Rumble pivots toward GPU‑as‑a‑service

Rumble Inc. used its May 14 first-quarter earnings discussion to put Northern Data at the center of its next phase, pairing a video platform business with a large GPU fleet and data-center footprint. The company said its exchange offer for Northern Data remains on track to close in mid-June, after it secured about 81.3% of Northern Data’s outstanding shares including shares committed under support agreements. Rumble reported first-quarter revenue of $25.5 million, while highlighting Northern Data’s separate first-quarter revenue of 42 million euros and GPU utilization of about 85% in March. The transaction, first announced on November 10, 2025, would add about 22,000 Nvidia H100 and H200 GPUs and a network of energized data-center sites to Rumble Cloud. Rumble and Northern Data have described the combined company as spanning video, cloud and AI infrastructure, and Rumble CEO Chris Pavlovski said when the deal was announced that it would make the company “an instant AI infrastructure leader.” (corp.rumble.com) ### Why is Northern Data now driving the Rumble story? May 14 marked the clearest example yet of Rumble presenting Northern Data alongside its core platform metrics. In the earnings release, Rumble led with its own revenue, monthly active users and Shorts growth, but it also gave Northern Data’s quarterly revenue and utilization figures near the top of the statement and said the combined company would have generated about $75 million of pro forma first-quarter revenue. (corp.rumble.com) November 10 was the date Rumble signed the business combination agreement with Northern Data. Under the terms disclosed then, Northern Data shareholders who tender shares receive 2.0281 newly issued Rumble Class A shares for each Northern Data share, with a possible cash component of up to $200 million tied to commercialization of Northern Data’s previously owned Corpus Christi site. (corp.rumble.com) ### What does the 85% utilization figure say about the GPU business? Northern Data said on March 5 that GPU utilization rose from 62% in December 2025 to 66% in January 2026 and was expected to approximate the then-current allocation rate of 85% by the end of the first quarter. On May 14, Rumble said Northern Data’s GPU utilization reached approximately 85% in March 2026. (northerndata.de) Northern Data said the GPU estate was being allocated mainly to reserved and on-demand contracts, and that it had shifted spot-market contracts toward arrangements with more predictable utilization and pricing. The company also said its Taiga Cloud platform provides multi-tenant, on-demand access for training and inference workloads. (northerndata.de) ### Where does the revenue base come from? Northern Data reported 42 million euros of first-quarter 2026 revenue, according to Rumble’s May 14 release. That followed Northern Data’s March 5 operational update, which said fourth-quarter 2025 revenue had risen to 31 million euros from 8 million euros in the third quarter. (northerndata.de) Tether is one named customer already attached to the deal. On November 10, Rumble said Tether committed to purchase up to $150 million of GPU services over two years after closing of the exchange offer, giving the combined company an anchor customer as it builds out the GPU leasing business. (corp.rumble.com) ### What still has to happen before the deal closes? May 13 was the date Rumble announced the initial results of the exchange offer. The company said 5,708,665 Northern Data shares were tendered during the initial acceptance period that ended on May 9, and that the total secured rose to about 81.3% when including shares committed under transaction support agreements. (sec.gov) May 5 was the date Rumble said it had received all regulatory approvals for the business combination. The remaining step is the limited additional acceptance period, which began on May 15 and runs through June 1, after which Rumble said it expects to close in mid-June. ### How much of Rumble is still the video platform? Rumble said average global monthly active users were 56 million in the first quarter, up 8% sequentially from the fourth quarter of 2025, and said May brought a record of roughly 2 million unique Rumble Shorts views in a single day. (corp.rumble.com) The company also said it signed an exclusive live-streaming distribution agreement with “The Dan Bongino Show.” (investors.rumble.com) Michael Masci, Rumble’s new chief financial officer, was identified by the company on May 14 as a former Intel vice president of product management with AI and cloud infrastructure experience. Rumble said the additional acceptance period ends June 1 and that Northern Data shares are expected to be delisted after the mid-June closing. (corp.rumble.com)