Bitcoin miner-turned-AI-cloud provider IREN landed a civil works license for its planned 300-megawatt AI data center campus in Spain.
In a Wednesday release, the company said it is aiming to get the site up and running in 2028. The site is located in Badajoz and already has grid-connected power secured.
IREN shares rose 2.3% to $27.23 in the first hour of trading on Wednesday. The stock is still down more than 36% this year.
The campus is part of IREN's plan to sell AI computing services in Europe, particularly for customers that need more control over their data.
"For customers in Europe, sovereign AI starts with two questions: where their data sits and who’s running the infrastructure," co-founder and co-CEO Daniel Roberts said.
IREN also set up a European holding company, with former Banco Santander CEO Ángel Corcóstegui as board chair and infrastructure executive Roberto Purcaro leading its European operations.
The company first entered Spain in June after acquiring local data center developer Nostrum Group, which came with the Badajoz site and 490 MW of power.
IREN has been making a marketing push, announcing a sponsorship deal with Real Madrid on Monday. The company also has a multi-year partnership stateside with the Golden State Warriors that includes a jersey badge starting this season.