Rumble Inc. announced an all‑share offer to acquire German AI‑cloud provider Northern Data for a total value of approximately $767 million. Under the terms, each Northern Data share will be exchanged for 2.0281 newly issued Rumble Class A shares, giving Northern Data shareholders a pro‑forma ownership stake of about 30.4% in the combined company.
The current exchange ratio represents a discount from the earlier offer of 2.319 shares per Northern Data share, which had implied a valuation near $1.17 billion. The reduction reflects a negotiated adjustment to align the deal with Northern Data’s recent trading close and the strategic value Rumble places on the GPU and data‑center assets.
Northern Data brings a fleet of more than 22,400 Nvidia GPUs, including 20,400 H100s and 2,000 H200s, and a network of data‑center locations across Europe and the United States. These assets provide Rumble with a substantial high‑performance computing base that can be leveraged for its planned Rumble Wallet, AI chatbots, and other “freedom‑first” services.
Tether, which invested $775 million in Rumble and holds roughly 48% of the company, is a key partner in the transaction. The partnership extends to GPU service commitments and advertising agreements, positioning Tether as an anchor customer for the combined entity’s AI infrastructure.
The deal includes a contingent cash component of up to $200 million payable to Northern Data shareholders if the Corpus Christi data‑center site is successfully sold or monetized. Northern Data will also delist from the stock exchange upon completion, and its former Bitcoin‑mining division, Peak Mining, has already been divested to focus on cloud and HPC services.
On the same day, Rumble reported its Q3 2025 financial results: revenue fell 4% to $24.8 million, driven by a decline in monthly active users to 47 million, while average revenue per user rose to $0.45. Net loss narrowed to $16.3 million, and the company’s liquidity stood at $293.8 million, underscoring its capacity to fund the acquisition.
CEO Chris Pavlovski said the deal “builds the AI ecosystem for the future, from the ground up” and emphasized that the combination of GPUs, data centers, and Tether’s partnership will accelerate Rumble’s transition from a video‑sharing platform to a comprehensive AI cloud provider.
Investors responded with strong interest, citing the strategic pivot into high‑growth AI infrastructure, the significant GPU and data‑center assets, and the backing of a major investor and partner in Tether. The announcement also coincided with a Q3 earnings release that, despite a revenue miss, showed improved profitability and a solid cash position, reinforcing confidence in Rumble’s long‑term strategy.
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