IREN acquired Nostrum Group on June 15, 2026, adding 490MW of secured grid power in Spain. The deal marks the AI cloud provider's entry into Europe, one of the fastest-growing AI infrastructure markets.
Key facts
- IREN acquired Nostrum Group on June 15, 2026.
- Deal adds 490MW secured grid power in Spain.
- Nostrum brings a team of 50+ people.
- Financial terms were not disclosed.
- IREN enters European AI infrastructure market.
IREN Limited completed its acquisition of Ingenostrum, S.L. (Nostrum Group), a Spanish developer of grid-connected AI data centers, according to the company's press release. The deal adds approximately 490MW of secured, grid-connected power in Spain, plus an additional development pipeline, and brings a team of more than 50 people across development, engineering, construction, and operations.
Nostrum's operations will continue under the IREN brand. Daniel Roberts, Co-Founder and Co-CEO of IREN, said in the release that Spain offers "abundant renewables and strong fiber connectivity," making it a compelling entry point. Gabriel Nebreda, CEO of Nostrum Group, said joining IREN lets the team "develop it at the speed and scale Europe's rapidly growing demand for AI infrastructure requires."
IREN did not disclose the financial terms of the acquisition. The company positions itself as a vertically integrated AI Cloud provider, delivering data centers and GPU clusters for training and inference, with a portfolio of grid-connected land and power in North America, Europe, and APAC.
The structural read: IREN is buying power, not hype. The 490MW of secured grid power is a tangible asset in an era where AI data center buildout is bottlenecked by energy access, not capital. Competitors like CoreWeave and Crusoe have similarly raced to secure grid-connected sites, but IREN's move into Spain—a market with strong renewables and fiber—is a bet on geographic diversification away from the US-centric AI cloud market. The acquisition also avoids the lengthy permitting and grid interconnection delays that plague greenfield projects, giving IREN a near-term capacity advantage in Europe.
What to watch
Watch for IREN's next quarterly earnings report (expected August 2026) for any disclosure on utilization rates of the acquired Spanish capacity and GPU deployment timelines. Also track European AI cloud demand signals from competitors like CoreWeave and OVHcloud.
Source: hpcwire.com
