v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss before allocation to noncontrolling interest $ (249,581) $ (63,628)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:    
Depreciation and amortization 17,615 10,958
Amortization of debt issuance costs 2,046 309
Amortization of debt commitment fee 2,200 0
Write off of unamortized debt issuance costs 63 0
Loss on disposal of property and equipment 1,842 0
Induced conversion expense on convertible notes 88,654 0
Loss on remeasurement of warrant liabilities 1,174 3,206
Stock-based compensation 55,353 7,826
Non-cash interest expense 698 497
Non-cash interest income (301) 0
Loss from equity method investment 4,908 0
Changes in operating assets and liabilities:    
Accounts receivable 10,273 1,275
Prepaid expenses and other current assets (5,816) 9,345
Inventory (4,749) (9)
Accounts payable and accrued expenses 24,048 715
Contract liabilities 5,974 (210)
Other assets and liabilities (2,459) 1,170
Net cash used in operating activities (48,058) (28,546)
Cash flows from investing activities:    
Purchase of property and equipment (261,599) (120,456)
Capital advances to Ligado (100,000) 0
Purchase of spectrum intangibles (17,664) 0
Net cash used in investing activities (379,263) (120,456)
Cash flows from financing activities:    
Proceeds from debt 1,060,608 449,248
Repayments of debt (18,213) (65)
Payment for debt issuance costs (3,070) (6,400)
Proceeds from issuance of common stock 80,723 56,265
Payments for third party equity issuance costs (458) (1,463)
Issuance of equity under employee stock plan 2,499 4,181
Employee taxes paid for stock-based compensation awards (20,070) (1,373)
Purchase of capped call transactions 0 (44,528)
Net cash provided by financing activities 1,105,334 455,865
Effect of exchange rate changes on cash, cash equivalents and restricted cash 891 61
Net increase in cash, cash equivalents and restricted cash 678,904 306,924
Cash and cash equivalents and restricted cash, beginning of period 2,779,960 567,534
Cash and cash equivalents and restricted cash, end of period 3,458,864 874,458
Non-cash activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 310
Purchases Of Property And Equipment In Accounts Payable And Accrued Expense 55,161 12,906
PIK interest paid through issuance of PIK notes 0 497
Convertible notes settled by issuance of Class A Common Stock 0 139,620
Spectrum intangibles acquisition costs accrued or paid by issuance of shares 10,575 0
Settlement of warrant liabilities by issuing shares 8,645 0
Interest 10,650 3,887
Income taxes, net 1,016 700
2032 4.25% Convertible Notes [Member]    
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:    
Induced conversion expense on convertible notes 11,200  
Cash flows from financing activities:    
Proceeds from share issuances to repurchase Convertible Notes 180,537 0
Payments for repurchase of Convertible Notes (180,537) 0
2032 2.375% Convertible Notes [Member]    
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:    
Induced conversion expense on convertible notes 77,400  
Cash flows from financing activities:    
Proceeds from share issuances to repurchase Convertible Notes 433,739 0
Payments for repurchase of Convertible Notes $ (430,424) $ 0