IREN Limited has completed the acquisition of Ingenostrum, S.L., known as Nostrum Group, marking a decisive step in the expansion of its capabilities in AI cloud infrastructure in Europe. This strategic transaction introduces approximately 490MW of power connected to the grid in Spain, opening a door for IREN to the European AI market, one of the fastest and most competitive globally.
Summary
Key points
- The acquisition of Nostrum adds 490MW of power in Spain to IREN and opens its entry into the European AI cloud market.
- IREN aims to build an AI cloud capacity of 480MW by 2026, with expected annual recurring revenues of 3.7 billion dollars.
- IREN’s Bitcoin mining revenue decreased in the first quarter of 2026, while revenues from AI cloud services grew significantly.
- A five-year, 3.4 billion dollar contract with NVIDIA strengthens IREN’s positioning in the AI cloud market.
- The European market, and Spain in particular, is confirmed as a strategic entry point for the growth of AI infrastructure, thanks to renewable energy sources and advanced fiber connectivity.
IREN acquires Nostrum to expand AI cloud in Europe
Acquisition details
The acquisition of Ingenostrum, S.L. – Nostrum Group by IREN represents a turning point for the company, historically focused on Bitcoin mining, which is now opening up to expansion in the AI cloud infrastructure segment. The acquisition brings with it 490 megawatts of electrical power connected to the grid in Spain and a team of over 50 employees experienced in development, engineering, and operational management.
Nostrum’s activities will continue under the IREN brand, thus marking the company’s official entry into the European market. This move clearly shows the intention to diversify revenue sources and to leverage the growing demand for AI computing capacity in Europe.
The significance of Spain as a strategic point
The choice of Spain is not accidental: Daniel Roberts, co-founder and co-CEO of IREN, highlights how the country offers ideal conditions for the development of AI infrastructure, thanks to the availability of low-cost renewable energy and highly developed fiber connectivity. These factors make Spain a compelling gateway for selling AI cloud services in the large and rapidly growing European market.
IREN’s AI cloud growth strategy and financial outlook
Capacity and revenue targets
IREN has set an ambitious goal: to build an AI computing capacity of 480MW by 2026. At the same time, it aims to generate 3.7 billion dollars in annual recurring revenues from these services by the end of the same year, thus consolidating its new identity as a significant provider of AI infrastructure.
Change in revenue mix
Data from the first quarter of 2026 show a significant decline in revenues generated from Bitcoin mining, which fell from 167.4 to 111.2 million dollars. At the same time, IREN saw its revenues from AI cloud services double, rising from 17.3 to 33.6 million dollars in the same period.
This evolution reflects the push toward more stable and scalable business segments, integrating traditional mining operations with new sources of income with high technological added value.
Strategic contracts with NVIDIA and Microsoft
Another key element of the growth plan is the five-year, 3.4 billion dollar contract signed with NVIDIA, which enables IREN to provide advanced AI computing services based on next-generation GPUs. In addition, IREN supports the major 9.7 billion dollar cloud agreement signed by Microsoft in Texas for similar infrastructure.
Industry trends: Bitcoin miners shifting to AI and HPC in Europe
Other players and similar initiatives
IREN is not alone in this change of course. Other public miners such as HIVE Digital and Bitdeer are converting their cryptocurrency mining sites into computing centers for AI and high-performance computing (HPC). HIVE, for example, is transforming a data center in Sweden to host up to 2,000 liquid-cooled NVIDIA GPUs.
Bitdeer plans to activate AI conversions in Norway and the United States by the end of 2026, confirming a trend that leverages existing energy and logistics infrastructure to meet the growing demand for AI computing capacity.
The driving force behind the change
According to IREN, the world is suffering from a structural shortage of computing capacity, with rapidly growing demand making efficient data centers with available GPU power the real technological bottleneck. This explains why companies like IREN are investing in energy, land, and infrastructure to gradually move from Bitcoin miners to global-scale AI cloud service providers.
The recent downturn in the cryptocurrency market has also accelerated this shift, pushing companies to seek more stable and predictable revenue streams in the new digital revolution driven by artificial intelligence.
Content created with the assistance of artificial intelligence and with human editorial review.
