v3.26.3
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment, net, including leased property and equipment, consisted of the following (in thousands):
September 30, 2026December 31, 2025
Miners and mining equipment$185,676 $289,680 
Leasehold improvements120,029 134,122 
Land191,847 79,054 
Buildings
89,033 66,594 
Infrastructure189,090 108,827 
Other2,742 1,873 
Construction-in-progress3,357,356 276,470 
Deposits on equipment
17,666 10,962 
Total cost of property and equipment4,153,439 967,582 
Less: accumulated depreciation(253,559)(334,165)
Property and equipment, net$3,899,880 $633,417 
As of September 30, 2026, the Company had approximately $3,357.4 million of construction-in-progress related to construction at various sites related to building data centers for leasing to HPC tenants.
Depreciation expense was approximately $18.6 million and $59.3 million for the three months ended September 30, 2026 and 2025, respectively, and included approximately $0.6 million and $0.8 million of accretion expense related to the Company’s asset retirement obligations, and $56.5 million, and $146.5 million for the nine months ended September 30, 2026, and 2025, respectively, and included approximately $1.8 million and $1.9 million for the nine months ended September 30, 2026, and 2025, respectively, of accretion expense related to the Company’s asset retirement obligations.
The Company completed a quantitative assessment during the fourth quarter of 2025 in connection with a substantial decline in the price of bitcoin with increased network hashrate, and concluded an impairment existed on the miners and leasehold improvements at the Odessa Facility as of the assessment date. The Company recorded an impairment of $45.3 million on these long-lived assets at the Odessa Facility in Other operating losses in the year ended December 31, 2025. There was no impairment recognized for the nine months ended September 30, 2026.