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Property And Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property And Equipment, Net

6. PROPERTY AND EQUIPMENT, NET

Property and equipment, net is composed of the following (in thousands):

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

Quantum computing systems

 

$

43,516

 

 

$

38,374

 

Satellites

 

 

54,755

 

 

 

—

 

Leasehold improvements

 

 

25,051

 

 

 

17,921

 

Machinery, equipment, furniture and fixtures

 

 

32,237

 

 

 

16,683

 

Computer equipment and acquired computer software

 

 

10,227

 

 

 

7,395

 

Gross property and equipment

 

 

165,786

 

 

 

80,373

 

Less: accumulated depreciation

 

 

(46,222

)

 

 

(27,612

)

Total property and equipment, net

 

$

119,564

 

 

$

52,761

 

 

Depreciation expense for the three months ended September 30, 2025 and 2024, was $9.3 million and $3.5 million, respectively. Depreciation expense for the nine months ended September 30, 2025 and 2024, was $18.9 million and $9.1 million, respectively.