Our vertically integrated AI Cloud platform has arrived in Europe.
Today, IREN announced it has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute.
“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity. Nostrum gives us secured power today along with a development pipeline and a great local team we're excited to work with.” - @danroberts0101
Learn more: https://t.co/f2ZWh6cBba
BREAKING:
The Netherlands just told its citizens to go to hell.
They just approved a 36% tax on unrealized gains.
You didn't sell anything.
You didn't make a single euro in cash.
Your portfolio went up on paper.
The government sends you a bill anyway.
67,000 citizens petitioned against it.
Parliament approved it anyway.
No cash to pay the tax? Not their problem.
Asset crashes after you paid? Not their problem.
This is not tax policy.
This is the government treating your paper gains as their income.
Before you've made a single euro.
The most talented Dutch investors are already leaving.
The most ambitious builders are already gone.
Capital goes where it is treated best.
And right now that is anywhere but the Netherlands.
2028 is coming. Plan accordingly.
$IREN today reported its Q2 FY26 results.
Key highlights:
✔️$3.6bn GPU financing secured for Microsoft contract
- Interest rate of <6% p.a.
- Together with Microsoft prepayment ($1.9bn) covers 95% of GPU-related capex
✔️Targeted 140k GPU expansion on track to deliver $3.4bn ARR by end of CY26
- Horizon 1-4 construction progressing to schedule
- British Columbia AI Cloud expansion ongoing, with ~$0.4bn ARR now under contract for Prince George and remaining contract negotiations supporting >$0.5bn ARR
✔️New 1.6GW data center campus in Oklahoma
- Increases secured grid-connected power to >4.5GW
- Grid-studies complete, with power scheduled to ramp from 2028
- Large scale site (2,000 acres) with low latency network connectivity
@danroberts0101 Co-Founder and Co-CEO of IREN, commented
“Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation, reflecting IREN’s progress as a scaled AI Cloud platform,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
“We are seeing the strongest demand environment to date, and importantly, that demand is being met by a proven execution capability. Over several years, we have consistently delivered data center capacity on time and at scale, and that delivery track record continues to resonate with customers who value reliability alongside performance.
With more than 4.5GW of secured power, we are able to advance a broad set of opportunities in our pipeline and support the next phase of growth. Our $3.4bn ARR target represents an early stage of monetization relative to the size of our secured power portfolio, highlighting the scale of the platform we are building.”
$IREN management will host a webcast to discuss these results at 5:00pm ET today, which can be accessed here: https://t.co/m8DrgmcTM2