Nscale Filing Shows One Customer Drove 73% of 2025 Revenue
The customer generated $24.1 million of Nscale’s $33 million in 2025 revenue. A financing agreement links the contract to Singapore-based Spring (SG) Pte. Ltd. and 2,304 Nvidia GPUs in Norway.
Nscale’s U.S. initial public offering filing shows that one customer generated 73% of the company’s $33 million in 2025 revenue, highlighting its dependence on a small number of clients.
The Sept. 18 Form S-1 does not name the customer. A $105 million Macquarie financing agreement links the related cloud-services contract to Spring (SG) Pte. Ltd., a Singapore company, under an agreement dated May 15, 2025.
The contract covers 2,304 Nvidia B200 SXM graphics-processing units and 32 Nvidia GB200 NVL72 servers at Nscale’s Glomfjord data center in Norway. The site was converted from a cryptocurrency-mining facility into an artificial-intelligence data center and has 30 megawatts of operational capacity, with expansion potential to 60 megawatts.
The documents do not identify Spring as a ByteDance subsidiary or establish an affiliation with ByteDance. The filing reports the customer concentration without naming the company.
Nscale reported $140.6 million in revenue for the six months ended June 30, 2026. Its largest customer accounted for 52% of revenue during that period.
“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 said in the filing.
Nscale expects its largest customer to represent less than 20% of revenue in 2026 as agreements with Microsoft and Anthropic expand. The filing is part of Nscale’s preparations for a potential U.S. IPO.
