Nscale's S-1 Reveals ByteDance Unit Drove 73% of 2025 Revenue via Norway Access to Nvidia B200 Chips

Spring's Norwegian route to Nvidia B200 chips

Nscale's U.S. initial public offering paperwork shows that Spring (SG) Pte Ltd, a Singapore-incorporated subsidiary of ByteDance, secured access to 2,304 Nvidia B200 chips at Nscale's Glomfjord, Norway, data center. ByteDance and TikTok are not named directly in Nscale's S-1; the connection appears only in Exhibit 10.9 of a September 2025 draft registration statement tied to a loan from Macquarie, which identifies "Spring (SG) Pte. Ltd., a company incorporated and registered in Singapore" as the contracting counterparty. Spring accounted for $24 million of Nscale's $33 million total revenue in 2025, or roughly 73% of annual sales, and remained Nscale's largest customer in the first half of 2026, contributing about 52% of $140.6 million in revenue over that period.

Legal status and U.S. export-control exposure

The Financial Times reported that the arrangement is "entirely legal but exposes companies such as Nscale to regulatory and reputational risks," because it relies on operating a non-Chinese data center rather than shipping restricted chips into China. Nscale's S-1 cautions that "a substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spend from one or a few of our top customers would adversely affect our business." Nscale's own projection is that Spring's share of revenue will fall below 20% as Western contracts scale.

Financing that tied the deal to Nvidia

A $105 million loan from Macquarie, alongside $35 million in equity, funded the purchase of the Nvidia GPUs that Spring ultimately accessed. About a month after Nscale drew the first tranche, Jensen Huang committed more than $660 million into Nscale as part of a broader agreement under which Nvidia agreed to buy large volumes of AI chips. Nvidia has since raised that commitment to over $2 billion and added an $860 million guarantee on Nscale's lease at a Texas facility.

Diversification deals with Microsoft and Anthropic

Following the Spring contract and the Nvidia-linked financing, Nscale signed a $44 billion deal with Microsoft (later cited as $43.8 billion through December 2033) and a $45 billion agreement with Anthropic (later cited as $44.6 billion). Nscale has stated that these Western hyperscaler contracts will push Spring's contribution below 20% of overall revenue and shrink further as additional clients are added.

Filing context and next milestones

The disclosures surfaced in Nscale's S-1 as the UK-based "neocloud" moves toward a U.S. listing, with Fortune sizing the offering at $35 billion. The S-1 itself does not name ByteDance or TikTok; the link is established only through the Macquarie loan exhibit. Subsequent regulatory filings, the IPO pricing, and any U.S. Commerce Department review of Norwegian-hosted Nvidia B200 access to Chinese-linked customers are the next verifiable points to watch.