Rumble's Takeover Seals Northern Data's Exit as New RUM Group Targets AI Dominance

Rumble completes Northern Data acquisition, triggering delisting. Shareholders face liquidity issues as new RUM Group splits video and AI units with 250 MW capacity.

The final curtain has fallen on Northern Data's independent stock market run. US video platform Rumble now holds 85.2% of the German data center operator after completing its takeover, triggering an immediate delisting from the Munich Stock Exchange as of June 16, 2026. Shareholders who missed the exchange window are facing a liquidity trap — no regular trading, no price transparency, and only distressed sales at steep discounts.

The deal left Northern Data holders with a fixed swap ratio of 2.0281 Rumble shares for each of their own. That offer fueled extraordinary price swings in the days leading up to the close, with volatility hitting 194%. The stock rallied 43% in the final week of trading, though it remains down roughly 42% year-to-date and has lost 71% over the past twelve months. A separate cash compensation offer was never on the table.

The combined entity now operates under the name RUM Group Inc., effective June 18. It splits into two distinct divisions: Rumble continues the video platform business, while Quake AI absorbs the cloud and AI infrastructure assets inherited from Northern Data. That includes approximately 22,000 Nvidia H100 and H200 graphics cards spread across nine data centers, with total power capacity of 250 megawatts — over 200 MW of which remain unmonetized. CEO Chris Pavlovski described the transformation as a "once-in-a-lifetime opportunity" to build a fully independent AI platform.

Just before exiting the stock exchange, Northern Data raised its 2026 revenue forecast to between €170 million and €190 million, up roughly 30% from the previous ceiling of €150 million. The upgrade reflects strong utilization rates, better pricing, and a strategic reversal: the company is now keeping a large server cluster that had been earmarked for sale by end-2025. Recurring income from that cluster replaces the planned one-time gain.

A separate catalyst emerged from a newly signed $270 million contract with Together AI for Blackwell B300 GPUs, underscoring the surging demand for compute capacity. On Nasdaq, Rumble's shares jumped as much as 16% in pre-market trading on the news. Northern Data's own stock was less responsive, drifting 0.91% lower to €8.12 on the final day of trading.

For remaining Northern Data shareholders, the path forward is narrow. Without a listed market for their paper, selling will be difficult and likely done at deep haircuts. The real test now falls on Quake AI's ability to convert the vast unmonetized power capacity into long-term cloud contracts. Whether RUM Group can reverse the previous year's steep losses hinges on how quickly those chunks of idle infrastructure get filled.