CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 468,925	$ 55,930
Accounts receivable, net		12,674	15,360
Contract assets		21,609	17,304
Inventories		1,424	1,526
Prepaid expenses and other current assets		6,793	11,461
TOTAL CURRENT ASSETS		511,425	101,581
Property and equipment, net		67,559	49,439
Operating lease right-of-use assets		8,625	8,167
Intangible assets, net		36,993	34,684
Goodwill		50,510	46,515
Other assets		10,228	7,210
TOTAL ASSETS	[1]	685,340	247,596
Current liabilities:
Accrued expenses		20,748	22,787
Contract liabilities		10,171	21,365
Operating lease liabilities		3,386	3,000
SMI promissory note		0	665
Accrued expenses and other current liabilities		56,988	39,594
TOTAL CURRENT LIABILITIES		91,293	87,411
Term loan, net		0	56,991
Operating lease liabilities, non-current		6,108	6,205
Contract liabilities, non-current		2,948	2,762
Convertible notes, net		0	7,435
Embedded derivatives		0	2,723
Deferred tax liabilities		203	112
Other long-term liabilities		1,969	102
SMI promissory note		0	23,928
TOTAL LIABILITIES	[1]	102,521	187,669
Mezzanine equity:
Temporary equity, carrying amount, attributable to parent		0	93,496
Redeemable noncontrolling interests		19,836	32,431
Equity:
Additional paid-in capital		894,226	15,081
Accumulated other comprehensive (loss) income		(83)	28
Accumulated deficit		(339,433)	(281,113)
Total Voyager Technologies, Inc. equity (deficit)		554,716	(69,704)
Noncontrolling interests		8,267	3,704
TOTAL EQUITY (DEFICIT)		562,983	(66,000)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY		685,340	247,596
Series A Preferred Stock
Equity:
Preferred stock		0	0
Series B Preferred Stock
Equity:
Preferred stock		0	132,835
Series C Preferred Stock
Equity:
Preferred stock		0	63,464
Common Stock
Equity:
Common stock		0	1
Common Class A
Equity:
Common stock		5	0
Common Class B
Equity:
Common stock		$ 1	$ 0

[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.