Key Highlights
IREN Limited completed the acquisition of Ingenostrum, S.L., bringing a team of more than 50 people across development, engineering, construction and operations under its umbrella and securing approximately 490MW of grid-connected power capacity in Spain as the foundation for its European AI cloud infrastructure buildout.
Spain was chosen as IREN's European entry point for its favorable AI policy environment, a streamlined permitting and regulatory framework, strong international connectivity and abundant low-cost renewable energy, all of which support the power-intensive demands of large-scale AI data center operations.
The Nostrum acquisition positions IREN to serve AI cloud demand across Europe, one of the fastest-growing markets for high-performance compute infrastructure, with Nostrum's existing operations rebranded under the IREN name and the company's Spanish development pipeline integrated into IREN's global capacity planning.
IREN Limited, the AI cloud and digital infrastructure company, completed its acquisition of Nostrum Group on June 15, 2026, marking the company's first step into the European market after building its AI cloud platform across North America. Nostrum, formally known as Ingenostrum, S.L., is a developer of large-scale, grid-connected AI data centers based in Spain and brings approximately 490MW of secured, grid-connected power to IREN's global portfolio, along with an additional development pipeline and a team of more than 50 specialists across development, engineering, construction and operations. Nostrum's existing facilities and projects will continue under the IREN brand following the transaction.
The choice of Spain as IREN's European base reflects a set of conditions that have made the country increasingly attractive for hyperscale and AI-focused data center investment. Spain offers a constructive regulatory and permitting environment that allows projects to advance faster than in many other major European economies, strong international internet connectivity through undersea cable infrastructure serving both European and transatlantic routes, and access to abundant renewable energy that allows large facilities to meet both cost and sustainability targets. The Spanish government has also signaled support for AI infrastructure investment as part of broader digital economy policy, reducing regulatory uncertainty for new entrants.
IREN has been expanding its AI cloud infrastructure footprint rapidly as demand for high-performance compute capacity continues to outpace supply across both the United States and Europe. The company's acquisition strategy targets developers with secured grid connections and permitted land rather than starting projects from scratch, a faster path to operational capacity in markets where power and permitting timelines can otherwise stretch for years. Adding 490MW in Spain in a single transaction gives IREN a substantial European base from which to serve cloud providers, AI model developers and enterprise customers seeking low-latency compute infrastructure within the European Union regulatory perimeter.
The European AI data center market has attracted significant capital in 2026 as hyperscalers and independent operators race to keep pace with infrastructure requirements driven by AI model training and inference workloads. Spain, alongside the Netherlands, Ireland and the Nordics, has emerged as one of the preferred locations for new capacity given its combination of power availability, climate conditions favorable for cooling efficiency and connectivity advantages. IREN's entry into Europe through Nostrum follows a pattern seen across the sector, with infrastructure companies that established themselves in bitcoin mining pivoting aggressively toward AI cloud services as the economics of high-performance compute have become more attractive than proof-of-work mining at current bitcoin prices.
