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Nscale Files IPO Without Mentioning Largest Customer, Bytedance
Nscale, an Nvidia-backed AI cloud provider, has filed its S-1 document for a planned US IPO without mentioning its largest customer, Bytedance. The Chinese company accounted for 73 percent of Nscale's $33 million in revenue in 2025, but is nowhere to be found in the 192-page main prospectus.
The only mention of Bytedance is in an appendix, where it refers to its Singapore subsidiary, Spring. In May 2025, Spring agreed to use 2,304 Nvidia B200 chips in Glomfjord, Norway, under a $105 million loan from Macquarie.
The deal allowed Bytedance to exploit a gap in US export rules and access Nvidia chips it couldn't buy in China. However, this arrangement carries legal and reputational risks, Nscale acknowledges.