Property, plant, and equipment, net was comprised of the following:

 

   December 31,
2025
   December 31,
2024
 
Cloud service equipment $146,589,318  $63,360,624 
Colocation service equipment  31,874,970   12,509,288 
Purchased software and internal-use software development costs  4,633,157   495,285 
Land  6,510,574   3,502,539 
Leasehold improvements  30,088,308   2,032,691 
Other property and equipment  36,069   29,066 
           
Less: Accumulated depreciation  (40,136,438)  (17,325,410)
   179,595,958   64,604,083 
Construction in progress  157,042,649   24,599,400 
Property, plant, and equipment, net $336,638,607  $89,203,483 
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About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.