{
  "dataset_id": "volta-utility-pricing-2026-10-06",
  "checked_on": "2026-10-14",
  "scope": "The original six layers retain their dated source disclosures. Separate October 9 terms and October 13 placement-reporting updates add information without rewriting earlier snapshots. No total funded cash or actual closing cash is calculated.",
  "latest_reported_terms_file": "volta-terms-update-2026-10-11.json",
  "latest_execution_update_file": "volta-execution-update-2026-10-14.json",
  "sources": [
    {"id":"VOLTA-LAUNCH","date":"2026-08-04","kind":"issuer_announcement","url":"https://volta.com/news/volta-launches-the-utility-of-compute/"},
    {"id":"A16Z-VOLTA","date":"2026-08-04","kind":"investor_statement","url":"https://a16z.com/announcement/investing-in-volta/"},
    {"id":"BTDR-LEASE-LAUNCH","date":"2026-08-04","kind":"issuer_announcement","url":"https://www.globenewswire.com/news-release/2026/08/04/3338255/0/en/bitdeer-announces-4-7-billion-16-year-ai-hpc-data-center-lease-for-tydal-norway-campus.html"},
    {"id":"BTDR-RECENT-DEVELOPMENTS","date":"2026-09-29","date_basis":"filing_date","kind":"filed_issuer_summary_not_executed_contract","url":"https://www.sec.gov/Archives/edgar/data/1899123/000121390026104638/ea030647301ex99-2.htm","locator":"Recent Developments / Colocation Lease and Services Agreement"},
    {"id":"BTDR-FILING-INDEX","date":"2026-09-29","kind":"filing_metadata","report_period":"2026-06-30","url":"https://www.sec.gov/Archives/edgar/data/1899123/0001213900-26-104638-index.html"},
    {"id":"BLOOMBERG-LOAN-MARKETING","date":"2026-10-05","kind":"attributed_original_reporting_syndicated_by_yahoo","url":"https://finance.yahoo.com/technology/ai/articles/jpmorgan-dangles-11-yield-volta-200522405.html","authors":["Paula Seligson","Gowri Gurumurthy"],"attribution":"Terms attributed to a person familiar with the matter. Volta and JPMorgan declined to comment in the report."},
    {"id":"PITCHBOOK-LOAN-MARKETING-20261009","date":"2026-10-09","kind":"original_reporting_syndicated_by_yahoo","url":"https://finance.yahoo.com/technology/ai/articles/volta-launches-5b-leveraged-loan-142910544.html","authors":["Alvaro Ledgard"],"status":"reported_marketing_not_final_or_funded","terms_file":"volta-terms-update-2026-10-11.json"}
  ],
  "layers": [
    {
      "id":"volta-azora-program","source_ids":["VOLTA-LAUNCH","A16Z-VOLTA"],"amount_usd":5000000000,"amount_role":"announced_infrastructure_program",
      "status":"announced_program","capital_description":"Volta describes infrastructure financing; a16z describes project equity alongside senior bank debt.",
      "corporate_dilution_or_project_returns_estimated":false,"funded_cash_usd":null,"loan_marketing_same_or_additional":null,"add_to_loan_sale":false
    },
    {
      "id":"reported-volta-loan-sale","source_ids":["BLOOMBERG-LOAN-MARKETING"],"amount_usd":5000000000,"amount_role":"reported_marketed_loan_size",
      "status":"reported_marketing_not_final_closing","reported_margin_bp_range":[625,650],"reported_price_percent_of_par_range":[97,98],"reported_approximate_yield_percent":11,
      "reported_borrower":"Volta Tydal Holdings S.à r.l.","reported_rating_status":"unrated","reported_distribution_structure":"strip requiring participation in both tranches","reported_amortization":"fully amortizing","reported_commitment_deadline":"2026-10-14",
      "reported_tranches":[{"purpose":"GPU purchases","face_amount_usd":3700000000},{"purpose":"cash collateral for a data-center-lease letter of credit","face_amount_usd":1300000000}],
      "tranche_specific_pricing":null,"exact_lender_allocation_weights":null,
      "benchmark_name":null,"final_coupon":null,"final_issue_price":null,"maturity":null,"actual_amortization_schedule":null,"borrower_net_cash_usd":null,"discount_bearer":null,
      "directly_disclosed_loan_agreement_reviewed":false,"aggregate_with_program":false
    },
    {
      "id":"tydal-colocation","source_ids":["BTDR-LEASE-LAUNCH","BTDR-RECENT-DEVELOPMENTS"],"provider":"Tydal Data Center AS","tenant":"Volta Tydal AS",
      "amount_usd":4700000000,"amount_role":"approximate_scheduled_contract_value_assuming_full_performance","base_term_years":16,"tenant_no_fee_termination_after_years":10,"renewal_option_years":8,
      "entire_nominal_term_unconditional":false,"other_termination_rights_exhaustively_reviewed":false,"future_receipts_equal_current_cash":false
    },
    {
      "id":"anticipated-lease-credit-support","source_ids":["BTDR-LEASE-LAUNCH","BTDR-RECENT-DEVELOPMENTS"],"amount_usd":1300000000,"amount_role":"approximate_anticipated_letters_of_credit_support",
      "status":"anticipated_subject_to_conditions","arrangement_parties_as_described":["affiliates of J.P. Morgan","another top-tier global financial institution"],
      "named_issuing_banks":null,"exact_beneficiaries":null,"issued_amount_usd":null,"drawn_amount_usd":null,"reimbursement_obligations":null,"actual_cash_collateral_placed_usd":null,
      "related_reported_collateral_funding_tranche_usd":1300000000,"related_reporting_source":"BLOOMBERG-LOAN-MARKETING",
      "lease_termination_on_support_milestone_failure_disclosed":true,"guarantees_all_project_debt":null
    },
    {
      "id":"physical-delivery","source_ids":["BTDR-LEASE-LAUNCH"],"contracted_it_mw":121,"estimated_gross_mw":133,
      "phase_target_dates":["2026-12-31","2027-03-31"],"target_not_verified_actual":true,"actual_acceptance_date":null,"actual_revenue_commencement":null
    },
    {
      "id":"end-customer-agreement","source_ids":["VOLTA-LAUNCH","BLOOMBERG-LOAN-MARKETING"],"issuer_announced_strategic_partnership_usd":10000000000,
      "counterparty_in_reviewed_issuer_announcement":"unnamed AI lab","media_reported_counterparty":"Anthropic","media_reported_term_years":6,
      "underlying_customer_contract_reviewed":false,"customer_cash_received_usd":null
    }
  ],
  "chronology_note": "The year-10 option is already in the August 4 announcement; September 29 corroboration is not evidence of a new amendment. The June 30 reporting period is not the date of the August lease.",
  "use_rule": "Program size, loan marketing, nominal rent, contingent support and customer contract value are different units of financial meaning. Do not add them into issuer cash. Unknown realization remains null."
}