Nvidia stopped reporting Singapore sales after cutting off Megaspeed
Nvidia quietly stopped reporting its Singapore revenue in late 2025, months after it cut off Megaspeed International, the Singapore-based cloud company now at the heart of the espionage scandal around CEO Jensen Huang. In the quarter ending July 2025, Singapore brought in $10.2 billion, or 22% of Nvidia’s total revenue, up 81% from a year earlier. Two years before that, its share was just 8%. An Nvidia spokesperson told the WSJ that Megaspeed was put on an internal block list in June 2025, barring further sales and shipments.
The company has not said whether the two moves are connected. The timing, flagged by The Wall Street Journal, raises fresh questions about how much investors could see of Nvidia’s sales tied to a market that was briefly one of its biggest. A quarter later, the line had vanished from Nvidia’s filings.
Nvidia switched from billing address to headquarters for country-wise revenue
From the quarter ending October 2025, Nvidia began assigning revenue by where a customer is headquartered rather than where it is billed. In August 2025, between the block and the reporting change, Nvidia general counsel Tim Teter emailed Commerce Department agents investigating Megaspeed, saying a senior department official had cleared him to reach out, according to The New York Times. In October 2025, President Trump was briefed that Megaspeed executive Alice Huang was presumed to be a Chinese intelligence asset close to Jensen Huang, the NYT reported.
It said the change “provides a better representation of the geographic profile of our revenue. Nvidia had earlier said Singapore was used mainly for centralised invoicing, with products “almost always shipped elsewhere. A headquarters address says no more about where chips land.
The WSJ points to a hole in that logic. Nvidia spokesperson Patrick Rutherford declined to say where Megaspeed’s sales were booked under either method, or whether dropping Singapore was linked to the block. Servers from US firms like Dell and Super Micro add another layer. Many buyers get Nvidia chips inside these systems, and it is unclear whether those deals count as US revenue wherever the machines end up. The case was soon handed to the Justice Department, which is running a criminal inquiry.