Nscale reveals ByteDance relationship in IPO filing, accounting for 75% of sales

Nscale, a UK-based AI cloud provider racing toward a US listing, filed its S-1 on September 18, 2026, with a notable omission. The company disclosed that a single unnamed customer accounted for 73% of its $33 million in 2025 revenue. It did not, however, name that customer as ByteDance, the Beijing-headquartered parent company of TikTok. Subsequent reporting filled in the gap. ByteDance has been renting access to 2,304 Nvidia B200 GPUs housed at Nscale’s Glomfjord data center in Norway, a relationship that began in May 2025 and was partly underwritten by a $105 million loan from Macquarie. For a company seeking a $30B to $35B valuation on the NYSE, having three-quarters of your revenue flowing from a single entity subject to intense US-China regulatory scrutiny is, to put it mildly, a complication. The numbers tell two stories On one hand, Nscale’s growth trajectory is genuinely staggering. The company posted $33 million in total revenue for 2025 and then reported $140.6 million for just the first half of 2026. That translates to 1,252% year-over-year revenue growth. On the other hand, there’s a $1.02 billion net loss in H1 2026 sitting right alongside that revenue line. And ByteDa...