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JOINT VENTURE | 6 Months Ended
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Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract] |
JOINT VENTURE | JOINT VENTURE The Company is a majority owner of a joint venture company, Starlab Space LLC (“Starlab JV”), which began operating on April 12, 2024 when the SAA was novated with NASA. Through the SAA, the Company will receive financial assistance through Government grants for certain eligible expenses to design, build and maintain a commercial space station. As of June 30, 2026, the Company's ownership stake is 61.2%. Consolidated Variable Interest Entity The Company evaluated its interests in Starlab JV and determined that it has a variable interest as of June 30, 2026. Due to the Company’s obligation to absorb losses and the right to receive benefits from the Variable Interest Entity (“VIE”) along with the ability to direct the activities that most significantly impact Starlab JV’s economic performance (including control over three of the five seats on the Board of Directors at Starlab JV), the Company was determined to be the primary beneficiary and is therefore consolidating the Starlab JV. The Company’s condensed consolidated financial statements reflect the performance of the Starlab JV VIE with the Company being the primary beneficiary of the VIE and having incremental power over the Starlab JV. The Company meets the power and economic criteria for consolidation of the VIE. The Starlab JV is considered a business and therefore no gain or loss was recognized by the Company upon the initial consolidation of the VIE. The following table presents the assets and liabilities of the Starlab JV included in the Company’s unaudited condensed consolidated balance sheets, separated by major asset and liability class. These assets can only be used to settle obligations of Starlab JV, and the Company does not have recourse to the liabilities. Creditors of Starlab JV do not have recourse to the Company.
| June 30, 2026 |  | December 31, 2025
ASSETS |  |  |
Cash and cash equivalents | $ | 48,440 |  |  | $ | 54,610 |
Accounts receivable, net | — |  |  | 10,003
Prepaid expenses and other current assets | 12,082 |  |  | 17,790
Property and equipment, net | 154,983 |  |  | 127,735 |
Operating lease right-of-use assets | 22 |  |  | 64 |
Other assets | 604 |  |  | 723 |
TOTAL ASSETS | $ | 216,131 |  |  | $ | 210,925 |
LIABILITIES |  |  |
Accounts payable | $ | 22,700 |  |  | $ | 18,107 |
Operating lease liabilities | 22 |  |  | 64 |
Accrued expenses and other current liabilities | 7,968 |  |  | 15,898 |
Operating lease liabilities, non-current | — |  |  | — |
Contract liabilities to related parties, non-current | 9,003 |  |  | 9,003 |
TOTAL LIABILITIES | $ | 39,693 |  |  | $ | 43,072 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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