Rumble Stock Extends Rally: Northern Data Tender Offer Nears Final Stage, Pushing Major AI Pivot

• Rumble said more than 5 million Northern Data shares were tendered in the first phase.
• Rumble said its final offer remains unchanged at 2.0281 Class A shares for each Northern Data share. 
• The exchange offer is expected to close in mid-June. 

Rumble (RUM) stock is drawing attention as the company said it is moving closer to completing its earlier announced acquisition of Northern Data AG, after securing a commanding majority of shares during the initial acceptance period of its exchange offer.

As the deal moves forward, Rumble is shifting from a video platform into a company focused on AI and high-performance computing infrastructure.

RUM Secures Over 81% Stake 

On Wednesday, Rumble said that Northern Data shareholders tendered over 5 million shares in the first acceptance phase, pushing total secured ownership to roughly 81.3% of Northern Data shares. 

The company is now preparing a final opportunity for remaining investors to participate in the transaction before delisting proceedings begin. Rumble will reopen the exchange offer on May. 15, giving Northern Data shareholders until June 1, to tender remaining shares.

Leadership at Northern Data has already endorsed the transaction, with both management and supervisory boards unanimously backing the offer. The closing of the exchange offer is expected in mid-June. 

Rumble stock is on track for a seventh week of gains after rallying over 5% on Wednesday. 

RUM’s Deal Structure Remains Fixed

The company has confirmed that its “best and final” offer stands at 2.0281 shares of Rumble Class A common stock for each Northern Data share. 

The acquisition, first announced in November, is expected to increase Rumble Cloud’s capabilities by adding approximately 22,400 Nvidia  GPUs, including high-end H100 and H200 units. Beyond computing hardware, Rumble will also gain access to Northern Data’s distributed data center network across Europe and the U.S. 

Consequently, Rumble announced a GPU supply agreement with Tether, one of the largest players in the digital asset ecosystem. Tether has agreed to purchase up to $150 million in GPU-based computing services over a two-year period once Rumble completes its exchange offer for Northern Data AG.

Rumble also supports President Donald Trump’s online presence by powering video and streaming for Truth Social, his social media platform. The company works with Trump Media & Technology Group (DJT) to provide cloud and video infrastructure for Truth Social.

RUM Retail Traders View 

On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory. 

A user said, “Tether effectively gave Northern Data to Rumble for $14 billion under fair value,” and added, “This acquisition give Rumble Northern Data's $200 million in revenue at 73% growth rate and makes them the 7th largest cloud provider by GPU capacity.” 

Another user said, “short got blindsided, because they didn’t expect regulators to act so swiftly and easily, they didnt expect it to align so well with the exchange offer. They expected more debt to be involved. They didn’t put the puzzle pieces together with tether financing them.”

RUM stock has gained over 31% year-to-date. 

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