GDS Holdings (GDS) Construction in Progress (2015 - 2025)
GDS Holdings (GDS) posted Construction in Progress of $795.2 million for Q4 2025, down 12.98% on a QoQ basis from $913.9 million in Q4 2024, and down 12.98% year-over-year from $913.9 million in Q4 2024.
Analysis
GDS Holdings (GDS) Construction in Progress (2015 - 2025) Analysis & Trends
GDS Holdings has reported Construction in Progress for 11 years, with the latest figure at $795.2 million in Q4 2025.
- On a quarterly basis, Construction in Progress fell 12.98% year-over-year to $795.2 million in Q4 2025; TTM through Dec 2025 was $795.2 million, a 12.98% decrease from a year earlier, with the FY2025 full-year figure at $784.9 million, down 14.12% from the prior year.
- Construction in Progress was $795.2 million for Q4 2025 at GDS Holdings, down from $913.9 million in the prior quarter.
- The five-year high for Construction in Progress was $1.5 billion in Q4 2022, with the low at $795.2 million in Q4 2025.
- Average Construction in Progress over 5 years is $1.1 billion, with a median of $1.1 billion recorded in 2021.
- The sharpest annual moves came in 2021 and 2024: Construction in Progress surged 42.58% in 2021, then retreated 24.0% in 2024.
- Over 5 years, Construction in Progress stood at $1.1 billion in 2021, then jumped by 34.55% to $1.5 billion in 2022, then declined by 21.02% to $1.2 billion in 2023, then declined by 24.0% to $913.9 million in 2024, then declined by 12.98% to $795.2 million in 2025.
- The last three Construction in Progress figures came in at $795.2 million (Q4 2025), $913.9 million (Q4 2024), and $1.2 billion (Q4 2023), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Construction in Progress (Qtr) |
|---|---|---|---|---|---|
| 1 | Equinix | 101.67 Bn | 99.45 Bn | 1.40 Bn | - |
| 2 | Terawulf | 8.00 Bn | 5.24 Bn | 32.37 Mn | - |
| 3 | Applied Digital | 7.22 Bn | 3.25 Bn | 97.29 Mn | - |
| 4 | Cipher Digital | 6.54 Bn | 2.52 Bn | 9.79 Mn | 1.68 Bn |
| 5 | GDS Holdings | 5.96 Bn | 3.77 Bn | 97.89 Mn | - |
| 6 | Core Scientific | 5.78 Bn | 3.84 Bn | 70.04 Mn | - |
| 7 | Vnet | 1.72 Bn | 729.00 Mn | 74.45 Mn | - |
| 8 | Sify Technologies | 1.57 Bn | 1.57 Bn | 51.65 Mn | - |
| 9 | WhiteFiber | 732.66 Mn | 672.29 Mn | 18.88 Mn | 484.59 Mn |
| 10 | Vulcan Infrastructure & Power | 445.09 Mn | 441.89 Mn | -1.25 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 795.24 Mn |
| Dec 31, 2024 | 913.88 Mn |
| Dec 31, 2023 | 1.20 Bn |
| Dec 31, 2022 | 1.52 Bn |
| Dec 31, 2021 | 1.13 Bn |
| Dec 31, 2020 | 793.59 Mn |
| Jun 30, 2020 | 476.60 Mn |
| Dec 31, 2019 | 454.04 Mn |
| Sep 30, 2019 | 349.25 Mn |
| Dec 31, 2018 | 380.68 Mn |
| Mar 31, 2018 | 377.01 Mn |
| Dec 31, 2017 | 295.01 Mn |
| Sep 30, 2017 | 231.99 Mn |
| Dec 31, 2016 | 102.21 Mn |
| Dec 31, 2015 | 63.40 Mn |