IREN Limited, a vertically integrated AI Cloud provider, has agreed to acquire Nostrum Group (Ingenostrum, S.L.), a Spain-based data center developer, in a move that marks the company’s first entry into the European market.
According to a press release, the acquisition comes as IREN seeks to scale its AI infrastructure business beyond its current footprint. This deal adds 490MW of secured, grid-connected power in Spain, alongside an additional development pipeline.
IREN’s total power portfolio has risen to 5GW, strengthening its position in the buildout of large-scale AI computing capacity. The operational capability is a key part of the transaction, as IREN continues to build out its vertically integrated AI Cloud platform and push further into global capacity expansion. Nostrum’s leadership framed the transaction as a way to accelerate scale through IREN’s existing global platform and capital base.
Daniel Roberts, Founder and Co-CEO, IREN, said, “This acquisition establishes a strategic platform in Europe for IREN. Nostrum adds high-quality sites, an experienced local team and a leading position in an attractive market for AI infrastructure. These capabilities support the next phase of growth of our vertically integrated AI Cloud platform.”
Gabriel Nebreda, CEO, Nostrum Data Centers, said, “We are excited to join IREN and help accelerate the development of AI infrastructure in Europe. With IREN’s vision, expertise and global platform, we are well positioned to serve the growing needs of customers in Europe, including sovereign AI programs.”
Completion of the acquisition is still subject to customary closing conditions, but if finalized, it positions IREN as an active new entrant in Europe’s rapidly expanding AI infrastructure market.
Spain is central to the expansion thesis since the country offers abundant renewable energy, relatively low-cost power, established connectivity, and a regulatory environment seen as supportive of AI and data center development. These factors have made it an increasingly active hub for hyperscale and AI-focused infrastructure investment.
Mordor Intelligence reported that the Spain AI data center market is projected to grow from US$ 1.98 billion in 2025 to US$ 2.24 billion in 2026, reaching US$ 4.09 billion by 2031, reflecting a CAGR of 12.86 percent over 2026–2031.
This expansion is supported by over US$ 23 billion in hyperscaler capital commitments, with companies such as AWS, Microsoft, and Oracle driving large-scale deployments shaped by sovereign cloud requirements and strict GDPR compliance obligations. Demand growth is further driven by the rapid transition toward GPU-intensive architectures, ongoing public funding of around €1.5 billion (US$ 1.7 billion) under Spain’s AI Strategy 2024, and an increasing shift toward renewable-energy-backed power purchase agreements (PPAs) that help reduce long-term operating costs.