Property and Equipment

6 Months Ended

Nov. 30, 2024

Property, Plant and Equipment [Abstract]

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.