Nscale's S-1 omits naming Bytedance despite the firm accounting for 73% of 2025 revenue
Nscale's US IPO prospectus (Form S‑1) does not name its largest customer, Bytedance, even though Bytedance accounted for about 73% of Nscale's $33 million revenue in 2025; only Bytedance's Singapore unit, Spring, is referenced in an appendix. Earlier contracts involved Spring using 2,304 Nvidia B200 chips at a converted Glomfjord, Norway site, financed by a Macquarie loan and equity; the setup exploits a permissible gap in US export rules but carries legal and reputational risk as Nscale's filings say Bytedance's share should fall below 20% as Microsoft and Anthropic contracts grow.