IREN Expands AI Cloud Platform with $3.4 Billion Contract, NVIDIA Partnership, and Nostrum Acquisition
IREN Limited announced its agreement to acquire Ingenostrum, S.L. (Nostrum Group), enhancing its AI cloud platform presence in Europe. Additionally, IREN reported a $3.4 billion AI cloud contract and a strategic 5GW partnership with NVIDIA, which includes a 5-year right for NVIDIA to purchase up to 30 million shares, potentially investing $2.1 billion. IREN targets $3.7 billion ARR by end of 2026 and plans expansion across North America, Europe, and APAC, including a 1.2GW AI cloud capacity build by 2027 and over 5GW secured power expansion by 2028+. The acquisition of Nostrum adds 490MW in Spain and further development capacity.