IREN Limited has completed the acquisition of Ingenostrum, S.L. (Nostrum Group), a developer of grid-connected AI data centers based in Spain, marking its entry into the European market. The strategic move adds approximately 490MW of secured, grid-connected power in Spain and an additional development pipeline to IREN's portfolio. This expansion establishes a strong foundation for IREN to serve rapidly growing AI Cloud demand across Europe, which is identified as one of the largest and fastest-growing markets for AI infrastructure.

The acquisition brings a team of more than 50 people across development, engineering, construction, and operations into the IREN fold. Nostrum's operations will continue under the IREN brand, integrating the local expertise with IREN's vertically integrated AI Cloud platform. The platform delivers large-scale data centers and GPU clusters for AI training and inference, underpinned by an expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe, and APAC.

Daniel Roberts, Co-Founder and Co-CEO of IREN, highlighted the strategic importance of the location, noting that Spain offers abundant renewables and strong fiber connectivity. He stated that Nostrum provides secured power immediately, along with a development pipeline and a strong local team. Gabriel Nebreda, CEO of Nostrum Group, expressed that joining IREN allows the company to develop its advanced AI infrastructure pipeline at the speed and scale required by Europe's rapidly growing demand.

Key Acquisition Details

IREN Ltd shares declined 8.35% to $54.25 on Tuesday as investors moved out of growth and AI infrastructure names ahead of the May CPI report. The drop reflects concerns that another firm inflation reading could push Federal Reserve rate cuts further out, a scenario that typically hurts capital-intensive companies like IREN. Sentiment weakened further after geopolitical tensions rose following a U.S. helicopter incident over the Strait of Hormuz, raising fears of an oil price spike that could complicate the Fed's path.

IREN is also experiencing a broader pullback in crypto-related equities, with Bitcoin weakness often dragging down the group. However, IREN formally pivoted away from Bitcoin mining last year, pausing expansion to focus on AI cloud and high-performance computing data centers. The market has not fully adjusted to this shift, and the stock continues to trade like a crypto proxy despite its new business direction.

From a technical perspective, IREN remains in an intermediate uptrend but is approaching a decision-point zone. The stock is trading 7.6% below its 20-day SMA at $58.60, while holding 7.6% above its 50-day SMA at $50.32 and 15.3% above its 200-day SMA at $46.97. The RSI sits at 52.46, indicating a neutral momentum consistent with a cooling-off phase rather than a breakdown.

Key Technical Levels

The moving-average backdrop remains supportive, with the 20-day SMA above the 50-day SMA and a golden cross in May signaling a longer-term bullish bias. Key levels are emerging as price compresses between short-term overhead supply and longer-term support.

The recent swing high in June and an earlier overbought RSI condition in May suggest rallies may face faster profit-taking. Investors are watching the $59.00 resistance and $46.00 support levels closely as the CPI data release approaches.