Nscale files for NYSE IPO amid ByteDance GPU usage revelations

Nscale, an Nvidia-backed AI infrastructure provider, has filed for an IPO on the New York Stock Exchange under the ticker NSCL. The filing reveals a massive growth trajectory, with revenue for the first half of 2026 reaching $140.6 million, a significant increase from the previous year, despite a widening net loss of approximately $1.02 billion.

Regulatory filings and reports indicate that ByteDance, operating through its Singaporean subsidiary Spring (SG) Pte Ltd, was a major customer, accounting for roughly 73% of Nscale’s 2025 revenue. This relationship involved Spring utilizing 2,304 Nvidia B200 GPUs at Nscale’s data center in Glomfjord, Norway. This arrangement allowed ByteDance to access advanced AI computing power outside of China, utilizing a gap in current US export controls regarding overseas data center rental services.

Nscale’s revenue concentration is reportedly decreasing as the company secures large-scale contracts with other major AI players. The company reported a total contracted value of over $103 billion, which includes significant agreements with Anthropic and Microsoft. Nvidia has also played a central role in Nscale’s financing, contributing to a broader $3.1 billion package of financing agreements.