Subsequent Event

9 Months Ended

Sep. 30, 2026

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On November 5, 2026, the Company entered into agreements for incremental non-voting minority investments of up to $1.2 billion in Skydio, Inc. (“Skydio”), a privately-owned autonomous drone manufacturer, which are expected to increase the Company’s ownership from 15% to approximately 37% on a fully diluted basis. The Company expects the investments to be settled with up to approximately $720.0 million in cash and the remainder in shares of the Company’s common stock, with the final mix subject to the results of a tender offer and secondary purchases that are expected to close in the fourth quarter of 2026 and first quarter of 2027. The number of shares of the Company’s common stock issued shall be determined utilizing the volume-weighted average price per share of the Company’s common stock, as reported on the NASDAQ Global Select Market, for the 10-trading day period up to and including the trading day immediately preceding two business days prior to settlement.

The Company’s primary investment in Skydio, with an aggregate purchase price of approximately $254.9 million, payable 50% in cash and 50% in shares of the Company’s common stock, closed on November 5, 2026, resulting in a cash payment of approximately $127.5 million and a commitment to deliver approximately $127.5 million of the Company’s common stock. The remaining investments, consisting of a tender offer and secondary purchases, are valued at up to approximately $968.6 million in aggregate and are expected to close through a series of transactions during the fourth quarter of 2026 and first quarter of 2027. The incremental investments will be included in non-marketable equity investments and accounted for under the measurement alternative method, as we do not have significant influence over Skydio’s operations.