0001193125-26-116309 | 10-K | XBRL Viewer

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Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	19,900	59,348	44,534
Convertible Series Seed Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	2,023	2,023
Convertible Series Seed-1 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	3,273	3,273
Convertible Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	6,005	6,005
Convertible Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	5,869	5,869
Convertible Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	11,159	9,852
Convertible Series M Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	2,812	2,738
Series J Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	646	646	579
Common Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	1,045	0
Convertible Series D-1 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	10,447	0
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	15,365	16,000	14,195
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,889	0	0
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	69	0

Leases - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term (years):
Finance leases	2 years 8 months 26 days	2 years 7 months 2 days
Operating leases	13 years	15 years 6 months 10 days
Weighted-average discount rate:
Finance leases	13.55%	18.11%
Operating leases	6.98%	6.90%

Segment and Geographical Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table includes the significant expense categories and amounts that are regularly provided to the CODM:


	For the Year Ended December 31,
	2025			2024			2023
Revenue	$	159,855		$	60,792		$	55,235
Less:
Cost of sales		(129,189	)		(72,157	)		(28,635	)
Compensation(1)		(121,925	)		(82,628	)		(71,656	)
Materials and consumables(1)		(76,525	)		(58,021	)		(48,283	)
Contractors and outside services(1)		(16,063	)		(10,568	)		(8,886	)
Depreciation and amortization(1)		(20,511	)		(12,545	)		(4,707	)
Interest income		18,187			2,597			2,920
Interest expense		(21,563	)		(22,970	)		(6,883	)
Change in fair value of warrant liability		(50,295	)		(1,649	)		(147	)
Loss on extinguishment of debt		(30,400	)		—			—
Gain on settlement of contingent liabilities		8,397			—			—
Other segment items(2)		(18,308	)		(33,984	)		(24,415	)
Consolidated net loss	$	(298,340	)	$	(231,133	)	$	(135,457	)

(1) Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses, and exclude amounts included in cost of sales.

(2) Other segment items included primarily those related to IPO and other transaction costs, building and utilities, professional and consulting services fees, software and hardware expense, and other general corporate expenses and research and development expenses.

Income Taxes - Summary of Carryforwards That Gave Rise to Significant Portions of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss	$ 139,203	$ 120,090
Credits	2,875	2,875
Capitalized research costs	87,925	56,007
Intangible assets	0	3,912
Stock-based compensation	2,948	586
Deferred lease liability	4,148	4,267
Accruals and reserves	4,464	3,944
Interest limitation carryforwards	12,218	2,515
Deferred revenue	18,960	7,865
Deferred Tax Assets, Other	650	697
Gross deferred tax assets	273,391	202,758
Valuation allowance	(227,752)	(194,556)
Total deferred tax assets	45,639	8,202
Deferred tax liabilities:
Right-of-use assets	(3,402)	(3,543)
Property and equipment	(8,778)	(4,659)
Intangible assets	(31,481)	0
Other	(1,978)	0
Total deferred tax liabilities	(45,639)	(8,202)
Net deferred tax assets	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Insider Trading Arrangements On December 5, 2025, David Wheeler, our Senior Vice President and General Counsel, adopted a trading arrangement for the sale of securities of our common stock (a “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Wheeler’s Rule 10b5-1 Trading Plan, which has a term of one year, provides for the sale of up to 94,361 shares of our common stock in one or more transactions at market or specified limit order prices.
David Wheeler
Trading Arrangements, by Individual
Name	David Wheeler
Title	Senior Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 5, 2025
Aggregate Available	94,361

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	Because we have no current intention to grant Options (and further, have not done so since our IPO), we do not have a policy or practice regarding option grant timing. Our Board and the Compensation Committee does not take material nonpublic information into account when determining the timing and terms of equity grants. We do not have a policy or practice to time equity grants based on the release of material non-public information.
Award Timing MNPI Considered	false
MNPI Disclosure Timed for Compensation Value	false

Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, shares authorized (in shares)		51,033
Temporary equity, Shares outstanding		41,588
Temporary equity, Carrying value		$ 759,582
Series Seed Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		2,023
Temporary equity, Shares outstanding		2,023
Temporary equity, Carrying value		$ 2,950
Series Seed-1 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		3,273
Temporary equity, Shares outstanding		3,273
Temporary equity, Carrying value		$ 204,454
Series A Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		6,005
Temporary equity, Shares outstanding		6,005
Temporary equity, Carrying value		$ 74,913
Series B Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		5,869
Temporary equity, Shares outstanding		5,869
Temporary equity, Carrying value		$ 72,096
Series C Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		11,159
Temporary equity, Shares outstanding		11,159
Temporary equity, Carrying value		$ 213,871
Series M Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		2,812
Temporary equity, Shares outstanding		2,812
Temporary equity, Carrying value		$ 10,990
Series J Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		922
Temporary equity, Shares outstanding		0
Temporary equity, Carrying value		$ 0
Series D-1 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		17,729
Temporary equity, Shares outstanding		10,447
Temporary equity, Carrying value		$ 180,308
Series D-2 Preferred Stock \| Redeemable convertible preferred stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share		$ 0.0001
Temporary equity, shares authorized (in shares)		1,241
Temporary equity, Shares outstanding		0
Temporary equity, Carrying value		$ 0
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	100,000	51,033
Temporary equity, Shares issued	0	41,588
Temporary equity, Shares outstanding	0	41,588

Intangible Assets, Net - Schedule of intangible assets gross carrying amount and accumulated amortization (Details)	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 171,484
Accumulated Amortization	(5,775)
Net Carrying Amount	165,709,000
Internal-use software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	18,484,000
Accumulated Amortization	(2,442,000)
Net Carrying Amount	$ 16,042,000
Internal-use software \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Internal-use software \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Trade name and trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Gross Carrying Amount	$ 18,000,000
Accumulated Amortization	(600,000)
Net Carrying Amount	$ 17,400,000
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Gross Carrying Amount	$ 74,000,000
Accumulated Amortization	(1,233,000)
Net Carrying Amount	72,767,000
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	61,000
Accumulated Amortization	(1,500)
Net Carrying Amount	$ 59,500
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life	9 years

Fair Value Measurement - Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 892,974	$ 137,728
Total financial liabilities	12,294	8,229
Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		170
RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		4,159
Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	100,008
Series J Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	12,294	2,850
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	887,755	95,974
Total financial liabilities	0	0
Level 1 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Level 1 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Level 1 \| Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	100,008
Level 1 \| Series J Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	5,219	41,584
Total financial liabilities	12,294	0
Level 2 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Level 2 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Level 2 \| Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Level 2 \| Series J Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	12,294	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	170
Total financial liabilities	0	8,229
Level 3 \| Majority Sponsor Top-Up
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		170
Level 3 \| RPM Call Option
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		4,159
Level 3 \| Time Deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0
Level 3 \| Series J Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities	0	2,850
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	787,747	81,847
Cash \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	787,747	81,847
Cash \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Cash \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Restricted cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		14,127
Restricted cash \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		14,127
Restricted cash \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Restricted cash \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	5,219	41,584
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	5,219	41,584
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 0	0
Common Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		1,220
Common Warrants \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Common Warrants \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		0
Common Warrants \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial liabilities		$ 1,220

Stock-Based Compensation - Summary of stock option activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 9 months 18 days	8 years 2 months 12 days	2 years
Expected term (in years)	5 years 9 months 18 days	8 years 2 months 12 days	2 years
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Outstanding beginning balance	16,000
Number of Options Outstanding, Options granted	4,481
Number of Options Outstanding, Options exercised	(2,612)
Number of Options Outstanding, Options canceled	(2,504)
Shares, Outstanding ending balance	15,365	16,000
Number of Options Outstanding, Vested and exercisable	12,986
Number of Options Outstanding, Unvested	2,379
Weighted Average Exercise Price, Beginning Balance	$ 0.91
Weighted-Average Exercise Price, Options granted	2.25
Weighted-Average Exercise Price, Options exercised	0.84
Weighted-Average Exercise Price, Options canceled	0.94
Weighted Average Exercise Price , Ending Balance	$ 1.31	$ 0.91
Weighted-Average Remaining Contractual Term, Outstanding	7 years 5 months 8 days	7 years 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	7 years 3 months 7 days
Weighted-Average Exercise Price Vested and exercisable	$ 1.29
Weighted-Average Remaining Contractual Term Unvested	8 years 4 months 13 days
Expected term (in years)	7 years 3 months 7 days
Weighted-Average Exercise Price Unvested	$ 1.43

Notes Payable (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions			12 Months Ended
	Nov. 07, 2025	Aug. 08, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 10, 2025	Aug. 13, 2024
Debt Instrument [Line Items]
Term loan description			The Company was required to pay the insurer an exit fee equal to 0.75% of the principal amount of the Term A Loans on the date on which the loans were prepaid.
Debt issuance costs			$ 4,337	$ 2,301	$ 24,719
Loss on extinguishment of debt			30,400	0	0
Interest Expense Debt			15,920	25,241	9,150
Amortization of debt issuance costs			4,315	$ 6,173	$ 2,155
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 260,000	$ 125,000
Letters of credit		15,000
Sublimit for swingline loans		$ 7,500
Variable rate		2.00%
Commitment fee		0.375%
lender fees		$ 2,400
Interest Expense Contractual			2,700
Debt issuance costs			1,400
Interest Expense Debt			3,100
Unamortized debt issuance costs			3,400
Amortization of debt issuance costs			400
Line of Credit Facility, Increase	$ 135,000
Amount drawn under the revolving credit facility			260,000			$ 260,000
Financing Agreement
Debt Instrument [Line Items]
Principal amount			$ 136,100
Term loan maturity date			Jul. 17, 2028
Interest rate for term loans			19.135%
Specific additional interest rate of premium			0.50%
Term A Loans \| Financing Agreement
Debt Instrument [Line Items]
Principal amount			$ 103,500
Exit fee			0.75%
Interest rate for term loans			13.875%
Term A Loans \| Maximum \| Financing Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 103,500
Term B Loans \| Financing Agreement
Debt Instrument [Line Items]
Principal amount			32,600
Term Loan \| Financing Agreement
Debt Instrument [Line Items]
Initial insurance premium			15,000
Debt issuance costs			$ 18,700
Maintain minimum interest reserve amount			0.079
Convertible Notes
Debt Instrument [Line Items]
Principal amount							$ 25,000
Term loan maturity date			Aug. 18, 2028
Effective interest rate of the term loans			15.00%
Outstanding principal amount			$ 25,000
Accrued interest			$ 800
Convertible Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate	3.00%	3.00%
Convertible Notes \| Series D Preferred Stock
Debt Instrument [Line Items]
Preferred Stock settled shares			1.5

Segment and Geographical Information (Additional Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	1
Recognize Revenue	$ 77,700	$ 51,900
Property and equipment, net	163,738	135,575
Property and Equipment
Segment Reporting Information [Line Items]
Recognize Revenue	0	0	$ 0
Property and equipment, net	$ 0	$ 0	$ 0

The Company, Initial Public Offering, and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Aug. 08, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accumulated deficit		$ (1,020,279)	$ (767,623)
Cash flows from operations		(204,924)	$ (157,650)	$ (93,434)
Series D-1 Preferred Stock funding		$ 244,700
Common stock retained par value		$ 0.0001	$ 0.0001
Common stock reverse split		1-for-3.2544
IPO
Proceeds of underwritng discounts	$ 932,300
Proceeds of commission received	57,400
Offering costs	11,400
Accrued interest	$ 11,400
Stock-based compensation expense.		$ 4,700
Common Stock
Common Stock, Initial public offering	22.2
Common stock retained par value	$ 0.0001
Convertible preferred stock, shares issued upon conversion	105.8
Common stock, share exercised	0.6
Common Stock \| IPO
Common Stock, Initial public offering	2.9
Common stock retained par value	$ 45
Proceeds from initial public offering	$ 998,600
Common Warrants
Common stock, share exercised	1.0
Series D-1 Preferred Stock
Series D-1 Preferred Stock funding		$ 5,000

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combinations

3. Business Combinations

SciTec

On October 31, 2025, the Company completed the acquisition of all of the outstanding capital stock of SciTec Innovations, LLC, a Delaware limited liability company and the successor entity of SciTec, Inc. (“SciTec”) for a purchase price of $547.0 million, consisting of $277.4 million in cash, net of cash acquired and $269.6 million in common stock. SciTec has over four decades of experience and offers industry-leading AI-enabled defense software applications and big data processing capabilities in the forms of cloud-based, on-premise, and edge processing of high volumes of data from satellites across all orbits that are complementary to Firefly's launch, lunar, and in-space vehicles. This acquisition is expected to complement the Company's full-service hardware and software offerings to space and defense customers. SciTec is based in Princeton, New Jersey and has facilities in Boulder, Colorado, El Segundo, California, Fairborn, Ohio, Huntsville, Alabama, and Herndon, Virginia.

The acquisition was accounted for as a business combination under ASC 805, Business Combinations, with the Company identified as the acquirer. The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available during the measurement period, a period not to exceed 12 months from the acquisition date. In connection with the acquisition, the Company incurred acquisition-related costs of $24.4 million, which were expensed as incurred on the date of closing and included in selling, general and administrative expense in the consolidated statements of net loss and comprehensive loss for the year ending December 31, 2025.

The table below sets forth the consideration paid, the fair value of the assets acquired, and liabilities assumed at the acquisition date:


	October 31, 2025
Consideration paid
Cash, net of cash acquired	$	277,417
Equity (issuance of common stock)		269,556
Total consideration, net of cash acquired	$	546,973

Assets acquired and liabilities assumed
Short-term investments	$	8,413
Accounts receivable		45,769
Other current assets		1,962
Property and equipment		7,718
Right-of-use assets		2,276
Intangible assets		153,000
Goodwill		433,022
Total assets		652,160

Accounts payable		11,178
Accrued expenses		49,780
Operating lease liabilities, current		711
Deferred revenue		1,770
Other current liabilities		840
Operating lease liabilities, non-current		3,716
Deferred tax liabilities		37,192
Total liabilities		105,187
Total net assets	$	546,973

The fair value of the property and equipment, working capital items including accounts receivable, other current assets, accounts payable, accrued expenses, and other current liabilities, approximates their respective carrying values at the date of the acquisition. Operating lease liabilities were remeasured at the present value of the remaining lease payments using the Company's incremental borrowing rate as of the acquisition date. The corresponding right-of-use assets were measured at an amount equal to the remeasured lease liabilities.

The following table summarizes the fair value of acquired identifiable intangible assets at the date of the acquisition:


	October 31, 2025		Weighted-Average Life
Trade name and trademarks	$	18,000	5 years
Developed technology		74,000	10 years
Customer relationships		61,000	3 years
Total acquired intangible assets	$	153,000	9 years

On the acquisition date, trade name and trademarks, developed technology, and customer relationships are classified as finite-lived intangible assets and are subject to annual impairment assessments under ASC 350-30-35-18 through 35-20.

The fair value of the acquired intangible assets, including trade name and trademarks and developed technology was determined using the relief from royalty method, while customer relationships were determined using the multi-period excess earnings method. Significant assumptions used in the determination of the fair values include forecasted revenue growth rates, assumed royalty rates and the market-participant discount rate. The useful life used in the valuation analysis was based on the economic life of each intangible asset. The Company assessed the economic useful life of these intangibles and concluded that these periods will be used as the amortization periods going forward.

In consideration of the nature of the amortization, management has concluded that the most appropriate way to reflect the economic benefits of the pattern in which the benefits are realized is to reflect the amortization in a manner consistent with the cash flow build up by period reflected in the valuation report.

In determining the useful lives and amortization policy to apply to the intangible assets acquired, the Company assessed the pattern in which the economic benefits of the assets are consumed. Based on this assessment, the Company amortizes its intangible assets based on the methodology that approximates the pattern in which it expects to benefit economically from these acquired intangible assets. The useful life is also derived from the time period over which the majority of the cash flows are expected to be generated. The Company will employ the useful lives identified through this exercise and amortize amounts using the economic consumption of the intangible asset over the accounting useful life for amortization of the associated intangible asset.

Goodwill generated from this business combination is primarily attributable to expected synergies from the transaction and incremental revenue and profit to be derived from the Company’s expansion into full-service hardware and software for its space and defense customers. The goodwill is not expected to be deductible for U.S. income tax purposes.

The following table presents the net impact of the SciTec acquisition on the Company’s consolidated statements of net loss and comprehensive loss since the date of acquisition:


	For the Year Ended December 31, 2025
Revenue	$	35,168
Net income and comprehensive income	$	38,277

Spaceflight

On June 8, 2023, the Company completed the acquisition of all of the outstanding capital stock of Spaceflight, Inc., (“Spaceflight”) for total consideration of approximately $9.8 million, comprised of 2.7 million of the Company’s Series M Preferred Stock. To determine the fair value of the equity consideration issued as part of the total purchase consideration for the acquisition, the Company utilized the fair market value of its Series M Preferred Stock, determined with the assistance of a third-party valuation specialist, using an option-pricing methodology. Following the completion of the acquisition, Spaceflight is a consolidated subsidiary of the Company.

The acquisition was accounted for as a business combination under ASC 805, Business Combinations, with the Company identified as the acquirer. In accordance with the acquisition method of accounting, the purchase price has been assigned to the assets acquired, and the liabilities assumed, based on their estimated fair value at the acquisition date. In connection with the acquisition, the Company incurred acquisition-related costs of $0.6 million, which were expensed in the consolidated statements of net loss and comprehensive loss for the year ending December 31, 2023.

The Company has completed the analysis to assign fair values to all of Spaceflight's assets acquired and liabilities assumed and therefore, the purchase price allocation for the acquisition is final.

The table below sets forth the consideration paid, and the fair value of the assets acquired, and liabilities assumed at the acquisition date:


	June 8, 2023
Consideration paid
Equity (issuance of Series M Preferred Stock)	$	9,804

Assets acquired and liabilities assumed
Cash and cash equivalents	$	7,253
Accounts receivable		1,636
Inventory		247
Prepaid expenses and other current assets		622
Deferred project costs		11,083
Property and equipment		2,958
Right-of-use asset		2,772
Goodwill		17,097
Total assets		43,668

Accounts payable		860
Accrued expenses		3,825
Deferred revenue		25,983
Lease liability		3,012
Uncertain tax position liability		184
Total liabilities		33,864
Total net assets	$	9,804

The fair value of the working capital items, including accounts receivable, inventory, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximates their respective carrying values at the date of the acquisition.

Given the nature of the underlying personal property, the fair value of the property and equipment was determined to be commensurate with their carrying value. No separately identifiable intangible assets were identified in this transaction. The goodwill recognized in the acquisition is primarily attributable to the expected expansion of the Company’s orbital flight services. As a result of the acquisition, the Company does not expect to have any deductible goodwill for tax purposes.

The results of operations of Spaceflight for the period from June 8, 2023 to December 31, 2023 have been included in the results of operations for the year ended December 31, 2023. The post-acquisition revenue of approximately $4.7 million and net loss of $13.1 million attributable to Firefly are included in the consolidated statements of net loss and comprehensive loss for the period from June 8, 2023 to December 31, 2023.

Unaudited Pro Forma Information

The following unaudited pro forma financial information presents the combined results of operations as if SciTec and Spaceflight had been acquired as of the beginning of fiscal year 2023. The unaudited pro forma results include certain adjustments to revenue and net loss directly attributable to each acquisition, including transaction costs.

For the SciTec acquisition, transaction costs of approximately $29.6 million are assumed to have been incurred on January 1, 2023 and recognized during 2023, of which $24.4 million were incurred by SciTec and $5.2 million were incurred by the Company.

For the Spaceflight acquisition, transaction costs of approximately $1.0 million are assumed to have occurred on January 1, 2023 and recognized as if incurred during 2023, of which $0.1 million were incurred by Spaceflight and $1.0 million were incurred by the Company.

The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined businesses had the acquisitions actually occurred at the beginning of the respective periods, nor is it indicative of the future results of operations of the combined businesses.


	For the Year Ended December 31,
	2025			2024			2023
	(unaudited)
Pro forma revenue	$	328,240		$	231,209		$	168,115
Pro forma net loss and comprehensive loss	$	(390,811	)	$	(267,976	)	$	(194,425	)
Pro forma net loss per common share – basic and diluted	$	(5.65	)	$	(20.90	)	$	(16.23	)

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

2017 Equity Incentive Plans

In October 2017, the Company adopted and approved the 2017 Stock Plan (the “2017 Plan”) under which 3.1 million shares of the Company’s common stock were originally reserved for issuance to employees, directors, and consultants. Since its inception, the Company has periodically amended the 2017 Plan to increase the number of reserved shares. In 2023, the Company twice amended the 2017 Plan to increase the number of reserved shares to a total of approximately 26.7 million. In 2024, the Company twice amended the 2017 Plan to increase the number of reserved shares by an additional total 11.3 million shares for a total of approximately 38.1 million. Under the 2017 Plan, the Company may grant stock options, restricted stock awards (“RSAs”), and RSUs. Options granted under the Plan may be either incentive stock options (“ISOs”) or stock options (“NSOs”). ISOs may be granted only to Company employees (including officers and directors). Awards granted under the 2017 Plan generally vest based on service over various periods ranging from immediately to five years. Certain performance-based awards vest upon the occurrence of a qualified liquidity event (including a change in control or IPO), while some awards may accelerate vesting upon such an event. Options expire as determined by the Board of Directors but not more than ten years after the date of grant, unless the holder of an ISO owns more than 10% of the voting power in the Company, in which case the term cannot exceed five years. The Company had no shares of common stock available for issuance under the 2017 Plan, as of December 31, 2025, and 9.6 million shares of common stock available for issuance under the 2017 Plan, as of December 31, 2024.

In 2024, the Company established a Performance-Based Incentive Compensation Plan (the “2024 Plan”) that allows for the issuance of stock options, RSAs, RSUs, and cash incentives to employees, directors, and consultants. The stock based awards granted under the 2024 Plan are governed in accordance with the 2017 Plan. The 2024 Plan also includes cash incentive opportunities tied to the achievement of specific performance goals. Subsequent to its adoption, all equity-based awards were issued under the 2024 Plan, and no further awards were granted under the 2017 Plan.

2025 Omnibus Incentive Plan

In July 2025, the Board of Directors adopted, and the Company's stockholders approved, the Firefly Aerospace Inc. 2025 Omnibus Incentive Plan (the “2025 Plan”). The 2025 Plan authorizes grants of stock options, stock appreciation rights, RSAs, RSUs, performance awards, other stock‑based awards, cash awards, and substitute awards. The 2025 Plan reserves 24.1 million shares of common stock, subject to annual increases beginning January 1, 2026 equal to the lesser of (i) 3% of shares outstanding or (ii) a smaller amount determined by the Board of Directors. RSUs and restricted stock granted under the 2025 Plan vest based on service, performance conditions, or both, and unvested units are typically forfeited upon termination.

Compensation cost for employee stock-based awards is based on the estimated grant date fair value and is recognized over the vesting period of the applicable award on a straight-line basis for service-based awards with graded vesting.

2025 Employee Stock Purchase Plan

In August 2025, the Board of Directors adopted, and the Company's shareholders approved, the 2025 Employee Stock Purchase Plan (the “ESPP”). The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to the Company's employees. The option purchase price will be designated by the ESPP administrator but will not be less than 85% of the fair market value of a share of the Company's common stock on the applicable enrollment date or the applicable exercise date, whichever is lower. A total of 3.2 million shares of the Company's common stock was initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP will be increased annually on January 1 of each fiscal year beginning in 2026 by an amount equal to the lesser of (i) 1.0% of the shares outstanding on the last day of the immediately preceding fiscal year or (ii) a lesser

amount determined by the Company's Board of Directors; provided, however, that no more than 3.2 million shares may be issued per year in total under the ESPP.

RSUs

Subsequent to the IPO, the Company grants service-based RSUs to employees, all of which relate to the Company's common stock, under the 2025 Plan. RSUs generally expire four years from grant date. The service-based vesting condition for these awards is generally satisfied by rendering continuous service, generally for one to four years, during which time the grants will vest either with a cliff vesting period of one year and continued vesting quarterly thereafter or quarterly from the vesting commencement date. The fair value of RSUs is based on the closing market price of the Company’s common stock on the grant date. The Company records stock-based compensation expense related to RSUs on a straight-line basis over the requisite service period.

During the year ended December 31, 2025, the Company granted RSUs to certain employees under the 2025 Plan. Each RSU represents the right to receive one share of the Company’s common stock upon vesting. The RSUs granted generally vest over the requisite service period specified in each award agreement. Unvested RSUs are forfeited upon termination of employment, unless otherwise provided under the award terms.

A summary of the Company's RSU activity for the year ended December 31, 2025 is presented below:


	RSUs			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2024		—		$	—
Granted		3,940			39.01
Vested		(4	)		45.00
Canceled / forfeited		(47	)		44.24
Unvested as of December 31, 2025		3,889		$	38.94

The total fair value of RSUs vested during the year ended December 31, 2025 was $0.3 million. Total unrecognized compensation cost related to unvested RSUs was $140.9 million, which is expected to be recognized over a weighted‑average period of 3.7 years.

Stock Options

The following table summarizes the stock option activity during the year ended December 31, 2025:


	Number of Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term
Balance, January 1, 2025		16,000		$	0.91		7.60
Options granted		4,481			2.25		—
Options exercised		(2,612	)		0.84		—
Options canceled		(2,504	)		0.94		—
Balance, December 31, 2025		15,365		$	1.31		7.44
Vested and exercisable		12,986		$	1.29		7.27
Unvested		2,379		$	1.43		8.37

The following weighted-average assumptions were used in the estimated grant date fair value calculations for options granted as follows:


	For the Year Ended December 31,
	2025			2024			2023
Expected term (in years)		5.8			8.2			2.0
Expected volatility		95.4	%		93.7	%		75.0	%
Risk-free interest rate		4.0	%		4.2	%		4.9	%
Dividend yield		0.0	%		0.0	%		0.0	%

For performance-based stock options with a vesting schedule based entirely on the attainment of both performance and market conditions, stock-based compensation expense is recognized for each pair of performance and market conditions over the longer of the expected achievement period of the performance and market conditions, beginning at the point in time that the relevant performance

condition is considered probable of achievement. The Company records compensation cost for these options under a lattice model considering the market condition and the imputed service period for these awards.

The weighted-average grant date fair value of employee stock options granted was $1.75 per share and $0.75 per share during the years ended December 31, 2025 and 2024, respectively. Unrecognized compensation expense related to stock options, which are expected to be recognized over a weighted-average period of 2.1 years and 3.2 years, was $2.2 million and $3.4 million as of December 31, 2025 and 2024, respectively. The aggregate intrinsic value of the options outstanding was $322.9 million and $0.7 million for the years ended December 31, 2025 and 2024, respectively. The aggregate intrinsic value of the options exercisable was $273.1 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively. The Company received cash proceeds of $2.2 million and $0.6 million from the exercise of stock options during the years ended December 31, 2025, and 2024, respectively.

Determination of Fair Value

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock options on the date of grant is affected by the stock price as well as assumptions regarding several complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, and expected dividends.

Expected Term

The expected term represents the period that the stock-based awards are expected to be outstanding. The option grants qualify to be “plain vanilla”, and the Company used the simplified method to determine the expected term. The simplified method calculates the expected term as the average of the time-to-vesting and contractual life of the option.

Volatility

Since the Company has limited historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of similar entities, referred to as “guideline” companies. In evaluating similarity, the Company considered factors such as industry, stage of life cycle and size.

Risk-Free Interest Rate

The risk-free rate is based on U.S. Treasury issues with remaining terms similar to the expected term on the options.

Dividend Yield

The Company has never declared or paid any cash dividends and does not plan to pay cash dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model.

Stock-Based Compensation Expense

Total stock-based compensation expense related to options and RSUs was allocated to research and development and general and administrative expense as follows:


	For the Year Ended December 31,
	2025		2024		2023
Research and development	$	5,741	$	506	$	536
Selling, general and administrative		12,099		1,335		1,076
	$	17,840	$	1,841	$	1,612

Other Arrangements

In 2021, the Company implemented a lending program to allow directors and employees to take out loans with the Company to exercise their stock options. The lending program was discontinued in 2022 when AE Industrial purchased Firefly. As such, no new loans were entered into after 2022. The non-recourse loans are accounted for as in-substance stock options under ASC 718 such that the non-recourse loans are not recorded as notes receivable on the consolidated balance sheets, and interest earned on the loans is not recognized in the consolidated statements of net loss and comprehensive loss. Instead, the non-refundable principal and interest payments received are recorded in additional paid-in capital. The in-substance stock options will be considered substantively exercised at the time the loan is repaid. As of December 31, 2025 and 2024, the Company recognized $0.2 million, $0.8 million, respectively,

in non-recourse employee loans within additional paid-in capital.

In 2023 and 2024, the Company entered into three separate arrangements involving stock-based payments to non-employees whereby fully vested preferred stock was issued in exchange for certain goods and previously rendered services. The non-employee stock-based awards were classified as equity instruments, and the related cost was recognized in the same period and manner as if the Company had paid cash for the goods or services. As of December 31, 2024, $1.0 million was capitalized as a prepaid asset. As of December 31, 2025, no non-employee stock-based payments were capitalized as a prepaid asset. Separately, during the year ended 2024, a total of $1.2 million was recognized as a reduction in accounts payable. During the year ended 2025, no stock-based payments were recognized as a reduction in accounts payable.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

The Company has evaluated subsequent events from December 31, 2025 through the date the financial statements were available to be issued and has determined there are no material subsequent events that require disclosure or recognition in the consolidated financial statements.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Summary of the RSU activity

A summary of the Company's RSU activity for the year ended December 31, 2025 is presented below:


	RSUs			Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2024		—		$	—
Granted		3,940			39.01
Vested		(4	)		45.00
Canceled / forfeited		(47	)		44.24
Unvested as of December 31, 2025		3,889		$	38.94

Summary of stock option activity

The following table summarizes the stock option activity during the year ended December 31, 2025:


	Number of Options Outstanding			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term
Balance, January 1, 2025		16,000		$	0.91		7.60
Options granted		4,481			2.25		—
Options exercised		(2,612	)		0.84		—
Options canceled		(2,504	)		0.94		—
Balance, December 31, 2025		15,365		$	1.31		7.44
Vested and exercisable		12,986		$	1.29		7.27
Unvested		2,379		$	1.43		8.37

Summary of assumptions fair value of options granted

The following weighted-average assumptions were used in the estimated grant date fair value calculations for options granted as follows:


	For the Year Ended December 31,
	2025			2024			2023
Expected term (in years)		5.8			8.2			2.0
Expected volatility		95.4	%		93.7	%		75.0	%
Risk-free interest rate		4.0	%		4.2	%		4.9	%
Dividend yield		0.0	%		0.0	%		0.0	%

Summary of stock-based compensation expense

Total stock-based compensation expense related to options and RSUs was allocated to research and development and general and administrative expense as follows:


	For the Year Ended December 31,
	2025		2024		2023
Research and development	$	5,741	$	506	$	536
Selling, general and administrative		12,099		1,335		1,076
	$	17,840	$	1,841	$	1,612

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2025			2024
Machinery and equipment	$	47,124		$	42,040
Test stands		42,255			37,209
Buildings		48,999			48,830
Land and land improvements		5,123			3,505
Construction in progress		38,654			17,551
Furniture and fixtures		3,359			1,200
Computer equipment		5,713			2,156
Software		1,141			1,122
Vehicles		479			421
Leasehold improvements		12,984			7,283
Total		205,831			161,317
Less: Accumulated depreciation		(42,093	)		(25,742	)
Property and equipment, net	$	163,738		$	135,575

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense

The components of lease expense were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Finance lease expense:
Amortization of right-of-use assets	$	1,598	$	834	$	560
Interest on lease liabilities		456		442		215
Operating lease expense		1,615		2,426		2,834
Total lease expense	$	3,669	$	3,702	$	3,609

Schedule of Operating and Finance Lease Right-of-Use Assets and Liabilities

Operating and finance lease right-of-use assets and liabilities were as follows:


	December 31,
	2025		2024
Assets:
Operating lease right-of-use assets	$	13,938	$	14,604
Finance lease right-of-use assets	$	3,735	$	3,708

Liabilities:
Current:
Operating lease liabilities	$	1,161	$	1,128
Finance lease liabilities	$	1,056	$	856
Noncurrent:
Operating lease liabilities	$	15,832	$	16,466
Finance lease liabilities	$	2,004	$	1,996

Schedule of Lease term and discount rate

Lease term and discount rate were as follows:


	December 31,
	2025			2024
Weighted-average remaining lease term (years):
Finance leases		2.74			2.59
Operating leases		13.00			15.53
Weighted-average discount rate:
Finance leases		13.55	%		18.11	%
Operating leases		6.98	%		6.90	%

Schedule of reconciles the undiscounted future minimum lease payment

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable operating leases with terms of more than one year to the total operating and finance lease liabilities recognized on the consolidated balance sheets.


	Finance Leases			Operating Leases
2026	$	1,377		$	2,122
2027		1,424			1,972
2028		375			1,958
2029		352			2,013
2030		55			2,062
Thereafter		—			16,715
Total lease payments		3,583			26,842
Less: Imputed interest		(523	)		(9,849	)
Total lease liabilities	$	3,060		$	16,993

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets gross carrying amount and accumulated amortization

The intangible assets gross carrying amount and accumulated amortization as of December 31, 2025 are detailed below. The Company did not have any intangible assets as of December 31, 2024.


		December 31, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Internal-use software	1-3 years	$	18,484	$	(2,442	)	$	16,042
Trade name and trademarks	5 years		18,000		(600	)		17,400
Developed technology	10 years		74,000		(1,233	)		72,767
Customer relationships	3-9 years		61,000		(1,500	)		59,500
Total		$	171,484	$	(5,775	)	$	165,709

Schedule of future amortization expense on intangible assets

The table below presents the future amortization expense on intangible assets as of December 31, 2025:


2026	$	26,933
2027		25,833
2028		22,720
2029		16,667
2030		16,067
Thereafter		57,489
Total future amortization	$	165,709

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2025		2024
Payroll-related expenses	$	17,617	$	5,918
Professional services expenses		5,854		4,000
Interest expenses		1,108		—
Other accrued expenses		18,176		4,501
Accrued expenses	$	42,755	$	14,419

Notes Payable - Net Carrying Amount of the Company's outstanding debt (Parenthetical) (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Unamortized issuance costs

^[1]

$ 269

^[2]

$ 22,893

Revolving Credit Facility

Debt Instrument [Line Items]

Unamortized issuance costs

$ 3,400

[1]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.
[2]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Concentration of Credit Risk

The Company’s revenue related to its major customers was as follows:


	For the Year Ended December 31,
	2025			2024			2023
Customer 1		59.1	%		58.6	%		30.7	%
Customer 2		8.9	%		23.2	%		11.4	%
Customer 3		3.4	%		11.2	%		—
Customer 4		0.1	%		—			17.2	%
Customer 5		—			—			32.9	%

The Company’s customers that accounted for 10% or more of the total accounts receivable, were as follows:


	December 31,
	2025			2024
Customer 1		28.6	%		—
Customer 2		22.9	%		—
Customer 3		12.8	%		—

Schedule of property and equipment useful lives

Depreciation of property and equipment, except for leasehold improvements, is computed using the straight-line method over the following useful lives of assets:


Asset Category	Estimated Useful Lives
Machinery and equipment	5 years
Test stands	7 - 10 years
Buildings	15 years
Furniture and fixtures	5 years
Computer equipment	3 years
Software	3 years
Vehicles	5 years
Leasehold improvements	The shorter of the lease term or the useful life

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Schedule of Company's outstanding debt

The following table presents the Company's outstanding debt:


	For the Year Ended December 31,
Notes	2025			2024
4.50% due 2026	$	184		$	359
7.71% due 2029(2)		18,403			22,697
8.31% due 2031(2)		8,692			9,936
13.875% due 2028		—			136,117
Other notes		1,530			1,736
Outstanding borrowings on Revolving Credit Facility		260,000			—
Total debt		288,809			170,845
Less: Unamortized issuance costs(1)		(269	)		(22,893	)
Total debt, net		288,540			147,952
Less: Current portion		7,099			6,349
Long-term debt, net	$	281,441		$	141,603

(1) The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

(2) Includes obligations related to various equipment recorded as failed sale leaseback transactions. Refer to Note 10. Leases for further detail.

Schedule of Interest Expense Related to the Term Loans

Interest expense recognized related to the Term Loans was as follows:


	For the Year Ended December 31,
	2025		2024		2023
Contractual interest expense	$	11,605	$	19,068	$	6,995
Amortization of debt issuance costs		4,315		6,173		2,155
Total interest expense	$	15,920	$	25,241	$	9,150

Schedule of Principal Payments under Term Loans

The following table summarizes the future principal payments on notes payable in each of the next five years and thereafter:


2026	$	7,189
2027		6,913
2028		267,078
2029		5,084
2030		1,882
Thereafter		663
Total		288,809
Less: Unamortized issuance costs(1)		(269	)
Total debt, net	$	288,540

(1) The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	For the Year Ended December 31,
	2025			2024			2023
Numerator:
Consolidated net loss	$	(298,340	)	$	(231,133	)	$	(135,457	)
Less: Accretion of dividends of Series C Preferred Stock		13,240			21,224			20,814
Less: Accretion of dividends of Series D-1 Preferred Stock		21,989			13,453			—
Less: Accretion of dividends of Series D-3 Preferred Stock		394			—			—
Net loss available to common stockholders	$	(333,963	)	$	(265,810	)	$	(156,271	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		69,204			12,819			11,977
Net loss per share attributable to common stockholders – basic and diluted	$	(4.83	)	$	(20.74	)	$	(13.05	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	For the Year Ended December 31,
	2025		2024		2023
Convertible Series Seed Preferred Stock		—		2,023		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273		3,273
Convertible Series A Preferred Stock		—		6,005		6,005
Convertible Series B Preferred Stock		—		5,869		5,869
Convertible Series C Preferred Stock		—		11,159		9,852
Convertible Series M Preferred Stock		—		2,812		2,738
Series J Warrants		646		646		579
Common Warrants		—		1,045		—
Convertible Series D-1 Preferred Stock		—		10,447		—
Stock options		15,365		16,000		14,195
RSUs		3,889		—		—
Convertible Notes		—		69		—
Total		19,900		59,348		44,534

Segment and Geographical Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographical Information

18. Segment and Geographical Information

The Company has determined that it operates in one operating segment and as a result, manages its operations and allocates resources as a single operating segment. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results.

The following table includes the significant expense categories and amounts that are regularly provided to the CODM:


	For the Year Ended December 31,
	2025			2024			2023
Revenue	$	159,855		$	60,792		$	55,235
Less:
Cost of sales		(129,189	)		(72,157	)		(28,635	)
Compensation(1)		(121,925	)		(82,628	)		(71,656	)
Materials and consumables(1)		(76,525	)		(58,021	)		(48,283	)
Contractors and outside services(1)		(16,063	)		(10,568	)		(8,886	)
Depreciation and amortization(1)		(20,511	)		(12,545	)		(4,707	)
Interest income		18,187			2,597			2,920
Interest expense		(21,563	)		(22,970	)		(6,883	)
Change in fair value of warrant liability		(50,295	)		(1,649	)		(147	)
Loss on extinguishment of debt		(30,400	)		—			—
Gain on settlement of contingent liabilities		8,397			—			—
Other segment items(2)		(18,308	)		(33,984	)		(24,415	)
Consolidated net loss	$	(298,340	)	$	(231,133	)	$	(135,457	)

The measure of segment assets, including goodwill, is reported on the consolidated balance sheets as total consolidated assets. Assets provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, and there are no other significant segment assets that would require disclosure or are regularly provided to the CODM.

The Company does not recognize revenue or hold material property and equipment outside of the United States for the years ended December 31, 2025, 2024, and 2023, and as of December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stock-Based Compensation - Schedule of weighted average assumptions used in the estimated grant date fair value calculations (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 18 days	8 years 2 months 12 days	2 years
Expected volatility	95.40%	93.70%	75.00%
Risk-free rate	4.00%	4.20%	4.90%
Dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll-related expenses	$ 17,617	$ 5,918
Professional services expenses	5,854	4,000
Interest expenses	1,108	0
Other accrued expenses	18,176	4,501
Accrued expenses	$ 42,755	$ 14,419

Goodwill - Schedule of Changes in the Carrying Amount of Goodwill (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Beginning Balance

$ 17,097

Acquisition through business combinations

433,022

^[1]

Goodwill, Ending Balance

$ 450,119

[1]	refer to Note 9. Fair Value Measurement for further detail.

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock

13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock

On February 2, 2023, the Company entered into the Series C Purchase Agreement and on the same date, issued approximately 1.9 million shares of Series C Preferred Stock at $16.0640 per share (the “Series C Per Share Price”) for aggregate gross proceeds of approximately $30.2 million (the “Series C Initial Closing”). On March 27, 2023, the Company completed a subsequent closing (the “Series C Second Closing”) and sold an additional approximate 4.1 million shares of Series C Preferred Stock at the Series C Per Share Price for aggregate gross proceeds of approximately $66.1 million, including cash proceeds of approximately $65.3 million and a prepaid purchase credit of approximately $0.8 million to offset future payments for the Company’s purchase of hardware from one of the Company’s suppliers. On June 13, 2023, the Company completed another subsequent closing (the “Series C Third Closing”) and sold an additional approximate 3.8 million shares of Series C Preferred Stock at the Series C Per Share Price for aggregate gross proceeds of approximately $61.9 million.

On June 8, 2023, in connection with the Company’s acquisition of Spaceflight, the Company issued approximately 2.7 million shares of Series M Preferred Stock (Refer to Note 3. Business Combinations for further detail).

On June 14, 2023, the Company authorized the issuance of 0.6 million shares of the Series J Preferred Stock in connection with the execution of the Financing Agreement and issuance of the Series J Warrants (Refer to Note 11. Notes Payable for further detail). There was no Series J Preferred Stock issued and outstanding as of the years ended December 31, 2024 and December 31, 2023.

On January 12, 2024, the Company completed a subsequent closing (the “Series C Fourth Closing”) and sold an additional approximate 1.3 million shares of Series C Preferred Stock at Series C Per Share Price for aggregate gross proceeds of $21.0 million, including cash proceeds of $20.0 million and a prepaid purchase credit of $1.0 million to offset future payments for the Company’s purchase of hardware from one of the Company’s suppliers.

On February 15, 2024, the Company issued 0.1 million shares of Series M Preferred Stock at $16.0640 per share to one of the Company’s service providers as settlement for approximately $1.1 million of existing payables owed by the Company to the service provider. On March 11, 2024, the Company issued 6.0 thousand shares of Series M Preferred Stock at $16.0640 per share to another one of the Company’s service providers as settlement for approximately $0.1 million of existing payables owed by the Company to the service provider.

On October 31, 2024, the Company entered into the Series D Purchase Agreement and on the same date issued approximately 10.4 million shares of Series D-1 Preferred Stock at a purchase price of $16.9213 per share (the “Series D Per Share Price”) for aggregate gross proceeds of approximately $175.5 million (the “Series D Initial Closing”), including $25.8 million principal and accrued interests from the conversion of the Convertible Notes (refer to Note 11. Notes Payable for further detail). On November 15, 2024, the Company completed a subsequent closing (the “Series D Second Closing”) and sold an additional approximate 0.1 million shares of Series D-1 Preferred Stock at the Series D Per Share Price for aggregate gross proceeds of $1.3 million.

On March 25, 2025, the Company amended its Amended and Restated Certificate of Incorporation and the Series D Purchase Agreement. The amendment increased the number of authorized shares of Series D-1 Preferred Stock to 26.6 million and authorized the issuance of

up to 5.5 million shares of Series D3 Preferred Stock. The Series D-3 Preferred Stock was issued at a purchase price of $18.1504 per share and has the same economic characteristics and preferences as the Series D-1 Preferred Stock.

Between January 31, 2025 and April 10, 2025, the Company completed a series of additional closings and sold an aggregate of 10.4 million shares of Series D-1 Preferred Stock at $16.9213 per share for aggregate cash proceeds of $176.0 million, and 0.6 million shares of Series D-3 Preferred Stock at $18.1504 per share for aggregate gross proceeds of $10.0 million.

On August 8, 2025, in connection with the Company's IPO, all of the then-outstanding shares of the Company’s redeemable convertible preferred stock (collectively, the “Preferred Stock”) were automatically converted into 105.8 million shares of common stock.

The Company’s Preferred Stock consisted of the following:


			December 31, 2024
	Par Value		Authorized Shares		Shares Issued and Outstanding		Carrying Amount
Series Seed Preferred Stock	$	0.0001		2,023		2,023	$	2,950
Series Seed-1 Preferred Stock	$	0.0001		3,273		3,273		204,454
Series A Preferred Stock	$	0.0001		6,005		6,005		74,913
Series B Preferred Stock	$	0.0001		5,869		5,869		72,096
Series C Preferred Stock	$	0.0001		11,159		11,159		213,871
Series M Preferred Stock	$	0.0001		2,812		2,812		10,990
Series J Preferred Stock	$	0.0001		922		—		—
Series D-1 Preferred Stock	$	0.0001		17,729		10,447		180,308
Series D-2 Preferred Stock	$	0.0001		1,241		—		—
Total				51,033		41,588	$	759,582

The following summarizes the rights, preferences, and privileges of the Company’s redeemable convertible preferred stock preceding the Company’s IPO:

Liquidation Preference

Upon a liquidation, dissolution or winding up of the Company or any deemed liquidation event, out of the funds and assets of the Company available for distribution to its stockholders and in the order of the Series D Preferred Stock, Series C Preferred Stock, Series J Preferred Stock, Series B Preferred Stock, Series A Preferred Stock, Series Seed-1 Preferred Stock, Series Seed Preferred Stock and Series M Preferred Stock, each holder of the Series D Preferred Stock, Series C Preferred Stock and Series B Preferred Stock will be entitled to receive an amount in cash equal to two times the original issue price for such shares plus accrued but unpaid dividends; each holder of the Series A Preferred Stock will be entitled to receive an amount in cash equal to one and a half times the original issue price for such shares plus any declared but unpaid dividends; each holder of the Series Seed Preferred Stock and Series Seed-1 Preferred Stock will be entitled to receive an amount in cash equal to the deemed issue price for such shares plus accrued but unpaid dividends; and each holder of the Series J Preferred Stock and Series M Preferred Stock will be entitled to receive an amount in cash equal to the original issue price for such shares plus accrued but unpaid dividends.

The deemed issue price of the Series Seed Preferred Stock and Series Seed-1 Preferred Stock was $1.4590 per share and $62.4715 per share, respectively. The original issue price of the Series Seed Preferred Stock, Series Seed-1 Preferred Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series M Preferred Stock, and Series J Preferred Stock was $0.1281 per share, $6.2471 per share, $12.4888 per share, $12.7791 per share, $16.0640 per share, $16.9213 per share, $16.0640 per share, and $16.0640 per share, respectively.

Dividends

Out of assets of the Company legally available for dividends and in the same order as the order of the liquidation preference of each series of the Preferred Stock, except that the Series Seed-1 Preferred Stock and Series Seed Preferred Stock shall have the same priority in any dividend distribution, each holder of the Series D-1 Preferred Stock, Series D-2 Preferred Stock, Series D-3 Preferred Stock and Series C Preferred Stock is entitled to receive dividends accruing on a daily basis, whether or not declared by the Company, at the annual non-compounding rate of 12% of the original issue price per share; each holder of the Series Seed-1 Preferred Stock and Series Seed Preferred Stock is entitled to receive when, if and as declared by the Company’s Board of Directors non-cumulative and non-accruing

dividends at the annual rate of 8% of the applicable deemed issue price per share; and each holder of the remaining series of the Preferred Stock is entitled to receive non-cumulative and non-accruing dividends at the annual rate of 8% of the applicable original issue price per share.

The Preferred Stock dividends are payable when and if declared by the Company. After payment of the Preferred Stock dividends, any additional dividends would be distributed among all holders of the Preferred Stock and common stock according to the number of shares of common stock that would be held by each holder of the Preferred Stock if all their shares were converted into common stock at the then applicable conversion rate.

On July 10, 2025, the Company’s Board of Directors declared a dividend (the “Preferred Stock Dividend”) payable in shares of the Company's common stock in respect of all accrued and unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock held as of July 11, 2025. The Company paid the Preferred Stock Dividend on July 16, 2025, upon receipt of consents that were required from certain third parties, and issued approximately 3.3 million shares of common stock to the then-existing holders of its Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock.

On August 8, 2025, the Company’s Board of Directors declared a dividend (the “IPO Closing Preferred Stock Dividend”) payable in cash in respect of all unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock that had accrued following July 11, 2025 through the conversion of such Preferred Stock into shares of common stock on August 8, 2025 in connection with the completion of the IPO. On August 28, 2025, the Company paid the IPO Closing Preferred Stock Dividend in an aggregate amount of $5.0 million in cash.

Voting Rights

Each holder of the Preferred Stock, except for the holder of the Series D-2 Preferred Stock, is entitled to the number of votes equal to the number of whole shares of common stock into which the shares of the Preferred Stock held by such holder could be converted as of the record date on any matter presented to the Company’s stockholders for their action or consideration at any meeting. Additionally, if the Glow Investors, an affiliate of AE Industrial and its permitted transferees, hold less than 50.1% of the votes represented by all outstanding shares of the Company’s equity as a result of certain stock options, the number of votes then held by the Glow Investors shall be automatically adjusted such that the Glow Investors hold in the aggregate 50.1% of the votes represented by all outstanding shares of the Company’s equity.

Conversion Rights

Optional Conversion

The Series Seed Preferred Stock and Series Seed-1 Preferred Stock is convertible into the number of shares of common stock determined by dividing the deemed issue price by the conversion price in effect. All other series of the Preferred Stock are convertible, at the option of the holder thereof, at any time after the date of issuance and from time to time, into such number of fully paid and nonassessable shares of Common Stock determined by, for the Preferred Stock other than the Series Seed Preferred Stock and Series Seed-1 Preferred Stock, into the number of shares of common stock determined by dividing the original issue price for the relevant series of the Preferred Stock by the conversion price in effect for such series of the Preferred Stock. Each share of Series D-2 Preferred Stock is convertible into one share of Series D-1 Preferred Stock.

Mandatory Conversion

Upon the closing of a Qualified IPO or a SPAC Transaction (each as defined in the Company’s Amended and Restated Certificate of Incorporation) or (1) a majority vote of the holders of the outstanding shares of the Preferred Stock on an as-converted basis, (2) a majority vote of the holders of the outstanding shares of the Series C Preferred Stock, and (3) the Requisite Series D Preferred Approval (as defined in the Company’s Amended and Restated Certificate of Incorporation), all outstanding shares of the Preferred Stock will automatically convert into shares of common stock at the then-effective conversion rate for such share. The conversion prices and rates for each series of the Preferred Stock are the same in the event of a mandatory conversion as they would be in the event of an optional conversion.

Redemption

On or after the fifth anniversary of their issuance, shares of the Series D Preferred Stock become redeemable at a price equal to the original issue price per share plus all unpaid dividends thereon, in three annual installments commencing not more than one-hundred eighty days after the Requisite Series D Preferred Approval (the “Series D Redemption Right”).

Subject to the prior satisfaction of the Series D Redemption Right, shares of the Series C Preferred Stock were entitled to the same redemption right on or after the fifth annual anniversary of the original issue date of the Series D Preferred Stock.

The Preferred Stock was classified as mezzanine, or temporary, equity as the Preferred Stock was redeemable in the event of a deemed liquidation event. This event was not within the Company’s control as the Company’s Board of Directors was controlled by the holders of the Preferred Stock, and the Series D Preferred Stock and Series C Preferred Stock were also redeemable at the holder’s option after the fifth anniversary of the original issuance of the Series D Preferred Stock.

For the periods prior to the mandatory conversion of the Series C and Series D Preferred Stock, the Company accreted the Series D Preferred Stock and Series C Preferred Stock to their redemption value at each reporting date, which equals to their original issue price plus the accrued but unpaid dividends, as they were probable of becoming redeemable under the redemption option at the holder’s option. The Company recognized the changes in redemption in the redemption value immediately as they occurred and adjusts the carrying value to equal to the current maximum redemption value at the end of each reporting period. During the year ended December 31, 2025, the Company recorded accretion of $22.4 million and $13.2 million related to the Series D Preferred Stock and Series C Preferred Stock, respectively. During the year ended December 31, 2024, the Company recorded accretion of $13.5 million and $21.2 million, respectively, related to the Series D Preferred Stock and Series C Preferred Stock, respectively. During the year ended December 31, 2023, the Company recorded accretion of zero and $20.8 million, respectively, related to the Series D Preferred Stock and Series C Preferred Stock, respectively. The accretion is recorded as an adjustment to the additional paid-in capital in the consolidated balance sheets. The Company recognizes all other series of Preferred Stock at their issuance price, net of issuance costs, and is not currently remeasuring these series of Preferred Stock as they are neither currently redeemable nor probable of becoming redeemable.

Warrants to Purchase Common Stock

On October 31, 2024, the Company entered into the Series D Purchase Agreement with certain investor parties and on the same date sold 10.4 million shares of its Series D-1 Preferred Stock at a purchase price of $16.9213 per share for aggregate gross proceeds of $175.5 million (the “Series D Initial Closing”), including $25.8 million principal and accrued interest from the conversion of the subordinated convertible promissory notes. On November 15, 2024, the Company completed a subsequent closing (the “Series D Second Closing”) and sold an additional 0.1 million shares of Series D-1 Preferred Stock at $16.9213 per share for aggregate gross proceeds of $1.3 million.

In connection with the issuance of the Series D-1 Preferred Stock at the Series D Initial Closing, the Company issued investors the Common Warrants to purchase an aggregate of 1.0 million shares of common stock with a ten-year term and exercise price of $0.91 per share (subject to certain adjustments). The Common Warrants were classified as derivative liabilities as they contained a change of control provision that could result in the holders receiving a settlement amount exceeding the fair value of the Common Warrants at the time of settlement and such provision could have also resulted in the Common Warrants being redeemed outside of the Company’s control. The Common Warrants were measured at fair value both initially and subsequently with changes in fair value recognized through earnings. The fair value of the Common Warrants was $1.3 million upon issuance, which created a discount on the Series D-1 Preferred Stock that discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In connection with the IPO on August 8, 2025, all Common Warrants were exercised into the Company’s common stock.

Tranche Obligations

At the time of the Series D Initial Closing, the Company granted the RPM Investor (an investor in the Series D-1 Preferred Stock) the option but not obligation to purchase up to 1.8 million shares of Series D-1 Preferred Stock at a purchase price of $16.9213 per share (the “RPM Call Option”) at the final closing of the Series D Preferred Stock. On November 15, 2024, in connection with the Series D Second Closing, the number of the shares underlying the RPM Call Option was amended to 1.9 million shares.

In addition, at the time of the Series D Initial Closing, the Company and the Majority Sponsor, an affiliate of AE Industrial, agreed that, if the total amount of the Series D Preferred Stock purchased was less than $250.0 million within six months of the Series D Initial Closing, the Majority Sponsor would purchase additional Series D Preferred Stock to make their total investment equal to $125.0 million (the “Majority Sponsor Top-Up,” and together with the RPM Call Option, the “Tranche Obligations”).

The Tranche Obligations are classified as liabilities. The RPM Call Option represents an unconditional obligation to issue Series D-1 Preferred Stock, and the Majority Sponsor Top-Up represents a conditional obligation to issue Series D Preferred Stock. Because the Series D Preferred Stock may be redeemed upon events not within the Company’s control, the Tranche Obligations embody a conditional obligation for the Company to transfer assets to repurchase its equity under such a scenario.

The Tranche Obligations are measured at fair value both initially and subsequently with changes in fair value recognized through earnings. Upon issuance, the aggregate value of the Tranche Obligations created a discount on the Series D-1 Preferred Stock and this discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In March 2025, the Majority Sponsor Top-Up expired unexercised when the total amount of Series D Preferred Stock purchased by investors exceeded $250.0 million. On March 24, 2025, the RPM Call Option was terminated via amendment of the Series D Purchase Agreement. As a result, the Majority Sponsor Top-Up and RPM Call Option were derecognized from the consolidated balance sheet, with all related amounts recognized in other income, net.

- Definition

The entire disclosure for equity.

+ References

+ Details

Income Taxes (Additional Information) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Effective tax rate	0.00%	0.00%
State income taxes	21.00%	21.00%
Net operating loss carryforwards, expiration	$ 5,200,000
Research credit carryforwards	$ 4,800,000
Cumulative ownership percentage	50.00%
Cumulative ownership period	3 years
Unrecognized tax benefits	$ 2,100,000	$ 2,100,000	$ 2,100,000	$ 2,100,000
Penalties expense	0	$ 0	$ 0
Unrecognized tax benefits effective tax rate	0.2
U.S
Operating Loss Carryforwards [Line Items]
Net change in the valuation allowance	33,200,000
Purchase Accounting [Member]
Operating Loss Carryforwards [Line Items]
Net change in the valuation allowance	$ 37,200,000
ASU 2023-09
Operating Loss Carryforwards [Line Items]
Effective tax rate	11.00%
State income taxes	21.00%
Domestic Tax
Operating Loss Carryforwards [Line Items]
State income taxes	21.00%
Net operating loss carryforwards	$ 595,400,000
Domestic Tax \| ASU 2023-09
Operating Loss Carryforwards [Line Items]
State income taxes	21.00%
State and Local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, expiration	$ 240,700,000

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Tables Present the Key Inputs Applied In the Valuations Warrants

The following tables present the key inputs applied in the valuation of the Series J Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Average value per Series J Warrant	$	8.43		$	2.86		$	—
Event weighting		55	%		15	%		30	%
Weighted-average value per Series J Warrant	$	4.64		$	0.43		$	—
Total probability weighted-average value per Series J Warrant							$	5.07

The following tables present the key inputs applied in the valuation of the Common Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Value per Common Warrant on a marketable basis	$	0.98		$	7.03			—
Discount for lack of marketability		40	%		20	%	N/A
Value per Common Warrant on a non-marketable basis	$	0.59		$	5.62		—
Event weighting		55	%		15	%		30	%
Weighted value per Common Warrant	$	0.32		$	0.84			—
Total probability weighted value per Common Warrant							$	1.16

Schedule of Presents the Key Inputs Applied in the Valuations

The Company used a Black-Scholes option-pricing valuation model to value the Series J Warrants as of December 31, 2025. The following table presents the key inputs applied in the valuation of the Series J Warrants:


	December 31, 2025
Common stock price	$		22.37
Exercise price for the Series J Warrants	$		21.17
Risk-free rate		3.94%-4.01%
Volatility		92.5%-97.5%
Term (years)		7.55-8.39
Black-Scholes value (per share)	$	19.00-19.06
Number of warrants			646
Value of Series J Warrants	$		12,294

The Company used a Black-Scholes option-pricing valuation model to value the RPM Call Option. The following table presents the key inputs applied in the valuation of the RPM Call Option as of December 31, 2024:


	December 31, 2024
Weighted-average Series D Preferred Stock price	$	16.53
Exercise price for the RPM Option	$	16.92
Risk-free rate		4.27	%
Volatility		60	%
Term (years)		0.36
Black-Scholes value (per share)	$	2.29
Number of units		1,820
Value of RPM Option	$	4,159

The Company used a forward pricing valuation model to value the Majority Sponsor Top-Up. The following table presents the key inputs applied in the valuations of the Majority Sponsor Top-Up as of December 31, 2024:


	December 31, 2024
Amount subject to the Majority Sponsor Top-Up	$	20,198
Contractual purchase price for Series D Preferred Stock (per share)	$	16.92
Weighted-average Series D Preferred Stock price	$	16.53
Risk-free rate		4.27	%
Term (years)		0.36
Discount factor		0.9849
Value of forward obligation (per share)	$	(0.14	)
Number of units subject to purchase by majority sponsor		1,194
Value of Majority Sponsor Top-Up	$	(170	)

Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value

The fair value of the Series J Warrants on December 31, 2025 was $12.3 million.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	787,747	$	—	$	—	$	787,747
Money market funds		—		5,219		—		5,219
Time deposits		100,008		—		—		100,008
Total financial assets	$	887,755	$	5,219	$	—	$	892,974
Liabilities:
Series J Warrants	$	—	$	12,294	$	—	$	12,294
Total financial liabilities	$	—	$	12,294	$	—	$	12,294

During the year ended December 31, 2024, $0.1 million Warrants were issued. The fair value remeasurement of warrant liabilities resulted in an increase in fair value of $0.1 million as of December 31, 2024. No Warrants were exercised during the years ended December 31, 2024.

The fair value of the Series J Warrants, Common Warrants, and tranche obligations as of December 31, 2024, was $2.9 million, $1.2 million and $4.0 million, respectively. The carrying value of the Term Loans approximated their estimated fair value as of December 31, 2024.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	81,847	$	—	$	—	$	81,847
Restricted cash		14,127		—		—		14,127
Money market funds		—		41,584		—		41,584
Majority Sponsor Top-Up		—		—		170		170
Total financial assets	$	95,974	$	41,584	$	170	$	137,728
Liabilities:
Series J Warrants	$	—	$	—	$	2,850	$	2,850
Common Warrants		—		—		1,220		1,220
RPM Call Option		—		—		4,159		4,159
Total financial liabilities	$	—	$	—	$	8,229	$	8,229

Intangible Assets, Net - Schedule of future amortization expense on intangible assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 26,933
2027	25,833
2028	22,720
2029	16,667
2030	16,067
Thereafter	57,489
Finite-Lived Intangible Assets, Net, Total	$ 165,709

Summary of Significant Accounting Policies - Schedule of property and equipment useful lives (Details)	Dec. 31, 2025
Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Test stands \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Test stands \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	15 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Computer Equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Software
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Vehicles
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives, Description	Property and equipment, net

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

Accrued Expenses

6. Accrued Expenses

Accrued expenses consisted of the following:


	December 31,
	2025		2024
Payroll-related expenses	$	17,617	$	5,918
Professional services expenses		5,854		4,000
Interest expenses		1,108		—
Other accrued expenses		18,176		4,501
Accrued expenses	$	42,755	$	14,419

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax

The components of income before taxes are as follows:


	For the Year Ended December 31,
	2025			2024			2023
United States	$	(335,468	)	$	(231,133	)	$	(135,457	)
International		—			—			—
Loss before income tax benefit	$	(335,468	)	$	(231,133	)	$	(135,457	)

Schedule of Income Tax Expense

Income tax expense is comprised of the following:


	For the Year Ended December 31,
Current:	2025			2024		2023
Federal	$	—		$	—	$	—
State		64			—		4
International		—			—		—
Total current taxes	$	64		$	—	$	4

Deferred:
Federal	$	(30,617	)	$	—	$	—
State		(6,575	)		—		—
International		—			—		—
Total deferred taxes	$	(37,192	)	$	—	$	—

Income tax benefit	$	(37,128	)	$	—	$	4

Schedule of Effective Income Tax Reconciliation

The provision for income tax using statutory U.S. federal tax rate of 21.0% is reconciled to the Company’s effective tax rate as follows:


	For the Year Ended December 31,
	2025			2024
Income tax benefit at statutory rate		21.0	%		21.0	%
State income taxes		3.3	%		4.5	%
Tax rate change		(0.9	%)		0.0	%
Other		0.0	%		(1.4	%)
Prior year true-ups		0.6	%		0.0	%
Permanent items		(0.2	%)		(0.5	%)
Change in valuation allowance		(23.8	%)		(23.6	%)
Effective income tax rate		0.0	%		0.0	%

Summary of Carryforwards That Gave Rise to Significant Portions of Deferred Taxes

Temporary differences and carryforwards that gave rise to significant portions of deferred taxes were as follows:


	For the Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss	$	139,203		$	120,090
Credits		2,875			2,875
Capitalized research costs		87,925			56,007
Intangible assets		—			3,912
Stock-based compensation		2,948			586
Deferred lease liability		4,148			4,267
Accruals and reserves		4,464			3,944
Interest limitation carryforwards		12,218			2,515
Deferred revenue		18,960			7,865
Other		650			697
Gross deferred tax assets		273,391			202,758
Valuation allowance		(227,752	)		(194,556	)
Total deferred tax assets	$	45,639		$	8,202
Deferred tax liabilities:
Right-of-use assets		(3,402	)		(3,543	)
Property and equipment		(8,778	)		(4,659	)
Intangible assets		(31,481	)		—
Other		(1,978	)		—
Total deferred tax liabilities	$	(45,639	)	$	(8,202	)
Net deferred tax assets	$	—		$	—

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	For the Year Ended December 31,
	2025		2024		2023
Balance at January 1	$	2,100	$	2,100	$	2,100
Additions based on tax positions related to current year		—		—		—
Changes for tax positions of prior years		—		—		—
Reductions as a result of a lapse of applicable statute of limitations		—		—		—
Settlements		—		—		—
Balance at December 31	$	2,100	$	2,100	$	2,100

Accounting Standards Update 2023-09 Prospective [Member]

Schedule of Effective Income Tax Reconciliation

The provision for income tax using statutory U.S. federal tax rate of 21% is reconciled to the Company’s effective tax rate as follows, pursuant to the disclosure requirements of ASU 2023-09:


	For the Year Ended December 31, 2025
Income tax benefit at statutory rate	$	(70,448	)	21	%
State and local income taxes, net of federal benefit (1)		(5,143	)	2	%
Change in valuation allowance		23,604		(7	%)
Non-taxable or non-deductible items:
Loss on derivatives		10,562		(3	%)
Other		4,297		(1	%)
Effective income tax rate	$	(37,128	)	11.0	%

Summary of Income Tax Paid by Jurisdication

Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09:


	For the Year Ended December 31, 2025
United States - federal	$	—
United States - state and local		—
Total income tax payments	$	—

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 208,700	$ 153,973
Launch Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	77,843	65,403
Spacecraft Solutions Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	130,857	87,291
Other Revenue
Deferred Revenue Arrangement [Line Items]
Total deferred revenue	$ 0	$ 1,279

Business Combinations - Schedule of Fair Value of Acquired Identifiable Intangible Assets (Details) - SciTec [Member] $ in Thousands	Oct. 31, 2025 USD ($)
Business Combination [Line Items]
Total acquired intangible assets	$ 153,000
Weighted Average Life	9 years
Trade name and trademarks
Business Combination [Line Items]
Total acquired intangible assets	$ 18,000
Weighted Average Life	5 years
Developed technology
Business Combination [Line Items]
Total acquired intangible assets	$ 74,000
Weighted Average Life	10 years
Customer Relationships
Business Combination [Line Items]
Total acquired intangible assets	$ 61,000
Weighted Average Life	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Consolidated net loss	$ (298,340)	$ (231,133)	$ (135,457)
Net loss attributable to common shareholders, basic	(333,963)	(265,810)	(156,271)
Net loss available to common stockholders, diluted	$ (333,963)	$ (265,810)	$ (156,271)
Denominator:
Weighted average common shares outstanding - basic	69,204	12,819	11,977
Weighted average common shares outstanding - diluted	69,204	12,819	11,977
Net loss per share attributable to common stockholders - basic	$ (4.83)	$ (20.74)	$ (13.05)
Net loss per share attributable to common stockholders - diluted	$ (4.83)	$ (20.74)	$ (13.05)
Series C Preferred Stock
Numerator:
Less: Accretion of dividends	$ (13,240)	$ (21,224)	$ (20,814)
Series D-1 Preferred Stock
Numerator:
Less: Accretion of dividends	(21,989)	(13,453)	0
Series D-3 Preferred Stock
Numerator:
Less: Accretion of dividends	$ (394)	$ 0	$ 0

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Unbilled receivables	$ 16,117	$ 0
Deferred contract costs	879	0
Total contract assets	$ 16,996	$ 0

Business Combinations (Additional Information) (Details) - USD ($) $ in Thousands		7 Months Ended	12 Months Ended
	Oct. 31, 2025	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 08, 2023	Jan. 01, 2023
Unaudited Pro Forma Information
Business Combination [Line Items]
Business combination post-acquisition revenue			$ 328,240	$ 231,209	$ 168,115
SciTec
Business Combination [Line Items]
Business Combination Consideration Transferred	$ 546,973
Purchase price of acquisition	277,400
Business acquisition in common stock	$ 269,556
Acquisition related costs			$ 24,400
Transaction Cost							$ 29,600
Recognized Cost		$ 24,400			24,400
Incurred Cost		5,200			5,200
Spaceflight
Business Combination [Line Items]
Acquisition related costs					600
Business acquisition total consideration						$ 9,800
Business combination post-acquisition revenue		4,700
Business combination post-acquisition income and loss		13,100
Transaction Cost							$ 1,000
Recognized Cost		100			100
Incurred Cost		$ 1,000			$ 1,000
Spaceflight \| Series M Preferred Stock
Business Combination [Line Items]
Business acquisition total consideration						$ 2,700

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2025			2024
Machinery and equipment	$	47,124		$	42,040
Test stands		42,255			37,209
Buildings		48,999			48,830
Land and land improvements		5,123			3,505
Construction in progress		38,654			17,551
Furniture and fixtures		3,359			1,200
Computer equipment		5,713			2,156
Software		1,141			1,122
Vehicles		479			421
Leasehold improvements		12,984			7,283
Total		205,831			161,317
Less: Accumulated depreciation		(42,093	)		(25,742	)
Property and equipment, net	$	163,738		$	135,575

Depreciation expense was $17.1 million, $12.5 million and $4.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, and was recorded in the consolidated statements of net loss within cost of sales, research and development, and selling, general, and administrative expenses.

As of December 31, 2025 and 2024, the Company capitalized interest in connection with construction in progress of $1.8 million and $7.4 million, respectively.

Stock-Based Compensation - Schedule of stock-based compensation expense related to options and RSUs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 17,840	$ 1,841	$ 1,612
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	5,741	506	536
Selling, general and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 12,099	$ 1,335	$ 1,076

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 17, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2025
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-42789
Entity Registrant Name	Firefly Aerospace Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5194980
Entity Address, Address Line One	1320 Arrow Point Drive #109
Entity Address, City or Town	Cedar Park
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78613
City Area Code	512
Local Phone Number	893-5570
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	FLY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		159,952,387
Entity Central Index Key	0001860160
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 0
Documents Incorporated by Reference [Text Block]	None.
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Firefly Aerospace Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of net loss and comprehensive loss, convertible preferred stock and stockholders’ equity (deficit), and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Auditor Name	GRANT THORNTON LLP
Auditor Location	Austin, Texas
Auditor Firm ID	248

Related Party Transactions (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Aug. 08, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Percentage of shares acquired		36.90%
Number of shares issued in transaction		0.3
Aggregate purchase price		$ 244,700
Repayments of debt	$ 21,100
Extinguishment fees	1,800
Non operating Income Expense		(74,780)	$ (21,680)	$ (3,582)
Consulting Agreement
Consulting and advisory services fees	$ 2,400
Non operating Income Expense		1,000
Equity Method Investment \| Consulting Agreement
Outstanding common stock owning percentage	10.00%
Series D-1 Preferred Stock
Aggregate purchase price		5,000
Series D-4 Preferred Stock
Aggregate purchase price		$ 4,500

Summary of Significant Accounting Policies (Additional Information) (Details) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2025	Aug. 08, 2025	Dec. 31, 2024
Revenue, Major Customer [Line Items]
Common stock, shares, issued (in shares)	159,276		13,241
Restricted cash balances	$ 0		$ 14,100,000
Accounts Receivable, Allowance for Credit Loss	$ 0		$ 0
Convertible Preferred Stock
Revenue, Major Customer [Line Items]
Common stock, shares, issued (in shares)		105,800
Customer Concentration Risk [Member] \| Customer [Member] \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	10.00%
Customer Concentration Risk [Member] \| Customer [Member] \| Accounts Receivable [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	10.00%
Depository Risk [Member] \| Maximum
Revenue, Major Customer [Line Items]
Cash, FDIC Insured Amount	$ 250,000

Goodwill

12 Months Ended

Dec. 31, 2025

Business Combination, Goodwill [Abstract]

Goodwill

8. Goodwill

Changes in the carrying amount of goodwill are detailed below:


Balance at December 31, 2023	$	17,097
Balance at December 31, 2024		17,097
Acquisition through business combinations(1)		433,022
Balance at December 31, 2025	$	450,119

(1) refer to Note 9. Fair Value Measurement for further detail.

Goodwill is defined as an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. At December 31, 2025, the Company has only one operating segment, which represents its only reportable segment.

The Company completes its annual goodwill impairment assessment at the reporting unit level as of October 1 each year, and determined that no adjustments to the carrying value of goodwill were necessary during the years ended December 31, 2025, 2024, and 2023.

Notes Payable - Principal Payments Under the Term Loans (Parenthetical) (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Unamortized issuance costs

^[1]

$ 269

^[2]

$ 22,893

Revolving Credit Facility

Debt Instrument [Line Items]

Unamortized issuance costs

$ 3,400

[1]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.
[2]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer 1 \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	59.10%	58.60%	30.70%
Customer 1 \| Accounts Receivable [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	28.60%	0.00%
Customer 2 \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	8.90%	23.20%	11.40%
Customer 2 \| Accounts Receivable [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	22.90%	0.00%
Customer 3 \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	3.40%	11.20%	0.00%
Customer 3 \| Accounts Receivable [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	12.80%	0.00%
Customer 4 \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	0.10%	0.00%	17.20%
Customer 5 \| Revenue Benchmark [Member]
Revenue, Major Customer [Line Items]
Concentration Credit Risk Percentage	0.00%	0.00%	32.90%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Litigation and Claims

The Company is, and from time to time may be, a party to claims and legal proceedings arising in the normal course of business. In the opinion of management, there are no legal matters or claims likely to have a material adverse effect on the Company's financial position, results of operations or cash flows.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company will accrue a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of a possible loss can be established, the most probable amount in the range is accrued. If no amount within the range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual

for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees, and other directly related costs expected to be incurred.

The Company does not believe that any such matters, individually or in the aggregate, will have a materially adverse effect on the Company's consolidated financial condition, results of operations, or cash flows.

The Company had $2.3 million and $19.5 million of contingent liabilities related Spaceflight, Inc. contracts as of December 31, 2025 and 2024, respectively, which are included in other non-current liabilities, less current portion in the consolidated balance sheets. Due to the resolution of certain of the underlying matters, the balance decreased by $17.2 million during the year ended December 31, 2025, and resulted in a net gain of $8.4 million recognized in the consolidated statements of net loss and comprehensive loss during the year ended December 31, 2025, after the derecognition of certain related Spaceflight contract assets.

Stockholders Deficit and Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule Of Redeemable Convertible Preferred Stock

The Company’s Preferred Stock consisted of the following:


			December 31, 2024
	Par Value		Authorized Shares		Shares Issued and Outstanding		Carrying Amount
Series Seed Preferred Stock	$	0.0001		2,023		2,023	$	2,950
Series Seed-1 Preferred Stock	$	0.0001		3,273		3,273		204,454
Series A Preferred Stock	$	0.0001		6,005		6,005		74,913
Series B Preferred Stock	$	0.0001		5,869		5,869		72,096
Series C Preferred Stock	$	0.0001		11,159		11,159		213,871
Series M Preferred Stock	$	0.0001		2,812		2,812		10,990
Series J Preferred Stock	$	0.0001		922		—		—
Series D-1 Preferred Stock	$	0.0001		17,729		10,447		180,308
Series D-2 Preferred Stock	$	0.0001		1,241		—		—
Total				51,033		41,588	$	759,582

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The following is a summary of the Company’s related party accounts payable, and related party research and development and selling, general, and administrative expenses:


	December 31,
	2025		2024
Accounts payable:
AE Industrial	$	—	$	46
Redwire Corporation		330		40
	$	330	$	86


	For the Year Ended December 31,
	2025		2024		2023
Expenses:
AE Industrial	$	1,927	$	2,301	$	645
G.S. Precision		233		—		—
Redwire Corporation		1,567		572		1,781
Belcan, LLC		—		543		933
	$	3,727	$	3,416	$	3,359

Income Taxes - Schedule of Income before Income Tax (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (335,468,000)	$ (231,133,000)	$ (135,457,000)
International	0	0	0
Loss before income tax benefit	$ (335,468,000)	$ (231,133,000)	$ (135,457,000)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

9. Fair Value Measurement

The Company measures its financial assets and liabilities at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

The Company uses the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

The carrying amounts of Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, and certain prepaid expenses, other current assets. accrued liabilities and other current liabilities approximate fair value because of their short-term maturities.

The Company issued warrants to purchase Series J Preferred Stock (the “Series J Warrants”) in connection with the Company’s entrance into the Term Loans and issued warrants to purchase common stock (the “Common Warrants”, together with the “Series J Warrants”, the “Warrants”) and two tranche obligations: (1) the RPM Call Option and (2) the Majority Sponsor Top-Up (both as defined in Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock) in connection with the Company’s issuance of the Series D-1 Preferred Stock. The Company determined that the Warrants and tranche obligations should be classified as either liabilities or assets on the consolidated balance sheets depending on valuation and are recorded at fair value both initially and subsequently, with changes in fair value recorded through earnings.

In connection with the execution of the Financing Agreement and issuance of the Term Loans, the Company issued to the Lenders (as defined in Note 11. Notes Payable) detachable Series J Warrants to purchase an aggregate of 0.6 million shares of Series J Preferred Stock with a 10-year term and an exercise price of $21.1725 per share (subject to certain adjustments). The Series J Warrants are classified as liabilities as they embody an obligation to repurchase the Company’s equity. The Series J Warrants are measured at fair value both initially and subsequently with changes in fair value recognized through earnings.

The Warrants were recorded within warrant liability, the RPM Call Option was recorded within other current liabilities, and the Majority Sponsor Top-Up was recorded within other current assets on the consolidated balance sheet as of December 31, 2024. In March 2025, the Majority Sponsor Top-Up expired unexercised when the total amount of Series D-1 Preferred Stock purchased by investors exceeded $250.0 million. On March 24, 2025, the RPM Call Option was terminated via amendment of the Series D stock purchase agreement. As a result, the $0.2 million Majority Sponsor Top-Up and $4.2 million RPM Call Option were derecognized from the consolidated balance sheet, and recognized in other income, net in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2025.

In connection with the IPO, the Common Warrants were net exercised into 1.0 million shares of common stock. The Series J Warrants remain outstanding and continue to be classified as liabilities and remeasured at fair value as of December 31, 2025.

Prior to the Company’s IPO on August 8, 2025, the Company used a Monte Carlo simulation model and probability weighted valuations based on different scenarios including change of control, IPO and default scenarios to value the Warrants. The value per Warrant under the change of control scenario was the average value per unit under 50,000 Monte Carlo simulations, the value per Warrant under the IPO scenario was based on the number of common stock equivalent shares (including the Warrants) and total estimated equity value of the Company, and the value per Warrant under the default scenario was assumed to be zero.


	December 31, 2025
Common stock price	$		22.37
Exercise price for the Series J Warrants	$		21.17
Risk-free rate		3.94%-4.01%
Volatility		92.5%-97.5%
Term (years)		7.55-8.39
Black-Scholes value (per share)	$	19.00-19.06
Number of warrants			646
Value of Series J Warrants	$		12,294

The following tables present the key inputs applied in the valuation of the Series J Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Average value per Series J Warrant	$	8.43		$	2.86		$	—
Event weighting		55	%		15	%		30	%
Weighted-average value per Series J Warrant	$	4.64		$	0.43		$	—
Total probability weighted-average value per Series J Warrant							$	5.07

The following tables present the key inputs applied in the valuation of the Common Warrants as of December 31, 2024:


	December 31, 2024
	Change of Control Scenario			IPO Scenario			Default Scenario
Value per Common Warrant on a marketable basis	$	0.98		$	7.03			—
Discount for lack of marketability		40	%		20	%	N/A
Value per Common Warrant on a non-marketable basis	$	0.59		$	5.62		—
Event weighting		55	%		15	%		30	%
Weighted value per Common Warrant	$	0.32		$	0.84			—
Total probability weighted value per Common Warrant							$	1.16


	December 31, 2024
Weighted-average Series D Preferred Stock price	$	16.53
Exercise price for the RPM Option	$	16.92
Risk-free rate		4.27	%
Volatility		60	%
Term (years)		0.36
Black-Scholes value (per share)	$	2.29
Number of units		1,820
Value of RPM Option	$	4,159


	December 31, 2024
Amount subject to the Majority Sponsor Top-Up	$	20,198
Contractual purchase price for Series D Preferred Stock (per share)	$	16.92
Weighted-average Series D Preferred Stock price	$	16.53
Risk-free rate		4.27	%
Term (years)		0.36
Discount factor		0.9849
Value of forward obligation (per share)	$	(0.14	)
Number of units subject to purchase by majority sponsor		1,194
Value of Majority Sponsor Top-Up	$	(170	)

The Company did not issue any Warrants during the year ended December 31, 2025. The fair value remeasurement of the Series J Warrants resulted in an increase in fair value of $9.4 million during the year December 31, 2025.

The Company recognized losses of $44.8 million related to the Common Warrants during the year ended December 31, 2025.

The fair value of the Series J Warrants on December 31, 2025 was $12.3 million.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	787,747	$	—	$	—	$	787,747
Money market funds		—		5,219		—		5,219
Time deposits		100,008		—		—		100,008
Total financial assets	$	887,755	$	5,219	$	—	$	892,974
Liabilities:
Series J Warrants	$	—	$	12,294	$	—	$	12,294
Total financial liabilities	$	—	$	12,294	$	—	$	12,294


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash	$	81,847	$	—	$	—	$	81,847
Restricted cash		14,127		—		—		14,127
Money market funds		—		41,584		—		41,584
Majority Sponsor Top-Up		—		—		170		170
Total financial assets	$	95,974	$	41,584	$	170	$	137,728
Liabilities:
Series J Warrants	$	—	$	—	$	2,850	$	2,850
Common Warrants		—		—		1,220		1,220
RPM Call Option		—		—		4,159		4,159
Total financial liabilities	$	—	$	—	$	8,229	$	8,229

During the year ended December 31, 2025, the Company recorded $12.3 million in transfers from Level 3 to Level 2 due to an increase in available observable inputs in market data upon completion of the IPO. There were no transfers between levels within the fair value hierarchy during the year ended December 31, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

Prior Period Reclassifications

Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

Cash, Cash Equivalents, and Short-Term Investments

The Company's cash consists of cash on hand. The Company considers all highly liquid investments with remaining maturities at the date of purchase of three months or less to be cash equivalents. Highly liquid investments with original maturities of greater than three months that will mature less than one year from the balance sheet date are classified as short-term investments. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.

As of December 31, 2025 and the Company's cash and cash equivalents consisted of cash deposited in bank accounts, time deposits, and money market accounts and were recorded at face value. The Company's short-term investments consist of time deposits that are recorded at cost, which approximates fair value. As of December 31, 2024 the Company's cash and cash equivalents consisted of cash deposited in bank accounts and money market accounts and were recorded at face value.

Time deposits typically pay earned interest at the time of maturity or redemption. Interest earned on time deposits is accrued in other current assets. Interest income related to cash equivalents and short-term investments is reported in interest expense, net on the consolidated statements of net loss and comprehensive loss.

Restricted Cash

Prior to the repayment of the Company's Term Loan (see Note 11. Notes Payable) the Company was required to maintain restricted cash deposits in the collateral accounts comprised of interest reserve accounts and an insurance premium reserve account. These funds are restricted and have been classified as such on the consolidated balance sheets due to the nature of the restriction. The Company had no restricted cash as of December 31, 2025 and $14.1 million as of December 31, 2024.

Accounts Receivable

Customer accounts receivable are reported at the amount management expects to collect on balances outstanding at year-end.

Allowance for Credit Losses

When the Company records customer receivables and contract assets arising from revenue transactions, an allowance is recorded for credit losses for the current expected credit losses inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period, the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets.

The Company estimates expected credit losses based on relevant information about past events, including historical credit loss experience and current conditions, such as the length of time accounts receivable are past due, customer payment histories, any specific customer collection issues identified, current market conditions which may affect customer financial condition, and reasonable and supportable forecasts of future credit losses. When measuring expected credit losses, the Company will pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses. The Company writes off accounts receivable that has become uncollectible. The Company did not have an allowance for credit losses as of December 31, 2025, and 2024.

Advanced Payments

Advanced payments consist of supplier prepayments made for goods and services that have not yet been received. These payments are recorded as assets on the consolidated balance sheets until the related goods or services are delivered.

Advanced payments are classified as either current or noncurrent assets depending on whether they are expected to be settled within one year. The Company evaluates the terms of each prepayment arrangement to determine the appropriate classification and ensures that all advanced payments are supported by valid contracts or agreements with suppliers.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment, except for leasehold improvements, is computed using the straight-line method over the following useful lives of assets:


Asset Category	Estimated Useful Lives
Machinery and equipment	5 years
Test stands	7 - 10 years
Buildings	15 years
Furniture and fixtures	5 years
Computer equipment	3 years
Software	3 years
Vehicles	5 years
Leasehold improvements	The shorter of the lease term or the useful life

When assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheets and the resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are expensed as incurred.

Leases

The Company determines whether a contract is or contains a lease at contract inception by evaluating whether substitution rights exist and whether the Company obtains substantially all of the benefits and directs the use of the identified asset. When the Company determined a lease exists, the Company records a right-of-use asset and corresponding lease liability in the consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets are recognized at the commencement date of the lease at the value of the lease liability, adjusted for any prepayments, lease incentives received, and initial direct costs incurred.

Lease liabilities are recognized at the commencement date of the lease based on the present value of remaining lease payments over the lease term. As the discount rate implicit in the lease is not readily determinable in most leases, the Company uses its incremental

borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The Company does not record lease contracts with a lease term of 12 months or less on its consolidated balance sheets. Fixed lease expenses associated with these short-term contracts are expensed on a straight-line basis over the lease term.

The Company recognizes lease expense for operating leases on a straight-line basis over the lease term. The Company has lease agreements with non-lease components that relate to the lease components. The Company accounts for each lease component and any non-lease components associated with that lease component separately with amounts allocated to the lease and non-lease components based on stand-alone prices. For certain equipment leases, the Company accounts for the lease and non-lease components as a single lease.

Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. These variable lease costs are recognized as incurred over the lease term.

The Company does not include significant restrictions or covenants in lease agreements, and residual value guarantees are generally not included within the Company’s leases (See Note 10. Leases for further detail).

Sales and Leaseback

The Company engages in sale and leaseback transactions, whereby it sells an asset and simultaneously enters into a lease agreement to lease back the same asset. These transactions are accounted for in accordance with Accounting Standards Codification (“ASC”) 842-40, Leases – Sale and Leaseback Transactions.

When a sale and leaseback transaction results in a sale, the asset is derecognized from the consolidated balance sheets, and any gain or loss on the sale is recognized in the consolidated statements of net loss and comprehensive loss.

When a transaction results in a failed sale, the transaction is accounted for as a financing. The asset is not derecognized and the Company continues to record depreciation expense over the asset’s estimated useful life. Sales proceeds received are recorded as cash and a corresponding financing liability to reflect future lease payments in the consolidated balance sheets.

The Company evaluates each sale and leaseback transaction to determine the appropriate accounting treatment, ensuring compliance with the relevant accounting standards and reflecting the economic substance of the transaction.

Intangible Assets, Net

Intangible assets consist of purchased intangible assets including developed technology, in-process research and development, customer relationships, backlog, capitalized software and capitalized intellectual property and are amortized over their useful lives using straight-line method of amortization. The Company evaluates the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.

The Company accounts for noncancelable on-premise internal-use software licenses as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present value and interest expense is recorded over the payment term. Software licenses are amortized over their license terms.

Goodwill

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is reviewed annually as of October 1 of each year (or more frequently if impairment indicators arise) for impairment. To review for impairment, the Company first assesses qualitative factors to determine whether events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

The Company's qualitative assessment of the recoverability of goodwill, whether performed annually or based on specific events or circumstances, considers various macroeconomic, industry-specific and company-specific factors. Those factors include: (i) adverse macroeconomic trends; (ii) adverse industry and market considerations; (ii) increased costs; (iv) current, historical or projected deterioration of the Company's financial performance; (v) Company-specific changes; (vi) events affecting a reporting unit; and (vii) a sustained decrease in the Company's market capitalization below its net book value.

After assessing the totality of events and circumstances, if determined that it is not more likely than not that the fair value of a reporting

unit is less than its carrying amount, no further assessment is performed. If the Company determines that it is more likely than not that the fair value of a reporting units is less than its carrying amount, the Company will calculate the fair value of that reporting unit and compare the fair value to the reporting unit’s net book value. If the fair value of the reporting unit is greater than its net book value, there is no impairment. Otherwise, a goodwill impairment charge will be recorded for the amount by which the carrying value of the reporting unit exceeds its fair value up to the amount of the goodwill. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions (See further discussion in Note 8. Goodwill).

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date.

Notes Payable

Notes payable represent obligations of the Company to pay a specified amount of money at a future date. These obligations may arise from borrowings from financial institutions, private lenders, or other entities and are classified as either current or non-current liabilities based on their maturity dates.

The Company recognizes notes payable on an amortized cost basis at their principal amount, net of the unamortized debt issuance costs unless the fair value option is elected. The debt issuance cost is amortized over the term of the debt using the effective interest method. Interest payments are made in accordance with the terms of the debt, which may include fixed or variable interest rates.

Warrant Liabilities

Warrants to purchase shares of the Company’s common stock and Series J Preferred Stock are classified as liabilities on the consolidated balance sheets and held at fair value, as the warrants are either exercisable into redeemable preferred shares, or contain certain terms that could result in cash settlement as a result of events outside of the Company’s control. The warrants are subject to remeasurement to fair value at each balance sheet date, and any change in fair value is recognized in the consolidated statements of net loss and comprehensive loss. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants.

Fair Value Measurements

According to ASC 820, Fair Value Measurements, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three tiers, which prioritize the inputs used in measuring fair value as follows:

Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities

Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly

Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

Entities are permitted to choose to measure certain financial instruments and other items at fair value.

Deferred Revenue

Billings in excess of revenues recognized are recorded as current and non-current deferred revenue in the consolidated balance sheets and recognized into revenue as the Company satisfies the underlying performance obligation. Prior to making this determination, the Company ensures that a valid contract is in place that meets the definition of a contract in accordance with ASC 606-10-25-1 and 2.

Business Combination

The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of the acquisition. The Company uses the acquisition method of accounting for business combinations and recognizes assets acquired and liabilities assumed measured at their fair values on the date acquired. Goodwill is measured as of the acquisition date as the excess of consideration transferred over the net acquisition date fair value of the assets acquired and the liabilities assumed. The

Company performs valuations of assets acquired and liabilities assumed and allocates the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies.

Revenue Recognition

ASC 606 provides guidance outlining a single five-step comprehensive revenue model in accounting for revenue from contracts with customers. Under this model the Company: (1) identifies the contract with the customer, (2) identifies its performance obligations in the contract, (3) determines the transaction price for the contract, (4) allocates the transaction price to its performance obligations and (5) recognizes revenue when or as it satisfies its performance obligations.

The Company accounts for a contract when it has approval and commitment from both parties, the fees, payment terms and rights of the parties regarding the products or services to be transferred are identified, the contract has commercial substance, and collectability of substantially all of the consideration expected to be transferred is probable. The Company applies judgment in determining the customer’s ability and intention to pay for services expected to be transferred, which is based on factors including the customer’s payment history, management’s ability to mitigate exposure to credit risk, and experience selling to similarly situated customers. The contractual term with the Company’s customers is generally for multiple years.

Performance obligations within a contract are identified based on the products and services promised to be transferred in the contract. When a contract includes more than one promised product or service, the Company must apply judgment to determine whether the promises represent multiple performance obligations or a single, combined performance obligation. This evaluation requires the Company to determine if the promises are both capable of being distinct, where the customer can benefit from the product or service on its own or together with other resources readily available, and are distinct within the context of the contract, where the transfer of products or services is separately identifiable from other promises in the contract. When both criteria are met, each promised product or service is accounted for as a separate performance obligation. In cases where the promises are distinct, the Company is further required to evaluate if the promises are a series of products and services that are substantially the same and have the same pattern of transfer to the customer (referred to as the “series” guidance). When the Company determines that promises meet the series guidance, they are accounted for as a single, combined performance obligation.

The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring services to the customer for the Company’s contracts and consists of milestone-based fees. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company may constrain a portion of the transaction price based upon its anticipated ability to meet certain contractual requirements.

Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation on a relative basis according to their standalone selling prices. The Company determines standalone selling price based on the price at which the performance obligation is sold separately. If the Company does not have a history of selling a performance obligation, management applies judgment to estimate the standalone selling price, taking into consideration available information, including market conditions, factors considered to set list prices, pricing of similar products, and internal pricing objectives. The corresponding allocated revenues are recognized when or as the performance obligations are satisfied.

Cost of Sales

Cost of sales primarily consists of raw materials, employee and contractor compensation, depreciation and amortization and other costs directly attributable to fulfilling the Company's obligations under customer contacts.

Concentration of Credit Risk

To reduce risk, the Company's management performs ongoing credit evaluations of its customers' financial condition. The Company has not identified any potential credit losses and therefore does not maintain an allowance in its consolidated financial statements.

Cash and cash equivalents are deposited in demand deposit accounts and highly-qualified money market funds, and at times, such deposits may be in excess of limits federally insured by the Federal Deposit Insurance Corporation up to $250,000. The Company utilizes high quality financial institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents.

Major customers are defined as those individually comprising more than 10% of the Company’s total revenue. The Company’s revenue related to its major customers was as follows:


	For the Year Ended December 31,
	2025			2024			2023
Customer 1		59.1	%		58.6	%		30.7	%
Customer 2		8.9	%		23.2	%		11.4	%
Customer 3		3.4	%		11.2	%		—
Customer 4		0.1	%		—			17.2	%
Customer 5		—			—			32.9	%

The Company’s customers that accounted for 10% or more of the total accounts receivable, were as follows:


	December 31,
	2025			2024
Customer 1		28.6	%		—
Customer 2		22.9	%		—
Customer 3		12.8	%		—

Research and Development

Research and development costs include employee and contractor compensation, supplies and materials for new product development, professional services, facilities, and regulatory compliance. Research and development costs are charged to operations as incurred.

Redeemable Convertible Preferred Stock

In connection with the closing of the IPO, all outstanding shares of the Company's Preferred Stock were converted into 105.8 million shares of common stock. The redeemable convertible preferred stock represented a legal form of equity, was not mandatorily redeemable, and did not constitute unconditional obligations that may have required issuance of a variable number of the Company’s shares. The redeemable convertible preferred stock was classified as mezzanine (or temporary) equity as it contained terms that could force the Company to redeem the shares for cash or other assets upon the occurrence of an event not solely within the Company’s control. Subsequent remeasurement of the carrying value of the redeemable convertible preferred stock was required for Series C Preferred Stock and Series D Preferred Stock as they were probable of becoming redeemable under the redemption option at the holder’s option based on solely passage of time. The Company accretes the redeemable convertible preferred stock to its redemption value and recognized the changes in the redemption value immediately as they occurred and adjusted the carrying value to equal the current maximum redemption value at the end of each reporting period. No subsequent remeasurement of the other series of the Company’s redeemable convertible preferred stock were required as they were neither currently redeemable nor probable of becoming redeemable.

Stock-Based Compensation

The Company follows the fair value provisions of ASC 718, Compensation — Stock Compensation, which requires the measurement and recognition of compensation expense for all stock-based payment awards, including stock options and restricted stock units (“RSUs”), using a fair value-based method. The fair value of stock options is estimated at the time of grant using a Black-Scholes model, and the fair value of RSUs is based on the closing price of the Company’s common stock on the date of grant. Compensation cost for service-based awards with graded vesting is recognized on a straight-line basis over the requisite service period. Employee stock-based compensation expense recognized during the years ended December 31, 2025, 2024, and 2023 was reduced for forfeitures as they occurred. Any compensation expense previously recognized on unvested awards was reversed when they were forfeited.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires the asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the recognition of future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. The carrying value of net deferred tax assets reflects that the Company has been unable to generate sufficient taxable income in certain tax jurisdictions. A valuation allowance is provided to reduce the deferred tax asset to an amount that is more likely than not to be realized. The deferred tax assets are still available for the Company to use in the future to offset taxable income, which would result in the recognition of a tax benefit and a reduction in the Company’s effective tax rate.

Actual operating results and the underlying amount and category of income in future years could render the Company’s current assumptions, judgments and estimates of the realizability of deferred tax assets inaccurate, which could have a material impact on its financial position or results of operations.

The Company accounts for uncertain tax positions in accordance with ASC 740, which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s consolidated financial statements. It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Such changes in recognition or measurement might result in the recognition of a tax benefit or an additional charge to the tax provision in the period.

The Company recognizes interest and penalties related to unrecognized tax benefits within the provision for income taxes line in the accompanying consolidated statement of net loss and comprehensive loss. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets.

Segment Reporting

The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses net income or loss to evaluate the return on assets and to determine investment opportunities related to product development, platform enhancements, and new technologies. The CODM also uses net income or loss to monitor budget versus actual results. The Company has determined that it operates in one operating segment and as a result, manages its operations and allocates resources as a single operating segment.

Net Loss Per Share

Net loss per share is calculated as net loss attributable to the Company’s common stockholders divided by the Company’s weighted-average number of basic and diluted shares of common stock outstanding. Potentially dilutive common shares primarily consist of employee stock options, warrants, convertible notes, and restricted and performance unit awards.

Recent Accounting Pronouncements

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2023-06

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“ASC”). The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of ASC topics, allow investors to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the ASC with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation or Regulation becomes effective, with early adoption prohibited. The amendments in this ASU should be applied prospectively. The Company does not expect ASU will have a material impact on its consolidated financial statements.

ASU 2024-03

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Company is currently evaluating the impact of adopting the ASU.

ASU 2025-05

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and

current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The Company does not expect that ASU 2025-05 will have a material impact on its consolidated financial statements.

ASU 2025-06

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to improve the operability and application of guidance related to capitalized software development costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The guidance may be applied prospectively, retrospectively, or using a modified retrospective basis that is based on the status of the project and whether software costs were capitalized before the date of adoption. The Company intends to early adopt ASU 2025-06 prospectively, effective January 1, 2026. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements.

ASU 2025-11

In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies the applicability of ASC 270, Interim Reporting and the form and content of interim financial statements. In addition, ASU 2025-11 requires entities to disclose material events occurring since the last annual reporting period. ASU 2025-11 will be effective for interim periods beginning January 1, 2028, and can be applied on a prospective or retrospective basis. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements; however, the Company does not expect that it will affect its consolidated financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

ASU 2023-09

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The Company adopted ASU 2023-09 prospectively for the year ended December 31, 2025.

ASU 2025-10

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832), to improve U.S. GAAP by establishing authoritative guidance on the accounting for government grants received by business entities. ASU 2025-10 is effective for fiscal years beginning after December 15, 2029, and interim reporting periods within those fiscal years, with early adoption permitted. The Company adopted the new guidance on December 31, 2025 with no material impact on the Company's consolidated financial statements.

Income Taxes - Schedule of Provision for Effective Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	21.00%	21.00%
State income taxes	3.30%	4.50%
Tax rate change	(0.90%)	0.00%
Other	0.00%	(1.40%)
Prior year true-ups	0.60%	0.00%
Permanent items	(0.20%)	(0.50%)
Change in valuation allowance	(23.80%)	(23.60%)
Effective income tax rate	0.00%	0.00%

The Company, Initial Public Offering, and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company, Initial Public Offering, and Basis of Presentation

1. The Company, Initial Public Offering, and Basis of Presentation

Firefly Aerospace Inc., together with its wholly owned subsidiaries (collectively, “Firefly” or the “Company”), is headquartered in Cedar Park, Texas. The Company was incorporated under the laws of the State of Delaware on January 27, 2017, and commenced operations on May 1, 2017.

On August 8, 2025, the Company completed an initial public offering (“IPO”) of shares of its common stock, par value $0.0001 per share. The Company’s common stock trades on the NASDAQ under the ticker “FLY”.

The Company is a market-leading space and defense technology company providing comprehensive mission solutions to national security, government and commercial customers with an established track record of mission success. The Company’s mission is to enable responsive and reliable launch, transit, and operations in space for its national security and commercial customers globally. The Company is a leading provider of fully integrated launch and space services technology, committed to enabling launch, transit and operations in space through responsive, reliable and affordable solutions – anywhere, anytime. The Company’s vertically integrated approach encompasses the design, manufacturing and operation of small to medium launch vehicles, landers, and spacecraft, allowing it to service the entire lifecycle of government and commercial missions from Low Earth Orbit to the Moon and to deep space. Its purpose-built family of products aligns with the ongoing paradigm shift in government missions and procurement processes, where speed, efficiency, and economics drive customer decision-making. Through its offerings across launch, lander and spacecraft, its vertically integrated product line, and its infrastructure, Firefly serves as a critical provider for commercial and government customers.

Since Firefly’s formation, it has established itself as a category leader across a diverse range of products and services that takes a comprehensive approach to providing a family of solutions to its customers’ space-based opportunities.

On October 31, 2025, the Company completed its acquisition of SciTec Inc. (“SciTec”), a leader in advanced national security technologies. The acquisition advances the Company’s comprehensive space services by adding mission-proven defense software analytics, remote sensing, and multi-phenomenology data expertise. SciTec’s core capabilities – which include missile warning, tracking and defense, intelligence, surveillance and reconnaissance, space domain awareness, and autonomous command and control – supplement Firefly’s launch, lunar, and in-space services. SciTec further adds ground and onboard data processing as well as AI-enabled systems designed for low latency operations to support advanced threat tracking and response across multiple domains.

As an early-stage company with a limited commercial operating history, Firefly is subject to all the risks and expenses associated with a start-up company. The Company must, among other things, respond to competitive developments, attract, retain, and motivate qualified personnel, and support the expense of marketing new products based on innovative technology. The Company expects to transition to operating as a manufacturing company, capable of producing and selling products at scale, as of the date the technological feasibility of the Alpha rocket is confirmed. The Company defines technological feasibility as satisfying three specific conditions: (i) reaching product qualification, (ii) achieving production readiness, and (iii) having successfully deployed a customer’s payload into its specific orbit and final destination. The Company has successfully deployed customer payloads into their specific orbits or destinations as of December 31, 2025. The Company’s executive leadership comprised of at least the Chief Operating Officer and the Chief Technology Officer shall determine at what point the Company’s products have been fully qualified to reach technological feasibility and full-rate production. Until this determination is made, the Company has not recorded any inventory amounts, and all costs incurred are expensed.

Initial Public Offering

The consolidated financial statements of the Company have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business. From inception, the Company has incurred an accumulated deficit totaling $1.0 billion and $767.6 million as of December 31, 2025 and December 31, 2024, respectively, and has incurred $204.9 million, $157.7 million, and $93.4 million in negative cash flows from operations during the years ended December 31, 2025, 2024, and 2023, respectively.

During the year ended December 31, 2025 the Company raised $244.7 million, through its Series D-1, Series D-3, and Series D-4 Preferred Stock financings (as further discussed and defined in Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock).

On August 8, 2025, the Company completed its IPO of an aggregate of 22.2 million shares of its common stock, par value $0.0001, which includes the exercise in full by the underwriters of their option to purchase an additional 2.9 million shares of common stock, at a public offering price of $45.00 per share, for an aggregate offering price of $998.6 million. The Company received aggregate proceeds of $932.3 million, net of $57.4 million of underwriting discounts and commissions and $11.4 million of offering costs.

In connection with the closing of the IPO, all outstanding shares of the Company's Preferred Stock were converted into 105.8 million shares of common stock. All outstanding Common Warrants were automatically exercised into 1.0 million shares of common stock and 0.6 million shares of common stock are reserved for issuance upon exercise of the Series J Warrants (each as defined in Note 9. Fair Value Measurement).

On August 8, 2025, the Company used a portion of the net proceeds from the IPO to repay the Term Loans under the Financing Agreement (each as defined in Note 11. Notes Payable), together with the specified prepayment premium of $11.4 million, and accrued interest.

Certain of the Company's previously granted and outstanding stock options included both service-based and performance-based vesting conditions. The performance condition related to these awards was satisfied upon the effectiveness of the IPO, resulting in the recognition of $4.7 million of stock-based compensation expense for the year ended December 31, 2025.

In connection with the IPO, the Company effected a 1-for-3.2544 reverse stock split of its common stock and a proportionate decrease in the number of its authorized shares. All share and per share information, including share-based compensation, throughout the accompanying consolidated financial statements has been retroactively adjusted to reflect the reverse stock split.

Basis of Presentation

Intangible Assets, Net (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 5.8	$ 0.0	$ 0.0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Contingent liabilities	$ 2,300	$ 19,500
Decrease in contingent liabilities	17,200
Gain from settlement of contingent liabilities	$ 8,397	$ 0	$ 0

Stock-Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Aug. 31, 2025	Jul. 31, 2025	Oct. 31, 2017	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense				$ 17,840	$ 1,841	$ 1,612
Weighted-average grant date fair value				$ 1.75	$ 0.75
Weighted-average period				2 years 1 month 6 days	3 years 2 months 12 days
Unrecognized compensation expense				$ 2,200	$ 3,400
Aggregate intrinsic value of the options outstanding				322,900	700
Proceeds from exercise of stock options				2,204	585	559
Non Recourse Employee Loans				200	800
Prepaid Asset					1,000
Reduction in accounts payable				(17,449)	8,312	$ 9,748
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of the options exercisable				273,100	$ 400
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of RSUs vested				300
Unrecognized compensation cost				$ 140,900
Weighted average period				3 years 8 months 12 days
2017 Equity Incentive Plans
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Issued			3,100,000
Increment in reserved shares					11,300,000
Number Of Reserved Shares, Increase approximately						26,700,000
Number of reserved shares					38,100,000
Voting Power Percentage			10.00%
Common stock available for issuance				0	9,600,000
2025 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of reserved shares		24,100,000
Shares outstanding percentage		3.00%
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Issued	3,200,000
Number of reserved shares	3,200,000
Shares outstanding percentage	1.00%
Fair market value of share, Percentage	85.00%
Other Arrangements [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reduction in accounts payable					$ 1,200

Business Combinations - Schedule of Consideration Paid and The Fair Value of Assets Acquired, and Liabilities Assumed (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 08, 2023
Assets acquired and liabilities assumed
Deferred contract costs		$ 879	$ 0
SciTec
Assets acquired and liabilities assumed
Cash, net of cash acquired	$ 277,417
Equity (issuance of common stock)	269,556
Total consideration, net of cash acquired	546,973
Short-term investments	8,413
Accounts receivable	45,769
Other current assets	1,962
Property and equipment	7,718
Right-of-use assets	2,276
Intangible assets	153,000
Goodwill	433,022
Total assets	652,160
Accounts payable	11,178
Accrued expenses	49,780
Deferred revenue	1,770
Operating lease liabilities, current	711
Other current liabilities	840
Operating lease liabilities, non-current	3,716
Deferred tax liabilities	37,192
Total liabilities	105,187
Total net assets	$ 546,973
Spaceflight
Assets acquired and liabilities assumed
Cash, net of cash acquired				$ 7,253
Accounts receivable				1,636
Inventory				247
Prepaid expenses and other current assets				622
Deferred contract costs				11,083
Property and equipment				2,958
Right-of-use assets				2,772
Goodwill				17,097
Total assets				43,668
Accounts payable				860
Accrued expenses				3,825
Deferred revenue				25,983
Lease liability				3,012
Uncertain tax position liability				184
Total liabilities				33,864
Total net assets				9,804
Spaceflight \| Series M Preferred Stock
Consideration paid
Equity				$ 9,804

Fair Value Measurement (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025
Average value per unit as per Monte Carlo simulations	Prior to the Company’s IPO on August 8, 2025, the Company used a Monte Carlo simulation model and probability weighted valuations based on different scenarios including change of control, IPO and default scenarios to value the Warrants. The value per Warrant under the change of control scenario was the average value per unit under 50,000 Monte Carlo simulations, the value per Warrant under the IPO scenario was based on the number of common stock equivalent shares (including the Warrants) and total estimated equity value of the Company, and the value per Warrant under the default scenario was assumed to be zero.
Recognized loss	$ 44.8
Transfers between levels within the fair value hierarchy	$ 12.3
IPO
Common stock, outstanding common warrants exercised	1.0
Majority Sponsor Top-Up
Preferred stock value			$ 250.0
Call Option derecognized	$ 0.2
tranche obligations
Fair value		$ 4.0
Common Warrant
Fair value		1.2
Call Option
Call Option derecognized	$ 4.2
Series J Warrant
Aggregate of number of Warrants to purchase	0.6
Contractual purchase price for Series J Preferred Stock (per share)	$ 21.1725
Fair value	$ 12.3	$ 2.9
Warrant issued		0.1
Fair value warrant liabilities	$ 9.4	$ 0.1

Business Combinations - Schedule of Net Impact of Acquisition (Details) - SciTec [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Revenue	$ 35,168
Net income and comprehensive income	$ 38,277

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Business Combinations - Schedule of Unaudited Pro Forma Information (Details) - Unaudited Pro Forma Information - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Pro forma revenue	$ 328,240	$ 231,209	$ 168,115
Pro forma net loss and comprehensive loss	$ (390,811)	$ (267,976)	$ (194,425)
Pro forma net loss per common share, Basic	$ (5.65)	$ (20.9)	$ (16.23)
Pro forma net loss per common share, Diluted	$ (5.65)	$ (20.9)	$ (16.23)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 792,966	$ 123,431
Short-term investments	100,008	0
Restricted cash, current	0	424
Accounts receivable, net	46,129	1,004
Advanced payments, current	12,350	52,404
Other current assets	11,722	3,454
Total current assets	963,175	180,717
Advanced payments, less current portion	60,496	41,770
Property and equipment, net	163,738	135,575
Restricted cash, less current portion	0	13,703
Right-of-use assets - operating leases	13,938	14,604
Right-of-use assets - finance leases	3,735	3,708
Intangible assets, net	165,709	0
Goodwill	450,119	17,097
Other noncurrent assets	4,024	158
Total assets	1,824,934	407,332
Current liabilities:
Accounts payable	35,626	37,633
Accounts payable - related parties	330	86
Accrued expenses	42,755	14,419
Operating lease liability, current	1,161	1,128
Finance lease liability, current	1,056	856
Deferred revenue, current	116,135	108,069
Notes payable, current	7,099	6,349
Other current liabilities	9,419	10,837
Total current liabilities	213,581	179,377
Operating lease liability, less current portion	15,832	16,466
Finance lease liability, less current portion	2,004	1,996
Deferred revenue, less current portion	92,565	45,904
Notes payable, less current portion	281,441	124,079
Notes payable, less current portion - related parties	0	17,524
Warrant liability	12,294	4,070
Other liabilities, less current portion	17,278	25,956
Total liabilities	634,995	415,372
Commitments and contingencies (See Note 10)
Temporary equity
Redeemable convertible preferred stock, $0.0001 par value; 100,000 and 51,033 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 0 and 41,588 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; $0 and $1,227,158 liquidation preference as of September 30, 2025 and December 31, 2024, respectively	0	759,582
Stockholders' equity (deficit)
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	17	1
Additional paid-in capital	2,210,201	0
Accumulated deficit	(1,020,279)	(767,623)
Total stockholders' equity (deficit)	1,189,939	(767,622)
Total liabilities, temporary equity, and stockholders' equity (deficit)	$ 1,824,934	$ 407,332

Revenue (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue, remaining performance obligation	$ 684.9
Revenue, Remaining Performance Obligation, Percentage	28.50%
Acquisition of contract assets	$ 13.7
Contract With Customer Loss Provision	8.0	$ 12.7	$ 0.0
Contract With Customer Loss Provision Period Increase Decrease	4.7
Contract liability	$ 77.7	$ 51.9

Fair Value Measurement - Schedule of Presents the Key Inputs Applied in the Valuations (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Risk-free rate	4.00%	4.20%	4.90%
Volatility	95.40%	93.70%	75.00%
Series J Warrant
Business Combination [Line Items]
Contractual purchase price for Series J Preferred Stock (per share)	$ 21.1725
Black-Scholes option-pricing valuation
Business Combination [Line Items]
Weighted-average Series D Preferred Stock price		$ 16.53
Contractual purchase price for Series J Preferred Stock (per share)		$ 16.92
Risk-free rate		4.27%
Volatility		60.00%
Term (years)		4 months 9 days
Black-Scholes value (per share)		$ 2.29
Number of units	646	1,820
Value of RPM Option	$ 12,294,000	$ 4,159,000
Black-Scholes option-pricing valuation \| Maximum
Business Combination [Line Items]
Risk-free rate	4.01%
Volatility	97.50%
Black-Scholes value (per share)	$ 19.06
Black-Scholes option-pricing valuation \| Minimum
Business Combination [Line Items]
Risk-free rate	3.94%
Volatility	92.50%
Black-Scholes value (per share)	$ 19
Black-Scholes option-pricing valuation \| Series J Warrant
Business Combination [Line Items]
Contractual purchase price for Series J Preferred Stock (per share)	21.17
Black-Scholes option-pricing valuation \| Common Stock
Business Combination [Line Items]
Common Stock Price	$ 22.37
Forward pricing valuation model
Business Combination [Line Items]
Weighted-average Series D Preferred Stock price		$ 16.53
Contractual purchase price for Series J Preferred Stock (per share)		$ 16.92
Risk-free rate		4.27%
Term (years)		4 months 9 days
Amount subject to the Majority Sponsor Top-Up		$ 20,198
Discount factor		0.9849%
Value of forward obligation (per share)		$ (0.14)
Number of units subject to purchase by majority sponsor		1,194
Value of Majority Sponsor Top-Up		$ (170,000)
Forward pricing valuation model \| Maximum
Business Combination [Line Items]
Term (years)	8 years 4 months 20 days
Forward pricing valuation model \| Minimum
Business Combination [Line Items]
Term (years)	7 years 6 months 18 days

Consolidated Statements of Net Loss and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue	$ 159,855	$ 60,792	$ 55,235
Cost of sales	129,189	72,157	28,635
Gross profit	30,666	(11,365)	26,600
Operating expenses
Research and development	200,118	149,498	117,871
Selling, general and administrative	91,245	46,848	40,605
(Gain) loss on disposal of fixed assets	(9)	1,742	(1)
Total operating expenses	291,354	198,088	158,475
Loss from operations	(260,688)	(209,453)	(131,875)
Other expense
Change in fair value of warrant liability	(50,295)	(1,649)	(147)
Loss on extinguishment of debt	(30,400)	0	0
Interest income	18,187	2,597	2,920
Interest expense, net	(21,563)	(22,970)	(6,883)
Gain from settlement of contingent liabilities	8,397	0	0
Other income (expense), net	894	342	528
Total other expense, net	(74,780)	(21,680)	(3,582)
Loss before income tax benefit	(335,468)	(231,133)	(135,457)
Income tax benefit	37,128	0	(4)
Net loss and comprehensive loss	(298,340)	(231,133)	(135,457)
Net loss attributable to common shareholders, basic	(333,963)	(265,810)	(156,271)
Net loss available to common stockholders, diluted	$ (333,963)	$ (265,810)	$ (156,271)
Net loss per common share
Basic	$ (4.83)	$ (20.74)	$ (13.05)
Diluted	$ (4.83)	$ (20.74)	$ (13.05)
Weighted-average common shares outstanding
Basic	69,204	12,819	11,977
Diluted	69,204	12,819	11,977
Series C Preferred Stock
Other expense
Less: Accretion of dividends	$ (13,240)	$ (21,224)	$ (20,814)
Series D-1 Preferred Stock
Other expense
Less: Accretion of dividends	(21,989)	(13,453)	0
Series D-3 Preferred Stock
Other expense
Less: Accretion of dividends	$ (394)	$ 0	$ 0

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

. Revenue

The following table presents revenue disaggregated by type:


	For the Year Ended December 31,
	2025		2024		2023
Launch revenue	$	28,620	$	22,631	$	33,017
Spacecraft Solutions revenue		131,235		38,161		20,912
Other revenue		—		—		1,306
Total revenue	$	159,855	$	60,792	$	55,235

Launch Revenue

The Company has contracts with commercial and government entities to provide launch and integration services for payloads requiring transportation into orbit via launch vehicles. These contracts may include milestone payments and deposits. The Company considers the performance obligation under these contracts to be the initiation of the launch and recognizes revenue at that point in time. When the contract contains multiple performance obligations, stand-alone selling prices are established for each performance obligation in the contract based on cost plus margin or market prices for similar goods and services.

The Company also enters into contracts with its customers to provide engineering services and related components, and to develop and provide licenses for intellectual property. In these cases, the Company’s performance obligation is satisfied over time since the tasks are performed according to the customer’s specifications, which creates an asset with no alternative use to the Company, for which the Company has an enforceable right to payment for performance completed to date. The measure of progress over time is based upon an input method using a cost-to-cost measure which best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total cost at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity, and the costs of overhead. If the estimate of total costs to be incurred for a performance obligation exceed the total estimate of revenue to be earned, a provision for the anticipated loss is recognized in the period the loss is identified. Engineering services billed hourly are recognized over time.

Spacecraft Solutions Revenue

Spacecraft Solutions revenue includes revenue from contracts with commercial and government entities to provide end-to-end services to integrate payloads into Blue Ghost and Elytra for transport to the Moon and on-orbit space domain awareness missions, respectively, as well as to develop and provide software, sensor, and data processing capabilities for national defense missions. These contracts include firm-fixed-price and cost-plus pricing structures. For commercial payload services we consider the performance obligation to be the integration and delivery of customer payloads to specified destinations. These contracts typically require that the customer make milestone payments as specific conditions and tasks are performed. For software, sensor, and data processing contracts, we consider the performance obligation to be the development and implementation of the contracted solution. These contracts require customers to make milestone payments as specific conditions and tasks are performed, or regular periodic payments as costs are incurred. Performance obligations are satisfied over time since either (1) the tasks are performed according to the customer’s specifications and create an asset with no alternative use to the Company, or (2) the customer receives and consumes benefits as work is completed and the Company has an enforceable right to payment for performance completed to date.

For Spacecraft Solutions arrangements, the measure of progress over time is based upon an input method using a cost-to-cost measure which best depicts the transfer of control to the customer. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Estimating the total costs at completion of a performance obligation requires management to make estimates related to items such as subcontractor performance, material costs and availability, labor costs and productivity, and the costs of overhead. If estimates

of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recognized in the period the loss is incurred.

For all revenue streams, the Company considers customer payments that are contingent on the success of a mission or that are dependent on award criteria to be variable consideration. We assess the likelihood of success of a mission or achievement of contractual award requirements at inception and may defer the recognition of some or all of the variable consideration until success of the mission is assured or the award fee amount is determined.

The Company’s contracts may provide customers with termination for convenience clauses, which may or may not include termination penalties. In some contracts, the size of the contractual termination penalty increases closer to the scheduled launch date. At the inception of each contract, the Company evaluates the contract’s termination provisions and the impact on the accounting contract term (i.e., the period in which the Company has enforceable rights and obligations). This includes evaluating whether there are termination penalties and if so, whether they are considered substantive. The Company applies judgment in determining whether the termination penalties are substantive.

The Company has elected the following practical expedients for Launch and Spacecraft Solutions revenue: (1) the Company does not account for significant financing components if the period between revenue recognition and when the customer pays for the product or service will be one year or less, (2) the Company recognizes revenue equal to the amount it has a right to invoice when the amount corresponds directly with the value to the customer of the Company's performance to date, and (3) the Company does not account for shipping and handling activities as a separate performance obligation, but rather as an activity performed to transfer the promised good or service.

The Company includes in its computation of remaining performance obligations customer orders for which it has accepted signed sales orders. Due to their nature, time and materials contracts contain variable consideration; however, in general, the Company's performance obligations under time and materials contracts qualify for the “right to invoice” practical expedient. Under this practical expedient, the Company recognizes revenue over time, in the amount to which the Company has a right to invoice. In addition, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company determined that this method best represents the transfer of services, as upon billing the Company has a right to consideration from a customer in an amount that directly corresponds with the value to the customer of the Company's performance completed to date. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $684.9 million. The Company expects to recognize approximately 28.5% of its remaining performance obligations as revenue within the next 12 months. The remaining performance obligations are expected to be recognized over the next five years. The remaining performance obligations do not include variable consideration that was determined to be constrained as of December 31, 2025.

Contract Balances

Contract assets and liabilities reflect timing differences between the receipt of consideration and the fulfillment of performance obligations under a contract with a customer. Contract assets reflect performance obligations satisfied, and revenue recognized in advance of customer billings. Contract liabilities reflect consideration received in advance of the satisfaction of a performance obligation under a contract with a customer. Contract assets become trade receivables once the Company’s rights to consideration become unconditional. Such rights are considered unconditional if only the passage of time is required before payment of that consideration is due. Retainage represents a portion of the contract amount that has been billed, but that the contract allows the customer to retain until final contract settlement. Billings for such retainage balances are generally collected within one year of the completion of the project. Contract costs are those costs directly related to fulfillment of specified customer contracts. Contract assets are recorded within accounts receivable, net or other current assets, depending on whether they represent an unconditional right to consideration, and contract liabilities are recorded within deferred revenue on the consolidated balance sheets.

Contract assets consisted of the following:


	December 31,
	2025		2024
Unbilled receivables	$	16,117	$	—
Retainage		879		—
Total contract assets	$	16,996	$	—

During the year ended December 31, 2025, the Company acquired $13.7 million of contract assets through business combinations.

Deferred revenue consisted of the following:


	For the Year Ended December 31,
	2025		2024
Launch	$	77,843	$	65,403
Spacecraft Solutions		130,857		87,291
Other		—		1,279
Total deferred revenue	$	208,700	$	153,973

During the years ended December 31, 2025, and December 31, 2024, the Company recognized $77.7 million and $51.9 million, respectively, of revenue that was included in the contract liabilities balance at the beginning of each period.

Loss Contracts

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the existence or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes in contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract prices. The Company recorded contract loss provisions related to its Spacecraft Solutions revenue contracts of $8.0 million and $12.7 million during the years ended December 31, 2025 and 2024 respectively. The decrease in the recorded loss provision amount of $4.7 million during the year ended December 31, 2025 is due to continued progress made towards the completion of the contract and changes in estimated contract costs. There were no contract losses recognized during the year ended December 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment and Geographical Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting Information [Line Items]

Cost of sales

$ (129,189,000)

$ (72,157,000)

$ (28,635,000)

Interest income

18,187,000

2,597,000

2,920,000

Change in fair value of warrant liability

(50,295,000)

(3,079,000)

(147,000)

Loss on extinguishment of debt

(30,400,000)

Consolidated net loss

(298,340,000)

(231,133,000)

(135,457,000)

Operating Segments [Member]

Segment Reporting Information [Line Items]

Revenue

159,855,000

60,792,000

55,235,000

Cost of sales

(129,189,000)

(72,157,000)

(28,635,000)

Compensation

^[1]

(121,925,000)

(82,628,000)

(71,656,000)

Materials and consumables

^[1]

(76,525,000)

(58,021,000)

(48,283,000)

Contractors and outside services

^[1]

(16,063,000)

(10,568,000)

(8,886,000)

Depreciation and amortization

(20,511,000)

(12,545,000)

(4,707,000)

Interest income

18,187

2,597

2,920

Interest expense, net

(21,563,000)

(22,970,000)

(6,883,000)

Change in fair value of warrant liability

(50,295,000)

(1,649,000)

(147,000)

Loss on extinguishment of debt

(30,400,000)

Gain on settlement of contingent liabilities

8,397

Other segment items

^[2]

(18,308,000)

(33,984,000)

(24,415,000)

Consolidated net loss

$ (298,340,000)

$ (231,133,000)

$ (135,457,000)

[1]	Compensation, materials and consumables, contractors and outside services, and depreciation and amortization expenses presented in the above table represent operating expenses, and exclude amounts included in cost of sales.
[2]	Other segment items included primarily those related to IPO and other transaction costs, building and utilities, professional and consulting services fees, software and hardware expense, and other general corporate expenses and research and development expenses.

Leases - Schedule of Reconciles the Undiscounted Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finance Leases
2026	$ 1,377
2027	1,424
2028	375
2029	352
2030	55
Thereafter	0
Finance Lease Liability Total Payments, Total	3,583
Less: Imputed interest	(523)
Total lease liabilities	3,060
Operating Leases
2026	2,122
2027	1,972
2028	1,958
2029	2,013
2030	2,062
Thereafter	16,715
Lessee Operating Total Lease Liability, Total	26,842
Less: Imputed interest	(9,849)
Total lease liabilities	$ 16,993

Notes Payable - Interest Expense Related to the Term Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 11,605	$ 19,068	$ 6,995
Amortization of debt issuance costs	4,315	6,173	2,155
Total interest expense	$ 15,920	$ 25,241	$ 9,150

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

Prior Period Reclassifications

Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

Cash, Cash Equivalents, and Short-Term Investments

Restricted Cash

Accounts Receivable

Customer accounts receivable are reported at the amount management expects to collect on balances outstanding at year-end.

Allowance for Credit Losses

Advanced Payments

Property and Equipment


Asset Category	Estimated Useful Lives
Machinery and equipment	5 years
Test stands	7 - 10 years
Buildings	15 years
Furniture and fixtures	5 years
Computer equipment	3 years
Software	3 years
Vehicles	5 years
Leasehold improvements	The shorter of the lease term or the useful life

Leases

Sales and Leaseback

Intangible Assets, Net

Goodwill

After assessing the totality of events and circumstances, if determined that it is not more likely than not that the fair value of a reporting

Impairment of Long-Lived Assets

Notes Payable

Warrant Liabilities

Fair Value Measurements

Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities

Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly

Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

Entities are permitted to choose to measure certain financial instruments and other items at fair value.

Deferred Revenue

Business Combination

Revenue Recognition

Cost of Sales

Concentration of Credit Risk

Major customers are defined as those individually comprising more than 10% of the Company’s total revenue. The Company’s revenue related to its major customers was as follows:


	For the Year Ended December 31,
	2025			2024			2023
Customer 1		59.1	%		58.6	%		30.7	%
Customer 2		8.9	%		23.2	%		11.4	%
Customer 3		3.4	%		11.2	%		—
Customer 4		0.1	%		—			17.2	%
Customer 5		—			—			32.9	%

The Company’s customers that accounted for 10% or more of the total accounts receivable, were as follows:


	December 31,
	2025			2024
Customer 1		28.6	%		—
Customer 2		22.9	%		—
Customer 3		12.8	%		—

Research and Development

Redeemable Convertible Preferred Stock

Stock-Based Compensation

Income Taxes

Segment Reporting

Net Loss Per Share

Recently Issued Accounting Standards

Recently Issued Accounting Pronouncements Not Yet Adopted

ASU 2023-06

ASU 2024-03

ASU 2025-05

ASU 2025-06

ASU 2025-11

Recently Adopted Accounting Pronouncements

ASU 2023-09

ASU 2025-10

Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Effective Income Tax Rate Reconciliation [Line Items]

Effective income tax rate

$ (37,128)

$ 0

$ 4

Income tax benefit at statutory rate

21.00%

State income taxes

3.30%

4.50%

Change in valuation allowance

(23.80%)

(23.60%)

Effective income tax rate

0.00%

ASU 2023-09

Effective Income Tax Rate Reconciliation [Line Items]

Income tax benefit at statutory rate

$ (70,448)

State income taxes

^[1]

(5,143)

Change in valuation allowance

23,604

Loss on derivatives

10,562

Other

4,297

Effective income tax rate

$ (37,128)

Income tax benefit at statutory rate

21.00%

State income taxes

^[1]

2.00%

Change in valuation allowance

(7.00%)

Loss on derivatives

(3.00%)

Other

(1.00%)

Effective income tax rate

11.00%

[1]	(1) State and local taxes in California and Colorado comprise the majority of this category.

Notes Payable

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Notes Payable

11. Notes Payable

Financing Agreement

On July 17, 2023, the Company entered into a financing agreement (as amended from time to time and last amended August 13, 2024, the “Financing Agreement”) among the Company, as the Borrower, certain subsidiaries of the Company (collectively, “Guarantors”), lenders (the “Lenders”) and U.S. Bank Trust Company, N.A., as administrative agent and collateral agent (“Agent”). The Financing Agreement provided term loans in the aggregate principal amount of $136.1 million, comprised of $103.5 million principal amount of term A loans (the “Term A Loans”) and $32.6 million principal amount of term B loans (the “Term B Loans,” and together with the Term A Loans, and along with the incremental term loans from subsequent amendments from time to time, the “Term Loans”). The Term Loans mature on July 17, 2028 (the “Term Loan Maturity Date”).

All obligations under the Financing Agreement were guaranteed by the Company and Guarantors, comprised of all wholly owned domestic subsidiaries of the Company other than certain excluded subsidiaries, and were secured by substantially all of the Company’s assets.

An AON Insurance Policy was issued to the Agent on behalf of the Lenders, which indemnified the Lenders up to $103.5 million of the Term A Loans for any loss incurred if the Company fails to pay the Term Loans when due. The Company paid the initial insurance

premium of $15.0 million using the proceeds from the Term Loans. The Company was required to pay the insurer an exit fee equal to 0.75% of the principal amount of the Term A Loans on the date on which the loans were prepaid.

The Financing Agreement required the Company to fund certain collateral accounts, comprised of interest reserve accounts and an insurance premium reserve account. Cash interest due but not paid from available unrestricted cash was payable from the interest reserve accounts, and funds deposited in the insurance premium account were used to pay the insurance premiums when due.

The Company paid $18.7 million in debt issuance costs, including both lender fees and third-party costs, using the proceeds of the Term Loans.

The Term Loans bore fixed interest rates. The interest rate for the Term A Loans was 13.875% per annum. The interest rate for the Term B Loans is 13.875% per annum from the initial closing date to the third anniversary of the initial closing date and 19.135% per annum thereafter until the Term Loan Maturity Date. Interest was computed on the basis of a 360‑day year for the actual number of days elapsed and payable monthly in cash and in arrears on the last business day of each calendar month.

Mandatory prepayments were required to be made upon the occurrence of certain events. Voluntary prepayments were permitted in whole or in part at any time. All prepayments were subject to a specified premium that applies for the first 24 months following the initial closing date, calculated as the present value of the sum of the amounts of each unpaid interest payment due during the specified premium period computed using a discount rate equal to the treasury rate on the day one business day prior to the date of prepayment, plus 0.5%.

The Financing Agreement contained certain covenants including a requirement for a minimum cash balance, financial covenants, and negative covenants customary for transactions of this type, including a specific covenant to the interest reserve accounts to maintain a minimum interest reserve amount equal to 7.9% of the aggregate balance of the Term Loans.

The initial debt issuance costs, including the insurance premium paid, estimated second premium and final premium, exit fee and discount created by allocating proceeds to the fair value of the Series J Warrants issued in connection with the issuance of the Term Loans (refer to Note 9. Fair Value Measurement for further detail), were deferred and amortized to interest expense over the contractual term of the Term Loans using the effective interest method.

The subsequent amendments of the Financing Agreement following the initial closing date did not result in a troubled debt restructuring and were all accounted for as debt modifications. As a result, the third-party costs incurred were expensed and newly incurred lender fees, along with the previously deferred and unamortized issuance costs of the Term Loans prior to the amendments, were deferred and amortized over the remaining contractual term of the Term Loans.

Term Loans Extinguishment

On August 8, 2025, the Company completed its IPO and used a portion of the net proceeds to fully repay the outstanding Term Loans under the Financing Agreement. The repayment included the principal amounts of the outstanding Term Loans, accrued interest, and applicable prepayment premiums.

The Company recognized a loss on extinguishment of debt of $30.4 million, which includes the write-off of unamortized debt issuance costs, specified premium, and the exit fee associated with the Term A Loans and Term B Loans. The specified premium applicable to the prepayment was calculated in accordance with the terms of the Financing Agreement.

Following the repayment, all obligations under the Financing Agreement, including guarantees and collateral arrangements, were terminated. The interest reserve accounts and insurance premium reserve account were released, and the related restricted cash balances were reclassified to unrestricted cash.

Interest expense recognized related to the Term Loans was as follows:


	For the Year Ended December 31,
	2025		2024		2023
Contractual interest expense	$	11,605	$	19,068	$	6,995
Amortization of debt issuance costs		4,315		6,173		2,155
Total interest expense	$	15,920	$	25,241	$	9,150

Convertible Notes

On August 13, 2024, the Company issued $25.0 million in subordinated convertible promissory notes (the “Convertible Notes”) to AE Industrial as the lender. The Convertible Notes accrued 15% interest per annum payable at maturity or upon early prepayment and had an original maturity date of August 18, 2028. The Convertible Notes were subordinated to all other senior indebtedness of the Company.

Pursuant to the terms of the Convertible Notes, the outstanding principal and accrued interest of the Convertible Notes would automatically share settle into the same preferred stock issued to investors at the closing of a qualified financing event, at a settlement price equal to the price of such preferred stock being offered in such financing event. A qualified financing event is a transaction in which the Company sells and issues new preferred shares, including to investors other than AE Industrial or its affiliates.

In the event of a consolidation, or merger of the Company where there is a change of control or a sale, lease or other disposition of all or substantially all of the assets of the Company (“Sale”) prior to a qualified financing event, the Company was required to redeem the Convertible Notes for cash equal to the greater of the outstanding principal plus accrued interest and the amount the lender would have received if the entire outstanding principal amount and all accrued and unpaid interest on the Convertible Notes had been converted into Series C-1 Preferred Stock shares of the Company at the Series C-1 Conversion Price immediately prior to, but contingent upon, the closing of such event.

If neither a qualified financing event or a Sale event occurred prior to the maturity date, the outstanding principal and accrued interest of the Convertible Notes would automatically convert into Series C-1 Preferred Stock of the Company at a conversion price equal to the original issue price of the Series C Preferred Stock (subject to certain adjustments). Series C-1 Preferred Stock would have the same terms as to the Series C Preferred Stock. The outstanding principal and accrued interest of the Convertible Notes could be accelerated by the lender upon the occurrence and continuation of an event of default.

The redemption upon a Sale event feature required bifurcation as an embedded derivative. However, such embedded derivative only had de minimis value given that the probability of the triggering event was considered remote.

The Company did not incur material debt issuance costs. As a result, the effective interest rate of the Convertible Notes is equal to the contractual interest rate of 15% per annum.

The outstanding principal of $25.0 million and accrued interest of $0.8 million of the Convertible Notes automatically share settled into 1.5 million shares of Series D-1 Preferred Stock when the Company closed on the Series D Preferred Stock financing on October 31, 2024. Such settlement was accounted for as a debt extinguishment transaction with no gain or loss being recognized given that the settlement price was at par amount and there was no unamortized debt issuance cost at the time of settlement (Refer to Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail on the Series D-1 Preferred Stock).

Revolving Line of Credit

On August 8, 2025, following the completion of the IPO, the Company entered into a new revolving credit agreement providing for a senior secured revolving credit facility (the “Revolving Credit Facility”) in the aggregate principal amount of $125.0 million, which includes a sublimit for the issuance of letters of credit in an amount up to $15.0 million and a sublimit for swingline loans in an amount up to $7.5 million.

The Revolving Credit Facility matures on August 8, 2028. The loans under the Revolving Credit Facility bear interest at a variable rate per annum equal to, at the Company's option, either (a) term SOFR plus a 3.00% spread or (b) an alternative base rate (as set forth in the credit agreement) plus a 2.00% spread. A commitment fee of 0.375% per annum is applied on the unused commitments under the Revolving Credit Facility.

In connection with the execution of the Revolving Credit Facility, the Company incurred $2.4 million in lender fees, which was deferred and capitalized in other noncurrent assets on the consolidated balance sheets.

On November 7, 2025, the Company amended the revolving credit agreement, which provides the Company with the Revolving Credit Facility. The amendment, among other things, increased the commitments under the Revolving Credit Facility by $135.0 million for an aggregate principal amounts of $260.0 million. The amendment was structured to provide additional borrowing capacity to support the acquisition of SciTec, Inc. and to further enhance the Company’s liquidity position. The maturity date of the Revolving Credit Facility remains unchanged. On November 10, 2025, the Company drew upon the entire $260.0 million principal amount of the loan from the Revolving Credit Facility. The loan bears interest at variable rate per annum equal to term SOFR plus a 3.00% spread and the accrued interest is payable in arrears at the end of each month. At December 31, 2025, $260.0 million remains drawn under the Revolving Credit Facility.

In connection with the amendment of the Revolving Credit Facility, the Company incurred additional $1.4 million debt issuance cost, which was deferred and capitalized in other noncurrent assets on the consolidated balance sheets, along with the unamortized debt issuance costs incurred for the execution of the Revolving Credit Facility.

The capitalized debt issuance cost is amortized into interest expense over the term of the Revolving Credit Facility on a straight-line basis. The unamortized debt issuance costs for the Revolving Facility totaled $3.4 million as of December 31, 2025. The interest expense recognized related to the Revolving Facility is $3.1 million for the year ended December 31, 2025, including $2.7 million of contractual interest expense and $0.4 million in amortization of debt issuance costs.

The following table presents the Company's outstanding debt:


	For the Year Ended December 31,
Notes	2025			2024
4.50% due 2026	$	184		$	359
7.71% due 2029(2)		18,403			22,697
8.31% due 2031(2)		8,692			9,936
13.875% due 2028		—			136,117
Other notes		1,530			1,736
Outstanding borrowings on Revolving Credit Facility		260,000			—
Total debt		288,809			170,845
Less: Unamortized issuance costs(1)		(269	)		(22,893	)
Total debt, net		288,540			147,952
Less: Current portion		7,099			6,349
Long-term debt, net	$	281,441		$	141,603

(1) The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

(2) Includes obligations related to various equipment recorded as failed sale leaseback transactions. Refer to Note 10. Leases for further detail.

The following table summarizes the future principal payments on notes payable in each of the next five years and thereafter:


2026	$	7,189
2027		6,913
2028		267,078
2029		5,084
2030		1,882
Thereafter		663
Total		288,809
Less: Unamortized issuance costs(1)		(269	)
Total debt, net	$	288,540

(1) The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Property and Equipment, Net (Additional Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 17.1	$ 12.5	$ 4.7
Capitalized interest in connection with construction in progress	$ 1.8	$ 7.4

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill are detailed below:


Balance at December 31, 2023	$	17,097
Balance at December 31, 2024		17,097
Acquisition through business combinations(1)		433,022
Balance at December 31, 2025	$	450,119

(1) refer to Note 9. Fair Value Measurement for further detail.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table presents revenue disaggregated by type:


	For the Year Ended December 31,
	2025		2024		2023
Launch revenue	$	28,620	$	22,631	$	33,017
Spacecraft Solutions revenue		131,235		38,161		20,912
Other revenue		—		—		1,306
Total revenue	$	159,855	$	60,792	$	55,235

Schedule of Contract Assets

Contract assets consisted of the following:


	December 31,
	2025		2024
Unbilled receivables	$	16,117	$	—
Retainage		879		—
Total contract assets	$	16,996	$	—

During the year ended December 31, 2025, the Company acquired $13.7 million of contract assets through business combinations.

Schedule of Deferred Revenue

Deferred revenue consisted of the following:


	For the Year Ended December 31,
	2025		2024
Launch	$	77,843	$	65,403
Spacecraft Solutions		130,857		87,291
Other		—		1,279
Total deferred revenue	$	208,700	$	153,973

Leases (Additional Information) (Details) $ in Thousands	12 Months Ended
Leases (Additional Information) (Details) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 24, 2025 ft²
Lessee, Lease, Description [Line Items]
Right-of-use assets - operating leases	$ 13,938	$ 14,604
Rent Incraese annual by Percentage			3.50%
Right-of-use assets - operating leases decreases	4,300
Right of use For lease liability	4,500
Lease Liability	16,993
Area Of Land \| ft²			44,576
Price per Square foot \| ft²			17
Notes payable, current	7,099	6,349
Notes payable, non-current	281,441	124,079
Payment for purchase and leaseback agreements	5,500	2,500
Interest expense on purchase and leaseback agreement	400	1,400
Sale and Leaseback Transactions Member
Lessee, Lease, Description [Line Items]
Notes payable		34,700
Notes payable, current	6,000	5,500
Notes payable, non-current	$ 21,100	$ 27,100
Minimum
Lessee, Lease, Description [Line Items]
Operating Lease Remaining Term	1 year
Remaining lease term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating Lease Remaining Term	17 years
Remaining lease term	7 years

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 205,831	$ 161,317
Less: Accumulated depreciation	(42,093)	(25,742)
Property and equipment, net	163,738	135,575
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	47,124	42,040
Test stands
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,255	37,209
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	48,999	48,830
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,123	3,505
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	38,654	17,551
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,359	1,200
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,713	2,156
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,141	1,122
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	479	421
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,984	$ 7,283

Notes Payable and Warrants - Principal Payments Under the Term Loans (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

$ 7,189

6,913

267,078

5,084

1,882

663

288,809

$ 170,845

Less: Unamortized issuance costs

^[1]

(269)

^[2]

(22,893)

Total debt, net

$ 288,540

$ 147,952

[1]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.
[2]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cybersecurity Risk Management and Strategy Cybersecurity We believe cybersecurity is critical to advancing our strategy and the growth of our business and as a result, have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats. We manufacture and operate launch, landers, and spacecraft vehicles, and provide critical mission support to national security, government and commercial customers that depend on complex technology and face a multitude of cybersecurity threats. CMMC Certification and CUI Management We are Cybersecurity Maturity Model Certification (CMMC) certified, demonstrating our commitment to protecting Controlled Unclassified Information (CUI) and meeting DoW cybersecurity standards. We continue to expand the boundaries for management of CUI, adopting principles based on the National Institute of Standards and Technology Cybersecurity Framework 800-171 across the organization. This framework, integrated into our overall enterprise risk management system, enables us to implement comprehensive security controls designed to protect the confidentiality of sensitive information throughout our operations, supply chain, and business processes. Third-Party Risk Management We also work cooperatively with our suppliers, subcontractors, venture partners and other parties. Failures and disruptions or compromises to our or our third parties’ systems may cause targeted cyber attacks or similar events or incidents to impact our business and operations. While we have built operational processes to help ensure the integrity of our design, manufacture, performance and servicing of our systems, there can be no assurance that we will not experience operational or process failures and other problems due to cyber incidents. Cybersecurity Controls and Monitoring We use several methods for controlling cybersecurity risks and threats. We use next generation firewall hardware designed to identify threats and malware and block those in transit before they reach our networks. We utilize endpoint management software that identifies malware/viruses and blocks those before execution. We also implement software tools that create weekly reports of vulnerabilities for the Information Technology (“IT”) organization to review and action. Additionally, we have systems that collect logs and events from various elements within the networks including firewalls, servers, network hardware, and user equipment and displays all these events in one place for forensic analysis and tracking. If any security incidents do occur, they are tracked within our incident response system through to closure. We also engage periodically with third party consultants to assess cyber risk to both our mission operations network and our business operations network. Material Impact and Future Considerations We have not experienced any cybersecurity incidents that have had a material impact on our business strategy, results of operations or financial condition. Our costs to adequately counter the risk of cyber attacks and to comply with contractual and/or regulatory compliance requirements may increase significantly in the future. If there is a security vulnerability, error, or other bug in one of ours or our critical third-party systems or if there is a security exploit targeting them, we could face increased costs, claims, liability, reduced revenue, and harm to our reputation or competitive position. See “Risk Factors — Risks Related to Our Business — A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyber attacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations.” Cybersecurity Governance Our Board of Directors holds collective oversight responsibility for our strategic and operational risks. Assisting the Board of Directors in this capacity, our Audit Committee of the Board of Directors (the “Audit Committee”) thoroughly reviews and deliberates on our risk assessment and risk management practices, including cybersecurity risks, in collaboration with management. The Audit Committee provides periodic reports on these reviews to the full Board of Directors. Management bears the responsibility for the day-to-day assessment and management of cybersecurity risks. Our Chief Information Officer (CIO) assumes primary oversight of material risks stemming from cybersecurity threats. With over 20 years of experience across various information technology roles, our CIO also serves as the Vice President accountable for the Information Technology organization and information protection. Our CIO is a Boardroom Certified Qualified Technology Expert (QTE), possessing the formal education necessary to serve as a corporate director or advise the corporate boardroom on digital, cybersecurity and systemic risk in complex digital business systems. Reporting directly to our CIO, our Director of Cybersecurity brings over 13 years of experience in information systems, cybersecurity, and threat detection across both aerospace and U.S. Army organizations. He is a Certified Information Systems Security Professional (CISSP), demonstrating advanced expertise in security architecture, risk management, and security operations. Our CIO and Cybersecurity Director evaluate our cybersecurity readiness through a combination of internal assessment tools and third-party control tests, vulnerability assessments, audits, and alignment with industry standards. We maintain governance and compliance structures tailored to promptly escalate cybersecurity-related matters to our cybersecurity team, addressing potential threats or vulnerabilities. Incidents undergo evaluation based on their impact and potential materiality, followed by reporting to designated internal and external personnel in accordance with defined procedures. Moreover, we implement diverse defensive measures and continuous monitoring techniques, leveraging established industry frameworks and cybersecurity standards, including collaboration with third-party security operations centers. Our CIO conducts periodic meetings with the Audit Committee to review our information technology systems and address significant cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We are Cybersecurity Maturity Model Certification (CMMC) certified, demonstrating our commitment to protecting Controlled Unclassified Information (CUI) and meeting DoW cybersecurity standards. We continue to expand the boundaries for management of CUI, adopting principles based on the National Institute of Standards and Technology Cybersecurity Framework 800-171 across the organization. This framework, integrated into our overall enterprise risk management system, enables us to implement comprehensive security controls designed to protect the confidentiality of sensitive information throughout our operations, supply chain, and business processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Board of Directors holds collective oversight responsibility for our strategic and operational risks. Assisting the Board of Directors in this capacity, our Audit Committee of the Board of Directors (the “Audit Committee”) thoroughly reviews and deliberates on our risk assessment and risk management practices, including cybersecurity risks, in collaboration with management. The Audit Committee provides periodic reports on these reviews to the full Board of Directors. Management bears the responsibility for the day-to-day assessment and management of cybersecurity risks. Our Chief Information Officer (CIO) assumes primary oversight of material risks stemming from cybersecurity threats. With over 20 years of experience across various information technology roles, our CIO also serves as the Vice President accountable for the Information Technology organization and information protection. Our CIO is a Boardroom Certified Qualified Technology Expert (QTE), possessing the formal education necessary to serve as a corporate director or advise the corporate boardroom on digital, cybersecurity and systemic risk in complex digital business systems. Reporting directly to our CIO, our Director of Cybersecurity brings over 13 years of experience in information systems, cybersecurity, and threat detection across both aerospace and U.S. Army organizations. He is a Certified Information Systems Security Professional (CISSP), demonstrating advanced expertise in security architecture, risk management, and security operations. Our CIO and Cybersecurity Director evaluate our cybersecurity readiness through a combination of internal assessment tools and third-party control tests, vulnerability assessments, audits, and alignment with industry standards. We maintain governance and compliance structures tailored to promptly escalate cybersecurity-related matters to our cybersecurity team, addressing potential threats or vulnerabilities. Incidents undergo evaluation based on their impact and potential materiality, followed by reporting to designated internal and external personnel in accordance with defined procedures. Moreover, we implement diverse defensive measures and continuous monitoring techniques, leveraging established industry frameworks and cybersecurity standards, including collaboration with third-party security operations centers. Our CIO conducts periodic meetings with the Audit Committee to review our information technology systems and address significant cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors holds collective oversight responsibility for our strategic and operational risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors holds collective oversight responsibility for our strategic and operational risks. Assisting the Board of Directors in this capacity, our Audit Committee of the Board of Directors (the “Audit Committee”) thoroughly reviews and deliberates on our risk assessment and risk management practices, including cybersecurity risks, in collaboration with management. The Audit Committee provides periodic reports on these reviews to the full Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	Management bears the responsibility for the day-to-day assessment and management of cybersecurity risks. Our Chief Information Officer (CIO) assumes primary oversight of material risks stemming from cybersecurity threats. With over 20 years of experience across various information technology roles, our CIO also serves as the Vice President accountable for the Information Technology organization and information protection. Our CIO is a Boardroom Certified Qualified Technology Expert (QTE), possessing the formal education necessary to serve as a corporate director or advise the corporate boardroom on digital, cybersecurity and systemic risk in complex digital business systems. Reporting directly to our CIO, our Director of Cybersecurity brings over 13 years of experience in information systems, cybersecurity, and threat detection across both aerospace and U.S. Army organizations. He is a Certified Information Systems Security Professional (CISSP), demonstrating advanced expertise in security architecture, risk management, and security operations. Our CIO and Cybersecurity Director evaluate our cybersecurity readiness through a combination of internal assessment tools and third-party control tests, vulnerability assessments, audits, and alignment with industry standards. We maintain governance and compliance structures tailored to promptly escalate cybersecurity-related matters to our cybersecurity team, addressing potential threats or vulnerabilities. Incidents undergo evaluation based on their impact and potential materiality, followed by reporting to designated internal and external personnel in accordance with defined procedures. Moreover, we implement diverse defensive measures and continuous monitoring techniques, leveraging established industry frameworks and cybersecurity standards, including collaboration with third-party security operations centers. Our CIO conducts periodic meetings with the Audit Committee to review our information technology systems and address significant cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management bears the responsibility for the day-to-day assessment and management of cybersecurity risks. Our Chief Information Officer (CIO) assumes primary oversight of material risks stemming from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	over 20 years of experience across various information technology roles, our CIO also serves as the Vice President accountable for the Information Technology organization and information protection. Our CIO is a Boardroom Certified Qualified Technology Expert (QTE), possessing the formal education necessary to serve as a corporate director or advise the corporate boardroom on digital, cybersecurity and systemic risk in complex digital business systems.our Director of Cybersecurity brings over 13 years of experience in information systems, cybersecurity, and threat detection across both aerospace and U.S. Army organizations. He is a Certified Information Systems Security Professional (CISSP), demonstrating advanced expertise in security architecture, risk management, and security operations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CIO and Cybersecurity Director evaluate our cybersecurity readiness through a combination of internal assessment tools and third-party control tests, vulnerability assessments, audits, and alignment with industry standards. We maintain governance and compliance structures tailored to promptly escalate cybersecurity-related matters to our cybersecurity team, addressing potential threats or vulnerabilities. Incidents undergo evaluation based on their impact and potential materiality, followed by reporting to designated internal and external personnel in accordance with defined procedures. Moreover, we implement diverse defensive measures and continuous monitoring techniques, leveraging established industry frameworks and cybersecurity standards, including collaboration with third-party security operations centers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (298,340)	$ (231,133)	$ (135,457)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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+ Details

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 0	$ 0	$ 0
State	64	0	4
International	0	0	0
Total current taxes	64	0	4
Deferred:
Federal	(30,617)	0	0
State	(6,575)	0	0
International	0	0	0
Total deferred taxes	(37,192)	0	0
Effective income tax rate	$ (37,128)	$ 0	$ 4

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
shares in Thousands, $ in Thousands

Total

Redeemable Convertible Preferred Stock

Common Stock

Additional Paid-in Capital, Net

Accumulated Deficit

Series C Preferred Stock

Redeemable Convertible Preferred Stock

Series D-1 Preferred Stock

Redeemable Convertible Preferred Stock

Series D-3 Preferred Stock

Redeemable Convertible Preferred Stock

Series D-4 Preferred Stock

Redeemable Convertible Preferred Stock

^[1]

Series M Preferred Stock

Redeemable Convertible Preferred Stock

Common stock, shares, outstanding, beginning balance (in shares) at Dec. 31, 2022

11,624

Equity, beginning balance at Dec. 31, 2022

$ (350,702)

$ 354,413

^[1]

$ 1

$ 4,637

$ (355,340)

Preferred stock beginning balance (in shares) at Dec. 31, 2022

^[1]

17,170

Issuance of common stock under equity plan (in shares)

786

Issuance of common stock under equity plan

876

Stock-based compensation

1,612

Issuance of stock, net (in shares)

^[1]

9,852

2,738

Issuance of stock, net

^[1]

$ 150,833

$ 9,804

Accretion of redeemable convertible preferred stock

(20,814)

$ 20,814

^[1]

(7,125)

(13,689)

Cash dividends paid on Preferred stock

IPO Closing Preferred Stock Dividend

Conversion of Preferred Stock to common stock upon initial public offering

Net exercise of Common Warrants into common stock

Net Income (Loss)

(135,457)

Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2023

12,410

Equity, ending balance at Dec. 31, 2023

(504,485)

$ 535,864

^[1]

$ 1

(504,486)

Preferred stock ending balance (in shares) at Dec. 31, 2023

^[1]

29,760

Issuance of common stock under equity plan (in shares)

831

Issuance of common stock under equity plan

831

Stock-based compensation

1,842

Issuance of stock, net (in shares)

1,307

^[1]

10,447

^[1]

Issuance of stock, net

$ 21,000

^[1]

$ 166,855

$ 1,186

^[1]

Accretion of redeemable convertible preferred stock

(34,677)

$ 34,677

^[1]

(2,673)

(32,004)

Cash dividends paid on Preferred stock

IPO Closing Preferred Stock Dividend

Conversion of Preferred Stock to common stock upon initial public offering

Net exercise of Common Warrants into common stock

Net Income (Loss)

$ (231,133)

(231,133)

Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2024

13,241

Equity, ending balance at Dec. 31, 2024

$ (767,622)

$ 759,582

^[1]

$ 1

(767,623)

Preferred stock ending balance (in shares) at Dec. 31, 2024

^[1]

41,588

Issuance of common stock under equity plan (in shares)

2,612

Issuance of common stock under equity plan

2,805

$ 2

2,803

Stock-based compensation (in shares)

Stock-based compensation

17,840

Issuance of common stock related to business combinations (in shares)

11,111

Issuance of common stock related to business combinations

269,556

$ 1

269,555

Issuance of common stock upon settlement of Preferred Stock Dividends (in shares)

3,251

Issuance of common stock upon settlement of Preferred Stock Dividends

86,124

$ (86,124)

^[1]

11,976

74,148

Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs (in shares)

22,190

Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs

932,133

$ 2

932,131

Issuance of stock, net (in shares)

10,404

551

2,811

Issuance of stock, net

$ 175,116

$ 10,000

$ 47,880

Accretion of redeemable convertible preferred stock

(35,623)

35,623

^[1]

(2,169)

(33,454)

Cash dividends paid on Preferred stock (in shares)

Cash dividends paid on Preferred stock

(4,990)

$ (4,990)

^[1]

(4,990)

4,990

Conversion of Redeemable Convertible Preferred Stock to common stock in connection with initial public offering (in shares)

(55,354)

^[1]

105,832

Conversion of Redeemable Convertible Preferred Stock to common stock in connection with initial public offering

937,006

$ (937,087)

^[1]

$ 11

936,995

Net exercise of Common Warrants to common stock in connection with initial public offering

46,060

IPO Closing Preferred Stock Dividend

4,990

^[1]

4,990

(4,990)

Conversion of Preferred Stock to common stock upon initial public offering

937,087

Net exercise of Common Warrants into common stock

46,060

Net exercise of Common Warrants to common stock in connection with initial public offering, Shares

1,024

Net Income (Loss)

$ (298,340)

(298,340)

Common stock, shares, outstanding, ending balance (in shares) at Dec. 31, 2025

159,276

Equity, ending balance at Dec. 31, 2025

$ 1,189,939

$ 0

$ 17

$ 2,210,201

$ (1,020,279)

Preferred stock ending balance (in shares) at Dec. 31, 2025

[1]	Refer to Note 13 for details of the classes of Preferred Stock and movements therein.

Leases - Schedule of Operating and Finance Lease Right-of-use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 13,938	$ 14,604
Finance lease right-of-use assets	3,735	3,708
Current
Operating lease liabilities	1,161	1,128
Finance lease liability, current	1,056	856
Noncurrent:
Operating lease liabilities	15,832	16,466
Finance lease liabilities	$ 2,004	$ 1,996

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Common stock, par or stated value per share (in USD per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	1,000,000	154,397
Common stock, shares, issued (in shares)	159,276	13,241
Common stock, shares, outstanding (in shares)	159,276	13,241
Redeemable Convertible Preferred Stock [Member]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized (in shares)	100,000	51,033
Temporary equity, Shares issued	0	41,588
Temporary equity, Shares outstanding	0	41,588
Aggregate Liquidation Preferences	$ 0	$ 1,227,158

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net Loss Per Share

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during each period.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of fully dilutive common shares outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, RSUs, convertible notes and stock options. For the years ended December 31, 2025, 2024, and 2023 there was no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive. The Company has determined that all series of Preferred Stock are participating securities under the two-class method, however,

holders of the Preferred Stock are not required to fund losses. Dividends have been accreted for the Company’s outstanding shares of Series C, Series D-1 and Series D-3 Preferred Stock (refer to Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock for further detail).

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	For the Year Ended December 31,
	2025			2024			2023
Numerator:
Consolidated net loss	$	(298,340	)	$	(231,133	)	$	(135,457	)
Less: Accretion of dividends of Series C Preferred Stock		13,240			21,224			20,814
Less: Accretion of dividends of Series D-1 Preferred Stock		21,989			13,453			—
Less: Accretion of dividends of Series D-3 Preferred Stock		394			—			—
Net loss available to common stockholders	$	(333,963	)	$	(265,810	)	$	(156,271	)
Denominator:
Weighted-average common shares outstanding – basic and diluted		69,204			12,819			11,977
Net loss per share attributable to common stockholders – basic and diluted	$	(4.83	)	$	(20.74	)	$	(13.05	)

A summary of the total number of securities excluded from diluted net loss per share that could be potentially dilutive in the future is as follows:


	For the Year Ended December 31,
	2025		2024		2023
Convertible Series Seed Preferred Stock		—		2,023		2,023
Convertible Series Seed-1 Preferred Stock		—		3,273		3,273
Convertible Series A Preferred Stock		—		6,005		6,005
Convertible Series B Preferred Stock		—		5,869		5,869
Convertible Series C Preferred Stock		—		11,159		9,852
Convertible Series M Preferred Stock		—		2,812		2,738
Series J Warrants		646		646		579
Common Warrants		—		1,045		—
Convertible Series D-1 Preferred Stock		—		10,447		—
Stock options		15,365		16,000		14,195
RSUs		3,889		—		—
Convertible Notes		—		69		—
Total		19,900		59,348		44,534

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The components of income before taxes are as follows:


	For the Year Ended December 31,
	2025			2024			2023
United States	$	(335,468	)	$	(231,133	)	$	(135,457	)
International		—			—			—
Loss before income tax benefit	$	(335,468	)	$	(231,133	)	$	(135,457	)

Income tax expense is comprised of the following:


	For the Year Ended December 31,
Current:	2025			2024		2023
Federal	$	—		$	—	$	—
State		64			—		4
International		—			—		—
Total current taxes	$	64		$	—	$	4

Deferred:
Federal	$	(30,617	)	$	—	$	—
State		(6,575	)		—		—
International		—			—		—
Total deferred taxes	$	(37,192	)	$	—	$	—

Income tax benefit	$	(37,128	)	$	—	$	4

On July 4, 2025, Public Law 119-21, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted in the U.S. The OBBBA introduces several significant changes, including the permanent extension and modification of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions taking effect in tax year 2025 and others phased in through 2027. There were no material impacts of this legislation to our financial statements for the year ended December 31, 2025; however, management will continue to evaluate the full impact of these legislative changes as more guidance becomes available.

The provision for income tax using statutory U.S. federal tax rate of 21% is reconciled to the Company’s effective tax rate as follows, pursuant to the disclosure requirements of ASU 2023-09:


	For the Year Ended December 31, 2025
Income tax benefit at statutory rate	$	(70,448	)	21	%
State and local income taxes, net of federal benefit (1)		(5,143	)	2	%
Change in valuation allowance		23,604		(7	%)
Non-taxable or non-deductible items:
Loss on derivatives		10,562		(3	%)
Other		4,297		(1	%)
Effective income tax rate	$	(37,128	)	11.0	%

(1) State and local taxes in California and Colorado comprise the majority of this category.

The provision for income tax using statutory U.S. federal tax rate of 21.0% is reconciled to the Company’s effective tax rate as follows:


	For the Year Ended December 31,
	2025			2024
Income tax benefit at statutory rate		21.0	%		21.0	%
State income taxes		3.3	%		4.5	%
Tax rate change		(0.9	%)		0.0	%
Other		0.0	%		(1.4	%)
Prior year true-ups		0.6	%		0.0	%
Permanent items		(0.2	%)		(0.5	%)
Change in valuation allowance		(23.8	%)		(23.6	%)
Effective income tax rate		0.0	%		0.0	%

Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09:


	For the Year Ended December 31, 2025
United States - federal	$	—
United States - state and local		—
Total income tax payments	$	—

Temporary differences and carryforwards that gave rise to significant portions of deferred taxes were as follows:


	For the Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss	$	139,203		$	120,090
Credits		2,875			2,875
Capitalized research costs		87,925			56,007
Intangible assets		—			3,912
Stock-based compensation		2,948			586
Deferred lease liability		4,148			4,267
Accruals and reserves		4,464			3,944
Interest limitation carryforwards		12,218			2,515
Deferred revenue		18,960			7,865
Other		650			697
Gross deferred tax assets		273,391			202,758
Valuation allowance		(227,752	)		(194,556	)
Total deferred tax assets	$	45,639		$	8,202
Deferred tax liabilities:
Right-of-use assets		(3,402	)		(3,543	)
Property and equipment		(8,778	)		(4,659	)
Intangible assets		(31,481	)		—
Other		(1,978	)		—
Total deferred tax liabilities	$	(45,639	)	$	(8,202	)
Net deferred tax assets	$	—		$	—

For the year ended December 31, 2025, the difference between the Company’s effective tax rate and the statutory rate is primarily driven by the valuation allowance established against U.S. federal and state deferred income tax assets and recognized losses on the Company's conversion of warrants to equity.

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of

operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided for a full net valuation allowance.

Management regularly assesses the ability to realize deferred tax assets recorded based upon the weight of available evidence, including such factors as recent earnings history and expected future taxable income on a jurisdiction-by-jurisdiction basis. In the event that the Company changes its determination as to the amount of realizable deferred tax assets, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The Company’s management believes that, based on a number of factors, it is more likely than not, that all or some portion of the deferred tax assets will not be realized; and accordingly, for the year ended December 31, 2025, the Company has provided a valuation allowance against the Company’s U.S. net deferred tax assets. The net change in the valuation allowance for the year ended December 31, 2025 was an increase of $33.2 million. The current year valuation allowance change includes a $37.2 million decrease recorded through the income statement as a result of deferred tax liabilities recorded in purchase accounting..

As of December 31, 2025, the Company had net operating loss carryforwards for U.S federal income tax purposes of $595.4 million, all of which have an indefinite carryforward period except for $5.2 million that will expire in 2037. Further, the Company has state net operating loss carryforwards of $240.7 million that expire on various dates starting 2039.

The Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the federal and state net operating losses may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions.

As of December 31, 2025, the Company had federal research credit carryforwards of approximately $4.8 million. The federal research credit carryforwards will begin to expire in 2037.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	For the Year Ended December 31,
	2025		2024		2023
Balance at January 1	$	2,100	$	2,100	$	2,100
Additions based on tax positions related to current year		—		—		—
Changes for tax positions of prior years		—		—		—
Reductions as a result of a lapse of applicable statute of limitations		—		—		—
Settlements		—		—		—
Balance at December 31	$	2,100	$	2,100	$	2,100

The total amount of gross unrecognized tax benefits was $2.1 million as of December 31, 2025, 2024 and 2023. There were no interest and penalties as of December 31, 2025, 2024 and 2023. As of December 31, 2025, $0.2 million of the total unrecognized tax benefits, if recognized, would have an impact on the Company’s effective tax rate.

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.

The Company files income tax returns in the U.S. federal and various state jurisdictions with varying statutes of limitations. The Company is generally no longer subject to tax examinations for years prior to 2022 for federal purposes and 2021 for state purposes, except in certain limited circumstances.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

7. Intangible Assets, Net

The intangible assets gross carrying amount and accumulated amortization as of December 31, 2025 are detailed below. The Company did not have any intangible assets as of December 31, 2024.


		December 31, 2025
	Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Internal-use software	1-3 years	$	18,484	$	(2,442	)	$	16,042
Trade name and trademarks	5 years		18,000		(600	)		17,400
Developed technology	10 years		74,000		(1,233	)		72,767
Customer relationships	3-9 years		61,000		(1,500	)		59,500
Total		$	171,484	$	(5,775	)	$	165,709

Amortization expense of the Company's finite-lived intangible assets was $5.8 million for the year ended December 31, 2025. The Company did not recognize any amortization expense during the years ended December 31, 2024 or 2023.

The table below presents the future amortization expense on intangible assets as of December 31, 2025:


2026	$	26,933
2027		25,833
2028		22,720
2029		16,667
2030		16,067
Thereafter		57,489
Total future amortization	$	165,709

Following performance of the annual impairment assessment for finite-lived intangible assets, the Company did not identify any events or conditions that make it more likely than not that an impairment may have occurred for the year ended December 31, 2025.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

16. Related Party Transactions

Investments and Debts

The following transactions occurred between the Company and AE Industrial, which acquired the Company during 2022 and held a 36.90% equity interest in the Company as of December 31, 2025. Even though the Company is part of AE Industrial’s portfolio of companies, it is not a part of AE Industrial’s consolidated tax return and files its tax returns independently.

During the year ended December 31, 2025, AE Industrial purchased 0.3 million shares of the Series D-1 Preferred Stock for an aggregate purchase price of $5.0 million and received $4.5 million for services related to the issuance of Series D-4 Preferred Stock, including placement, negotiation, and closing activities pursuant to a prior agreement (Refer to Note 13. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock) for further detail.

On August 8, 2025, in connection with the Company’s IPO, the Company repaid in full the Term Loans under the Financing Agreement, $21.1 million of which was held by AE Industrial. The repayment occurred prior to the contractual maturity of the Term Loans and triggered early extinguishment fees under the Financing Agreement, including specified premium and exit fees totaling $1.8 million payable to AE Industrial (Refer to Note 11. Notes Payable for further detail).

Accounts Payable and Expenses

On August 8, 2025, the Company entered into an Amended and Restated Consulting Agreement (the “Consulting Agreement”) with AE Industrial Operating Partners, LLC (“AE Operating”), an affiliate of AE Industrial. Under the Consulting Agreement, the Company will pay AE Operating an annual fee of approximately $2.4 million for consulting and advisory services until the earlier of August 8, 2027, or the time AE Industrial beneficially owns less than 10% of the Company’s outstanding common stock. Expenses recorded under this agreement for the year ended December 31, 2025 were $1.0 million.

In addition to AE Industrial, G.S. Precision and Redwire Corporation are also related parties of the Company, as these entities are part of AE Industrial’s portfolio and share a common Board of Directors. Belcan, LLC was a related party of the Company until August 31, 2024.

The following is a summary of the Company’s related party accounts payable, and related party research and development and selling, general, and administrative expenses:


	December 31,
	2025		2024
Accounts payable:
AE Industrial	$	—	$	46
Redwire Corporation		330		40
	$	330	$	86


	For the Year Ended December 31,
	2025		2024		2023
Expenses:
AE Industrial	$	1,927	$	2,301	$	645
G.S. Precision		233		—		—
Redwire Corporation		1,567		572		1,781
Belcan, LLC		—		543		933
	$	3,727	$	3,416	$	3,359

In the normal course of business, the Company engages in transactions with certain vendors and customers where AE Industrial maintains a significant ownership interest and/or can exhibit significant influence on the operations of such parties. For the years ended December 31, 2025, 2024, and 2023 transactions with other companies in AE Industrial’s investment portfolio were not material to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Summary of Income Tax Paid by Jurisdication (Details) - ASU 2023-09 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
United States - federal	$ 0
United States - state and local	0
Total income tax payment	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (298,340)	$ (231,133)	$ (135,457)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	23,156	12,545	4,707
(Gain) loss on disposal of fixed assets	(9)	1,742	(1)
Stock-based compensation	17,840	1,841	1,612
Change in fair value of warrant liability	50,295	3,079	147
Loss on extinguishment of debt	30,400	0	0
Non-cash interest expense	6,329	8,402	2,155
Non-cash interest income	(1,068)	0	0
Non-cash inventory write-off	0	247	0
Deferred income taxe	(37,192)	0	0
Changes in operating assets and liabilities:
Accounts receivable	644	1,700	(1,041)
Advanced payments	21,328	(34,553)	(39,518)
Other assets	(314)	4,523	4,458
Accounts payable	(17,449)	8,312	9,748
Accounts payable - related parties	244	(1,320)	1,025
Accrued expenses	(22,576)	(2,054)	3,925
Other liabilities	(26,381)	36,157	452
Right-of-use assets	2,128	5,884	1,689
Lease liabilities	(6,916)	(3,840)	(578)
Deferred revenue	52,957	30,818	53,243
Net cash used in operating activities	(204,924)	(157,650)	(93,434)
Cash Flows from investing activities:
Purchases of property and equipment	(32,826)	(32,697)	(77,248)
Purchases of time deposits	100,000	0	0
Acquisition of business, net of acquired cash	(277,417)	0	7,254
Proceeds from sale of property and equipment	280	0	0
Proceeds from sale of short-term investments	8,405	0	0
Net cash used in investing activities	(401,558)	(32,697)	(69,994)
Cash Flows from financing activities:
Proceeds from issuance of common stock	943,711	0	0
Costs associated with initial public offering	(11,578)	0	0
Proceeds from issuance of Preferred Stock	231,996	189,041	149,833
Principal payments on finance leases	(1,420)	(84)	(1,550)
Proceeds from issuance of notes payable	0	48,990	101,742
Payment of initial public offering closing Preferred Stock Dividend	(4,990)	0	0
Proceeds from notes payable - related parties	0	0	21,117
Repayment of notes payable - related parties	(21,117)	0	0
Payments on notes payable	(133,180)	(3,719)	(985)
Payments on mortgage principal	0	0	(188)
Payments of debt issuance costs	(4,337)	(2,301)	(24,719)
Payments of debt issuance costs - related parties	0	0	(5,385)
Proceeds from repayment of employee note	601	247	307
Proceeds from Revolving Credit Facility	260,000	0	0
Proceeds from exercise of stock options	2,204	585	559
Net cash provided by financing activities	1,261,890	232,759	240,731
Net increase in cash and cash equivalents and restricted cash	655,408	42,412	77,303
Balance, beginning of period	137,558	95,146	17,843
Balance, end of period	792,966	137,558	95,146
Cash and cash equivalents	792,966	123,431	81,945
Restricted cash, current	0	424	2,445
Restricted cash, non-current	0	13,703	10,756
Total cash and cash equivalents and restricted cash at the end of the period	792,966	137,558	95,146
Supplemental disclosures of cash flow information
Cash paid for interest	16,486	21,129	12,576
Non-cash investing and financing activities
Property and equipment additions in accounts payable	4,264	3,103	5,880
Capitalized interest (paid-in-kind)	683	0	0
Equity issued for business combination	269,556	0	9,804
Issuance of debt in exchange of software licenses	663	0	0
Acquisition of internal-use software licenses and obligations	18,484	0	0
Right-of-use asset acquired in exchange for operating lease liabilities	0	0	2,911
Right-of-use asset acquired in exchange for finance lease liabilities	1,625	109	3,900
Initial fair value of warrants at issuance	0	107	844
Property and equipment acquired through loans	0	0	630
Property and equipment acquired through finance leases	0	0	3,900
Net exercise of Common Warrants into common stock	46,060	0	0
Issuance of Preferred Stock Dividend	86,091	0	0
Conversion of Preferred Stock to common stock upon initial public offering	$ 937,087	$ 0	$ 0

Notes Payable - Net Carrying Amount of the Company's outstanding debt (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Debt Instrument [Line Items]

Total

$ 288,809

$ 170,845

Less: Unamortized issuance costs

^[1]

(269)

^[2]

(22,893)

Total debt, net

288,540

147,952

Less: Current portion

7,099

6,349

Long-term debt, net

281,441

141,603

4.50% due 2026

Debt Instrument [Line Items]

Total

184

359

7.71% due 2029

Debt Instrument [Line Items]

Total

^[3]

18,403

22,697

8.31% due 2031

Debt Instrument [Line Items]

Total

^[3]

8,692

9,936

13.875% due 2028

Debt Instrument [Line Items]

Total

136,117

Other notes

Debt Instrument [Line Items]

Total

1,530

1,736

Outstanding borrowings on Revolving Credit Facility

Debt Instrument [Line Items]

Total

$ 260,000

$ 0

[1]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.
[2]	The unamortized issuance costs do not include the $3.4 million in debt issuance costs related to the Revolving Credit Facility included in other long term assets.
[3]	Includes obligations related to various equipment recorded as failed sale leaseback transactions. Refer to Note 10. Leases for further detail.

Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock (Additional Information) (Details) $ / shares in Units, $ in Thousands												12 Months Ended
	Aug. 28, 2025 USD ($)	Apr. 10, 2025 USD ($) $ / shares shares	Jan. 31, 2025 USD ($) $ / shares shares	Nov. 15, 2024 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) $ / shares shares	Mar. 11, 2024 USD ($) $ / shares shares	Feb. 15, 2024 USD ($) $ / shares shares	Jan. 12, 2024 USD ($) shares	Jun. 13, 2023 USD ($) shares	Mar. 27, 2023 USD ($) shares	Feb. 02, 2023 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Aug. 08, 2025 shares	Jul. 16, 2025 shares	Mar. 31, 2025 USD ($)	Mar. 25, 2025 $ / shares shares	Jun. 14, 2023 shares	Jun. 08, 2023 shares
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock												$ 943,711	$ 0	$ 0
Sale of Stock, Consideration Received on Transaction												$ 244,700
Number of shares sold \| shares												300,000
Accured Interest From Subordinated Convertible Promissory Notes					$ 25,800
Percentage Of Non Compounding Rate												0.12
Common stock, shares, issued (in shares) \| shares												159,276,000	13,241,000
Percentage of Non Accruing Dividend Deemed Issue Price Per Share												8.00%
Percentage of Non Accruing Deemed Issue Price Per Share												8.00%
Preferred Stock Voting Rights												50.1
Purchase of an Aggregate of Common Warrant												$ 1,000
Warrant Exercise Price Per Share \| $ / shares												$ 0.91
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively												$ 17	$ 1
Number of the Shares Underlying the RPM Call Option \| shares				1,900,000
Series C Preferred Stock
Class of Stock [Line Items]
Number Of Share Sold \| shares								1,300,000	3,800,000	4,100,000
Proceeds from Issuance of Common Stock								$ 21,000	$ 61,900	$ 66,100	$ 30,200
Cash proceeds								20,000		65,300
Shares, Issued \| shares											1,900,000
Shares Issued, Price Per Share \| $ / shares											$ 16.064	$ 16.064
Accretion Expense												$ 13,200	21,200	20,800
Prepaid purchase credit								$ 1,000		$ 800
Series Seed Preferred Stock
Class of Stock [Line Items]
Deemed issue prices \| $ / shares												$ 1.459
Shares Issued, Price Per Share \| $ / shares												0.1281
Series A Preferred Stock
Class of Stock [Line Items]
Shares Issued, Price Per Share \| $ / shares												12.4888
IPO Closing Preferred Stock Dividend
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ 5,000
Convertible Preferred Stock
Class of Stock [Line Items]
Common stock, shares, issued (in shares) \| shares															105,800,000
Series B Preferred Stock
Class of Stock [Line Items]
Shares Issued, Price Per Share \| $ / shares												12.7791
Series Seed-1 Preferred Stock
Class of Stock [Line Items]
Deemed issue prices \| $ / shares												62.4715
Shares Issued, Price Per Share \| $ / shares												6.2471
Series J Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares) \| shares																			600,000
Shares Issued, Price Per Share \| $ / shares												16.064
Series M Preferred Stock
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction						$ 100	$ 1,100
Shares, Issued \| shares						6,000	100,000													2,700,000
Shares Issued, Price Per Share \| $ / shares						$ 16.064	$ 16.064					16.064
Series D Preferred Stock
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock					$ 175,500
Shares Issued, Price Per Share \| $ / shares												$ 16.9213
Accretion Expense												$ 22,400	$ 13,500	$ 0
Preferred Stock, Par or Stated Value Per Share \| $ / shares												$ 16.9213
Preferred Stock, Value, Issued												$ 250,000					$ 250,000
Series D-1 Preferred Stock
Class of Stock [Line Items]
Sale of Stock, Price Per Share \| $ / shares			$ 16.9213
Number Of Share Sold \| shares		600,000	10,400,000	100,000	10,400,000
Preferred stock, shares authorized (in shares) \| shares																		26,600,000
Proceeds from Issuance of Common Stock			$ 176,000	$ 1,300
Sale of Stock, Consideration Received on Transaction												5,000
Shares Issued, Price Per Share \| $ / shares				$ 16.9213	$ 16.9213
Common stock, $0.0001 par value, 1,000,000 and 154,397 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 148,138 and 13,241 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively												$ 1,300
Preferred stock, shares issued (in shares) \| shares												1,800,000
Series D-3 Preferred Stock
Class of Stock [Line Items]
Sale of Stock, Price Per Share \| $ / shares		$ 18.1504
Preferred stock, shares authorized (in shares) \| shares																		5,500,000
Proceeds from Issuance of Common Stock		$ 10,000
Preferred Stock Issued at a Purchase Price \| $ / shares																		$ 18.1504
Common stock, shares, issued (in shares) \| shares																3,300,000
Majority Sponsor Top-Up
Class of Stock [Line Items]
Preferred Stock, Value, Issued												$ 125,000

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Line Items]

Schedule of Fair Value of Acquired Identifiable Intangible Assets

The following table summarizes the fair value of acquired identifiable intangible assets at the date of the acquisition:


	October 31, 2025		Weighted-Average Life
Trade name and trademarks	$	18,000	5 years
Developed technology		74,000	10 years
Customer relationships		61,000	3 years
Total acquired intangible assets	$	153,000	9 years

Schedule of net loss and comprehensive loss on date of acquisition

The following table presents the net impact of the SciTec acquisition on the Company’s consolidated statements of net loss and comprehensive loss since the date of acquisition:


	For the Year Ended December 31, 2025
Revenue	$	35,168
Net income and comprehensive income	$	38,277

Schedule of Unaudited Pro Forma Information


	For the Year Ended December 31,
	2025			2024			2023
	(unaudited)
Pro forma revenue	$	328,240		$	231,209		$	168,115
Pro forma net loss and comprehensive loss	$	(390,811	)	$	(267,976	)	$	(194,425	)
Pro forma net loss per common share – basic and diluted	$	(5.65	)	$	(20.90	)	$	(16.23	)

SciTec

Business Combination [Line Items]

Schedule of Consideration Paid and The Fair Value of Assets Acquired, and Liabilities Assumed

The table below sets forth the consideration paid, the fair value of the assets acquired, and liabilities assumed at the acquisition date:


	October 31, 2025
Consideration paid
Cash, net of cash acquired	$	277,417
Equity (issuance of common stock)		269,556
Total consideration, net of cash acquired	$	546,973

Assets acquired and liabilities assumed
Short-term investments	$	8,413
Accounts receivable		45,769
Other current assets		1,962
Property and equipment		7,718
Right-of-use assets		2,276
Intangible assets		153,000
Goodwill		433,022
Total assets		652,160

Accounts payable		11,178
Accrued expenses		49,780
Operating lease liabilities, current		711
Deferred revenue		1,770
Other current liabilities		840
Operating lease liabilities, non-current		3,716
Deferred tax liabilities		37,192
Total liabilities		105,187
Total net assets	$	546,973

Spaceflight

Business Combination [Line Items]

Schedule of Consideration Paid and The Fair Value of Assets Acquired, and Liabilities Assumed

The table below sets forth the consideration paid, and the fair value of the assets acquired, and liabilities assumed at the acquisition date:


	June 8, 2023
Consideration paid
Equity (issuance of Series M Preferred Stock)	$	9,804

Assets acquired and liabilities assumed
Cash and cash equivalents	$	7,253
Accounts receivable		1,636
Inventory		247
Prepaid expenses and other current assets		622
Deferred project costs		11,083
Property and equipment		2,958
Right-of-use asset		2,772
Goodwill		17,097
Total assets		43,668

Accounts payable		860
Accrued expenses		3,825
Deferred revenue		25,983
Lease liability		3,012
Uncertain tax position liability		184
Total liabilities		33,864
Total net assets	$	9,804

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance lease expense:
Amortization of right-of-use assets	$ 1,598	$ 834	$ 560
Interest on lease liabilities	456	442	215
Operating lease expense	1,615	2,426	2,834
Total lease expense	$ 3,669	$ 3,702	$ 3,609

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 159,855	$ 60,792	$ 55,235
Launch Revenue
Disaggregation of Revenue [Line Items]
Total revenue	28,620	22,631	33,017
Spacecraft Solutions Revenue
Disaggregation of Revenue [Line Items]
Total revenue	131,235	38,161	20,912
Other Revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 1,306

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Fair Value Measurement - Present the Key Inputs Applied In the Valuations Warrants (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares
Common Warrant \| Change of Control Scenario
Event weighting	55.00%
Value per Common Warrant on a marketable basis	$ 0.98
Discount for lack of marketability	40.00%
Value per Common Warrant on a non-marketable basis	$ 0.59
Weighted Value per Common Warrant	$ 0.32
Common Warrant \| IPO Scenario
Event weighting	15.00%
Value per Common Warrant on a marketable basis	$ 7.03
Discount for lack of marketability	20.00%
Value per Common Warrant on a non-marketable basis	$ 5.62
Weighted Value per Common Warrant	$ 0.84
Common Warrant \| Default Scenario
Event weighting	30.00%
Total probability weighted value per Common Warrant	$ 1.16
Series J Warrant \| Change of Control Scenario
Average value per Series J Warrant	$ 8.43
Event weighting	55.00%
Weighted average value per Series J Warrant	$ 4.64
Series J Warrant \| IPO Scenario
Average value per Series J Warrant	$ 2.86
Event weighting	15.00%
Weighted average value per Series J Warrant	$ 0.43
Series J Warrant \| Default Scenario
Event weighting	30.00%
Total probability weighted average value per Series J Warrant	$ 5.07

Stock-Based Compensation - Summary of restricted stock activity (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Beginning Balance \| shares	0
Number of shares, Granted \| shares	3,940
Number of shares, Vested \| shares	(4)
Number of shares, Canceled / forfeited \| shares	(47)
Number of shares, Ending Balance \| shares	3,889
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 0
Weighted Average Grant Date Fair Value, Granted \| $ / shares	39.01
Weighted Average Grant Date Fair Value, Vested \| $ / shares	45
Weighted Average Grant Date Fair Value, Canceled / Forfeited \| $ / shares	44.24
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 38.94

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable - related parties	$ 330	$ 86
Expenses- related parties	3,727	3,416	$ 3,359
AE Industrial
Related Party Transaction [Line Items]
Accounts payable - related parties	0	46
Expenses- related parties	1,927	2,301	645
G.S. Precision
Related Party Transaction [Line Items]
Expenses- related parties	233	0	0
Redwire Corporation
Related Party Transaction [Line Items]
Accounts payable - related parties	330	40
Expenses- related parties	1,567	572	1,781
Belcan, LLC
Related Party Transaction [Line Items]
Expenses- related parties	$ 0	$ 543	$ 933

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning Balance at January 1	$ 2,100	$ 2,100	$ 2,100
Additions based on tax positions related to current year	0	0	0
Changes for tax positions of prior years	0	0	0
Reductions as a result of a lapse of applicable statute of limitations	0	0	0
Settlements	0	0	0
Ending Balance at December 31	$ 2,100	$ 2,100	$ 2,100

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

10. Leases

The company has existing operating and finance leases for corporate offices and facilities, vehicles and certain equipment. The Company's leases have remaining lease terms of less than one year to 17 years, some of which include options to extend the lease term. For purposes of calculating lease liabilities, lease terms include options to extend the lease when it is reasonably certain that the Company will exercise such options.

The components of lease expense were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Finance lease expense:
Amortization of right-of-use assets	$	1,598	$	834	$	560
Interest on lease liabilities		456		442		215
Operating lease expense		1,615		2,426		2,834
Total lease expense	$	3,669	$	3,702	$	3,609

Amortization of right-of-use assets was recorded within research and development, and selling, general, and administrative expenses, interest on lease liabilities was recorded within interest expense, net, and operating lease expense was recorded within research and development, and selling, general, and administrative expenses, each in the consolidated statements of net loss.

The operating lease for the Company’s primary office location expired on March 31, 2024. The Company is currently on a month-to-month lease. On October 24, 2025, the Company signed a new office building lease for 44,576 square feet. We expect the lease to commence during the first half of 2026. The term of the lease is for seven years, beginning on the commencement date, and requires an annual initial base rent of $17.00 per square foot, which is subject to annual increases of 3.5%. Upon lease commencement the Company will recognize an initial lease liability and right-of-use asset in accordance with ASC 842. During 2025, the Company reassessed the expected renewal term of one of its operating leases, which resulted in decreases in the related right-of-use asset and lease liability of $4.3 million and $4.5 million, respectively.

Operating and finance lease right-of-use assets and liabilities were as follows:


	December 31,
	2025		2024
Assets:
Operating lease right-of-use assets	$	13,938	$	14,604
Finance lease right-of-use assets	$	3,735	$	3,708

Liabilities:
Current:
Operating lease liabilities	$	1,161	$	1,128
Finance lease liabilities	$	1,056	$	856
Noncurrent:
Operating lease liabilities	$	15,832	$	16,466
Finance lease liabilities	$	2,004	$	1,996

As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of lease payments.

Lease term and discount rate were as follows:


	December 31,
	2025			2024
Weighted-average remaining lease term (years):
Finance leases		2.74			2.59
Operating leases		13.00			15.53
Weighted-average discount rate:
Finance leases		13.55	%		18.11	%
Operating leases		6.98	%		6.90	%


	Finance Leases			Operating Leases
2026	$	1,377		$	2,122
2027		1,424			1,972
2028		375			1,958
2029		352			2,013
2030		55			2,062
Thereafter		—			16,715
Total lease payments		3,583			26,842
Less: Imputed interest		(523	)		(9,849	)
Total lease liabilities	$	3,060		$	16,993

Failed Sale and Leaseback

The Company leases various equipment through purchase and leaseback agreements with terms between five and seven years. The purchase and leaseback agreements provide an option for Firefly to purchase the equipment for nominal consideration that the Company is reasonably certain to exercise. The purchase and leaseback agreements were evaluated under the sale and leaseback guidance in ASC 842-40, Leases – Sale and Leaseback Transactions. Due to the purchase option, the transactions were accounted for as failed sales and leasebacks, and the Company has accounted for the purchase and leaseback agreements as financings.

As a result, the Company continues to reflect the manufacturing equipment on its consolidated balance sheets in property and equipment, net, and continues to recognize depreciation expense over its estimated useful life. In 2024, the Company recorded an initial financing liability of $34.7 million, net of transaction costs, in notes payable. As of December 31, 2025, the Company’s related notes payable, current and non-current, were $6.0 million and $21.1 million, respectively. As of December 31, 2024, the Company’s related notes payable, current and non-current, were $5.5 million and $27.1 million, respectively. The Company does not recognize rent expense related to these purchase and leaseback agreements. Instead, periodic lease payments are recognized as interest expense and reductions of the principal balance of the finance liability.

For the year ended December 31, 2025, payments of $5.5 million were made under the purchase and leaseback agreements, including interest expense of $2.4 million.

For the year ended December 31, 2024, payments of $2.5 million were made under the purchase and leaseback agreements, including interest expenses of $1.4 million.

The Company is required to maintain a minimum cash balance of the principal amount outstanding throughout the term of the purchase and leaseback agreements.