Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue by contract type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by contract type
Fixed price	$	162,087	87	%	$	38,183	61	%
Cost reimbursable	19,304		10	%	22,597		36	%
Time and materials	2,239		1	%	1,744		3	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

The following table disaggregates our revenue by customer type for the three months ended March 31, 2026 and 2025 (in thousands):

	Three Months Ended March 31,
	2026				2025
Revenue by customer type
Commercial	$	61,089	33	%	$	10,078	16	%
Civil	71,673		38	%	52,091		83	%
National security	50,868		27	%	355		1	%
Revenue from contracts with customers	183,630		98	%	62,524		100	%
Grant revenue	3,100		2	%	—		—	%
Total revenue	$	186,730	100	%	$	62,524	100	%

Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table presents contract assets as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	41,320	$	12,228
Deferred contract costs	6,702		8
Total	$	48,022	$	12,236

(1)    The balance as of March 31, 2026 includes approximately $23.5 million related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

The following table presents contract liabilities as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026		December 31, 2025
Contract liabilities – current
Deferred revenue(1)	$	198,329	$	45,712
Contract loss provision	5,701		6,996
Accrued launch costs	1,545		4,660
Total contract liabilities – current	205,575		57,368
Contract liabilities – long-term
Deferred revenue	2,434		5,900
Contract loss provision	297		441
Total contract liabilities – long-term	2,731		6,341
Total contract liabilities	$	208,306	$	63,709

(1)    The balance as of March 31, 2026 includes approximately $160.2 million in contract liabilities, current, related to Lanteris, which was recently acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.