Nvidia-backed cloud provider Nscale has mastered a delicate corporate dance: relying on a Chinese tech giant for the lion's share of its income while pretending otherwise in front of US regulators. According to reporting from the Financial Times, ByteDance accounted for 73 percent of Nscale's $33 million in revenue in 2025. Yet, despite that towering concentration of risk, the name is completely absent from the main prospectus of Nscale's planned US initial public offering. You have to dig into an obscure appendix to find a reference to Spring, ByteDance's Singapore-registered subsidiary.
That corporate shell game is not just about paperwork; it is the financial machinery required to route restricted hardware across borders. In May 2025, Spring committed to deploying 2,304 Nvidia B200 chips at a converted crypto-mining facility in Glomfjord, Norway. That deployment relied on a $105 million debt financing package from Macquarie, paired with $35 million in equity, to fund the hardware acquisition.
This architecture lets ByteDance secure access to high-end Nvidia silicon that export controls bar it from purchasing directly. While technically compliant with current regulatory boundaries, the arrangement leaves independent cloud operators exposed to sudden shifts in Washington's geopolitical mood. Nscale insists that this heavy customer concentration will drop below 20 percent this year as deals with Microsoft and Anthropic scale up, but hiding your primary revenue engine during an IPO process looks less like diversification and more like institutional sleight of hand.