<Page>

                                                                    Exhibit 12.1

                                 VELOCITA CORP.
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

<Table>
<Caption>

(Amounts in thousands except share amounts)
                                                                                                PERIOD FROM
                                                                                                NOVEMBER 30,
                                                                                               1998 (DATE OF
                                                                                                 INCEPTION)
                                                                                                  THROUGH
                                                                                                DECEMBER 31,
                                                                YEAR ENDED DECEMBER 31,             1998
                                                    ----------------------------------------   -------------
                                                         2001           2000          1999
<S>                                                 <C>               <C>           <C>           <C>
      Earnings:
           Less before income taxes                 $   (602,112)     $(85,801)     $ (8,029)     $   (121)
           Add:
               Interest expense, net                      33,513        21,111         2,856            --
               Rental expense representative
                  of interest factor                          82           138            25            --
                                                    ------------      --------      --------      --------
      Total loss as adjusted plus fixed charges     $   (568,517)     $(65,553)     $ (5,148)     $   (121)
      Fixed charges:
           Interest expense, net                    $     33,513      $ 21,111      $  2,856      $     --
           Capitalized interest                           34,867        24,645            --            --
           Rental expense representative
              of interest factor                              82           138            25            --
                                                    ------------      --------      --------      --------
      Total fixed charges                           $     68,462      $ 45,894      $  2,881            --
           Pretax effect of dividends on
            preferred stock of the Company                26,860        14,574           746            --
                                                    ------------      --------      --------      --------

           Combined fixed charges and preferred
              stock dividend requirement                  95,322        60,468         3,627            --
                                                    ============      ========      ========      ========
      Ratio of earnings to fixed charges                     (a)           (a)           (a)           (c)
                                                    ============      ========      ========      ========
      Ratio of earnings to combined fixed
        charges and preferred stock dividend
        requirements                                         (b)           (b)           (b)           (c)
                                                    ============      ========      ========      ========
      </Table>

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(a)   Earnings were inadequate to cover fixed charges by $636,979,
      $111,446 and $8,029 in 2001, 2000 and 1999, respectively.

(b)   Earnings were inadequate to cover fixed charges and preferred stock
      dividend requirements by $663,839, $126,020 and $8,775 in 2001,
      2000 and 1999, respectively.

(c)   There were no fixed charges during the period from November 30, 1998 (date
      of inception) through December 31, 1998.