IREN agrees to acquire Nostrum Group to expand AI cloud platform into Europe

IREN said it has agreed to acquire Ingenostrum, S.L., also known as Nostrum Group, in a deal that would expand its AI cloud platform into Europe.

In a May 7 announcement, the company said Nostrum Group is a Spain-based next-generation data center developer. IREN said the acquisition adds about 490 megawatts of secured, grid-connected power in Spain and increases its total power portfolio to 5 gigawatts.

The company framed the transaction as a strategic entry into the European market, with the deal aimed at supporting its broader AI cloud and data center buildout. Completion is still subject to customary closing conditions.

Financial terms were not included in the information available here. The company also did not provide a closing date in the announcement.

The deal gives IREN a new foothold in Europe at a time when demand for power and data center capacity remains a key constraint for AI infrastructure operators.