Bitcoin Miner IREN Enters Europe With Nostrum Acquisition as AI Pivot Accelerates

IREN, formerly known as Bitcoin miner Iris Energy, has increasingly redirected its low-cost power and data center assets toward AI cloud computing. Its acquisition of Spanish data center developer Ingenostrum, or Nostrum Group, gives the company its first foothold in Europe. Spain’s renewable energy resources, fiber connectivity and policy environment are key to its plans to expand its global AI infrastructure.

IREN announced the agreement on May 7, 2026, and completed the acquisition on June 15. The transaction value was not disclosed. Nostrum brings about 490 megawatts of secured, grid-connected power capacity in Spain, a development pipeline of more than 1 gigawatt and a team of more than 50 people spanning development, engineering, construction and operations. The business will operate under the IREN brand.