Tether, the issuer of the world’s largest stablecoin USDT, and video platform Rumble have announced plans to jointly acquire all shares of Northern Data, valuing the AI infrastructure firm at $1.17 billion. The proposed deal would give them full control over Northern Data’s high-performance computing (HPC) and AI operations, with Tether expected to become the largest shareholder in Rumble after completion.

Northern Data operates through three main divisions: Taiga Cloud, offering GPU-based cloud services; Ardent Data Center, providing core infrastructure; and Peak Mining, which focuses on Bitcoin mining. The company has signaled plans to sell its mining unit to concentrate on AI and HPC growth, with sale proceeds reinvested into these sectors.

Under the deal, each Northern Data shareholder would receive 2.319 newly issued Rumble Class A shares for each Northern Data share, equating to roughly 33.3% of Rumble’s ownership. Based on Rumble’s recent $7.88 share price, the offer values Northern Data shares at $18.27 each.

Tether already holds a significant stake in Northern Data and invested $775 million into Rumble in late 2024. The two companies strengthened ties in May when Rumble launched a Bitcoin and stablecoin wallet supporting USDT. Tether has also hinted at future AI, peer-to-peer communications, and decentralized data storage ventures as part of its broader strategy.

The acquisition would also see Tether amend its existing €575 million ($610 million) loan to Northern Data, ensuring the company has the financial flexibility to scale. If completed, the deal positions Tether and Rumble at the forefront of AI infrastructure and decentralized technology, marking one of the largest crypto-adjacent moves into the AI space to date.