The Tydal announcement describes contracted future capacity. Its 133 MW figure is the gross site allocation, while 121 MW is the critical IT load.
Two agreements at different layers
Bloomberg’s August 4 report identifies Anthropic as Volta’s customer, citing people familiar with the deal. Volta publicly describes a $10 billion AI-lab partnership and Vera Rubin systems without naming that customer on its overview page.
Bitdeer’s announcement describes a separate $4.7 billion, 16-year colocation/services agreement: 121 IT MW supported by an estimated 133 gross MW. It targets two phases for December 31, 2026 and March 31, 2027. Electricity is passed through to the tenant; a no-fee termination right exists at ten years. These are contracted terms and targets, not a report of full operation.
What the power figures actually tell you
The cover separates IT load from the rest of the gross allocation. Subtracting the announced figures gives 12 MW outside the critical IT load. Their ratio is 133 / 121 ≈ 1.10, consistent with the announced approximate PUE. This arithmetic does not replace an operating measurement over a defined interval.
Nor is a megawatt a generation-independent measure of useful computation. Two installations drawing the same power can finish different numbers of tasks because their accelerators, precision, networking, utilization and software differ. Power is a planning constraint, not a benchmark.
Do not subtract the contract headlines to infer profit
The compute arrangement and the site lease cover different services and time periods. Subtracting $4.7 billion from $10 billion would leave hardware, financing, operations, electricity and delivery schedules unresolved. It would not produce Volta’s margin.
For a capacity comparison, ask for three separate quantities: deliverable IT power, the date each phase can accept a workload, and sustained useful work under a stated service level. Then identify which party supplies and operates each layer. A signed site contract is a substantial milestone, but it does not alone prove that a complete accelerator service is ready for customers.
September 8: separate reported Anthropic compute deal from Bitdeer colocation lease; correct 133 gross versus 121 IT MW, delivery targets and non-comparability of contract values.