Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table presents the purchase consideration, acquisition related costs, and the preliminary estimated fair values of the assets acquired and liabilities assumed by the Company as of the acquisition date (in thousands):

	January 13, 2026
Cash consideration	$	403,340
Fair value of Class A Common Stock issued	403,953
Transaction bonuses and other adjustments	43,689
Purchase consideration	$	850,982
Assets:
Cash and cash equivalents	$	2,242
Restricted cash	268
Trade and other receivables	97,152
Contract assets	23,144
Inventory	56,147
Advances to suppliers	17,125
Prepaid and other current assets	5,798
Property and equipment	162,908
Intangible assets	297,000
Operating lease right-of-use assets	32,174
Orbital receivables, non-current	223,366
Total assets	917,325
Liabilities:
Accounts payable and accrued expenses	40,429
Contract liabilities	161,716
Operating lease liabilities, current	17,986
Other current liabilities	61,977
Pension and other postretirement benefits, non-current	54,792
Operating lease liabilities, non-current	40,578
Other non-current liabilities	49,535
Total liabilities	427,013
Noncontrolling interests	415
Fair value of net identifiable assets acquired	489,897
Goodwill	$	361,085

The following table presents the purchase consideration and the preliminary estimated fair values of the assets acquired and liabilities assumed by the Company as of the acquisition date (in thousands):

	October 1, 2025
Cash consideration	$	15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	$	31,345
Assets:
Cash and cash equivalents	$	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment	134
Intangible assets	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	232
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,159
Fair value of net identifiable assets acquired	12,589
Goodwill	$	18,756

Business Combination, Intangible Asset, Acquired, Finite-Lived

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):

Intangible Asset	Estimated Life in Years	January 13, 2026
Trademark / trade name	1	$	5,000
Customer relationships	15	138,000
Developed technologies	15	154,000
Total intangible assets		$	297,000

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):

Intangible Asset	Estimated Life in Years	October 1, 2025
Customer relationships	10	$	1,900
Developed technology	10	11,400
Total intangible assets		$	13,300

Business Combination, Pro Forma Information

	Unaudited
	Three Months Ended March 31,
(in thousands)	2026		2025
Total revenues	$	199,846	$	218,156
Net loss	$	(54,361)	$	(47,639)
Net loss attributable to the Company	$	(39,220)	$	(60,010)
Net loss attributable to Class A common shareholders	$	(39,382)	$	(60,157)