Two Tides Research
Company files: what the filings actually say
Two companies, two documents. What is disclosed about capacity, contracts and revenue, and where the market's story diverges from the paper.
By Marco Wade · 31 October 2026 · 4 min read
Two files so far. Each one takes what a company discloses about capacity, contracts and revenue, sets it beside what is said about the company, and marks the difference.
- Anthropic
- $518 billion of commitments over a decade, about 80% non-cancellable, against $4.6 billion of 2025 revenue — and what that gap implies about realized revenue per gigawatt.
- SpaceX
- A lease of more than 300 megawatts at $1.25 billion a month, cancellable on ninety days' notice, which annualizes to roughly $50 billion per gigawatt-year.
New files are added as issues publish, and only when there is a document to read: a filing, a rate card, or a contract disclosed in one.
The letter carries the parts that do not fit on a page: how the numbers were sourced, what the counterparties said, and what changed after publication.
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