A converted crypto mining site in northern Norway is where ByteDance reached Nvidia accelerators it could not buy at home. The cloud company that owns the site is preparing a New York listing, and its paperwork never puts ByteDance’s name on the business that made the company worth listing.
The Financial Times reported on Wednesday that a Singapore-registered ByteDance unit supplied close to three quarters of Nscale’s revenue last year. That worked out to most of the $33M the firm booked in 2025. The customer reached 2,304 B200 chips at the Glomfjord data centre, an arrangement financed by a $105M Macquarie loan alongside $35M of equity. ByteDance surfaces only in an exhibit to the draft registration statement, not in the main 192-page document, which concedes the concentration risk without saying who is behind it.
Revenue reached $140.6M in the first half of 2026 against a net loss of $1.02B. Nscale says its largest customer will fall below 20 percent of sales this year as contracts with Microsoft and Anthropic scale up. Routing Nvidia silicon through a third-party cloud is legal, but the arrangement leans on a gap in export rules that Washington has been steadily narrowing.
