IREN enters the European market: acquisition of Nostrum Group and 490 MW of capacity in Spain
Mining company IREN has made a strategic move by completing the acquisition of AI data center developer Ingenostrum, S.L., better known as Nostrum Group. This deal marks IREN's official entry into the European market and significantly strengthens its position in the high-performance computing segment.
As a result of the acquisition, IREN has gained access to a portfolio of secured capacity in Spain totaling approximately 490 MW. These resources are already connected to the power grid, which is critical for scaling both mining operations and AI infrastructure. Additionally, the company will take over the Nostrum team, which includes over 50 specialists who will continue working under the IREN brand.
Strategic Expansion and Synergy
The purchase of Nostrum Group is not just a geographic expansion. It is an integration of expertise in designing and operating data centers with a focus on AI workloads. For IREN, which is traditionally associated with Bitcoin mining, this move appears to be a logical diversification maneuver. The AI market requires cheap and stable energy, and miners already have experience working with energy-intensive infrastructures.
From my perspective, this deal is a vivid example of the convergence of two industries. IREN is not just buying megawatts—it is acquiring a team with unique experience in European regulation and design. This gives the company a significant advantage over competitors trying to enter the AI market from scratch. I expect that in the coming quarters, we will see accelerated construction of new facilities in Spain, which will positively impact IREN's production metrics.