Odaily reported that IREN, an AI infrastructure company transformed from a Bitcoin mining firm, has announced the acquisition of Ingenostrum, S.L., the Spanish AI data center developer also known as Nostrum Group. The transaction marks IREN’s formal entry into the European market and gives the company a development pipeline for AI data centers in Spain.
About 490 MW of secured grid-connected power
According to IREN, the deal adds about 490 megawatts of secured, grid-connected power resources to its portfolio. For a company moving from pure Bitcoin mining toward AI and high-performance computing infrastructure, access to power and data center development capacity is a central part of its expansion plan. Nostrum Group has a team of more than 50 employees, spanning development, engineering, construction and operations.
IREN said Europe is one of the world’s largest and fastest-growing AI infrastructure markets. The company also described Spain as an important gateway into Europe because of its abundant renewable energy and strong fiber connectivity. Through this acquisition, IREN gains local project resources in Spain, a development pipeline, secured grid-connected power and an operating team with experience across the data center lifecycle.
Part of IREN’s shift from Bitcoin mining
The acquisition is the latest step in IREN’s transition from a pure Bitcoin mining company into a global provider of AI and high-performance computing infrastructure. Before this deal, IREN had announced plans to build an 800-megawatt data center campus in South Australia. The company had also signed a multibillion-dollar AI cloud agreement with Microsoft and established a partnership with Nvidia.
Following the announcement, IREN shares rose nearly 4% on Monday to around $62. Based on the company’s disclosed details, Nostrum Group brings IREN a Spanish AI data center development pipeline, about 490 MW of grid-connected power resources, and a team covering development, engineering, construction and operations.