction and operations, and increases IREN's total power portfolio to 5 gigawatts. The acquisition includes a pipeline of future projects beyond the initial 490 MW, with Spain providing low-cost renewable power and connectivity to major European markets, according to the company.
The move positions IREN to compete for AI cloud contracts in a region where demand for computing capacity is accelerating as enterprises, cloud providers and governments invest in AI applications. IREN now faces competition from TeraWulf, which acquired a 1-plus-gigawatt data center campus in Kentucky in May, and Applied Digital, both of which are also pivoting from crypto mining toward AI and high-performance computing infrastructure.
Spain's Strategic Appeal for AI Infrastructure
Spain offers several advantages for large-scale data center development, including access to abundant renewable energy, strong fiber connectivity and a supportive regulatory environment for big infrastructure projects, IREN said. The country's low-cost renewable power, combined with its proximity to major European markets, makes it one of the most attractive locations in Europe for AI cloud deployments.
Nostrum CEO Gabriel Nebreda said the company has developed one of Spain's most advanced AI infrastructure pipelines and that partnering with IREN will allow projects to be executed more quickly and at greater scale to meet market demand.
The acquisition also brings an experienced local team that will strengthen IREN's execution capabilities in Europe and help advance projects in the development pipeline, the company said. By adding secured power, development sites and local expertise, the Nostrum acquisition gives IREN a platform to expand its AI cloud business across the continent.
IREN shares have gained this year as the company continues its transition from digital asset mining to high-performance computing, a shift that has attracted investors focused on the AI infrastructure buildout. The company trades at a valuation that reflects its hybrid identity — part energy developer, part cloud provider — as it competes for a share of the data center capacity market that analysts project will require hundreds of billions of dollars in investment over the next decade.
This article is for informational purposes only and does not constitute investment advice.
