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Rumble (RUM) is moving nicely higher today after reporting its Q3 results this morning. The results themselves were not anything to get overly excited about, EPS of $(0.06) was in line with expectations, while revenue missed, declining 1.2% yr/yr to $24.8 mln.

The excitement instead stems from news that the company will acquire Northern Data, a leading AI infrastructure firm, while expanding its partnership with Tether, which committed up to $150 mln of GPU services and $100 mln in advertising over two years. The acquisition adds 22,000+ GPUs (NVIDIA's H100s and H200s), nine data centers, and significant land and power capacity, giving Rumble scale and global reach in enterprise AI hosting.

• Q3 results showed MAUs of 47 mln, down 4 mln sequentially as election-related news flow eased, while ARPU rose 7% to $0.45. Net loss narrowed to $16.3 mln from $31.5 mln last year, and adjusted EBITDA improved by $8.4 mln to a loss of $15.1 mln.
• Now, the deal with Northern Data effectively transforms Rumble into an AI infrastructure company, expanding beyond its video platform roots into data centers, GPU hosting, and enterprise cloud services.
• CEO Chris Pavlovski said the move positions Rumble to "fiercely challenge" Microsoft (MSFT), Google (GOOG), and Amazon (AMZN).
• Tether's $150 mln GPU commitment provides contracted demand for Rumble's new infrastructure business, offering immediate utilization and an anchor customer once the deal closes in 1H26.
• The additional $100 mln in advertising tied to the Rumble Wallet gives Rumble a path to drive creator growth and engagement while improving monetization across its platform.
• Management expects these agreements to meaningfully accelerate revenue scale in 2026, building new growth pillars across AI infrastructure, advertising, and payments under what it calls a Freedom-First technology ecosystem.

Briefing.com Analyst Insight

This deal marks a clear inflection point for Rumble, shifting it from a video platform to an emerging player in AI infrastructure and digital payments. It follows Tether's launch of its U.S.-regulated stablecoin and Rumble's partnership with Perplexity AI, signaling a faster pivot toward fintech and cloud services. While these moves open new growth opportunities, they also raise execution risks. Rumble now needs to prove it can make this shift work, putting its new assets to use, generating revenue from AI and cloud, and expanding beyond content and ads. The Tether commitments add credibility, but investors will be watching closely as the company begins integrating and scaling its new infrastructure.