Rumble Closes Northern Data Takeover, Unleashing 250MW of GPU Power for AI Cloud Ambitions

Rumble completes Northern Data acquisition, merging 22,000 Nvidia GPUs and 250MW capacity into RUM Group. Tether receives warrants; revenue guidance raised to €170-190M.

The operational integration is complete. Rumble now holds 85.2% of Northern Data, folding the German high-performance computing specialist into the newly formed RUM Group. What was once a standalone Frankfurt-listed stock is now the hardware backbone of a reinvention — one that fuses a video platform with a cloud infrastructure business.

Under the voluntary exchange offer, Northern Data shareholders who tendered their shares received 2.0281 Rumble Class A shares for each Northern Data share they owned. Around 8.2 million Northern Data shares — representing roughly 46.2% of the free float — were handed in. To satisfy those claims, Rumble issued approximately 16.6 million new Class A shares. An additional 42.8 million shares went to the so-called TSA sellers, who tendered their stakes just before closing.

The deal also introduced a major new player to Rumble’s cap table. Tether received two pre-funded warrants: one entitling the company to purchase up to 51.5 million Rumble Class A shares, and another for up to 4.6 million shares tied to an equity commitment agreement. The combined dilution from the exchange, the TSA sellers, and these warrants has substantially altered Rumble’s equity base — a reality investors are beginning to price in.

What Rumble acquires is a formidable hardware arsenal. Northern Data brings roughly 22,000 Nvidia GPUs, including H100 and H200 systems. As of March 2026, utilization stood at about 85%. The combined power capacity across ten data centers is pegged at 250 megawatts, with four of those facilities owned outright. Much of the unmonetized capacity is expected to come online by 2027. Bolstered by these assets, Northern Data raised its 2026 revenue guidance to €170–190 million, up from an earlier range of €130–150 million.

The stock market response has been muted relative to the scale of the news. Northern Data shares traded at €8.01 on the day of the final closing announcement, modestly in the red. Yet the paper has been on a wild ride: up roughly 38% over the previous seven days, but still nursing a 12-month decline of more than 72%. Annualized volatility of 193% underscores the deep-seated jitters among holders.

The sector backdrop lends urgency to the shift. Analysts at Dell’Oro Group project global data center spending will cross $1 trillion for the first time in 2026. Rumble is now positioning RUM Group to capture a slice of that wave. The next milestone for investors will be second-quarter utilization figures — and whether the raised revenue target holds as the GPU clusters begin to generate cash.