Nscale, the Nvidia-backed AI cloud provider, leaves its most important customer, Bytedance, out of the main prospectus for its planned US IPO. That’s according to the Financial Times. The Chinese company accounted for 73 percent of Nscale’s $33 million in revenue in 2025, but it isn’t named anywhere in the 192-page S-1 filing. Only an appendix mentions its Singapore subsidiary, Spring.

In May 2025, Spring agreed to use 2,304 Nvidia B200 chips in Glomfjord, Norway. That contract backed a $105 million loan from Macquarie, which, together with $35 million in equity, paid for the AI hardware. The site had previously been a crypto mining data center, and it was set to be converted into an AI data center.

The deal let Bytedance use Nvidia chips it can’t buy in China, exploiting a gap in US export rules. It’s allowed, but it still carries legal and reputational risks. Nscale expects its largest customer’s share to drop below 20 percent of revenue this year and keep shrinking as its big contracts with Microsoft and Anthropic grow.