Iren is making a big move with this acquisition, directly securing 490 megawatts. The European AI infrastructure race is about to change.

Biejie.com news reports that Iren Limited has announced the completion of its acquisition of Ingenostrum, S.L. (Nostrum Group), laying a new foundation for its growth in AI cloud services in Europe. The deal adds approximately 490 megawatts of power supply to Iren and brings in more than 50 employees, covering development, engineering, construction, and operations. Iren co-founder and CEO Daniel Roberts said that Europe is one of the fastest-growing markets for AI infrastructure, and Spain is the most attractive entry point. This acquisition marks Iren’s strategic push into AI cloud services, with an expected 480 megawatts of AI cloud capacity and $3.7 billion in annual recurring revenue by 2026.