v3.26.3
Property, Plant, and Equipment, Net
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment, Net
Note 5 - Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
September 30, 2026December 31, 2025
Servers and networking equipment$43,206 $22,694 
Satellites14,738 11,949 
Machinery and equipment11,014 6,343 
Data center infrastructure6,333 2,960 
Launch sites3,175 2,404 
Land, buildings, and improvements(1)
5,167 1,876 
Flight vehicle hardware1,625 1,689 
Leasehold improvements1,002 784 
Construction-in-progress23,745 4,604 
Property, plant, and equipment110,005 55,303 
Less: Accumulated depreciation(20,522)(12,701)
Property, plant, and equipment, net
$89,483 $42,602 
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(1)Land is not a depreciable asset.
Construction in progress is primarily comprised of servers and networking equipment as well as data center infrastructure that has not yet been placed in service.
Depreciation expense for the three and nine months ended September 30, 2026 was $3,351 million and $8,415 million, respectively. Depreciation expense for the three and nine months ended September 30, 2025 was $1,595 million and $4,142 million, respectively.
Interest is capitalized during the construction period for significant long term construction projects, such as the SI infrastructure data centers and launch facilities. For the three and nine months ended September 30, 2026, the Company capitalized $119 million and $139 million of interest, respectively, which is included in Construction-in-progress amounts above. $74 million and $96 million of interest was capitalized during the three and nine months ended September 30, 2025, respectively.