IREN Completes Nostrum Acquisition, Adds 490MW in Spain as Bitcoin Mining Revenue Falls 33%

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IREN Limited completed its acquisition of Nostrum Group in Spain on June 16, adding 490MW of secured, grid-connected power capacity to support its expansion into the European AI cloud market. Bitcoin mining revenue fell to $111.2 million in Q1 2026 from $167.4 million in the prior quarter, while AI cloud services revenue rose to $33.6 million from $17.3 million. The company holds a five-year, $3.4 billion AI cloud contract with NVIDIA and is targeting 480MW of AI cloud capacity and $3.7 billion in annual recurring revenue by the end of 2026.
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