Nscale’s largest customer generated 73% of the AI cloud provider’s $33 million in 2025 revenue but is not named in the main 192-page prospectus for its planned US listing, according to the Financial Times. The customer is ByteDance, whose Singapore subsidiary Spring appears only in an appendix.
Spring agreed in May 2025 to use 2,304 Nvidia B200 chips at Nscale’s site in Glomfjord, Norway. That contract supported a $105 million Macquarie loan, alongside $35 million in equity, to buy hardware and convert a former cryptocurrency mining facility into an AI data center.
The arrangement gives ByteDance access outside China to Nvidia processors it cannot purchase domestically. The structure is permitted under the cited export rules, but the connection carries political and reputational risk for a company seeking US public investors. The report raises a disclosure question rather than alleging that Nscale or ByteDance broke the law.
Customer concentration remains the more immediate financial issue. Nscale expects its largest customer to fall below 20% of revenue this year as contracts with Microsoft and Anthropic expand. That forecast depends on new business scaling as planned; the 2025 figures show how heavily the company’s recent revenue and infrastructure financing relied on a single relationship.