Iris Energy Limited

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Bullish +75

IREN Completes Acquisition of Nostrum Group Expanding AI Cloud Platform to Europe

🚀 IREN Limited has completed the acquisition of Ingenostrum, S.L. (Nostrum Group), a Spanish developer of grid-connected AI data centers.

🇪🇺 The deal marks IREN's official entry into the European market with approximately 490MW of secured power in Spain.

👥 Nostrum contributes a team of more than 50 people across development, engineering, construction, and operations.

⚡ Spain is selected for its abundant renewables and strong fiber connectivity, making it a compelling entry point.

📈 The acquisition adds a significant development pipeline alongside immediate secured capacity.

🏷️ Nostrum's operations will continue under the IREN brand to serve growing AI cloud demand.

💬 Co-CEO Daniel Roberts cited Spain as a key location for scaling AI infrastructure with local talent and power security.

🌍 IREN expands its vertically integrated platform across North America, Europe, and APAC regions.

⚙️ The company focuses on delivering large-scale data centers and GPU clusters for AI training and inference.

⚠️ Standard forward-looking statements warn of risks related to execution, revenue targets, and new site development.

Bullish Signals
  • IREN secures 490MW of immediate grid-connected power in Spain, providing instant capacity growth.
  • The acquisition adds a robust development pipeline for future expansion in a high-growth European market.
  • Nostrum brings over 50 experienced employees with specialized skills in engineering and operations.
  • Spain offers abundant renewable energy and strong fiber connectivity, ideal for AI infrastructure.
  • The deal allows IREN to serve one of the largest and fastest-growing markets for AI infrastructure.
  • Continuing Nostrum's operations under the IREN brand ensures immediate revenue potential from existing assets.
  • Strategic entry into Europe diversifies IREN's geographic footprint beyond North America and APAC.
Full Analysis
IREN Limited has officially completed the acquisition of Ingenostrum, S.L., formerly known as Nostrum Group, a Spanish developer of grid-connected AI data centers. This strategic move marks IREN's formal entry into the European market, specifically targeting Spain, which is viewed as a compelling entry point due to its abundant renewable energy resources and strong fiber connectivity infrastructure. The deal secures approximately 490MW of immediate, grid-connected power capacity in Spain while also adding a significant development pipeline for future expansion. The acquisition brings over 50 employees with expertise in development, engineering, construction, and operations to IREN's team. Nostrum's existing operations will continue under the IREN brand, allowing the company to immediately serve the rapidly growing demand for AI cloud infrastructure across Europe. Daniel Roberts, Co-Founder and Co-CEO of IREN, highlighted that Spain offers a unique combination of secured power and local talent essential for scaling AI infrastructure. Gabriel Nebreda, CEO of Nostrum Group, noted that joining IREN enables them to develop their advanced pipeline at the speed required by Europe's surging demand. IREN positions itself as a vertically integrated AI cloud provider with a global footprint spanning North America, Europe, and APAC. This acquisition strengthens IREN's portfolio of renewable-rich regions and expands its capacity for large-scale data centers and GPU clusters used for AI training and inference. The press release includes standard forward-looking statements regarding future financial performance, operational execution, and the risks associated with developing new sites and deploying liquid cooling systems.