IREN (NasdaqGS: IREN) secured a license for a 300 MW AI data center campus in Badajoz, Spain, and launched IREN Europe to anchor its AI cloud expansion across key European enterprise markets. Management plans to deploy NVIDIA GPUs with Mirantis cloud software for high-performance AI workloads at the site. IREN currently runs a vertically integrated AI cloud platform in Australia and Canada, so Spain marks its expansion into a new continental market. The article links the project to IREN's goal of turning a grid-connected power pipeline into an AI cloud business, with initial Badajoz operations targeted for 2028, while flagging risks including heavy data center capex, short AI contracts and a balance sheet with high commitments and less than one year of cash runway.
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