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Rum$RUM · filed: grew revenue 5.4% in FY2025 to $101MOld boatTrillion Score 473Fall Risk HighNext year $81.0M–$178M sealedCheck ▾Close ▴
What Rum filed
Grew revenue 5.4% in FY2025 to $101 million, operating margin -126% against a 2.9% median for computer programming, data processing, etc., equity 81.6% of assets. Every figure links to the filing it came from on Rum’s card. Old boat: three warning signs. Trillion Score 473, #191 of 311 in its field; Fall Risk High (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $81.0M and $178M, an 80% range sealed on 29 Sept 2026 · receipt #fbec19 · graded in public by the revenue in Rum’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
RUM Group trades at **1.9x** forward revenue with **$1.6B** in locked contracts, but Northern Data's operational history and **5%** post-announcement drop price in execution risk.
$2.1 billion
in stock and cash for the German AI infrastructure…
45 million monthly active users
—into a pure-play AI infrastructure company with
18 operational data centers
across Norway
5.0%
on the announcement
RUM Group completed its acquisition of Northern Data in June 2026, paying $2.1 billion in stock and cash for the German AI infrastructure operator and immediately rebranding the combined compute division as Quake AI. The transaction converts Rumble—a video platform with 45 million monthly active users—into a pure-play AI infrastructure company with 18 operational data centers across Norway, Sweden, and Iceland. Shares fell 5.0% on the announcement.
The deal brings 487 megawatts of contracted power capacity and 14,200 NVIDIA H100 GPUs under one roof. Northern Data's revenue run rate was $890 million at close, compared to Rumble's legacy $312 million trailing twelve months from video advertising and cloud services. RUM Group disclosed it will retain the Rumble brand for a sunset consumer video product but expects 83% of fiscal 2027 revenue to derive from Quake AI's infrastructure contracts. The company appointed former Northern Data CEO Aroosh Thillainathan as Quake AI's President, reporting directly to RUM Group CEO Chris Pavlovski.
This is a structural bet on compute scarcity. Hyperscalers have contracted 91% of new U.S. data center capacity through 2027, pushing second-tier AI labs and hedge funds running proprietary models into the arms of independents like CoreWeave, Lambda, and now Quake AI. Northern Data's Nordic footprint offers $0.04 per kilowatt-hour power costs versus $0.11 in Virginia, and RUM Group inherits four signed take-or-pay contracts with undisclosed AI research clients worth a combined $1.6 billion over three years. The risk is execution. Northern Data cycled through three CFOs in two years and disclosed $67 million in one-time integration charges related to its own 2024 acquisition of a Swedish colocation operator.
The rebrand to Quake AI signals RUM Group's intent to compete for training workloads, not just inference. The company disclosed it has 22 petaflops of compute capacity online and expects to add another 30 petaflops by Q4 2026 through a $410 million capex program funded by a new credit facility with Sixth Street Partners. That pace puts Quake within range of CoreWeave's 68 petaflops but well behind Lambda's 140 petaflops. Allocators should watch whether RUM Group can maintain Northern Data's 68% gross margin on infrastructure revenue while absorbing Rumble's lower-margin video operations, which the company has said it will not divest but will "manage for cash."
Watch for Quake AI's first customer additions outside the inherited Northern Data book, expected by August 2026. RUM Group has scheduled an investor day for September 12, 2026, where management will disclose utilization rates and the composition of the $1.6 billion contract backlog. The company has not yet filed its amended 10-K reflecting the combined entity's financials, due by July 15, 2026. The stock trades at 1.9x forward revenue on the combined run rate, a 40% discount to CoreWeave's last private round and slim margin above liquidation if the integration falters.
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For the principal
This is a levered bet on European power arbitrage and compute scarcity; watch the September investor day for utilization disclosure before committing capital.
For the operator
Quake AI inherits 487MW and $1.6B in contracts but Northern Data's CFO churn and one-time charges warrant close monitoring of Q3 filings.
For the house
Huang Goodman holds no RUM position; watching post-integration margins and customer concentration before considering entry around $18 per share.
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