IREN Limited, the NASDAQ-listed vertically integrated AI Cloud provider, has entered into an agreement to acquire Ingenostrum, S.L., known as Nostrum Group, a next-generation data center developer based in Spain. The deal marks IREN's first move into the European market and brings its total power portfolio to 5 gigawatts.

Entry Into the European Market

The acquisition represents a significant geographic expansion for IREN, which has until now built its AI infrastructure platform across North America and the Asia-Pacific region.

By bringing Nostrum Group into its portfolio, IREN gains an established foothold in Spain, a country it described as offering favorable conditions for large-scale AI data center development, including supportive AI policy settings, a constructive regulatory and permitting environment, robust connectivity, and abundant low-cost renewable energy.

The transaction adds approximately 490 megawatts of secured, grid-connected power capacity in Spain, along with an additional development pipeline that IREN said would enhance its ability to service observed customer demand across Europe. The company did not disclose the financial terms of the acquisition, and completion remains subject to customary closing conditions.

What Nostrum Group Brings to IREN

Nostrum Group is described as a next-generation data center developer with an experienced local team spanning development, engineering, construction, and operations. IREN said the addition of this team strengthens its execution capabilities and supports the continued expansion of its AI Cloud platform on a global scale.

Gabriel Nebreda, CEO of Nostrum Data Centers, said the company is positioned to serve growing customer needs in Europe, including sovereign AI programs. His comments indicate that IREN views the European market not only as a commercial opportunity but also as a region where government-backed AI initiatives represent a distinct customer segment.

Daniel Roberts, Founder and Co-CEO of IREN, characterized the deal as establishing a strategic platform in Europe for the company. Roberts said Nostrum contributes high-quality sites, local expertise, and a leading position in what he described as an attractive market for AI infrastructure. He framed the acquisition as supporting the next phase of growth of IREN's vertically integrated AI Cloud platform.

Power Portfolio Reaches 5 Gigawatts

With the addition of Nostrum Group's approximately 490 megawatts of secured, grid-connected capacity in Spain and the associated development pipeline, IREN's total power portfolio reaches 5 gigawatts.

IREN's existing platform is built on grid-connected land and power in renewable-rich regions, and the company said Spain fits that profile, given its availability of low-cost renewable energy.

The announcement did not provide a breakdown of how the 5 gigawatt total is distributed across IREN's North American, European, and Asia-Pacific holdings, nor did it specify a timeline for when the Spanish sites would become operational or begin contributing to the company's revenue.

Broader Context: NVIDIA Contract and Revenue Targets

The Nostrum acquisition was announced on the same day IREN disclosed a five-year AI infrastructure cloud services contract with NVIDIA valued at approximately USD 3.4 billion, alongside a business update covering its third quarter fiscal year 2026 results.

That update referenced a 5 gigawatt strategic partnership with NVIDIA, an expansion target of USD 3.7 billion in annualized recurring revenue for 2026, and a planned build-out to 1.2 gigawatts of AI Cloud capacity by 2027, with further expansion planned for 2028 and beyond.

The convergence of these announcements on a single day positions the Nostrum acquisition as part of a broader push by IREN to rapidly scale its global AI infrastructure footprint.

The European entry through Spain provides geographic diversification alongside the major commercial commitment from NVIDIA, which represents a significant multi-year revenue anchor for the company's cloud platform.

IREN's Business Model

IREN describes itself as a vertically integrated AI Cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference workloads. Its platform is built on grid-connected land and power assets in renewable-rich regions, and the company positions the control of its energy supply as a core differentiator in serving hyperscale AI compute demand.

The acquisition of Nostrum Group extends that model into Europe, where the company said it is seeing customer demand that the existing North American and Asia-Pacific infrastructure cannot fully address.

The addition of Nostrum's local operational team is intended to allow IREN to replicate in Spain the development and construction capabilities it has built in its existing markets, rather than building that expertise from the ground up.

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