Nvidia-backed AI cloud provider Nscale files for a US IPO but omits its largest customer, Bytedance, from the main prospectus.

Nscale, the Nvidia-backed AI cloud provider, has omitted its most important customer from the main prospectus for its planned US IPO. According to the Financial Times, Bytedance—which accounted for 73 percent of Nscale's $33 million in revenue in 2025—does not appear anywhere in the company's 192-page S-1 filing. Only an appendix mentions Bytedance's Singapore subsidiary, Spring.

In May 2025, Spring agreed to deploy 2,304 Nvidia B200 chips at a data center in Glomfjord, Norway. The contract secured a $105 million loan from Macquarie, combined with $35 million in equity funding, to purchase the AI hardware. The facility, previously a cryptocurrency mining data center, is being converted for AI operations.

The arrangement allows Bytedance to access Nvidia chips it cannot legally purchase in China, exploiting a gap in US export controls. While technically permitted, the deal carries notable legal and reputational risks. Nscale anticipates that Bytedance's share of revenue will fall below 20 percent this year as major contracts with Microsoft and Anthropic expand.