v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss before allocation to noncontrolling interest $ (549,500) $ (199,531)
Adjustments to reconcile net loss before noncontrolling interest to cash used in operating activities:    
Depreciation and amortization 38,279 22,678
Amortization of debt issuance costs 4,235 721
Amortization of debt commitment fee 4,400 0
Loss on disposal of property and equipment 2,051 0
Induced conversion expense on convertible notes 88,654 0
Loss on remeasurement of warrant liabilities 1,174 68,238
Stock-based compensation 118,820 18,351
Non-cash interest expense 1,294 497
Non-cash interest income (648) 0
Loss from equity method investment 6,862 0
Loss on involuntary conversion 125,911 0
Changes in operating assets and liabilities:    
Accounts receivable (41,571) 1,225
Prepaid expenses and other current assets (8,598) (2,939)
Inventory (16,410) (268)
Accounts payable and accrued expenses 45,552 20,675
Contract liabilities 39,952 1,086
Other assets and liabilities (5,669) (2,757)
Net cash used in operating activities (145,212) (72,024)
Cash flows from investing activities:    
Purchase of property and equipment (859,215) (430,622)
Capital advances to Ligado (100,000) 0
Purchase of spectrum intangibles (42,103) 0
Insurance proceeds received from BB7 launch 21,595 0
Net cash used in investing activities (979,723) (430,622)
Cash flows from financing activities:    
Proceeds from debt 1,060,608 473,498
Repayments of debt (20,178) (926)
Payment for debt issuance costs (3,070) (6,516)
Proceeds from issuance of common stock 85,723 462,776
Payments for third party equity issuance costs (458) (9,843)
Issuance of equity under employee stock plan 4,418 7,193
Employee taxes paid for stock-based compensation awards (62,025) (6,027)
Purchase of capped call transactions 0 (44,528)
Net cash provided by financing activities 1,068,333 875,627
Effect of exchange rate changes on cash, cash equivalents and restricted cash (524) (1,115)
Net (decrease) increase in cash, cash equivalents and restricted cash (57,126) 371,866
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 2,722,834 939,400
Non-cash activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 2,786 1,505
Purchases of property and equipment in accounts payable and accrued expenses 61,703 22,155
Stock-based compensation capitalized in property and equipment 4,080 0
PIK interest paid through issuance of PIK notes 0 497
Deferred asset acquisition costs paid by issuance of penny warrants 0 121,156
Convertible notes settled by issuance of Class A Common Stock 0 139,620
Spectrum intangibles acquisition costs accrued or paid by issuance of shares 11,528 0
Settlement of warrant liabilities by issuing shares 8,645 0
Interest 23,556 813
Income taxes, net 2,109 1,323
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