Rumble and Northern Data have entered into a definitive merger agreement, marking a major step in Rumble’s push to expand its cloud and artificial intelligence (AI) operations. The deal comes with significant backing from Tether, which has pledged $150 million toward GPU services as part of a broader AI infrastructure partnership.
Rumble, Inc.Under the terms announced Monday, Rumble will launch a voluntary public exchange offer for all outstanding shares of Frankfurt-listed Northern Data. Each Northern Data share can be exchanged for 2.0281 newly issued Rumble Class A shares, with no minimum acceptance threshold. The ratio represents a slight reduction from the 2.319 shares per Northern Data share initially proposed in August, when the deal was valued at around $1.17 billion.
Northern Data Group
Based on Rumble’s Friday closing price of $5.89, the new terms value the transaction at approximately $767 million, with the potential to rise to $967 million if certain performance milestones are met. That includes a possible $200 million cash component, contingent upon the sale and commercialization of Northern Data’s former Corpus Christi high-performance computing (HPC) site.
The merger, expected to close between the first and second quarters of 2026, is subject to regulatory approval. Upon completion, Northern Data shareholders would own roughly 30.4% of Rumble on a pro forma basis, and Northern Data’s shares would be delisted from the Frankfurt Stock Exchange.
Tether Deepens Strategic Role
The deal further strengthens Rumble’s relationship with Tether, a key shareholder in both companies. Investors representing about 72% of Northern Data’s equity—including Tether and affiliates of CEO Aroosh Thillainathan—have already agreed to support the transaction.
As part of the agreement, Rumble will acquire Northern Data’s €610 million ($705 million) shareholder loan from Tether. Half of that debt will convert into Rumble shares priced at $7.88, with the remainder refinanced through a new secured loan.
Tether, which previously invested $775 million in Rumble earlier this year, also signed on as a cornerstone customer for the merged entity. It has committed to purchasing up to $150 million in GPU services over two years after the merger closes. The move will enable Tether to develop AI models on independent infrastructure—free from reliance on major hyperscale cloud providers.
In addition, Tether has agreed to a $100 million advertising partnership with Rumble, spanning 2026 and 2027. The deal—worth $50 million per year—aims to promote Rumble Wallet, enhance creator monetization tools, and support advertising tied to Rumble’s growing payments ecosystem.
Building a “Freedom-First” AI Ecosystem
For Rumble, the acquisition represents a significant leap in technical capacity. The company will gain control of Northern Data’s 22,400 Nvidia H100 and H200 GPUs and access to a network of data centers, including the firm’s 180MW Maysville, Georgia site.
“Northern Data. Tether. Rumble. This is how we build the AI ecosystem for the future, from the ground up,” said Rumble Chairman and CEO Chris Pavlovski. “Freedom-First is the new way forward for tech—built on the principles of free speech, privacy, independence, and resilience.”
Earlier on Monday, Rumble also reported third-quarter 2025 revenue of $24.8 million, average revenue per user 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.
Looking Ahead
The merger positions Rumble as a rising competitor in the cloud and AI computing space, supported by one of Europe’s largest GPU infrastructures and strategic backing from Tether. If completed, the deal could reshape the company’s technological foundation and deepen its influence across the decentralized web and AI development landscape.
