ChainCatcher reported that IREN, an AI infrastructure company that evolved from a Bitcoin mining operator, has announced the acquisition of Spain-based AI data center developer Ingenostrum, S.L., also known as Nostrum Group. With the deal, IREN has formally entered the European market and gained an AI data center development pipeline located in Spain.
About 490 MW of secured grid-connected power added
According to the announcement, the acquisition adds approximately 490 megawatts of secured, grid-connected power resources to IREN. These resources are tied to a development pipeline for AI data centers in Spain, giving the company a direct foothold for its European AI infrastructure buildout.
Nostrum Group has a team of more than 50 employees. The team covers development, engineering, construction and operations, providing capabilities across multiple phases of AI data center projects. For IREN, the transaction brings together local personnel, power resources and a Spanish development pipeline under one expansion move.
IREN said Europe is one of the world’s largest and fastest-growing AI infrastructure markets. The company also described Spain as an important entry point into Europe because of its abundant renewable energy and strong fiber connectivity. The acquisition therefore centers on the same elements IREN highlighted: power availability, data center development capacity and local execution.
Part of IREN’s shift from Bitcoin mining to AI and HPC
The transaction is also the latest step in IREN’s shift from a pure Bitcoin mining company into a global provider of AI and high-performance computing infrastructure. The company, originally associated with Bitcoin mining, is now extending its business focus toward AI data centers, AI cloud infrastructure and high-performance computing.
Before announcing the European acquisition, IREN had said it would build an 800 MW data center campus in South Australia. It had also signed a multibillion-dollar AI cloud agreement with Microsoft and established a partnership with Nvidia. After the news was released, IREN shares rose nearly 4% on Monday to around $62.