v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 626,636 $ 108,097
Accounts receivable, net 101,790 33,762
Inventory 106,059 43,681
Contract assets 10,195 15,964
Prepaid expenses 22,611 8,799
Other current assets 14,697 6,567
Total current assets 881,988 216,870
Property and equipment, net 34,135 27,545
Right-of-use assets, net 23,975 10,832
Restricted Cash 34,225 0
Other noncurrent assets 3,683 2,649
Total assets 978,006 257,896
Current liabilities:    
Accounts payable 46,904 16,549
Accrued liabilities and other payables 23,391 26,235
Contract liabilities 528,405 170,025
Operating lease liabilities 4,896 3,343
Deferred income 16,722 24,598
Other current liabilities 491 344
Total current liabilities 620,809 241,094
Notes payable 0 59,984
Noncurrent lease liabilities 24,875 8,019
Noncurrent deferred income 75,558 10,819
Other noncurrent liabilities 192 3,407
Total liabilities 721,434 323,323
Commitments and contingencies (Note 17)
Mezzanine equity:    
Total mezzanine equity 0 46,690
Members' equity:    
Total members' equity 0 (112,155)
Stockholders' equity:    
Additional paid-in capital 62,467 0
Accumulated deficit (15,432) 0
Noncontrolling interest 207,343 38
Total stockholders' equity 256,572 38
Total liabilities and equity 978,006 257,896
Series A Preferred Units    
Mezzanine equity:    
Total mezzanine equity 0 46,690
Common Units    
Members' equity:    
Total members' equity 0 (112,155)
Class A Common Stock    
Stockholders' equity:    
Common stock 482 0
Class B Common Stock    
Stockholders' equity:    
Common stock $ 1,712 $ 0