Nscale's ipo filing omits bytedance, its 73% revenue source
nscale leaves bytedance, its biggest customer, out of its us ipo filing despite accounting for 73% of $33m revenue in 2025.
nscale, backed by nvidia, has filed for a us ipo but did not mention its largest customer, bytedance, in the main 192-page s-1 filing. bytedance's singapore subsidiary, spring, is only mentioned in an appendix. in 2025, bytedance's spring accounted for 73% of nscale's $33m revenue. nscale had secured a $105m loan from macquarie and $35m in equity to build an ai data center in norway using 2,304 nvidia b200 chips. this deal allowed bytedance to use nvidia chips it couldn't buy in china due to us export rules. nscale expects bytedance's share of revenue to drop below 20% this year.