Goodwill and intangible assets, net

Note 12. Goodwill and intangible assets, net

The following table summarizes the changes to goodwill:


(in USD millions)	Total
Balance at June 30, 2026	$	36
Additions	414


Balance at September 30, 2026	$	450

During the three months ended September 30, 2026, the Group recognized goodwill of $414 million in connection with the acquisition of Mirantis. Refer to Note 7. Business combination for more information.

There were no impairment charges recorded to goodwill for any of the periods presented.

Intangible Assets, Net

The components of intangible assets are as follows:


	September 30, 2026
(in USD millions, except years)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	105	$	—	$	—	$	105	12
Software licenses		65		(4)		—		61		5.5
Developed technology		35		(1)		—		34		6
Customer contracts and related relationships		40		(1)		—		39		8
Intangible assets subject to amortization		245		(6)		—		239
In-process research and development		70		—		—		70		N/A
Connection rights for electricity services		148		—		(1)		147		N/A
Intangible assets not subject to amortization		218		—		(1)		217
Total intangible assets		$	463	$	(6)	$	(1)	$	456


	June 30, 2026
(in USD millions)		Acquired Intangibles, Gross		Accumulated Amortization		Foreign currency translation		Acquired Intangibles, Net		Weighted-Average Finite Lives (in years)
Connection rights for electricity services		$	253	$	—	$	—	$	253	12
Software licenses		65		(1)		—		64		5.5
Total intangible assets		$	318	$	(1)	$	—	$	317

During the three months ended September 30, 2026, the Group acquired developed technology of $35 million, customer contracts and related relationships of $40 million and in-process research and development of $70 million in connection with the acquisition of Mirantis (refer to Note 7. Business combination). The developed technology is amortized on a straight-line basis over 6 years, its estimated useful life, and the customer contracts and related relationships are amortized on a straight-line basis over 8 years, the expected period of benefit from the underlying customer relationships. Amortization of these assets commenced on August 3, 2026, and the estimated amortization expense is approximately $11 million for each full financial year. The in-process research and development is not subject to amortization until the related development project is completed and the technology is available for its intended use, at which point it will be amortized on a straight-line basis over its estimated useful life of 6 years; until then it is tested for impairment at least annually and when indicators of impairment arise.

Amortization expense related to finite-lived intangible assets was $5 million and nil for the three months ended September 30, 2026 and 2025, respectively.

As of September 30, 2026, the expected future amortization expense related to intangible assets was as follows:


(in USD millions)	Total
Remainder of Financial Year 2027	$	17
Financial Year 2028	23
Financial Year 2029	31
Financial Year 2030	31
Financial Year 2031	31
Financial Year 2032	25
Thereafter	81
Total expected future amortization expense	$	239