Jefferies analyst Jonathan Petersen has initiated coverage on IREN with a Buy rating and announced a price target of $79. The rating reflects a positive outlook on the company's performance.

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The coverage initiation comes from Jonathan Petersen, an analyst at Jefferies. The firm set a specific price target to guide investor expectations.

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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.

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