Everything in Observer
Public Companies
Business Description
Northern Data AG, a Frankfurt-listed AI and high-performance computing infrastructure company trading on XETRA as NB2.DE, operates 10 data center facilities globally under two primary business lines, Taiga Cloud and Ardent Data Centers, with a combined IT load capacity of 250 megawatts.
Originally incorporated as Northern Bitcoin AG, the company rebranded to Northern Data AG in January 2020 as it expanded beyond bitcoin mining into GPU-based cloud services. By November 2025, Northern Data had fully exited the mining segment: the Peak Mining subsidiary was divested on November 3, 2025 for up to USD 200 million (USD 50 million in upfront cash plus up to USD 150 million in deferred profit-share consideration tied to Corpus Christi operations). A historical equity stake in Lancium Inc. was also sold in November 2025.
Taiga Cloud, the company's sovereign AI cloud platform, provides GPU-accelerated infrastructure-as-a-service across four locations (Boden, Sweden; Lefdal, Norway; Kristiansand, Norway; and London, UK), deploying approximately 22,400 NVIDIA H100 and H200 processors. Ardent Data Centers, the colocation arm, operates facilities in Pittsburgh, Amsterdam, and Maysville, Georgia, with Maysville expected to begin operations in 2026; the Ardent estate is targeting roughly 250 megawatts across ten global locations by 2027. Hardware partners include NVIDIA, AMD, HPE, Gigabyte, and VAST. Tether is the largest disclosed Taiga Cloud customer, committed to a two-year GPU leasing agreement worth up to USD 150 million.
FY 2025 revenues from continuing operations reached EUR 80 million, down from EUR 121 million in FY 2024, with quarterly cloud revenue accelerating from EUR 8 million in Q3 2025 to EUR 31 million in Q4 2025. The audited annual report, covering the year ended December 31, 2025, was published on March 18, 2026.
On November 10, 2025, Northern Data entered into a business combination agreement with Rumble Inc. in an exchange offer structured at 2.0281 newly issued Rumble Class A shares per Northern Data share, implying a deal value of approximately USD 767 million. As of May 4, 2026, approximately 77% of Northern Data shares outstanding were committed or tendered under the offer. Rumble announced receipt of all required regulatory approvals (including UAE Ministry of Economy clearance granted April 29, 2026) on May 5, 2026, with the initial acceptance deadline set for May 9, 2026 and an additional tender period expected through June 1, 2026. According to BitcoinMiningStock.io data as of May 8, 2026, Northern Data AG carries an enterprise value of $1.03 billion.
