CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 413,320	$ 55,930
Accounts receivable, net		16,519	15,360
Contract assets		23,374	17,304
Inventories		1,719	1,526
Prepaid expenses and other current assets		26,531	11,461
TOTAL CURRENT ASSETS		481,463	101,581
Property and equipment, net		107,461	49,439
Operating lease right-of-use assets		9,275	8,167
Intangible assets, net		44,876	34,684
Goodwill		72,108	46,515
Other assets		12,613	7,210
TOTAL ASSETS	[1]	727,796	247,596
Current liabilities:
Accounts payable		23,040	22,787
Contract liabilities		8,147	21,365
Operating lease liabilities		4,381	3,000
SMI promissory note, current		0	665
Accrued expenses and other current liabilities		62,292	39,594
TOTAL CURRENT LIABILITIES		97,860	87,411
Term loan, net		0	56,991
Operating lease liabilities, non-current		6,132	6,205
Contract liabilities, non-current		2,946	2,762
Convertible notes, net		0	7,435
Embedded derivatives		0	2,723
Deferred tax liabilities		354	112
SMI promissory note		0	23,928
Other long-term liabilities		2,023	102
TOTAL LIABILITIES	[1]	109,315	187,669
Mezzanine equity:
Class A-1 redeemable preferred stock: $0.0001 par value; 0 shares authorized, issued and outstanding at June 30, 2025; 7,500,000 shares authorized and 6,967,720 shares issued and outstanding at December 31, 2024; redeemable at the option of the holder with a liquidation preference of $105,581 at December 31, 2024		0	93,496
Redeemable noncontrolling interests		0	32,431
Equity (Deficit):
Additional paid-in capital		946,642	15,081
Accumulated other comprehensive (loss) income		(83)	28
Accumulated deficit		(355,706)	(281,113)
Total Voyager Technologies, Inc. equity (deficit)		590,859	(69,704)
Noncontrolling interests		27,622	3,704
TOTAL EQUITY (DEFICIT)		618,481	(66,000)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY		727,796	247,596
Series A Preferred Stock
Equity (Deficit):
Preferred stock		0	0
Series B Preferred Stock
Equity (Deficit):
Preferred stock		0	132,835
Series C Preferred Stock
Equity (Deficit):
Preferred stock		0	63,464
Common Stock
Equity (Deficit):
Common stock		0	1
Common Class A
Equity (Deficit):
Common stock		5	0
Common Class B
Equity (Deficit):
Common stock		$ 1	$ 0

[1] (1) Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “TOTAL ASSETS” that can only be used to settle obligations of the VIE as well as liabilities of the VIE reflected within “TOTAL LIABILITIES” for which creditors do not have recourse to the general credit of Voyager. Refer to Note 15, “Joint Venture”, for additional information.