Key Takeaways
- IREN shares rose 4% today after it set up IREN Europe and licensed a planned 300MW AI data center in Spain, as Applied Digital, Cipher Digital, Riot Platforms and MARA Holdings also rose.
- The Badajoz campus gives IREN a real second market, but it adds optionality more than near-term revenue.
- Initial operations aren’t targeted until 2028, and IREN hasn’t named a customer for the site.
- IREN’s capex was about twice its operating cash flow in the year ended June 2026, so watch how it funds a second build.
IREN (IREN) stock is up 4% today. At NVIDIA GTC Berlin, the company said it has set up IREN Europe and secured the civil works license for a planned 300MW AI data center in Badajoz, Spain.
It has plenty of company. Neocloud stocks are bouncing back from Tuesday’s sell-off after SpaceX’s earnings call, which Barron’s flagged as welcome news for CoreWeave. Applied Digital (APLD) is up 4%, Cipher Digital (CIFR) and Riot Platforms (RIOT) are each up 3.6%, and MARA Holdings (MARA) is up 3%.
Applied Digital has a reason of its own, too. Roth Capital’s Bryan Baratian reinstated coverage this morning with a Buy rating and a $35 price target, about 80% above Tuesday’s close.
Spain is a 2028 story
In Badajoz, IREN has grid power and its license. It plans to sell AI cloud services there to European customers who care where their workloads run and who runs them.
Co-founder and Co-CEO Daniel Roberts said in the release: “For customers in Europe, sovereign AI starts with two questions: where their data sits and who’s running the infrastructure.”
That gives IREN a real second leg, though it won’t carry much weight for years. In estimates made before today’s news, analysts already expect revenue to climb from $707 million in the year ended June 2026 to $15 billion in the year ending June 2029.
And Badajoz shouldn’t move those numbers much yet: initial operations are targeted for 2028, and IREN hasn’t named a customer.
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Somebody has to pay for it
Spain is also one more build to fund, and funding worries sent IREN to a fresh 52-week low on Tuesday. In the year ended June 2026, IREN spent $4.33 billion on capex, about twice the $2.1 billion its operations brought in.
The group still sets the price
IREN rose about as much as Cipher, Riot and MARA today, and none of them had a Spanish campus to announce. It’s also the stock’s second bounce this week, after Monday’s rally across AI infrastructure stocks.
My take: Badajoz is a smart long-term asset for IREN. Until IREN shows how it will pay for everything it’s building, though, the stock will keep trading with the neocloud group.
Of course, a signed customer in Spain would bring that second leg a lot closer.
So what is IREN stock actually worth?
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Disclaimer:
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