JOINT VENTURE

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

The Company is a majority owner of a joint venture company, Starlab Space LLC (“Starlab JV”), which began operating on April 12, 2024 when the SAA was novated with NASA. Through the SAA, the Company will receive financial assistance through Government grants for certain eligible expenses to design, build and maintain a commercial space station.

As of March 31, 2026, the Company's ownership stake is 61.8%.

Consolidated Variable Interest Entity

The Company evaluated its interests in Starlab JV and determined that it has a variable interest as of March 31, 2026. Due to the Company’s obligation to absorb losses and the right to receive benefits from the Variable Interest Entity (“VIE”) along with the ability to direct the activities that most significantly impact Starlab JV’s economic performance (including control over three of the five seats on the Board of Directors at Starlab JV), the Company was determined to be the primary beneficiary and is therefore consolidating the Starlab JV.

The Company’s condensed consolidated financial statements reflect the performance of the Starlab JV VIE with the Company being the primary beneficiary of the VIE and having incremental power over the Starlab JV. The Company meets the power and economic criteria for consolidation of the VIE. The Starlab JV is considered a business and therefore no gain or loss was recognized by the Company upon the initial consolidation of the VIE.

The following table presents the assets and liabilities of the Starlab JV included in the Company’s unaudited condensed consolidated balance sheets, separated by major asset and liability class. These assets can only be used to settle obligations of Starlab JV, and the Company does not have recourse to the liabilities. Creditors of Starlab JV do not have recourse to the Company.


	March 31, 2026		December 31, 2025
ASSETS
Cash and cash equivalents	$	48,426	$	54,610
Accounts receivable, net	—		10,003
Prepaid expenses and other current assets	15,480		17,790
Property and equipment, net	141,583		127,735
Operating lease right-of-use assets	44		64
Other assets	664		723
TOTAL ASSETS	$	206,197	$	210,925
LIABILITIES
Accounts payable	$	9,586	$	18,107
Operating lease liabilities	44		64
Accrued expenses and other current liabilities	16,221		15,898

Contract liabilities to related parties, non-current	9,003		9,003
TOTAL LIABILITIES	$	34,854	$	43,072