Nscale's $35 billion IPO filing shows ByteDance drove 73% of 2025 revenue

September 23, 2026 at 03:33 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Nscale's S-1 filing for a $35 billion IPO reveals ByteDance accounted for 73% of its 2025 revenue. The filing shows Nscale generated $33 million in revenue in 2025 and $140.6 million in the first half of 2026. The company has since signed agreements with Microsoft worth $43.8 billion and Anthropic worth $44.6 billion.

Key Facts

ByteDance accounted for 73% of Nscale's revenue in 2025, according to the company's S-1 filing.
Nscale generated $33 million in revenue in 2025 and $140.6 million in the first half of 2026.
Nscale has signed agreements with Microsoft worth $43.8 billion through December 2033 and with Anthropic worth $44.6 billion.
The S-1 filing does not mention ByteDance by name; the customer is identified as Spring (SG) Pte. Ltd., a Singapore-based ByteDance subsidiary, in a loan exhibit.
Nscale disclosed $56.4 billion in remaining performance obligations and $103 billion in total contract value.

Customer Concentration

ByteDance, TikTok's Chinese parent, accounted for 73% of Nscale's revenue in 2025, the Financial Times reported. In the first half of 2026, Nscale's largest customer provided 52% of revenue. Nscale's S-1 warns that a loss of or significant reduction in spend from a top customer would adversely affect its business. The company has since signed agreements with Microsoft worth $43.8 billion through December 2033 and with Anthropic worth $44.6 billion.

ByteDance Connection

The S-1 filing does not mention ByteDance by name, but a loan exhibit identifies a customer as Spring (SG) Pte. Ltd., a Singapore-based ByteDance subsidiary. ByteDance used Nscale's cloud facility in Norway to access Nvidia chips that it could not buy in China, exploiting a loophole in US trade restrictions, according to filings cited by the Financial Times. The arrangement is legal but exposes Nscale to regulatory and reputational risks amid the US-China technology race.

Financial Position

Nscale disclosed $56.4 billion in remaining performance obligations, representing future contracts where revenue has not yet been paid. The company also reported $103 billion in total contract value deliverable over an unspecified period. Nscale's IPO is valued at $35 billion, according to the filing.