GDS Holdings GDS
NASDAQ GDS
$31.34 -1.05 (-3.23%)
As of: Sep 10, 2026 · 1:21 PM EDT

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

Historic Data

Download Data
DateValue
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