v3.26.1
Property and Equipment, net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
As of March 31, 2026 and December 31, 2025, Property and equipment, net consisted of the following: 
As of
March 31,
2026		December 31,
2025
Buildings$2,272,944 $2,270,557 
Equipment, furniture, and fixtures1,234,321 1,231,690 
Leasehold improvements23,896 23,896 
Construction in progress2,211 5,873 
Total property and equipment, gross3,533,372 3,532,016 
Less accumulated depreciation and amortization(903,933)(821,373)
Property and equipment, net$2,629,439 $2,710,643 
The property and equipment balances above include $127,512 and $130,061 of capital expenditure accruals (primarily related to Sphere construction) as of March 31, 2026 and December 31, 2025, respectively, which are reflected in Accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. See Note 2. Summary of Significant Accounting Policies to the Audited Consolidated Financial Statements included in the Form 10-K for details on the Company’s estimated useful lives for each major category of property and equipment.

The Company recorded depreciation expense on property and equipment of $82,711 and $82,629 for the three months ended March 31, 2026 and 2025, respectively, which is recognized in Depreciation and amortization in the accompanying condensed consolidated statements of operations.