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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows:

 

   March 31, 2026
Fair Value Measurements		 
(dollars in thousands)  Level 1   Level 2   Level 3   Total 
Assets                
Cash equivalents (money market funds)  $960,188   $
-
   $
-
   $960,188 
Short-term investments             -      
Publicly traded stock   20,295    
-
    
-
    20,295 
U.S. Treasury securities   64,960    
-
    
-
    64,960 
Fixed income (corporate fixed income and bonds, agency securities)   
-
    111,660    
-
    111,660 
Certificates of deposit   
-
    249,937    
-
    249,937 
Warrants in publicly traded companies   
-
    
-
    990    990 
Total short-term investments   85,255    361,597    990    447,842 
Convertible promissory note   
-
    
-
    10,000    10,000 
Equity investment in affiliate   
-
    
-
    29,289    29,289 
Note receivable from affiliate   
-
    
-
    8,835    8,835 
Total assets  $1,045,443   $361,597   $49,114   $1,456,154 
Liabilities                    
Government grants  $
-
   $
-
   $3,456   $3,456 
Warrant liabilities   
-
    
-
    1,058,990    1,058,990 
Contingent consideration   
-
    
-
    128,102    128,102 
Total liabilities  $
-
   $
-
   $1,190,548   $1,190,548 
   December 31, 2025
Fair Value Measurements		 
(dollars in thousands)  Level 1   Level 2   Level 3   Total 
Liabilities                
Government grants  $
-
   $
-
   $3,657   $3,657 
Total liabilities  $
-
   $
-
   $3,657   $3,657 
Schedule of Investment Unrealized Gains and Losses to Reflect Fair Value Certificates of deposit are classified as available-for-sale investments and are recorded at amortized cost, adjusted for unrealized gains and losses to reflect fair value at each reporting date.
   As of March 31, 2026 
(dollars in thousands)  Amortized
cost basis		   Gross unrealized gains   Gross unrealized losses   Fair Value 
U.S. Treasury securities  $64,970   $
           -
   $(10)  $64,960 
Fixed income (corporate fixed income and bonds, agency securities)   111,970    25    (335)   111,660 
Certificates of deposit   250,000    
-
    (63)   249,937 
Total  $426,940   $25   $(408)  $426,557 
Schedule of Investment Marketable Equity Securities

The following table summarizes the Company’s Level 3 investments in marketable equity securities:

 

   As of March 31, 2026 
(dollars in thousands)  Fair Value
Hierarchy		   Cost Basis   Accumulated Net Unrealized Gains   Fair Value 
Warrants exercisable for publicly traded stock   Level 3   $706   $284   $990 
Total       $706   $284   $990 
Schedule of Key Assumptions of Black-Scholes Model For the three months ended March 31, 2026, the key assumptions used in the Black-Scholes Model are as follows:
   As of
March 31,
2026		 
Stock price  $3.81 
Risk-free interest rate   3.8%
Expected volatility   107.7%
Remaining contractual life in years   2.39 
Dividend yield   0%

The assumptions used to estimate the fair value of warrants during the period were as follows:

 

   Range   Weighted
average		 
Risk-free interest rate   4%   4%
Expected volatility   79-84%   82%
Expected life (in years)   6.5-6.8    6.7 
Dividend yield   0%   0-%
Schedule of Warrant Asset Measured at Fair value

The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant assets measured at fair value using significant unobservable inputs.

 

(dollars in thousands)  Warrants 
Balance as of January 1, 2026  $1,123 
Warrants purchased, adjusted to fair value   
-
 
Net unrealized gain (loss) on change in fair value   (133)
Balance as of March 31, 2026  $990 
The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant liabilities measured at fair value using significant unobservable inputs.
(dollars in thousands)  Warrant
liability		 
Balance as of January 1, 2026  $489,434 
Fair value of warrant liability issued during the period   1,194,019 
Change in fair value of warrant liability   (624,463)
Balance as of March 31, 2026  $1,058,990 

The following table reconciles the beginning and ending balances of the Company’s Level 3 contingent consideration liabilities:

 

(dollars in thousands)  Contingent
Consideration		 
Balance as of January 1, 2026  $
-
 
Earn-out liabilities acquired at fair value   102,682 
Milestone liabilities acquired at fair value   25,420 
Changes in fair value recognized in earnings   
-
 
Payments   
-
 
Balance as of March 31, 2026  $128,102 
Schedule of Liability Measured at Fair Value of Unobservable Inputs

The following table provides a reconciliation of the beginning and ending balances for the Level 3 government grant liabilities measured at fair value using significant unobservable inputs.

 

(dollars in thousands)  Government
Grant
Liability		 
Balance as of January 1, 2026  $3,657 
Government grant liability acquired in Bird Aerosystems Ltd. acquisition   58 
Payments made   (373)
Effect of foreign currency translation   10 
Net loss on change in fair value of liability   104 
Balance as of March 31, 2026  $3,456