IREN (IREN) Stock: Nostrum Acquisition Opens 490MW Spain AI Platform

TLDR

• IREN gains 490MW Spain power as Nostrum deal closes.
• IREN stock rises after Europe AI data center expansion.
• Nostrum acquisition gives IREN its first Spain AI platform.
• IREN enters Europe with secured power and local team.
• Spain deal lifts IREN’s AI data center growth pipeline.

IREN Limited expanded its AI data center footprint into Europe after completing its acquisition of Spain-based Nostrum Group. The deal added 490MW of secured, grid-connected power in Spain and a local development pipeline. IREN stock climbed 4.35% to $62.37 after recovering from a late-morning dip.

IREN Limited, IREN

IREN Completes Spain Entry Through Nostrum Deal

IREN announced the completed acquisition on Monday, after it first disclosed the transaction on May 7. The company said Nostrum’s operations will continue under the IREN brand. The deal gives IREN a direct operating base in the European market.

The acquisition adds secured power capacity, development sites, and more than 50 employees across key functions. These include development, engineering, construction, and operations. As a result, IREN gains local execution capacity instead of building a new platform from scratch.

IREN said the deal supports its push into AI Cloud infrastructure across Europe. The company already operates large-scale data centers and GPU clusters for training and inference workloads. The Nostrum acquisition gives it a stronger base in a new regional market.

Spain Adds Power, Renewables and Fiber Access

Spain gives IREN a market with renewable energy supply, grid access, and fiber connectivity. These factors matter because AI data centers need large power supplies and fast network links. The country offers useful conditions for large compute projects.

IREN also cited Spain’s policy and permitting environment in its earlier acquisition announcement. The company views those conditions as helpful for infrastructure development. Nostrum gives IREN local assets in a market with clear power demand.

Nostrum brings secured power positions and a development pipeline across Spain. That reduces early-stage site risk for IREN and supports faster project planning. The local team understands regional permitting, construction, and grid processes.

Nostrum Shifts From Renewables Into AI Infrastructure

Nostrum began in 2009 as a Spanish engineering company focused on renewable energy. It later expanded toward data center development as power demand grew across Europe. IREN acquired a business with both energy and infrastructure experience.

Andera Partners backed Nostrum in 2023 through its Andera Smart Infra 1 vehicle. The company rebranded from Ingenostrum to Nostrum Group in 2025. That change reflected a wider strategy focused on data centers and growth projects.

IREN now controls a platform built around Spanish power, local staff, and future development sites. The company also said the acquisition lifts its broader power portfolio to 5GW. IREN shares rose as the market reacted to the company’s European expansion.

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