ByteDance accounts for nearly 75% of Nscale’s 2025 sales, reports Financial Times
Nscale's IPO prospectus reveals that its largest customer, unnamed, generated a substantial portion of its revenue. According to the Financial Times, this customer is ByteDance, the Chinese owner of TikTok.
In 2025, ByteDance's Singapore subsidiary, Spring (SG) Pte. Ltd., brought in nearly three-quarters of Nscale's sales. The company used Nscale’s data center in Norway to access Nvidia chips it couldn't purchase in China due to US export controls.
Key Takeaways:
- Nscale's prospectus states that a "limited number of... customers" drive a significant portion of its revenue, highlighting the risk posed by losing major clients.
- The largest customer, though not named, still provided 52% of revenue in H1 2026, according to Fortune's analysis of the filing.
- The arrangement with ByteDance is legally permissible but involves strict conditions from the lender, Macquarie Bank, regarding monitoring and due diligence.
- Nscale has since secured larger contracts with Anthropic and Microsoft, valued at up to $44.6bn and $43.8bn respectively.
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