Key facts
- IREN has acquired Spanish AI data center developer Nostrum Group.
- The acquisition adds approximately 490 megawatts of secured, grid-connected power in Spain.
- Nostrum Group brings over 50 employees across engineering, construction, development, and operations.
- IREN aims to leverage Spain's renewable power and fiber connectivity for its European AI cloud platform.
- This acquisition is part of IREN's strategic pivot from Bitcoin mining to AI cloud services for more predictable revenue.
Bitcoin miner IREN has expanded its global AI cloud platform by acquiring Spanish data center developer Nostrum Group, marking its entry into the European market. The deal, announced Monday, adds approximately 490 megawatts of secured, grid-connected power in Spain and over 50 employees across various operational roles.
IREN co-founder and co-CEO Daniel Roberts highlighted Spain's combination of renewable power and fiber connectivity as key factors for serving growing European demand for AI infrastructure. This strategic acquisition is part of IREN's broader pivot to AI cloud services, which offer more predictable, contract-based revenue compared to the volatile economics of crypto mining.
The move aligns with a trend among Bitcoin miners to build AI infrastructure, with companies like HIVE Digital and Bitdeer also developing AI capacity. IREN's recent financial results show Bitcoin mining as its largest revenue source, but AI cloud revenue has been increasing. The company reported having about 150,000 GPUs installed or on order, which could support a significant annual revenue run rate.