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Property and Equipment | 6 Months Ended
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Nov. 30, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consisted of the following as of November 30, 2024 and May 31, 2024 (in thousands):
| Estimated Useful Life |  | November 30, 2024 |  | May 31, 2024
Networking equipment, electrical equipment, and software | 5 years |  | $ | 33,640 |  |  | $ | 32,517 |
Electric generation and transformers | 15 years |  | 9,933 |  |  | 9,933 |
Land and building |  |  |  |  |
Building | 39 years |  | 108,847 |  |  | 103,990 |
Land |  |  | 19,047 |  |  | 6,205 |
Land improvements | 15 years |  | 1,380 |  |  | 1,380 |
Leasehold improvements | 3 years - 7 years |  | 1,142 |  |  | 1,051 |
Construction in progress |  |  | 609,055 |  |  | 190,162 |
Other equipment and fixtures | 5 years - 7 years |  | 9,932 |  |  | 9,552 |
Total cost of property and equipment |  |  | 792,976 |  |  | 354,790 |
Accumulated depreciation |  |  | (20,312) |  |  | (14,409) |
Property and equipment, net |  |  | $ | 772,664 |  |  | $ | 340,381 |
Depreciation expense totaled $3.1 million and $6.1 million for the three and six months ended November 30, 2024, respectively, and $2.6 million and $4.9 million for the three and six months ended November 30, 2023, respectively.

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