IREN Stock Surges 27% on Nvidia Partnership and European Expansion

TLDR

• IREN jumped 27% after announcing a strategic partnership with Nvidia to deploy up to 5 gigawatts of AI infrastructure
• Nvidia was granted a five-year right to buy up to 30 million IREN shares at $70 each, a potential $2.1 billion investment
• The Sweetwater campus in Texas (2 GW) will serve as the flagship deployment site for Nvidia’s DSX architecture
• IREN also agreed to acquire Spain-based Ingenostrum (Nostrum Group), marking its entry into Europe
• The acquisition adds 490 megawatts of secured grid-connected power, bringing IREN’s total portfolio to 5 gigawatts

IREN Limited (IREN) stock jumped 27% in after-hours trading on May 7 after the company dropped two major announcements at once.

IREN Limited, IREN

The first was a long-term partnership with Nvidia (NVDA) to deploy up to 5 gigawatts of AI infrastructure. The second was a deal to acquire Spain-based data center developer Ingenostrum, also known as Nostrum Group.

IREN’s stock was trading around $56 ahead of the announcement. The after-hours move pushed it sharply higher, reflecting how the market received both deals.

The Nvidia partnership centers on deploying Nvidia’s DSX-aligned accelerated compute across IREN’s global data center pipeline. The two companies will work together across compute, networking, software, power, and operations.

A key part of the buildout will happen at IREN’s Sweetwater campus in West Texas. The site has a capacity of 2 gigawatts and is expected to serve as the primary showcase for Nvidia’s DSX AI factory design.

Jensen Huang, Nvidia’s founder and CEO, said AI factories are becoming foundational infrastructure for the global economy and that IREN brings the scale and expertise needed to accelerate that buildout.

As part of the agreement, IREN granted Nvidia a five-year option to purchase up to 30 million IREN shares at $70 per share. That represents a potential $2.1 billion investment, though it remains subject to regulatory approvals and other conditions.

IREN Moves Into Europe

On the same day, IREN announced it had agreed to acquire Ingenostrum, S.L., a Spain-based data center developer. This marks IREN’s first move into the European market.

The deal brings 490 megawatts of secured, grid-connected power in Spain, along with a development pipeline and a local team covering engineering, construction, and operations.

With the acquisition, IREN’s total power portfolio rises to 5 gigawatts across its global footprint. The deal is still subject to standard closing conditions.

What Analysts Are Saying

Wall Street has taken a positive view of IREN heading into these announcements. The stock carries a Strong Buy consensus rating based on six Buy ratings and one Hold from analysts over the past three months.

The average analyst price target sits at $78.43, which implies roughly 39% upside from pre-announcement levels.

The combination of the Nvidia deal and the European acquisition gives IREN a larger power base and a clearer path to scaling its AI Cloud platform across multiple regions.

IREN’s two-gigawatt Sweetwater campus in Texas remains central to its near-term plans, and that site now has a high-profile partner in Nvidia to help bring it to full deployment.

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