Rumble, the US-based video-sharing and cloud services platform, has announced its interest in pursuing a potential all-stock exchange offer to acquire 100% of Germany-based AI and high-performance computing company Northern Data.

Northern Data shareholders would receive 2.319 Rumble Class A shares for each Northern Data share, pending due diligence and negotiation.

If completed, Northern Data shareholders would hold around 33% ownership in the combined company.

Tether, which holds about 54% of Northern Data, supports the proposal and may become Rumble’s largest shareholder if the deal closes.

The offer assumes Northern Data’s Peak Mining unit will be sold before completion, with proceeds used to repay loans from Tether.

Rumble emphasized that no final agreement has been reached. The deal remains subject to due diligence, negotiations, board approval, and regulatory clearance.

There is no guarantee the offer will proceed or that Tether and other key parties will ultimately support the transaction.

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🔗 Source: Rumble

🧠 Food for thought

1️⃣ AI infrastructure acquisitions surge despite overall M&A slowdown

Rumble’s pursuit of Northern Data reflects a broader pattern where AI-related deals are driving M&A activity even as overall transaction volumes decline.

According to Yahoo Finance, while US M&A volume dropped 18% in 2025, seven of the fifteen largest deals were AI-related, highlighting how companies are prioritizing AI infrastructure investments1.

Northern Data brings substantial computing assets to the table, including approximately 20,480 H100 and 2,048 H200 Nvidia GPUs, plus five data centers with nearly 850 MW of energized capacity potential.

These GPU assets are particularly valuable given the intense competition for AI computing resources, where companies are willing to pay premium valuations to secure reliable access to high-performance chips.

The all-stock structure suggests Rumble views this as a transformational acquisition rather than a simple asset purchase, betting its own equity on Northern Data’s projected €240-320 million in 2025 revenues2.

2️⃣ Customer commitments increasingly bundled with infrastructure acquisitions

The Tether arrangement demonstrates how modern AI infrastructure deals often include guaranteed customer relationships alongside the physical assets.

Tether, Northern Data’s majority shareholder, has committed to becoming “an important customer of Rumble, with a multi-year commitment to purchase GPUs” as part of supporting the acquisition.

This customer guarantee model reduces execution risk for the acquiring company by providing predictable demand for the newly acquired infrastructure capacity.

Northern Data’s Taiga business alone is projected to generate €150-210 million in revenue for 2025, making Tether’s multi-year commitment particularly valuable for ensuring utilization rates3.

The structure shows how strategic buyers are increasingly seeking deals that combine infrastructure assets with committed demand, rather than acquiring capacity and hoping to find customers later.

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