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v3.25.2

Property and Equipment | 12 Months Ended
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May 31, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following as of May 31, 2025 and 2024 (in thousands):
| Estimated Useful Life |  | May 31, 2025 |  | May 31, 2024
Networking equipment, electrical equipment, and software | 3 years - 5 years |  | $ | 32,938 |  |  | $ | 32,185 |
Electric generation and transformers | 15 years |  | 9,914 |  |  | 9,933 |
Land and building |  |  |  |  |
Building | 39 years |  | 109,672 |  |  | 103,990 |
Land |  |  | 20,047 |  |  | 6,205 |
Land improvements | 15 years |  | 1,423 |  |  | 1,380 |
Leasehold improvements | 3 years - 7 years |  | 444 |  |  | 444 |
Construction in progress |  |  | 1,123,156 |  |  | 186,869 |
Other equipment and fixtures | 5 years - 7 years |  | 2,126 |  |  | 1,760 |
Total cost of property and equipment |  |  | 1,299,720 |  |  | 342,766 |
Accumulated depreciation |  |  | (23,879) |  |  | (13,663) |
Property and equipment, net |  |  | $ | 1,275,841 |  |  | $ | 329,103 |
Depreciation expense totaled $10.6 million, $15.1 million, and $3.9 million for the fiscal years ended May 31, 2025, 2024, and 2023, respectively.

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