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Property and Equipment | 12 Months Ended
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May 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following as of May 31, 2024 and 2023 (in thousands):
| Estimated Useful Life |  | May 31, 2024 |  | May 31, 2023
Networking equipment, electrical equipment, and software | 5 years |  | $ | 32,517 |  |  | $ | 21,173 |
Electric generation and transformers | 15 years |  | 9,933 |  |  | 4,655 |
Land and building |  |  |  |  |
Building | 39 years |  | 103,990 |  |  | 63,350 |
Land |  |  | 6,205 |  |  | 2,152 |
Land improvements | 15 years |  | 1,380 |  |  | 1,293 |
Leasehold improvements | 3 years - 7 years |  | 1,051 |  |  | — |
Construction in progress |  |  | 190,162 |  |  | 108,784 |
Other equipment and fixtures | 5 years - 7 years |  | 9,552 |  |  | 1,684 |
Total cost of property and equipment |  |  | 354,790 |  |  | 203,091 |
Accumulated depreciation |  |  | (14,409) |  |  | (4,940) |
Property and equipment, net |  |  | $ | 340,381 |  |  | $ | 198,151 |
Depreciation expense totaled $15.8 million and $3.9 million for the fiscal years ended May 31, 2024 and 2023, respectively.

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