IREN plans 300 MW AI cloud campus in Spain as Bitcoin miners extend AI pivot
Bitcoin miner IREN targets first operations at its Badajoz site in 2028, subject to permits, grid connection and financing. No customers have been named.
MININGAI & CRYPTO
Daniel Hartley
10/21/20261 min read
IREN plans a managed AI cloud campus of about 300 megawatts in Badajoz, Spain, with initial operations targeted for 2028, 24/7 Wall St. reported on October 21. The plans remain subject to permits, grid connections and financing, and IREN has not named any customers. The company says it already holds the civil works license and grid power for the location.
Spanish developer Nostrum Group brought the site to IREN through an acquisition that closed in June. Unlike Core Scientific and Cipher Digital, which mainly lease data center space to tenants, IREN rents GPU cloud capacity directly to AI customers and owns both the chips and the buildings. IREN shares rose 4% to $27.78 on the morning of October 21 but remained 26% lower year to date.
The project extends a broader shift by listed miners toward AI and high-performance computing. IREN plans to move 23.2 EH/s off Bitcoin mining by December 31, 2026, and Cipher plans to retire 11.6 EH/s, likely by the end of 2027, according to MillionMiner. Disclosed AI and HPC contracts across public miners exceed $70 billion. Cipher Digital also priced an $850 million convertible note offering in mid-October.
Source: 24/7 Wall St., MillionMiner.