Nscale's IPO prospectus never names the customer behind 73% of revenue
Bytedance supplied 73% of Nscale's 2025 revenue but is not named in the S-1; the completeness of the IPO disclosure is worth watching.
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Nscale's 192-page US IPO prospectus does not name its largest customer, Bytedance, which accounted for 73 percent of the company's $33 million in 2025 revenue.
According to the Financial Times, relayed by The Decoder, the filing mentions only Bytedance's Singapore subsidiary, Spring, in an appendix. In May 2025, Spring contracted to use 2,304 Nvidia B200 chips in Norway, and that contract backed a $105 million loan from Macquarie.
Nscale expects its largest customer's share of revenue to fall below 20 percent this year. The disclosure picture comes from press reporting; the S-1 itself is not in evidence, so readers should check the original filing.