Nscale’s $35 billion IPO is largely silent about its biggest customer, China’s ByteDance, which wants access to Nvidia’s chips

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    "url": "https://fortune.com/2026/09/23/nscale-35-billion-ipo-bytedance-nvidia-chips/",
    "title": "Nscale’s $35 billion IPO is largely silent about its biggest customer, China’s ByteDance, which wants access to Nvidia’s chips",
    "author": "Jim Edwards",
    "excerpt": "ByteDance - TikTok's Chinese corporate parent - accounted for 73% of Nscale’s revenue in 2025, the FT reported today . The company’s S-1 IPO filing discloses that it generated $33 million in revenue that year and an additional $140.6 million through the first half of 2026. During the more recent period, Nscale’s largest customer provided 52% of the company’s revenue. Since then, the company has signed agreements with Microsoft (worth $43.8 billion through December 2033) and Anthropic (worth $44.6 billion over an unspecified period of time). The S-1, however, doesn’t mention ByteDance at all. Rather, the information can be found in Exhibit 10.9 to a September 2025 “draft registration statement ” disclosing a loan from Macquarie, the investment bank. The loan was secured based on Nscale’s customer contracts, specifically citing a client named “Spring (SG) Pte. Ltd., a company incorporated and registered in Singapore with company number 202325236K and its registered office at 1 Raffles Quay, #26-10, South Tower, Singapore 048583.” Spring is a subsidiary of ByteDance . The FT said: Nscale warns in its S-1 that its business is highly dependent on a small number of customers. “A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spend from one or a few of our top customers would adversely affect our...",
    "summary": "Nscale generated $33 million in revenue in 2025.",
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    "published_at": "2026-09-23T10:33:12Z",
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