Nvidia’s Singapore-Reported Revenue Reached $10.156 Billion Before Disclosure Change
Key Facts
Nvidia disclosed a change to how it reports revenue by region in the third quarter of fiscal 2026, replacing the customer’s billing location with its headquarters location. The company said in its filing that the new basis “provides a better representation of the geographic profile of our revenue.” The change follows the company reporting $10.156 billion in revenue attributed to Singapore in the second quarter ended July 27, 2025, based on billing location. The move reshapes the geographic picture investors see in disclosures, but does not in itself indicate a change in sales or shipping destinations. The company had explained that some customers use Singapore to centralize billing while its products are often shipped elsewhere.
Before the change, Nvidia said geographic revenue was attributed to the customer’s billing location, and that the end-customer and shipping locations could differ from the billing address. Total revenue was $46.743 billion in the quarter ended July 27, 2025, compared with $30.040 billion in the corresponding quarter ended July 28, 2024. Revenue attributed to Singapore totaled $19.173 billion in the first half of fiscal 2026, versus $9.659 billion in the same period a year earlier. Singapore accounted for 22% of total second-quarter revenue and 21% of first-half revenue under the previous method. The figures show the potential impact of the geographic attribution basis on how revenue distribution is interpreted, alongside growth in the company’s business.
Nvidia linked its earlier Singapore figures to its billing practices, saying customers use entities on the island to centralize invoicing. It said more than 99% of controlled data center revenue billed to Singapore in the second quarter and first half of fiscal 2026 related to orders from U.S.-based customers. In January 2025, the company said its disclosures recorded the “bill to” location, not the “ship to” location, and that several customers use Singapore entities for products destined for the United States and the West. This means that revenue appearing in the billing country does not, by itself, establish the end user’s location or the products’ route. The company said adopting customers’ headquarters was intended to provide a better geographic representation of revenue.
The methodology change came as investigations involving Megaspeed, an Nvidia customer, continue, but the disclosure linked the change to improving the representation of geographic distribution and did not connect it to the investigation. Singapore’s Ministry of Home Affairs said police and customs began a separate investigation in February 2025 involving Megaspeed and its officers, over suspected false declarations related to the purchase of servers and other offenses. The ministry added that a post-shipment voluntary check conducted at the company by the U.S. Bureau of Industry and Security on June 24, 2025, in Huang’s presence, was the first time Singapore learned of U.S. interest in the company. It said physical servers were moved through Singapore to Malaysia without entering the local market, and investigators examined whether they might later have been diverted to another destination contrary to the declarations. The ministry said Singapore’s investigation was not based on a request from any country or sovereign authority.
On October 30, Singapore police said investigations into Megaspeed were continuing, adding that the country does not impose unilateral export controls set by foreign countries but has no tolerance for the use of local corporate ties to evade or violate those countries’ controls. The following day, Megaspeed said it takes its obligations to comply with U.S. export laws “extremely seriously” and had cooperated with U.S. inspections. On November 12, the company added that it had engaged a U.S. law firm to conduct a comprehensive inventory of graphics processing units and independently verify its export-control compliance practices. The course of the investigations remains separate from the accounting basis Nvidia said it was changing in its disclosure. The filing did not indicate that the investigations prompted the revenue-reporting change.
Attention on Megaspeed has increased in Washington: U.S. Senator Michael Bennet requested an update on the U.S. investigation on November 11 and urged the administration to consider possible measures, including adding the company to the Entity List. The information request set a November 24, 2026, deadline for a response. In trading, Nvidia shares closed at $166.19 on November 12, according to EL7 data. The Associated Press reported that the stock fell 4.3% on November 9, wiping out about $190 billion in market value, then dropped about 5.5% at the close the next day. These moves place the stock in the context of investors’ scrutiny of company news, without establishing on their own that the revenue reclassification or the Megaspeed case caused any particular price move.