Nscale Omits Bytedance From IPO Filing

Nvidia-backed AI cloud provider Nscale left its largest customer, Bytedance, out of the main prospectus for its planned US IPO, according to the Financial Times. Bytedance generated 73 percent of Nscale's $33 million revenue in 2025, yet only an appendix names its Singapore subsidiary, Spring. Nscale expects that share to fall below 20 percent as Microsoft and Anthropic contracts grow.