v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates our revenue by contract type for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by contract type
Fixed price$180,018 87 %$27,534 55 %$342,105 87 %$65,717 58 %
Cost reimbursable21,194 11 %21,090 42 %40,498 11 %43,687 39 %
Time and materials2,200 1 %1,689 3 %4,439 1 %3,433 3 %
Revenue from contracts with customers203,412 99 %50,313 100 %387,042 99 %112,837 100 %
Grant revenue
2,756 1 %— — %5,856 1 %— — %
Total revenue
$206,168 100 %$50,313 100 %$392,898 100 %$112,837 100 %

The following table disaggregates our revenue by customer type for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue by customer type
Commercial
$66,279 32 %$2,106 4 %$130,468 33 %$12,184 11 %
Civil76,281 37 %46,509 93 %144,854 37 %98,600 87 %
National security
60,852 30 %1,698 3 %111,720 29 %2,053 2 %
Revenue from contracts with customers
203,412 99 %50,313 100 %387,042 99 %112,837 100 %
Grant revenue
2,756 1 %— — %5,856 1 %— — %
Total revenue
$206,168 100 %$50,313 100 %$392,898 100 %$112,837 100 %
Schedule of Contract Assets and Contract Liabilities
The following table presents contract assets as of June 30, 2026 and December 31, 2025 (in thousands):
June 30,
2026		December 31,
2025
Contract assets
Unbilled receivables(1)
$50,916 $12,228 
Deferred contract costs76 8 
Total$50,992 $12,236 
(1)    The balance as of June 30, 2026 includes approximately $26.0 million related to Lanteris, which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.
The following table presents contract liabilities as of June 30, 2026 and December 31, 2025 (in thousands):
June 30,
2026		December 31,
2025
Contract liabilities – current
Deferred revenue(1)
$201,951 $45,712 
Contract loss provision11,527 6,996 
Accrued launch costs2,040 4,660 
Total contract liabilities – current215,518 57,368 
Contract liabilities – long-term
Deferred revenue1,635 5,900 
Contract loss provision2,430 441 
Total contract liabilities – long-term4,065 6,341 
Total contract liabilities$219,583 $63,709 
(1)    The balance as of June 30, 2026 includes approximately $156.5 million in contract liabilities, current, related to Lanteris, which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.