By Jim Edwards
Publication Date: 2026-09-23 10:33:00
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:
- “ByteDance used Nscale’s cloud facility in Norway to access Nvidia chips that it would otherwise have been unable to buy in China, exploiting a loophole in US trade restrictions, according to filings. … The arrangement is entirely legal but exposes companies such as Nscale to regulatory and reputational risks, at a time when the U.S. and China are engaged in a high-stakes…
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