AI TRENDS | IREN Acquires Spain’s Ingenostrum to Enter European AI Data Center Market

IREN, an AI infrastructure company that transitioned from Bitcoin mining, said it has acquired Spanish AI data center developer Ingenostrum, S.L., also known as Nostrum Group, marking its entry into the European market. According to Odaily, the deal adds about 490 megawatts of secured, grid-connected power resources and provides an AI data center development pipeline in Spain. Nostrum’s team has more than 50 employees across development, engineering, construction, and operations. IREN said Europe is one of the world’s largest and fastest-growing AI infrastructure markets, and described Spain as a key entry point due to its renewable energy resources and strong fiber connectivity. The acquisition is IREN’s latest move in its shift from a Bitcoin mining company to a global provider of AI and high-performance computing infrastructure. The company previously announced plans to build an 800-megawatt data center campus in South Australia and said it has signed a multibillion-dollar AI cloud agreement with Microsoft and formed a partnership with Nvidia. After the announcement, IREN shares rose nearly 4% on Monday to about $62.