v3.26.1
Stockholders' Equity/Member's Capital and Temporary Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity/Member's Capital and Temporary Equity Stockholders' Equity/Member's Capital and Temporary Equity
As of December 31, 2025, the common units and Class P Units of Midco II outstanding are as follows. As of June 30, 2026, the common stock of the Company outstanding is as follows:
Authorized as of Held by Stockholders'/Member's Issued and Outstanding as of
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Common stock - York Space Systems Inc1,000,000,000 —129,312,790 —
Common units - Yellowstone Midco Holdings II, LLC—50,000,000 —50,000,000 
Class P Units - Yellowstone Midco Holdings II, LLC—240,956,348 —240,956,348 

Structure Prior to the Common Control Reorganization

In 2025, Holdings subscribed to an additional 25.0 million redeemable preferred units of Midco I at a price of $1.00 per unit. The redeemable preferred units entitled holders to certain voting rights, preferred yield at the rate of 12.5% per annum and distribution rights.

Prior to the Common Control Reorganization, Holdings owned all of the common units and redeemable preferred units of Midco I authorized and outstanding. As described below, in connection with the Common Control Reorganization, all of the common units and redeemable preferred units were contributed to Midco II in exchange for common units of Midco II, which were converted to shares of the Company in connection with the IPO in January 2026.
Structure Subsequent to the Common Control Reorganization

Common units

Upon formation on September 4, 2025, Midco II entered into a Limited Liability Company Agreement (the “LLC Agreement”), pursuant to which Midco II issued 100 common units to Holdings for no consideration. From formation until October 3, 2025, Holdings owned 100 common units of Midco II, representing 100% of the common units authorized and outstanding of Midco II. In connection with the Common Control Reorganization on October 3, 2025, all of the outstanding equity of Midco I, including both redeemable preferred and common units, was contributed to Midco II in exchange for 50 million common units of Midco II and, as a result, Midco I became a wholly owned subsidiary of Midco II.

Class P Units

In the fourth quarter of 2025, Midco II issued and sold an aggregate of approximately 241.0 million Class P Units to investors, including funds affiliated with AE Industrial Partners. The Class P Units contained redemption features that were not solely within the control of the Company. As a result, the Class P Units were classified as temporary equity.
The Class P Units were automatically convertible (in substance share-settled redemption) upon a Qualified IPO, which requires bifurcation. The Company recorded the Class P Units initially at its issuance price of $241.0 million, net of issuance costs of $5.3 million and net of the initial value of the bifurcated derivative liability of $93.1 million. The Class P Units were subsequently remeasured by accreting the changes in the redemption value over the period from the date of issuance to the earliest date that the instrument would become redeemable (i.e., the fifth anniversary of the issuance date) using the interest method including the accrued and cumulative unpaid dividends. The bifurcated derivative was initially recorded at fair value upon issuance of the Class P Units and subsequently remeasured with changes in fair value through earnings. Refer to Note 12 - Fair Value Measurement for more information on the estimate of the fair value of the derivative liability. All of the Class P Units converted into shares of the Company's common stock and the derivative liability was derecognized in connection with the IPO.