IREN Expands into Europe with Nostrum Group Acquisition for AI Cloud Services
- IREN has acquired the Spanish data center developer Nostrum Group, adding approximately 490 megawatts of secured power.
- This acquisition increases IREN’s global power portfolio to around 5 gigawatts, with Spain contributing about 10%.
- The company aims to leverage Spain’s renewable energy and fiber connectivity to meet growing European demand for AI infrastructure.
- In Q1, IREN reported $111.2 million in Bitcoin mining revenue, down from $167.4 million, while AI cloud services revenue rose to $33.6 million.
- IREN currently has about 150,000 GPUs installed or on order, potentially supporting a $3.7 billion annual revenue run rate.
The acquisition aligns with a trend of Bitcoin miners transitioning towards AI infrastructure in Europe, as seen with other companies like HIVE Digital and Bitdeer enhancing their capabilities for AI computing.
With the recent acquisition of Nostrum Group, IREN is positioning itself to capitalize on the increasing demand for AI services in Europe while adapting its operations amid fluctuating Bitcoin revenues.(Source)
