• Rumble proposes swapping 2.319 of its shares for each Northern Data share, valuing the deal at about US$18.3 per share—a 32 per cent discount to its recent trading price.
• The acquisition would secure Rumble access to Northern Data’s GPU powerhouse (Taiga) and data-centre arm (Ardent), while Tether would become a major customer and shareholder in a post-deal Rumble.
What happened：Rumble weighs US$1.17 billion Northern Data acquisition
Rumble, the video-sharing and cloud services platform known for hosting Truth Social, is weighing an all-stock offer to acquire Northern Data AG for approximately US$1.17 billion (around €1 billion). The deal would give Rumble control of Northern Data’s GPU-intensive Taiga cloud business and its large-scale data-centre operations, Ardent. The proposed exchange ratio is 2.319 Rumble shares for each Northern Data share, valuing Northern Data at ~$18.3 per share—approximately 32 per cent below its closing price in Frankfurt. If completed on current terms, Northern Data shareholders would own 33.3 per cent of Rumble. While directors on both sides are reviewing and open to discussions, a formal offer is not guaranteed.
Moreover, as part of the deal, Northern Data would divest its crypto-mining unit, Peak Mining, with proceeds used to reduce debt owed to Tether. Tether, which already owns a significant stake in both companies, would, following the transaction, become a major GPU-purchasing customer of Rumble and remain its single largest shareholder.
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Why it’s important
This move signals Rumble’s ambition to transition from niche video platform to credible AI cloud provider. Northern Data brings access to a vast GPU fleet—about 20,480 Nvidia H100s and more than 2,000 H200s—plus data-centre capacity estimated at nearly 850 MW, including a significant US site in Maysville, Georgia. Such infrastructure could underpin AI-driven services and GPU-as-a-service (GaaS) offerings on a global scale.
Tether’s involvement adds strategic and financial heft. Beyond supporting the acquisition, its commitment to purchase GPUs over multiple years provides a stable revenue base, while its stake-swap boosts its influence in Rumble’s future direction. This aligns with Rumble’s vision—shared with Tether—to challenge big tech and democratise compute infrastructure.
Yet the deal presents risks. The discount valuation may spark push-back from Northern Data shareholders. Regulatory approvals in the US and Germany—and successful divestment of Peak Mining—are crucial hurdles. Moreover, integrating complex data operations and GPU-heavy cloud assets demands operational excellence.
