Data center and cloud firm Iren is expanding into Europe with the acquisition of Spanish developer Nostrum.

The Nasdaq-listed firm this week announced it has entered into an agreement to acquire Ingenostrum, S.L. (Nostrum Group), a data center developer based in Spain.

The deal marks Iren’s entry into Europe, adding approximately 490MW of secured, grid-connected power in Spain. It also adds a 50-person team to the company.

Terms of the deal weren’t shared. Reports that Nostrum was seeking an investment partner surfaced last year.

Daniel Roberts, founder and Co-CEO of Iren, said: “This acquisition establishes a strategic platform in Europe for Iren. Nostrum adds high-quality sites, an experienced local team and a leading position in an attractive market for AI infrastructure. These capabilities support the next phase of growth of our vertically integrated AI Cloud platform.”

Nostrum’s website now redirects to Iren. Nostrum (previously known as Ingenostrum) has a number of projects in development across Extremadura (Badajoz and Cáceres, both 214MW), Castile-La-Mancha (Guadalajara, 29MW and Pinto, 21MW), the Basque Country (Zamudio, 21MW), and Galicia (18MW). The company’s Galacia project is reportedly live in its first 8.5MW phase, and is set to be expanded to 40MW in the future.

Nostrum’s energy division previously claimed to have 5GW of renewable capacity live and another 1GW in development. Andera Infra, Andera Partners’ green infrastructure team, acquired a minority stake in what was then Ingenostrum in 2023.

Gabriel Nebreda, CEO of Nostrum Data Centers, added: “We are excited to join Iren and help accelerate the development of AI infrastructure in Europe. With Iren’s vision, expertise and global platform, we are well positioned to serve the growing needs of customers in Europe, including sovereign AI programs.”

Iren eyes Australia next

Formerly known as Iris Energy, the company is in the midst of a pivot away from cryptomining towards its AI cloud business. While it is still mining Bitcoin, the firm is winding down its mining operations and diverting cash flow to its AI business.

Iren is a cryptominer turned AI cloud provider with data centers located across Canada and the US. Currently, it has some 23,000 GPUs in its fleet, and in October said that contracts had been secured for around 11,000 of them.

The company has data center sites live and in development across Texas (Childress, Sweetwater), Oklahoma (Kiowa), and British Columbia in Canada (Mackenzie, Prince George, and Canal Flats). The firm says its pipeline has now reached 5GW.

The company’s earnings presentation notes future plans to expand into Australia, but didn’t share details.

“We have been progressing large-scale Australian projects towards secured grid access for some time, and we think the opportunity here is as significant as anywhere in our portfolio,” Roberts said on the company’s earnings call this week.

Microsoft is a major customer, and Nvidia is set to invest up to $2.1 billion in the company to deploy up to 5GW of compute.

Iren this week announced it was also set to acquire cloud infrastructure software provider Mirantis in a deal worth $625 million.

In its Q3 FY2026 earnings results this week, Iren posted revenues of $144.8 million, a loss of $247.8m, and Adjusted EDBITA of $59.5m. Revenue and Adjusted EDBITA were down on the previous quarter, and losses increased by more than $90 million.

The company said the drop in revenue was driven by lower Bitcoin prices and the decommissioning of mining hardware ahead of GPU installation. Net income was impacted by non-cash impairments related to the decommissioning of mining hardware, and unrealized losses related to capped calls associated with convertible notes.

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