Rumble Stock (RUM) Today: AI Pivot, Tether Deal and 2026 Forecast After a Wild 2025

Updated December 7, 2025

Rumble Inc. (NASDAQ: RUM) has spent 2025 reinventing itself from “just” a free‑speech video platform into something much stranger and more ambitious: a crypto‑funded, AI‑infrastructure‑powered media and cloud company.

The market is still trying to decide what that actually means for RUM stock. Shares closed at $7.12 on December 5, 2025, down 7.8% on the day and well below their 52‑week high of $17.40, giving Rumble a market cap of around $3.1 billion. ^[1]

At the same time, Wall Street’s 12‑month average price target sits at $14, implying nearly 97% upside if the more optimistic forecasts are right. ^[2] That gap between price and narrative is exactly where the Rumble story lives right now.

This deep dive looks at the latest RUM stock price action, Q3 2025 earnings, the huge Northern Data AI deal, Tether’s growing role, Rumble’s revamped creator and premium strategy, and the newest analyst forecasts as of December 7, 2025.

Rumble stock right now: price, range and volatility

As of the close on December 5, 2025, Rumble stock traded at:

Price: $7.12, down 7.77% on the day
After‑hours quote: around $7.14 the same evening
52‑week range: $5.11 – $17.40
Shares outstanding: ~215.4 million
Market cap: about $3.1 billion ^[3]

In other words, the stock is currently trading closer to its 52‑week low than its high, even after a sharp rebound in late November and early December.

The ride has been bumpy:

A recent technical note highlighted that Rumble has seen 55 daily moves greater than 5% over the last year, underscoring just how jumpy the stock is. ^[4]
A Zacks note from November 10 pointed out that RUM was down about 55% year‑to‑date at that time, versus a mid‑teens gain for the S&P 500. ^[5]

Short sellers are very much in the mix. One MarketBeat piece on the AI deal notes that over 13% of Rumble’s public float is sold short, with a days‑to‑cover ratio above six days. ^[6] A separate data set from Barron’s shows short interest closer to 23% of float, underlining how elevated bearish positioning has become. ^[7]

Put simply: RUM is a high‑volatility, high‑short‑interest name where news and sentiment can move the price dramatically in both directions.

Q3 2025 earnings: revenue stalls, losses narrow

Rumble’s Q3 2025 results, released on November 10, were a strange mix of “better” and “not great.” ^[8]

Key numbers for the quarter ended September 30, 2025:

Revenue: $24.76 million
- Down slightly from $25.06 million a year earlier (about ‑1.2% year‑on‑year)
- Missed analyst revenue expectations by roughly 6%, according to Zacks. ^[9]
Net loss (GAAP): $16.26 million
- A big improvement from $31.54 million in Q3 2024
GAAP loss per share: $0.06 vs. $0.15 a year earlier ^[10]
Adjusted loss per share: Zacks calculates ‑$0.08, slightly worse than the consensus estimate of ‑$0.07. ^[11]

On the cost side, Rumble has clearly started tightening the screws:

Cost of services (content, hosting and other) fell from $36.4 million to $25.2 million year‑on‑year in Q3, a steep drop that helped narrow losses. ^[12]
Adjusted EBITDA loss improved versus the prior year, although it remains negative.

The balance sheet is one of the bullish talking points:

As of September 30, 2025, Rumble reported total liquidity of $293.8 million, including $269.8 million in cash and equivalents and 210.82 Bitcoin, valued at about $24 million at the time. ^[13]

That gives Rumble a lot of runway to pursue its AI and cloud ambitions, even though the core video business is not yet profitable.

Q2 2025 showed a similar pattern

The Q3 slowdown looks even more interesting when you zoom out to Q2 2025:

Q2 2025 revenue: $25.1 million, up 12% year‑on‑year
Monthly Active Users (MAUs): 51 million, down from 59 million in Q1 2025
ARPU: $0.42, up 24% quarter‑on‑quarter ^[14]

So Rumble has:

Slowing or slightly shrinking top‑line revenue in Q3
Improving unit economics (ARPU is rising)
Narrowing losses thanks to cost controls
A large cash pile plus Bitcoin holdings

That combination is exactly why some investors see a turnaround story, while others see a platform struggling to grow its audience fast enough.

The $767 million question: Northern Data and the AI pivot

The single biggest strategic move this year is Rumble’s planned acquisition of Northern Data AG, a German AI‑infrastructure company.

According to Rumble’s November 10 SEC filing, the company signed a business combination agreement with Northern Data on the same day it released Q3 results. ^[15]

A detailed MarketBeat write‑up pegs the deal at about $767 million in an all‑stock transaction and lays out why it matters: ^[16]

Rumble would acquire one of Europe’s largest GPU fleets, roughly 22,400 high‑performance NVIDIA chips, positioning itself as a direct supplier of AI compute rather than just a customer of AWS or Azure.
The deal is structured so Rumble keeps its cash hoard intact while paying with equity, giving it more flexibility to scale the new cloud operations.
Closing is expected in Q2 2026, subject to shareholder and regulatory approvals.

In other words, Rumble is trying to jump a weight class—from being “the YouTube alternative” to playing in the multi‑trillion‑dollar AI infrastructure market.

Enter Tether: $150M in GPU services and $100M in ads

The Northern Data deal is tightly coupled with Tether, the stablecoin issuer and crypto heavyweight.

MarketBeat’s analysis notes that upon closing: ^[17]

Tether will commit to purchase up to $150 million in GPU services from Rumble over two years.
Tether is also set to enter a separate $100 million advertising deal on the Rumble platform.

Separately, a Coindesk report in late November said that Tether had increased its stake by another 1 million Rumble shares, bringing its holdings to more than 104 million shares and sending RUM up 13% to about $6.40 on the day of that disclosure. ^[18]

So Rumble now has:

A giant AI‑hardware acquisition lined up
A massive anchor customer for that hardware (Tether)
A long‑term ad commitment from the same partner
A large strategic shareholder who can impact sentiment with every additional share purchase

This tight embrace with Tether gives Rumble capital and immediate demand—but also ties its story more closely to the fate and reputation of a controversial stablecoin issuer.

Rumble’s Bitcoin strategy and crypto tipping experiments

Rumble isn’t just working with Tether; it’s also putting crypto directly on its own balance sheet.

The Q3 report shows 210.82 Bitcoin held as digital assets, valued at about $24 million as of November 7, 2025. ^[19] The company has described this as part of a “Bitcoin treasury strategy,” exposing Rumble’s finances to the ups and downs of the BTC price.

On the product side, a late‑November news round‑up notes that Rumble has begun testing tipping in Bitcoin, Tether’s USDT stablecoin, and XAUT (a gold‑linked token), further weaving crypto into its user and creator economics. ^[20]

For investors, that means RUM is no longer just a bet on ad spend and video views—it’s increasingly entangled with the broader crypto ecosystem.

Creator monetization and premium: the 2025 Creator Program

At the same time as the AI pivot, Rumble is trying to solve a more familiar puzzle: how to pay creators enough to keep them loyal without burning absurd amounts of cash.

The Rumble 2025 Creator Program, updated November 25 and last revised on December 4, lays out a more structured incentive system linked to Rumble Premium, the company’s paid subscription tier. ^[21]

Key elements of the program:

Rumble allocates a portion of profits from Rumble Premium subscribers into a creator pool.
Payouts are based on:
- Minutes watched of a creator’s original content
- New user sign‑ups driven by that creator
- New Rumble Premium subscriptions attributed to that creator
To enroll, creators must:
- Have at least 100 followers
- Have streamed at least 1 hour via Rumble Studio in the prior 30 days (down from a previous 30‑hour requirement)
- Maintain an active Rumble Premium subscription themselves
To stay eligible each month, creators must meet thresholds such as:
- 30 hours total streaming (5+ hours to Rumble Premium)
- 200 hours of watch time
- At least 20 unique chat participants
- Performing raids in five separate livestreams, sending viewers to other creators ^[22]

Rumble’s strategy is pretty clear: push creators to:

Stream more (especially live),
Drive new users and premium subs, and
Help each other grow via tools like raids.

It’s a YouTube‑meets‑Twitch‑meets‑Patreon mash‑up, tuned specifically to feed Rumble Premium.

Exclusive events: the Andrew Tate vs Chase DeMoor fight

To juice Rumble Premium further, the company is leaning into exclusive, attention‑grabbing events.

On December 4, 2025, Rumble announced that “MF Mania – The Fight Before Christmas”, a Misfits Boxing match between Netflix personality Chase DeMoor and influencer Andrew Tate, will be livestreamed exclusively on Rumble Premium on December 20, 2025. ^[23]

Important details:

The event will stream from Dubai under the Misfits Boxing banner.
Viewers must purchase an annual Rumble Premium subscription to watch, rather than a traditional one‑off pay‑per‑view. ^[24]

For Rumble, it’s a test of whether:

High‑profile, polarizing personalities can meaningfully drive premium subscriber growth, and
The platform’s “freedom‑first” brand can be monetized via exclusive live events instead of relying only on ads.

For RUM stock, the impact will depend on how many incremental subscribers Rumble can retain after the fight is over and whether advertisers are comfortable being associated with that kind of content mix.

How analysts see RUM stock now

Analyst coverage of Rumble is still relatively thin, but it has become more structured and data‑driven over the past year.

According to MarketBeat’s forecast page, as of December 5, 2025: ^[25]

Consensus rating:Hold (based on 3 Wall Street analysts)
- 1 Buy
- 1 Hold
- 1 Sell
Average 12‑month price target:$14.00
- High: $20.00
- Low: $8.00
Implied upside from $7.12: about 96.6%

The rating history shows:

Maxim Group initiating coverage with a Buy rating and a $20 target earlier in 2025.
Wedbush maintaining a Neutral stance with an $8 target.
Weiss Ratings flagging the stock with a Sell‑style grade (E+), reflecting concerns about risk and valuation. ^[26]

Benzinga’s October overview broadly aligns with this picture, noting a mixed analyst sentiment and highlighting ongoing worries about user growth and monetization even as some firms still see substantial upside from current levels. ^[27]

Valuation debates: undervalued or way ahead of itself?

A recent analysis from Simply Wall St on December 3 argues that, based on its internal narrative model, Rumble is “undervalued” with a fair value around $15.50 when the stock was trading near $7.10. ^[28]

However, the same piece points out a big red flag:

Rumble’s price‑to‑sales ratio is around 23x, versus roughly 1x for the broader U.S. Interactive Media & Services industry and about 3.6x as a “fair” level in their framework. ^[29]

So one camp is effectively saying:

“If Rumble executes perfectly on its AI and cloud strategy, it might be worth more than double today’s price.”

While the numbers themselves quietly whisper:

“At current revenue levels, this stock is already priced like a hyper‑growth platform leader.”

Meanwhile, a Finimize note bluntly frames the situation as “big hopes vs even bigger losses”, emphasizing intense competition and the risk that Rumble’s spending and acquisitions don’t translate into sustainable profitability. ^[30]

Fundamentals in context: bull case vs bear case

RUM is the kind of stock where bullish and bearish investors can stare at the same facts and walk away with very different conclusions.

Bullish arguments on Rumble stock

Supporters of RUM stock tend to emphasize:

Strong liquidity: Nearly $294 million in liquidity (mostly cash) plus Bitcoin holdings give Rumble time to execute its pivot. ^[31]
Improving loss profile: Net losses have almost halved year‑on‑year in Q3, thanks largely to lower content and hosting costs. ^[32]
AI infrastructure upside: The Northern Data acquisition plus Tether’s $150 million GPU commitment could turn Rumble into a meaningful AI‑compute provider with an anchor customer built in from day one. ^[33]
Crypto‑aligned growth: Tether’s equity stake, ad commitments, and integrations such as crypto tipping create a unique capital and user‑acquisition pipeline that traditional platforms don’t have. ^[34]
Creator monetization flywheel: The revamped Creator Program and Rumble Premium incentives could gradually lift ARPU and diversify revenue away from pure advertising. ^[35]
Index inclusion & visibility: Rumble’s class A shares were added to the Russell 2000 and 3000 indices in 2025, which typically increases institutional awareness and baseline demand. ^[36]

For this camp, the story is: “Yes, it’s risky, but you’re paying today’s price for tomorrow’s AI‑plus‑media platform.”

Bearish arguments on Rumble stock

Skeptics point to a different cluster of facts:

Flat or shrinking revenue: Q3 revenue declined year‑on‑year and missed expectations, even as the company rolls out new products and partnerships. ^[37]
User growth concerns: MAUs slipped from 59 million in Q1 to 51 million in Q2, undercutting the growth narrative and raising questions about engagement and retention. ^[38]
Rich valuation: A price‑to‑sales multiple in the low‑20s is extremely high for a business with slowing top‑line growth and persistent losses, especially compared to peers trading around 1x sales. ^[39]
Execution risk on AI pivot: Integrating Northern Data, scaling GPU infrastructure and delivering on Tether’s commitments are all complex, capital‑intensive tasks with many ways to go wrong. ^[40]
Reputational and advertiser risk: A brand built around “free speech” and controversial creators can attract large, passionate audiences but may deter mainstream advertisers or lead to regulatory attention. ^[41]
Heavy short interest: Double‑digit short interest reflects deep skepticism among sophisticated traders and can increase volatility in both directions. ^[42]

For this camp, the story is: “Rumble is paying growth‑stock prices for a business that isn’t proving it can grow.”

Key risks for RUM stock

Beyond the usual “stock prices can go down” disclaimer, investors watching Rumble closely are paying attention to a few specific risk buckets:

Deal risk on Northern Data
- The acquisition is large relative to Rumble’s size and is scheduled to close in Q2 2026. Any delay, renegotiation or regulatory snag could hit sentiment. ^[43]
Dependence on a single large partner (Tether)
- Tether is simultaneously:
  - A major shareholder
  - A multi‑year GPU customer
  - A nine‑figure advertising client
- If Tether pulled back for any reason—regulatory, financial or strategic—the impact on Rumble’s AI and ad plans would be significant. ^[44]
Monetization vs user growth tension
- Raising ARPU via more aggressive monetization (subscriptions, premium content, tipping) can sometimes slow user growth if users perceive the platform as less “free” or open.
Regulatory and content risk
- Rumble’s positioning as a “freedom‑first” platform and events featuring controversial figures invite political, regulatory and advertising scrutiny, which could impact both growth and costs. ^[45]
Crypto and Bitcoin exposure
- The company’s Bitcoin holdings and tightening relationship with Tether introduce market and regulatory risks that more conventional ad‑tech or video platforms simply don’t have. ^[46]

What to watch next for Rumble in 2026

For anyone tracking RUM stock over the next 12–18 months, a few milestones are likely to matter more than the daily tick‑by‑tick price action:

December 20, 2025 – Misfits Boxing event
- How many Rumble Premium subscriptions does the Andrew Tate vs Chase DeMoor fight actually drive, and do those subs stick around? ^[47]
2026 earnings guidance and ARPU trends
- Are revenue and ARPU re‑accelerating, or is Rumble just rearranging the deck chairs while top‑line growth stagnates?
Closing and integration of Northern Data
- Does the acquisition close on time in Q2 2026?
- How quickly can Rumble ramp up GPU utilization under the Tether contract and other AI‑compute customers? ^[48]
Short interest and sentiment shifts
- Elevated short interest creates the ingredients for both short squeezes on good news and air‑pocket drops on disappointments.
Regulatory or policy developments
- Any major moves on digital assets, stablecoins, online speech or content moderation in the U.S. or EU could ripple directly through Rumble’s business model.

Bottom line

As of December 7, 2025, Rumble stock (RUM) sits at an awkward intersection:

The price reflects deep skepticism after a tough year.
The story being told by management and some analysts assumes that AI infrastructure, crypto‑aligned partnerships, and better creator monetization can unlock a far larger, more profitable platform.

Whether RUM ends up closer to the “undervalued AI‑cloud insurgent” story or the “overpriced niche video site” story will hinge on execution—on GPUs actually earning their keep, creators sticking around, premium subscriptions compounding, and advertisers staying interested.

For now, Rumble remains what the numbers say it is: a highly volatile, high‑risk stock with a genuinely unusual mix of media, AI, and crypto all welded together.