IREN completes Nostrum acquisition, adding 490MW in Spain to boost AI cloud growth in Europe.

IREN Limited has finalized its acquisition of Nostrum Group, adding 490MW of secured, grid-connected power in Spain and a local development team. This marks IREN's first European market entry and supports its strategic shift from Bitcoin mining to AI cloud infrastructure, reflecting growing demand for AI compute capacity. The move aligns with industry trends as other miners like HIVE and Bitdeer also pivot to AI workloads. IREN aims to expand AI cloud capacity to 480MW in 2026 and reach $3.7 billion in annual recurring revenue, leveraging contracts with NVIDIA and Microsoft.