Rumble Set to Absorb Northern Data’s GPU Empire as Frankfurt Saga Nears End

Northern Data shareholders face June 1 deadline to tender shares in Rumble merger. Deal includes 22,000 GPUs, 85% utilization, €58M cash, and Nasdaq listing.

The clock is ticking for the last holdouts in Northern Data’s merger with Rumble, but the real story lies in the assets the US video platform is acquiring. Behind the exchange offer lies a European GPU operator with 22,000 graphics processors, 85% utilisation rates, and a cash cushion of €58 million that will soon find a home on the Nasdaq.

Investors who have yet to tender their shares face a final window starting 15 May and closing on 1 June. After that, the Northern Data ticker will vanish from the Frankfurt Stock Exchange, likely in mid-June. A separate delisting offer is not on the table, meaning anyone who misses the deadline will hold paper that becomes virtually untradeable.

Rumble has already locked up the vast majority of the stock. As of early May, roughly 77% of Northern Data’s outstanding shares were secured through either transaction support agreements or voluntary tenders. Of the shares not covered by those agreements, a further 16% were tendered. The official acceptance figure is due on 13 May, two days before the Nachfrist opens.

Regulators give the green light

All antitrust and foreign investment hurdles have been cleared. The Ministry of Economy of the United Arab Emirates granted its final approval in late April, and Rumble has stated that no other regulatory sign-offs are required. The deal is expected to close around mid-June, shortly after the Nachfrist ends.

Under the terms, each Northern Data share will be swapped for 2.0281 newly issued Class A shares of Rumble. For existing Northern Data shareholders, the end result is a direct holding in a Nasdaq-listed company – but only if they act before the 1 June cutoff.

A sturdy operational base

Taiga Cloud, Northern Data’s GPU-as-a-service arm, operates one of Europe’s largest clusters, with more than 22,000 graphics processing units. Utilisation stood at 85% in March. Sister unit Ardent Data Centers runs around 250 megawatts of capacity across eight global locations and is still expanding.

The business also comes with a healthy revenue pipeline. For the first quarter of 2026, Northern Data booked preliminary revenue of between €40 million and €42 million. Management is targeting full-year sales of €130 million to €150 million – a range that Rumble can slot directly into its own growth trajectory.

Cash on hand and no domination agreement

Northern Data ended March with roughly €58 million in cash, providing a solid buffer for the combined entity. Rumble has explicitly ruled out entering into a domination or profit transfer agreement for at least three years, so former Northern Data investors will not see any forced squeeze-out of their new Rumble stakes – provided they tendered in time.

On the Frankfurt exchange, the stock has been riding the deal momentum. The shares closed at €13.74 on Friday, a gain of roughly 3.5% on the day. Over the past 30 days, the equity has surged about 57%, reflecting both the arbitrage premium and the imminent transition to a US listing.

For the small minority that has not yet acted, the next three weeks represent the final chance to swap into Rumble shares. After the Nachfrist ends, Northern Data’s equity will effectively become a relic of the European bourse – a footnote to a deal that hands Rumble a ready-made GPU infrastructure.