The missing space is most probably allocated by the filesystem itself.
I created an LVM with 540TB using multiple thin provisioned disks and formatted it with XFS. Here is the result:
$ sudo mkfs.xfs /dev/mapper/vg_test-lv_test
meta-data=/dev/mapper/vg_test-lv_test isize=512 agcount=540, agsize=268435455 blks
= sectsz=512 attr=2, projid32bit=1
= crc=1 finobt=1, sparse=1, rmapbt=1
= reflink=1 bigtime=1 inobtcount=1 nrext64=0
data = bsize=4096 blocks=144955133952, imaxpct=1
= sunit=0 swidth=0 blks
naming =version 2 bsize=4096 ascii-ci=0, ftype=1
log =internal log bsize=4096 blocks=521728, version=2
= sectsz=512 sunit=0 blks, lazy-count=1
realtime =none extsz=4096 blocks=0, rtextents=0
$ sudo mount /dev/mapper/vg_test-lv_test /mnt
$ df -h /mnt
Filesystem Size Used Avail Use% Mounted on
/dev/mapper/vg_test-lv_test 540T 11T 530T 2% /mnt
$ du -hs /mnt
0 /mnt
Not a single file on it and 11TB out of 540TB are used.
I also replicated the tests in this answer with the larger filesystem, running the mkfs.xfs with different values for reflink and crc.
$ df -h /mnt/
Filesystem Size Used Avail Use% Mounted on
/dev/mapper/vg_test-lv_test 540T 11T 530T 2% /mnt (reflink=1, crc=1)
/dev/mapper/vg_test-lv_test 540T 7.2T 533T 2% /mnt (reflink=0, crc=1)
/dev/mapper/vg_test-lv_test 540T 58M 540T 1% /mnt (reflink=0, crc=0)
As you can see, the used space varies widely depending on the xfs settings.
Tests were conducted on Ubuntu 24.04 with default settings if not mentioned otherwise.