v3.26.1
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, Net
NOTE 7 - PROPERTY AND EQUIPMENT, NET
As of June 30, 2026 and December 31, 2025, property and equipment, net consisted of the following (in thousands):
June 30,
2026 (1)
December 31,
2025
Leasehold improvements$35,407 $336 
Vehicles and trailers188 146 
Computers and software12,899 7,931 
Furniture and fixtures4,158 3,097 
Machinery and equipment100,938 9,632 
Construction in progress133,699 54,964 
Property and equipment, gross287,289 76,106 
Less: accumulated depreciation and amortization(22,663)(7,556)
Property and equipment, net$264,626 $68,550 
(1)    The balance as of June 30, 2026 includes approximately $158.3 million of property and equipment, net (of which $45.7 million is for construction in progress) related to Lanteris which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Total depreciation expense related to property and equipment for the three and six months ended June 30, 2026 was $7.9 million and $15.1 million, and $0.8 million and $1.4 million, respectively, for the three and six months ended June 30, 2025.
As of June 30, 2026 and December 31, 2025, construction in progress included $86.2 million and $50.8 million, respectively, in capitalized costs associated with the fabrication and development of communications satellites and ground network assets, primarily in support of the NASA Near Space Network (“NSN”) contract