Freedom-First Tech Platform Rumble Set to Acquire German AI Giant Northern Data in $767 Million Stock Deal

Rumble Inc., the video-sharing and cloud services platform, has announced plans to acquire German AI infrastructure provider Northern Data AG in an all-stock transaction estimated at roughly $767 million (approximately $766.86 million). The companies jointly confirmed the agreement on November 10, 2025, describing the move as a major step forward in Rumble’s “Freedom-First” technology strategy and its push into the rapidly expanding AI cloud computing sector.

Under the business combination agreement, each Northern Data share will be exchanged for 2.0281 newly issued Rumble Class A shares. This ratio is lower than the 2.319-to-1 proposal floated earlier in August, which means Northern Data investors will obtain a smaller overall stake than initially envisioned. If all shares are tendered, those shareholders will collectively own about 30.4% of the combined company — down from an earlier projection of nearly one-third. Based on current market values, the combined entity would carry a joint valuation of about $2.9 billion, a decline from the initial $4.5 billion figure previously discussed. The acquisition primarily targets Northern Data’s Taiga cloud unit and its data-center operations under the Ardent brand, expanding Rumble’s cloud and AI computing capabilities.

Once the voluntary public exchange offer closes, Rumble will assume control of Northern Data’s AI hardware and infrastructure assets, including around 22,400 Nvidia GPUs—approximately 20,000 H100 and 2,000 H200 models. The deal also gives Rumble access to Northern Data’s network of energy-ready data centers, with four owned facilities, among them a Maysville, Georgia site expected to deliver up to 180 MW of capacity when completed. Following the closing, Northern Data plans to delist its shares.

The transaction carries significant backing from Tether, the cryptocurrency group that owns roughly 48% of Rumble and holds a majority stake in Northern Data. As part of the financial framework, Tether is committing to a $150 million GPU leasing arrangement and offering to cover up to $200 million in tax liabilities on Rumble’s behalf. In addition, Tether will forgive a portion of a €575 million loan previously issued to Northern Data. To improve liquidity before the deal’s completion, Northern Data announced plans to sell its crypto-mining business, Peak Mining, for as much as $200 million in an asset sale reportedly linked to a Tether-affiliated buyer.

Despite the progress toward closing, the acquisition proceeds under a cloud of regulatory scrutiny. European prosecutors have opened an inquiry into whether Northern Data misused tax incentives by classifying GPU purchases as AI investments when the equipment was allegedly deployed for cryptocurrency mining. The investigation has weighed on Northern Data’s share price and raised questions about its financing arrangements, including obligations related to the Tether loan.

Commenting on the merger, Rumble CEO Chris Pavlovski said the alignment of “Northern Data. Tether. Rumble.” represents the creation of a next-generation AI ecosystem, highlighting the company’s “Freedom-First” vision as one that empowers users rather than controls them. According to Rumble, the combination will provide instant scale in cloud infrastructure, speed up international expansion, and strengthen its AI-driven creator, video, and advertising roadmap. The exchange offer is expected to begin soon, with the transaction closing projected for the second quarter of 2026.