Isabella García
Rumble has entered into a business combination agreement with Northern Data, under which the U.S.-based video and cloud platform will launch a voluntary public exchange offer for all outstanding shares of the Frankfurt-listed AI and high-performance computing (HPC) infrastructure firm.
The merger, announced Monday, follows Northern Data’s $200 million sale of its Bitcoin mining subsidiary, Peak Mining, and marks a major step in Rumble’s push into AI and cloud infrastructure. The acquisition brings with it one of Europe’s largest GPU estates, further strengthening Rumble’s partnership with Tether, which has pledged extensive customer and commercial support related to the deal.
Under the proposed terms, each Northern Data share can be exchanged for 2.0281 newly issued Rumble Class A shares, without any minimum acceptance requirement — meaning the offer can proceed even if only a small portion of shareholders participate.
The offer represents a reduction from the earlier 2.319 shares per Northern Data share proposed in August, when the deal was valued at roughly $1.17 billion. Based on Rumble’s Friday closing price of $5.89, the transaction now values Northern Data at around $767 million.
A potential $200 million cash component could also be distributed to shareholders, depending on Northern Data’s successful sale and commercialization of its former Corpus Christi HPC site, pushing the total deal value to nearly $967 million.
Pending regulatory approval, the deal is expected to close in Q1 or Q2 2026, after which Northern Data will delist from the Frankfurt Stock Exchange. If all shares are tendered, Northern Data shareholders would own approximately 30.4% of Rumble on a pro forma basis.
Tether and Key Shareholders Anchor the Agreement
The merger is already backed by investors representing 72% of Northern Data’s equity, including Tether and entities associated with CEO Aroosh Thillainathan, who have agreed to participate on the same terms as the public offer.
Upon completion, Rumble will also take over Northern Data’s €610 million ($705 million) shareholder loan from Tether. Half of this debt will be converted into Rumble shares priced at $7.88, while the remainder will be refinanced through a new secured Tether loan.
The acquisition adds around 22,400 Nvidia GPUs (H100 and H200) to Rumble’s infrastructure portfolio, along with a network of data centers, including Northern Data’s 180MW facility in Maysville, Georgia.
“Northern Data. Tether. Rumble. This is how we build the AI ecosystem of the future,” said Rumble CEO Chris Pavlovski. “Freedom-First is our vision for technology — empowering people through free speech, privacy, and independence, not control by Big Tech.”
Tether Commits $150 Million for GPU Services and $100 Million in Ads
Following its $775 million strategic investment in Rumble earlier this year, Tether has agreed to become an anchor customer for the merged company. The stablecoin issuer will spend up to $150 million over two years on GPU services to develop AI models outside traditional cloud platforms, protecting its operations from censorship and platform restrictions.
Additionally, Tether signed a $100 million advertising deal with Rumble — split across $50 million per year in 2026 and 2027 — to promote Rumble Wallet and enhance creator monetization. The agreement also supports new ad formats linked to Rumble’s growing payments ecosystem.
Rumble’s Financial Performance Strengthens Ahead of Merger
In its Q3 2025 earnings report, Rumble posted $24.8 million in revenue, average revenue per user (ARPU) of $0.45, and a reduced net loss of $16.3 million. The company ended the quarter with $293.8 million in liquidity, including $269.8 million in cash and 210.82 BTC (worth $24 million) — signaling strong financial footing as it prepares to complete one of the biggest AI infrastructure acquisitions of the year.
