IREN enters Europe with 490MW acquisition

• IREN (NASDAQ:IREN) has acquired Spanish data centre developer Nostrum Group, adding about 490 megawatts of secured power capacity.
• The acquisition expands IREN's global power portfolio to approximately 5 gigawatts and marks its entry into the European market.
• IREN is accelerating its shift toward AI cloud services as it seeks to diversify beyond Bitcoin mining.

IREN has completed the acquisition of Spanish data centre developer Nostrum Group, adding approximately 490 megawatts of secured grid-connected power capacity and establishing its first presence in Europe.

The deal increases IREN's global power portfolio to about 5 gigawatts, with the newly acquired Spanish assets accounting for roughly 10% of total capacity.

“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,” said IREN co-founder and co-chief executive officer Daniel Roberts.

The acquisition also includes a development pipeline and more than 50 employees across engineering, construction, development and operations, while IREN said Spain offers renewable energy resources and fibre connectivity to support AI infrastructure growth.

IREN is expanding its AI cloud business to create additional sources of contract-based revenue beyond Bitcoin (CRYPTO:BTC) mining; following the announcement the IREN share price was not disclosed.

The company reported US$111.2 million in Bitcoin mining revenue and US$33.6 million in AI cloud revenue for the quarter ended March 31, with AI cloud revenue rising from US$17.3 million in the previous quarter.

IREN reported approximately 150,000 GPUs installed or on order as of March 31 and said those assets could support an estimated annual revenue run rate of about US$3.7 billion, while other miners including HIVE Digital Technologies and Bitdeer are also expanding AI infrastructure operations in Europe.

At the time of reporting, Bitcoin price was $65,686.67.