v3.26.1

Property and Equipment | 6 Months Ended
--- | ---
Jun. 30, 2026
Property and Equipment [Abstract] |
Property and Equipment | 9. Property and Equipment
|  | As of June 30, 2026 |  |  | As of December 31, 2025 |
Land |  | $ | 9,524,459 |  |  | $ | - |
Buildings |  |  | 41,076,344 |  |  |  | - |
Advance payments made and assets under construction |  |  | 98,750,474 |  |  |  | - |
Data centers |  |  | 786,190,432 |  |  |  | 27,195,275 |
Computer hardware |  |  | 1,772,753 |  |  |  | 1,813,514 |
Furniture and fixtures |  |  | 978,081 |  |  |  | 261,769 |
Leasehold improvements |  |  | 2,350,575 |  |  |  | 2,295,521 |
|  |  | 940,643,118 |  |  |  | 31,566,079 |
Accumulated depreciation |  |  | (26,815,457 | ) |  |  | (15,387,138 | )
Net carrying value |  | $ | 913,827,661 |  |  | $ | 16,178,941 |
Depreciation expense on property and equipment for the three months ended June 30, 2026 and 2025 were $9,699,781 and $1,420,064, respectively. Depreciation expense on property and equipment for the six months ended June 30, 2026 and 2025 were $11,428,319 and $2,584,287, respectively.

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