IREN acquires Spanish AI data center developer Nostrum, adding 490MW capacity in Europe
IREN has more than doubled off its 52-week low of $9.52.
Summary
IREN has acquired Nostrum Group, a Spanish AI data center developer, marking its entry into the European market. This deal adds approximately 490 megawatts of secured, grid-connected power capacity and a team of over 50 employees to IREN's growing AI infrastructure portfolio. This acquisition directly advances IREN's strategic pivot to AI Cloud Services, following recent multi-billion dollar financing, GPU purchase agreements, and partnerships with Nvidia and Microsoft. Entering Europe, a key growth market for AI infrastructure, is a material step in the company's global expansion.
At the time of this announcement, IREN was trading at $61.86 on NASDAQ in the Technology sector, with a market capitalization of approximately $22.1B. 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: The Block.