Rumble Closes Its Acquisition of Northern Data, Adding 22,000 Nvidia GPUs and 200 Megawatts of Power

A video platform takes over a data-center company

On June 17 Rumble, the free-speech video service that pitches itself as an alternative to YouTube, closed its purchase of Northern Data AG. The German company builds and runs data centers for artificial intelligence. Rumble now holds about 85.2% of it, and it got there two ways. First, a public exchange offer let Northern Data shareholders swap each of their shares for 2.0281 Rumble shares. Second, Rumble bought out the largest holders, who had agreed in advance to sell. All told it issued about 59 million new Class A shares and handed Tether a warrant to buy up to 51 million more. No cash changed hands, because the entire deal was paid in Rumble stock. The arrangement was valued at roughly $767 million when the offer launched in April.

What 22,000 Nvidia chips and 200 megawatts buy

Northern Data comes in two pieces. Its Taiga Cloud business rents out about 22,000 high-end Nvidia graphics chips, the processors that train and run AI models. That is one of the largest independent fleets in Europe. Its Ardent unit owns the buildings and the electricity that feed them, and Rumble said the deal brings more than 200 megawatts of power it has not yet sold, enough to supply a small city. Northern Data raised its full-year revenue outlook by about 30%, to a range of 170 million to 190 million euros, and said its chips are running close to full capacity. Rumble has renamed its parent company RUM Group. It now runs as two arms: the Rumble video platform, and a new compute business called Quake AI that folds in Northern Data and Rumble’s existing cloud.

Why Tether is everywhere in this deal

The transaction deepens an already-tight bond with Tether, the company behind the world’s largest stablecoin, a digital token pegged to the US dollar. Tether owned roughly 54% of Northern Data before the sale. It has also committed close to $1 billion to Rumble since early 2025, beginning with a $775 million investment, and it now becomes Rumble’s largest Class A shareholder. One detail stands out. Rumble and Tether had lined up a side deal under which Tether would rent up to $150 million of chip time over two years at a discount, and they walked away from it. The reason, Rumble said, is that Northern Data’s GPUs are already nearly fully booked at stronger prices, so selling that capacity cheaply no longer made sense.

What to watch

1. The piece Rumble does not own. It controls about 85% of Northern Data, not all of it, and Tether still holds a large stake. How Rumble buys in or eases out the rest will decide how freely it can run the business as its own.

2. Selling the compute. The case for the deal rests on renting those 22,000 Nvidia chips to outside customers at a profit. The number to watch is whether Quake AI signs hyperscalers and AI startups as paying tenants, rather than leaning on Rumble and Tether for demand.

3. The shares and the dilution. Rumble paid entirely in stock and printed tens of millions of new shares, with a warrant for tens of millions more. Whether Northern Data’s revenue climbs faster than that rising share count is what determines if the deal rewards existing investors.