Nscale’s $35 billion IPO is largely silent about its biggest customer, China’s ByteDance, which wants access to Nvidia’s chips
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➡️ If you would like to receive this information in your inbox every morning before the markets open in New York, sign up here. DON’T MENTION IT ByteDance—TikTok's Chinese corporate parent—accounted for 73% of Nscale’s revenue in 2025, the Financial Times 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.
First reported by Fortune.
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