v3.26.3
Property and Equipment
 3 Months Ended
Aug. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following as of August 31, 2026 and May 31, 2026 (in thousands):
Estimated Useful LifeAugust 31,
2026		May 31,
2026
Networking equipment, electrical equipment, and software
3 years - 5 years
$40,425 $38,669 
Mechanical infrastructure
20 years194,896 71,939 
Electrical infrastructure
15 years237,495 104,491 
Electric generation and transformers
15 years - 30 years
344,021 188,110 
Land and building
Building39 years471,239 279,308 
Building improvements
15 years - 25 years
1,085,386 682,348 
Land150,363 59,713 
Land improvements15 years109,095 43,786 
Leasehold improvements
3 years - 7 years
1,142 1,142 
Construction in progress3,670,267 2,776,232 
Other equipment and fixtures
5 years - 10 years
132,918 68,128 
Total cost of property and equipment6,437,247 4,313,866 
Accumulated depreciation(106,836)(77,566)
Property and equipment, net$6,330,411 $4,236,300 
Depreciation expense totaled $29.3 million and $2.7 million for the three months ended August 31, 2026 and August 31, 2025, respectively.
The Company capitalizes a portion of the interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and is depreciated over the same period as the related asset. Capitalized interest costs were $35.7 million and $8.7 million for the three months ended August 31, 2026 and August 31, 2025, respectively.