Rumble announces its intention for a share swap with this company backed by Tether, which could potentially reshape AI cloud ambitions. 

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US-based Rumble, a video platform and cloud services provider, announced that it is interested in a potential exchange offer with Northern Data, a provider of AI and High-Performance Computing solutions.

If the deal happens, the combined company would focus on AI, data privacy, and independent infrastructure worldwide.

Here are the key points of the potential offer:

  • For each Northern Data share, holders would receive 2.319 new Rumble Class A shares.
  • If all Northern Data shares are exchanged, its investors would own about 33.3 per cent of Rumble after the deal.
  • The final exchange ratio will be decided after due diligence and negotiations and may change based on the sale of Northern Data’s Peak Mining unit.

Upon the deal’s completion, Tether is expected to be the largest holder of Rumble’s Class A stock. Rumble CEO Chris Pavlovski would still control a majority of the voting power and supports the deal.

The offer assumes Peak Mining is sold first, with proceeds used to pay down Northern Data’s loan from Tether. Any remaining loan would stay with Northern Data on new terms. Rumble and its current subsidiaries would not be responsible for that loan.

Rumble’s Potential Offer assumes that Northern Data will sell its Peak Mining unit before the offer is finalised. The money from this sale will be used to pay down the loan Tether gave to Northern Data.

Rumble also assumes that the remaining loan will still be in place after the offer, but with different terms, and will still be Northern Data’s responsibility.

Rumble plans to make sure that neither it nor its subsidiaries will be responsible for this loan.

Merging its data centre businesses

After acquiring all shares of Northern Data, Rumble plans to merge its data centre business, Ardent, and its GPU-as-a-Service business, Taiga, into its operations.

Taiga has many Nvidia GPUs, including around 20,480 H100s and 2,048 H200s.

Ardent and Northern Data Group own five data centres with nearly 850 MW of capacity, along with several additional co-located sites. The site in Maysville, Georgia, is expected to provide up to 180 MW of capacity once finished.

Tether, the largest company in the digital assets industry and the most widely used dollar stablecoin, supports the Potential Offer.

Tether invested $775M in Rumble in February 2025, aiming to compete with big tech in video and cloud services.

Tether’s plan

Tether has announced its plans in relation to the Potential Offer. It intends to sell its entire stake in Northern Data, which represents about 54 per cent of the company’s shares, to Rumble, receiving newly issued Class A shares of Rumble or pre-funded warrants at the same rate offered to Northern Data’s shareholders.

This move will significantly increase Tether’s investment in Rumble.

Rumble and Tether said the contemplated steps align with a shared goal to democratise compute and broaden access to GPU infrastructure through GPU-as-a-service and data centre power delivered on Rumble’s growing cloud platform.