Rumble Inc. has outlined a strategic shift toward AI infrastructure, anchored by a $13.7 billion GPU services deal spanning six years across three tranches through its Quake AI cloud unit. The agreement, disclosed around August 23, has driven a sharp rally in Rumble’s shares, which surged 64% in a single month to a 52-week high of $10.54 before easing to $9.37. The company’s market capitalization stands at approximately $4.09 billion.
The pivot reflects a broader push to monetize AI compute capacity, with Rumble currently operating 22,000 Hopper-generation GPUs. Utilization has climbed from below 20% to over 83%, signaling growing demand for its infrastructure. Management also highlighted 250 MW of unmonetized grid-connected power capacity at its Maysville, Georgia facility, slated for 2027, which it projects could support an annual revenue run rate exceeding $3 billion.
Financial performance remains mixed. For FY2025, Rumble reported video platform revenue of $100.6 million, while Q2 2026 revenue reached $40.4 million, up 61% year-over-year and surpassing estimates. The company guided for Q3 2026 revenue of $87–93 million, which would annualize to roughly $350 million. Management has set a target of $3 billion+ in annual revenue, though profitability remains elusive. Gross margin improved to -6.7% in FY2025 from -80.5% in 2023, but EBITDA losses totaled $98.1 million, with a net loss of $81.8 million. The stock’s P/E ratio stands at -23.5x.
Rumble’s ownership structure adds another layer of scrutiny. Tether holds approximately 50% of RUM Group, the parent entity overseeing Quake AI. Analysts have flagged potential dilution risks tied to a $0.01 warrant for 50.8 million shares. Relative to peers, Rumble trades at roughly 1x enterprise value to revenue, significantly below the 3.5x forward revenue multiple observed for comparable AI compute firms such as Nebius, CoreWeave, and IREN.
