IREN acquires Nostrum, secures 490MW power in Spain for European AI cloud expansion
IREN has more than doubled off its 52-week low of $9.52.
Summary
IREN Ltd. has acquired Nostrum, marking its entry into the European market and securing approximately 490 megawatts of power capacity in Spain. This acquisition directly supports the company's strategic pivot to AI Cloud services, providing critical infrastructure for its planned expansion. The move accelerates IREN's build-out of its AI cloud platform, following recent announcements of significant financing and GPU purchases for this initiative.
At the time of this announcement, IREN was trading at $60.54 on NASDAQ in the Technology sector, with a market capitalization of approximately $21.7B. The 52-week trading range was $9.52 to $76.87. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.