v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 367,354 $ 582,606
Restricted cash 11,668 2,733
Trade and other receivables, net of allowance for credit losses of $3,652 and $3,295, respectively 119,670 12,193
Contract assets 50,992 12,236
Inventory, net 59,941 0
Advances to suppliers 32,558 3,353
Prepaid and other current assets 20,637 5,693
Total current assets 662,820 618,814
Orbital receivables, non-current 209,833 0
Property and equipment, net 264,626 68,550
Intangible assets, net 297,069 12,968
Goodwill 379,216 18,697
Operating lease right-of-use assets 72,704 36,755
Finance lease right-of-use assets 78 94
Other assets 935 1,276
Total assets 1,887,281 757,154
Current liabilities    
Contract liabilities, current 215,518 57,368
Operating lease liabilities, current 25,104 10,466
Finance lease liabilities, current 27 48
Other current liabilities 91,709 33,028
Total current liabilities 399,831 124,832
Long-term debt, net 336,352 335,335
Contract liabilities, non-current 4,065 6,341
Pension and other postretirement benefits 48,739 0
Operating lease liabilities, non-current 68,298 26,290
Finance lease liabilities, non-current 19 20
Warrant liabilities 81,438 60,394
Other non-current liabilities 37,023 240
Total liabilities 975,765 553,452
Commitments and contingencies (Note 18)
MEZZANINE EQUITY    
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding 6,945 6,613
Redeemable noncontrolling interests 1,194,653 951,536
SHAREHOLDERS’ DEFICIT    
Treasury stock, at cost, 2,191,080 shares (33,525) (33,525)
Paid-in capital 0 0
Accumulated deficit (257,147) (721,457)
Total shareholders’ deficit attributable to the Company (290,649) (754,964)
Noncontrolling interests 567 517
Total shareholders’ deficit (290,082) (754,447)
Total liabilities, mezzanine equity and shareholders’ deficit 1,887,281 757,154
Class A Common Stock    
SHAREHOLDERS’ DEFICIT    
Common stock 17 12
Class B Common Stock    
SHAREHOLDERS’ DEFICIT    
Common stock 0 0
Class C Common Stock    
SHAREHOLDERS’ DEFICIT    
Common stock 6 6
Nonrelated Party    
Current liabilities    
Accounts payable and accrued expenses 64,603 22,199
Affiliated Entity    
Current liabilities    
Accounts payable and accrued expenses $ 2,870 $ 1,723