Core Viewpoint - Rumble is pursuing a potential all-stock exchange offer for 100% of Northern Data's outstanding shares, which would create a significant player in AI and cloud infrastructure, emphasizing data privacy and independence globally [1][3]. Group 1: Transaction Details - The potential offer would involve Northern Data shareholders receiving 2.319 newly issued Class A shares of Rumble for each Northern Data share tendered, resulting in approximately 33.3% pro forma ownership in Rumble for Northern Data shareholders [4]. - Tether, the majority shareholder of Northern Data, supports the transaction and plans to sell its 54% stake in Northern Data to Rumble, significantly increasing its investment in Rumble [4][9]. - The Peak Mining unit of Northern Data is expected to be sold prior to the completion of the potential offer, with proceeds used to reduce Tether's existing loan to Northern Data [2]. Group 2: Business Integration and Capacity - Upon completion of the acquisition, Rumble plans to integrate Northern Data's Ardent data center business and Taiga GPU service into its operations, enhancing its capabilities in AI cloud services [3]. - Northern Data's Taiga business includes approximately 20,480 Nvidia H100 GPUs and 2,048 H200 GPUs, while its data center sites have a potential energized capacity of nearly 850 MW, including a site in Maysville, Georgia, expected to deliver 180 MW upon completion [3][4]. Group 3: Strategic Vision - The transaction aligns with Rumble and Tether's vision to democratize computing and provide unrestricted access to infrastructure, focusing on GPU as a service and data center power [5]. - Following the potential offer, Tether is expected to become a significant customer of Rumble, committing to a multi-year GPU purchase agreement [1][4].