Overview

• Rumble informed Northern Data on August 10 of its intent to pursue an all-stock exchange offering 2.319 Class A Rumble shares for each Northern Data share
• The offer implies a €1 billion ($1.17 billion) valuation, pricing Northern Data at about €15.69 per share, roughly a 32% discount to its last close
• The deal would fold Northern Data’s Ardent data centers and Taiga GPU-as-a-service platform into Rumble, adding over 20,000 Nvidia H100 and H200 GPUs to its cloud infrastructure
• Tether, which holds a majority stake in Northern Data and backed Rumble’s cloud push with a $775 million investment, would become Rumble’s largest Class A shareholder and commit to multi-year GPU purchases
• The proposal remains non-binding and is subject to confirmatory due diligence, sale of the Peak Mining unit, board sign-offs and regulatory clearances