IREN Limited (IREN) stock jumped 27% in after-hours trading on May 7 after the company dropped two major announcements at once.
The first was a long-term partnership with Nvidia (NVDA) to deploy up to 5 gigawatts of AI infrastructure. The second was a deal to acquire Spain-based data center developer Ingenostrum, also known as Nostrum Group.
IREN’s stock was trading around $56 ahead of the announcement. The after-hours move pushed it sharply higher, reflecting how the market received both deals.
IREN and @nvidia have announced a strategic partnership to accelerate deployment of up to 5GW of next-generation AI infrastructure. The companies have also signed a $3.4bn contract under which $IREN will provide AI infrastructure cloud services for NVIDIA internal AI and… pic.twitter.com/0SMzSYQjul
— IREN (@IREN_Ltd) May 8, 2026
The Nvidia partnership centers on deploying Nvidia’s DSX-aligned accelerated compute across IREN’s global data center pipeline. The two companies will work together across compute, networking, software, power, and operations.
A key part of the buildout will happen at IREN’s Sweetwater campus in West Texas. The site has a capacity of 2 gigawatts and is expected to serve as the primary showcase for Nvidia’s DSX AI factory design.
Jensen Huang, Nvidia’s founder and CEO, said AI factories are becoming foundational infrastructure for the global economy and that IREN brings the scale and expertise needed to accelerate that buildout.
As part of the agreement, IREN granted Nvidia a five-year option to purchase up to 30 million IREN shares at $70 per share. That represents a potential $2.1 billion investment, though it remains subject to regulatory approvals and other conditions.
On the same day, IREN announced it had agreed to acquire Ingenostrum, S.L., a Spain-based data center developer. This marks IREN’s first move into the European market.
The deal brings 490 megawatts of secured, grid-connected power in Spain, along with a development pipeline and a local team covering engineering, construction, and operations.
With the acquisition, IREN’s total power portfolio rises to 5 gigawatts across its global footprint. The deal is still subject to standard closing conditions.
Wall Street has taken a positive view of IREN heading into these announcements. The stock carries a Strong Buy consensus rating based on six Buy ratings and one Hold from analysts over the past three months.
The average analyst price target sits at $78.43, which implies roughly 39% upside from pre-announcement levels.
The combination of the Nvidia deal and the European acquisition gives IREN a larger power base and a clearer path to scaling its AI Cloud platform across multiple regions.
IREN’s two-gigawatt Sweetwater campus in Texas remains central to its near-term plans, and that site now has a high-profile partner in Nvidia to help bring it to full deployment.
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