0001628280-26-056821 | 10-Q | XBRL Viewer

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Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: unamortized debt discount	$ (7,877)	$ (8,803)
Less: unamortized debt issuance costs	(771)	(862)
Total long-term debt	336,352	335,335
Convertible Notes
Debt Instrument [Line Items]
Long-term debt	$ 345,000	$ 345,000

- 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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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Business Description (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Feb. 14, 2023	Feb. 13, 2023
Business Description [Line Items]
Business combination, shares of common stock per common unit (in shares)				0.5562
Class A Common Stock
Business Description [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Public Warrants
Business Description [Line Items]
Warrant, exercise price (in dollars per share)			$ 11.50

Subsequent Events (Details) $ in Thousands, € in Millions			1 Months Ended
Subsequent Events (Details) $ in Thousands, € in Millions	Aug. 03, 2026 USD ($) shares	Aug. 03, 2026 EUR (€) shares	Jul. 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Subsequent Event [Line Items]
Operating lease right-of-use assets				$ 72,704	$ 36,755
Operating lease liabilities				$ 25,104	$ 10,466
Subsequent Event \| Palo Alto Campus
Subsequent Event [Line Items]
Lessee, operating lease, lease extension term			17 years
Lease renewal term			10 years
Operating lease right-of-use assets			$ 109,100
Operating lease liabilities			$ 109,100
Subsequent Event \| Goonhilly Earth Station Limited
Subsequent Event [Line Items]
Purchase consideration \| €		€ 37
Equity interest issued or issuable (in shares) \| shares	960,649	960,649
Subsequent Event \| COMSATLLC
Subsequent Event [Line Items]
Cash consideration	$ 10,000

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company’s unaudited condensed consolidated financial statements and related notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim reporting and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. Our condensed consolidated financial statements include the accounts of Intuitive Machines, Lanteris Space Holdings LLC (“Lanteris”), KinetX Inc. (“KinetX”), Space Network Solutions, LLC (“SNS” or “Space Network Solutions”) a majority-owned subsidiary, and IX, LLC, a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024 contained in our Annual Report on Form 10-K, filed with the SEC on March 19, 2026. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Management’s opinion is that all adjustments for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments have been appropriately disclosed.

Reclassifications

Certain prior period amounts have been reclassified to conform to current period presentation. The Company reclassed certain prior period amounts to a separate line item in the condensed consolidated balance sheets and condensed consolidated statement of operations. These reclassifications did not result in any changes to previously reported net income.

Use of Estimates

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates.

The Company bases its estimates and assumptions on historical experience, other factors, including the current economic environment, and various other judgments that it believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future reporting periods.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. While the Company engages in manufacturing, mission services, and related activities, these operations are highly integrated and are not managed or evaluated separately by the CODM. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. See Note 21 - Segment Information for additional disclosures on segment reporting.

Concentration of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties.

The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $250,000 per account. The Company generally does not require collateral to support the obligations of the counterparties and cash levels held at banks are more than federally insured limits. The Company limits its exposure to credit loss by maintaining its cash and cash equivalents with highly rated financial institutions. The Company has not experienced material losses on its deposits of cash and cash equivalents.

The Company monitors the creditworthiness of its customers to whom it grants credit terms in the normal course of its business. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for expected credit losses against amounts to reduce the net recognized receivable to the amount it reasonably believes will be collected and revenue recognition is deferred until the amount is collected and the contract is completed. For all other customers, the Company records allowances for credit losses based on the specific analysis of the customer’s ability to pay on an as needed basis.

Major customers are defined as those individually comprising more than 10% of the Company’s total revenue. There were four major customers that accounted for 35%, 28%, 11%, and 10% for the three months ended June 30, 2026, and 35%, 27%, 12%, and 11% for the six months ended June 30, 2026, of the Company’s total revenue. There was one major customer that accounted for 85% and 81%, respectively, of the Company’s total revenue for the three and six months ended June 30, 2025. As of June 30, 2026, there were four major customers that accounted for 20%, 18%, 18%, and 12% of the accounts receivable balance as of June 30, 2026, and there were three major customer that accounted for 49%, 23%, and 11% of the accounts receivable balance as of December 31, 2025.

Major suppliers are defined as those individually comprising more than 10% of the annual goods or services purchased. There was no major supplier that accounted for more than 10% of the goods and services we purchased during the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, there was one major supplier that accounted for 19% of the accounts payable balance, and as of December 31, 2025, there was one other major supplier representing 11% of the accounts payable balance.

Trade and other receivables, net

Trade and other receivables include amounts billed to customers, unbilled receivables in which the Company’s right to consideration is unconditional and current portion of orbital receivables, net of allowance for expected credit losses. The Company bills customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries. The Company estimates allowance for credit losses based on the credit worthiness of each customer, historical collections experience and other information, including the aging of the receivables. The Company writes off accounts receivable against the allowance for credit losses when a balance is unlikely to be collected.

Orbital Receivables

Orbital receivables relate to performance incentives under certain satellite construction contracts that are payable over the estimated in-orbit life of the satellite. The orbital payment terms are designed to protect customers against the risk that a satellite does not achieve or maintain specified in-orbit performance requirements. The Company’s entitlement to orbital payments, including incremental contractual amounts calculated by reference to the orbital balance and payment period, is contingent on continued satellite performance and may be reduced or forfeited if specified performance requirements are not achieved.

The Company accounts for orbital performance incentives as variable consideration under ASC 606. Amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with satellite performance is subsequently resolved. The Company recognizes such consideration as product revenue using the cost-to-cost method during the construction period and recognizes amounts previously constrained as revenue as the associated in-orbit performance uncertainty is resolved.

Current orbital receivables are included in Trade and other receivables, net, and the long-term portion of orbital receivables, net is included in Orbital receivables, non-current in the condensed consolidated balance sheets. See Note 5 - Trade and Other Receivables, net for additional information.

The Company evaluates orbital receivables for expected credit losses based on factors including customer credit quality, historical collection experience, current conditions, reasonable and supportable forecasts and other relevant credit-quality indicators. Changes in the allowance for expected credit losses are recognized in General and administrative expense. Reductions in orbital consideration resulting from a satellite’s failure to satisfy applicable in-orbit performance requirements are accounted for as changes in the transaction price under ASC rather than as credit losses.

The Company has a revolving securitization facility with an international financial institution under which eligible orbital receivables may be securitized from time to time. Orbital receivables subject to these transactions remain recognized in the

condensed consolidated balance sheets because the applicable accounting criteria for derecognition are not met. Proceeds received are recognized as securitization liabilities and subsequently measured at amortized cost using the effective interest method. The securitization liabilities are reduced as customer payments are received and remitted to the financial institution. Interest expense associated with the securitization liabilities is recognized over the applicable financing period.

Inventory

Inventories are measured at the lower of cost or net realizable value and consist primarily of parts and sub-assemblies used in the manufacturing of satellites. The cost of inventories is determined on a first-in-first-out basis or weighted average cost basis, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expense. Inventory is impaired when it is probable inventory values exceed their net realizable value.

Transaction Costs

Business Acquisitions

Transaction costs consists of direct legal, consulting, audit and other fees related to the business acquisition of Lanteris as further described herein in Note 3 - Acquisitions. For the three and six months ended June 30, 2026, transaction costs incurred related to acquisitions totaled approximately $7.9 million and $27.9 million, respectively, and was recorded to general and administrative expenses in our statement of operations.

Issuance of Securities

Transaction costs related to various agreements for the issuance of securities (as further described in Note 12), includes direct legal, broker, accounting and other fees. Transaction costs related to these activities totaled approximately $4.2 million and $11.7 million for the three and six months ended June 30, 2026, respectively.

Warranty and After-Sale Service Costs

Warranty and after-sale service provisions are based on management’s best estimate of the expected obligation using historical warranty data and experience. In connection with our acquisition of Lanteris (as further discussed in Note 3 - Acquisitions), we assumed warranty and after-sale service liabilities which are presented in other current liabilities and other long-term liabilities on our condensed consolidated balance sheets. Warranty and after-sale service costs are recognized within cost of product revenue (excluding depreciation and amortization) in the condensed consolidated statement of operations. The current and non-current portions of the warranty and after-sale service liabilities totaled $10.2 million as of June 30, 2026 and $13.3 million as of January 13, 2026, the acquisition date of Lanteris, with the $3.1 million change attributable to payments and uses of the warranty.

Defined Benefit Pension and Other Postretirement Benefit Plans

The Company assumed defined benefit pension and other postretirement benefit plans for certain employees associated with the recent Lanteris acquisition. Pension and postretirement obligation balances and related costs reflected within the condensed consolidated financial statements include costs directly attributable to plans dedicated to the Company. The pension and other postretirement plan benefits were frozen on December 31, 2013. See Note 15 - Employee Benefit Plans for additional information on the defined benefit and other postretirement plans and Note 3 - Acquisitions for more information on the acquisition of Lanteris.

The Company recognizes the funded status of each pension and other postretirement benefit plan in the condensed consolidated balance sheets. The calculation of pension and other postretirement benefit obligations is performed annually by qualified actuaries using the projected unit credit actuarial cost method. The projected benefit obligation is the sum of the actuarial present value of all pension benefits attributed to benefit service completed to the determination date.

Pension and other postretirement plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. The Company’s net obligation in respect of the pension and other postretirement benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the prior periods, discounting that amount and deducting the fair value of associated plan assets.

The Company uses the net asset value (“NAV”) practical expedient to measure the fair value of the plan’s commingled fund investments. These commingled fund investments for which the fair value is measured using the NAV practical expedient are excluded from the fair value hierarchy.

The Company recognizes the amortization of prior service costs as a component of general and administrative expense (excluding depreciation and amortization). All other costs, including administrative expenses related to frozen plans, are recognized within other income (expense), net. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in the net benefit liability that relates to past service or the gain or loss on curtailment is recognized immediately in accumulated other comprehensive income (loss). The Company recognizes gains or losses on the settlement of a defined benefit plan when settlement occurs.

For the Company’s pension and other postretirement benefit plans, accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants.

Other Current Liabilities

As of June 30, 2026 and December 31, 2025, other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	29,150	$	12,818
Income tax liability	143		143
Professional fees accruals	4,833		11,458
Commercial insurance financing	2,252		—
Loan interest payable	2,156		3,186
Securitization liabilities - current	23,157		—
Contingent consideration liabilities (Note 3 and 16)	6,764		5,353
Pension liability - current	1,868		—
Warranty obligations, current	5,000		—
Transition service agreement ("TSA") accrual	3,378		—
Program cost accruals	3,888		—
Other accrued liabilities	9,120		70
Other current liabilities	$	91,709	$	33,028

Other Non-Current Liabilities

As of June 30, 2026 and December 31, 2025, other non-current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Securitization liabilities, non-current	$	26,238	$	—
Orbital Anomaly Support Reserve - LT	5,566		—
Warranty obligations, non-current	5,163		—

Other accrued liabilities, non-current	56		240
Other non-current liabilities	$	37,023	$	240

Liquidity and Capital Resources

The unaudited condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, and related notes were prepared on the basis of a going concern, which contemplates that the Company will be able to realize assets and discharge liabilities in the normal course of business.

As of June 30, 2026, the Company had cash and cash equivalents of $367.4 million and working capital of $263.0 million. The Company invests excess cash in highly liquid, low risk interest-bearing overnight sweep and demand deposit accounts

with major financial institutions. The Company has historically funded its operations through internally generated cash on hand, proceeds from sales of its capital stock, proceeds from warrant exercises, and proceeds from the issuance of bank debt.

Lanteris Space Holdings LLC Acquisition

On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris Space Holdings LLC (“Lanteris”), previously known as Maxar Space Systems, a spacecraft manufacturer, from Advent International LLC. The aggregate consideration transferred at the closing of the acquisition was $853.3 million, consisting of $405.6 million in cash plus $43.7 million of transaction bonuses deemed to be part of consideration and the issuance of 22,991,028 shares of the Company’s Class A Common Stock valued at $404.0 million based on the acquisition date closing stock price of $17.57. The Company funded the cash consideration using cash on hand. See Note 3 - Acquisitions for more information on the acquisition of Lanteris.

February 2026 Securities Purchase Agreement

On February 27, 2026, the Company completed the issuance and sale to certain institutional investors or their affiliates (collectively, the “Investors”) of 11,574,069 shares of the Company’s Class A Common Stock at a price of $15.12 per share for an aggregate purchase price of $175.0 million pursuant to the terms of a definitive securities purchase agreement (the “Securities Purchase Agreement”), and incurred related transaction costs of $7.5 million for the three and six months ended June 30, 2026. Refer to Note 12 for additional information on this issuance.

ATM Program

On June 2, 2026, the Company entered into a Sales Agreement (as defined in Note 12) with the selling agents named therein pursuant to which the Company may, from time to time, offer and sell shares of the Class A Common Stock for aggregate gross proceeds of up to $500.0 million pursuant to an at-the-market financing facility (the “ATM Program”). During the second quarter of 2026, the Company raised approximately $235.2 million in net proceeds and incurred transaction fees of approximately $0.6 million for the initial set-up costs pursuant to the ATM Program. Refer to Note 12 for additional information on the ATM Program. For further information on the related transaction costs, refer to the above disclosure, Transaction Costs - Issuance of Securities, within this Note 2.

Management believes that the cash and cash equivalents as of June 30, 2026 and the liquidity provided from the proceeds of the issuance of securities pursuant to the ATM Program and the February 2026 Securities Purchase Agreement, and the issuance of the Convertible Notes (defined in Note 10 - Debt), will be sufficient to fund its operating and capital requirements and execute its business plan through at least the twelve-month period from the date the unaudited condensed consolidated financial statements are issued.

Recent Accounting Pronouncements

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, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions or extinguishments. The standard is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company has adopted this ASU as of January 1, 2026, with no material impact to its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The standard is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual

reporting periods. The standard can be adopted early and must be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company decided to early adopt this standard as of January 1, 2026, and applied the new guidance when analyzing the acquisition.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides all entities a practical expedient option when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and applied prospectively. Early adoption is permitted. The Company has adopted the amendments as of January 1, 2026, with no material impact to its consolidated financial statements.

In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive and sequential development stage model and introducing a principles-based framework requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The amendment is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company has adopted this ASU as of January 1, 2026, with no material impact to its consolidated financial statements.

In December 2025, FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities ASU 2025-10 which establishes authoritative guidance for the accounting of government grants received by business entities. The guidance requires recognition of grants when it is probable that the entity will comply with the related conditions and that the grant will be received. Asset-related grants may be recorded as deferred income or as a reduction of the related asset, while income-related grants are recognized in earnings over the periods in which the related costs are incurred. The amendment is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements.

Business Description	6 Months Ended
Business Description	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	NOTE 1 - BUSINESS DESCRIPTION Intuitive Machines, Inc. (formerly known as Inflection Point Acquisition Corp. or “IPAX”), collectively with its subsidiaries (the “Company,” “IM,” “Intuitive Machines,” “we,” “us” or “our”) is a space technology, infrastructure, and services company that is contributing to the establishment of cislunar infrastructure and commerce. Cislunar encompasses objects in orbit in the Earth-Moon system and on the Lunar surface. We are focused on establishing the lunar infrastructure and basis for commerce to inform and sustain human presence off Earth. We believe our business is well positioned for continued growth and expansion as we scale these services. Our vision is that our infrastructure services enable our customers to focus on their unique contributions to create a thriving, diverse cislunar economy and expand the commercial space exploration marketplace. IM is currently headquartered in Houston, Texas. Intuitive Machines, Inc. was a blank check company originally incorporated on January 27, 2021 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On September 24, 2021, IPAX consummated an initial public offering, after which its securities began trading on the Nasdaq Stock Market LLC (the “Nasdaq”). IPAX Business Combination On September 16, 2022, IPAX entered into a certain Business Combination Agreement (the “Business Combination Agreement”) by and between IPAX and Intuitive Machines, LLC, a Delaware limited liability company (formerly, a Texas limited liability company). On February 10, 2023, IPAX filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and certificate of corporate domestication with the Secretary of State of the State of Delaware, pursuant to which IPAX was domesticated and continues as a Delaware corporation, changing its name to “Intuitive Machines, Inc.” On February 13, 2023 (the “Closing Date”), Intuitive Machines, Inc. and Intuitive Machines, LLC consummated the previously announced business combination (the “Business Combination”) and related transactions (the “Transactions”) contemplated by the Business Combination Agreement. As a result of the Transactions, all of the issued and outstanding common units of Intuitive Machines, LLC were converted into common stock of Intuitive Machines, Inc. using an exchange ratio of 0.5562 shares of Intuitive Machines, Inc. common stock per each unit of Intuitive Machines, LLC Common Unit. In addition, Intuitive Machines, LLC’s share-based compensation plan and related share-based compensation awards were exchanged or converted, as applicable, into common stock of Intuitive Machines, Inc. In connection with the Transactions, the Company was reorganized into an umbrella partnership C corporation (or “Up-C”) structure, in which substantially all of the assets and business of the Company are held by Intuitive Machines, LLC and continue to operate through Intuitive Machines, LLC and its subsidiaries. Intuitive Machines, Inc. is a holding company whose only material asset is its equity ownership interests of Intuitive Machines, LLC. While Intuitive Machines, LLC became a subsidiary of Intuitive Machines, Inc. and Intuitive Machines, Inc. was appointed as its managing member, Intuitive Machines, LLC was deemed to be the acquirer in the Business Combination for accounting purposes. Accordingly, the Business Combination was accounted for as a reverse recapitalization, in which case the consolidated financial statements of the Company represent a continuation of Intuitive Machines, LLC and the issuance of common stock in exchange for the net assets of Intuitive Machines, Inc. was recorded at historical cost with no recognition of goodwill or other intangible assets. Operations prior to the Business Combination are those of Intuitive Machines, LLC. In addition, the number of shares subject to, and the exercise price of, the Company’s outstanding options were adjusted to reflect the Business Combination. The treatment of the Business Combination as a reverse recapitalization was based upon the pre-merger members of Intuitive Machines, LLC holding the majority of the voting interests of Intuitive Machines, Inc., Intuitive Machines, LLC’s existing management team serving as the initial management team of Intuitive Machines, Inc., Intuitive Machines, LLC’s appointment of the majority of the initial board of directors of Intuitive Machines, Inc., and the significance of Intuitive Machines, LLC’s operations prior to the Business Combination which represent the entirety of Company’s operations. Beginning on February 14, 2023, the Company’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”) and warrants to purchase the Class A Common Stock at an exercise price of $11.50 per share (the “Warrants” as further defined in Note 13) began trading on Nasdaq under the symbols “LUNR” and “LUNRW,” respectively. On February 4, 2025, the Company announced the redemption of all of its outstanding publicly issued Warrants. In connection with the redemption, the unexercised Warrants ceased trading on the Nasdaq and were delisted, with the suspension of trading effective before the market opened on March 6, 2025.

Share-Based Compensation - Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jan. 31, 2026	Jun. 30, 2026
Lanteris
Weighted Average Grant Date Fair Value
Shares issued for liabilities assumed (in shares)	1,518,163
Restricted Stock Units (RSUs) & Performance Stock Units (PSUs)
Number of Units
Beginning balance (in shares)	2,752,419	2,752,419
Granted (in shares)		2,846,761
Vested (in shares)		(965,911)
Forfeited (in shares)		(14,477)
Ending balance (in shares)		4,618,792
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 7.58	$ 7.58
Granted (in dollars per share)		17.74
Vested (in dollars per share)		7.29
Forfeited (in dollars per share)		14.27
Ending balance (in dollars per share)		$ 13.89
RSSs \| Lanteris
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 19.76
Award vesting period	1 year

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 13, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 287,289		$ 76,106
Less: accumulated depreciation and amortization	(22,663)		(7,556)
Property and equipment, net	264,626		68,550
Lanteris
Property, Plant, and Equipment [Line Items]
Acquired property, plant and equipment	158,300	$ 165,815
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	35,407		336
Vehicles and trailers
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	188		146
Computers and software
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	12,899		7,931
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	4,158		3,097
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	100,938		9,632
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	133,699		$ 54,964
Construction in progress \| Lanteris
Property, Plant, and Equipment [Line Items]
Acquired property, plant and equipment	$ 45,700

Leases -Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 4,653	$ 1,122	$ 7,997	$ 2,315
Finance lease cost	9	9	18	20
Variable lease cost	887	0	1,575	0
Short-term lease cost	113	23	238	27
Total lease cost	$ 5,662	$ 1,154	$ 9,828	$ 2,362

Fair Value Measurements - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Warrant liabilities \| Warrant liabilities - Series A
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 60,394	$ 68,778
Additions	0	0
Change in fair value	21,044	(29,969)
Converted to equity	0	0
Ending balance	$ 81,438	38,809
Earn-out liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		134,156
Additions		0
Change in fair value		33,369
Converted to equity		(167,525)
Ending balance		$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 8	$ 0	$ 10	$ 0
Effective tax rate	0.01%	0.00%	0.01%	0.00%
Tax receivable agreement, percent of cash tax savings required to be paid	85.00%		85.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended			6 Months Ended			9 Months Ended	12 Months Ended
	Feb. 27, 2026 USD ($) $ / shares shares	Jan. 13, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2026 USD ($) operatingSegment reportableSegment $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares	Dec. 31, 2025 USD ($)	Jun. 02, 2026 USD ($)	Oct. 01, 2025 $ / shares
Property, Plant, and Equipment [Line Items]
Number of operating segments \| operatingSegment							1
Number of reportable segments \| reportableSegment							1
Business combination, transaction costs			$ 7,900				$ 27,900
Payments of stock issuance costs			4,200				11,709	$ 0
Warranty and after-sale service cost, liability		$ 13,300	10,200			$ 10,200	10,200		$ 10,200
Warranty and after-sale service costs, decrease for payments and use						3,100
Cash and cash equivalents			367,354	$ 582,606	$ 344,901	367,354	367,354	$ 344,901	367,354	$ 582,606
Working capital surplus (deficit)			263,000			$ 263,000	263,000		$ 263,000
Share price (in dollars per share) \| $ / shares		$ 17.57										$ 10.61
Securities Purchase Agreement
Property, Plant, and Equipment [Line Items]
Payments of stock issuance costs			$ 7,500				$ 7,500
Class A Common Stock
Property, Plant, and Equipment [Line Items]
Share price (in dollars per share) \| $ / shares			$ 21.39			$ 21.39	$ 21.39		$ 21.39			$ 10.61
Class A Common Stock \| Securities Purchase Agreement
Property, Plant, and Equipment [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	11,574,069
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 15.12
Sale of stock, consideration received on transaction	$ 175,000
Class A Common Stock \| ATM Program
Property, Plant, and Equipment [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares							8,259,379
Sale of stock, authorized amount, value											$ 500,000
Proceeds from issuance of common stock			$ 235,200				$ 235,200
Sale of stock, initial set up transaction costs			600
Lanteris
Property, Plant, and Equipment [Line Items]
Business combination, transaction costs			$ 7,500	$ 10,400			$ 26,400		$ 36,800
Voting equity interest acquired, percentage		100.00%
Purchase consideration		$ 853,264
Cash consideration		405,622
Transaction bonuses and other adjustments		$ 43,689
Equity interest issued or issuable (in shares) \| shares		22,991,028
Fair value of Class A Common Stock issued		$ 403,953
Accounts Payable \| Supplier Concentration Risk \| One Major Supplier
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage							19.00%
Accounts Payable Benchmark \| Supplier Concentration Risk \| One Major Supplier
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage										11.00%
One Major Customer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage					85.00%			81.00%
Customer One \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage			35.00%				35.00%
Customer One \| Accounts Receivable Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage							20.00%			49.00%
Customer Two \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage			28.00%				27.00%
Customer Two \| Accounts Receivable Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage							18.00%			23.00%
Customer Three \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage			11.00%				12.00%
Customer Three \| Accounts Receivable Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage							18.00%			11.00%
Customer Four \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage			10.00%				11.00%
Customer Four \| Accounts Receivable Benchmark \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk, percentage							12.00%

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net

NOTE 7 - PROPERTY AND EQUIPMENT, NET

As of June 30, 2026 and December 31, 2025, property and equipment, net consisted of the following (in thousands):


	June 30, 2026 (1)		December 31, 2025
Leasehold improvements	$	35,407	$	336
Vehicles and trailers	188		146
Computers and software	12,899		7,931
Furniture and fixtures	4,158		3,097
Machinery and equipment	100,938		9,632
Construction in progress	133,699		54,964
Property and equipment, gross	287,289		76,106
Less: accumulated depreciation and amortization	(22,663)		(7,556)
Property and equipment, net	$	264,626	$	68,550

(1) The balance as of June 30, 2026 includes approximately $158.3 million of property and equipment, net (of which $45.7 million is for construction in progress) related to Lanteris which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Total depreciation expense related to property and equipment for the three and six months ended June 30, 2026 was $7.9 million and $15.1 million, and $0.8 million and $1.4 million, respectively, for the three and six months ended June 30, 2025.

As of June 30, 2026 and December 31, 2025, construction in progress included $86.2 million and $50.8 million, respectively, in capitalized costs associated with the fabrication and development of communications satellites and ground network assets, primarily in support of the NASA Near Space Network (“NSN”) contract

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 18 - COMMITMENTS AND CONTINGENCIES Legal Proceedings We are subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. We accrue for losses associated with legal claims when such losses are considered probable and the amounts can be reasonably estimated. The Company bases any accrual for losses on a variety of factors, including informal settlement discussions. As of June 30, 2026 and December 31, 2025, the aggregate amount accrued on our condensed consolidated balance sheet is approximately $2.8 million and represents management’s best estimate of probable losses. For matters for which no accrual has currently been made or for potential losses in excess of amounts accrued, the Company currently believes, based on management’s assessment, that any losses that are reasonably possible and estimable will not, in the aggregate, have a material adverse effect on its financial position, results of operations, or cash flows. However, the ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and cannot be predicted with certainty. Should the ultimate outcome of any legal matter be unfavorable, it could have a material adverse effect on our business, financial condition and results of operations. The Company may also incur substantial legal fees, which are expensed as incurred, in defending against legal claims. On November 22, 2024, Starlight Strategies IV LLC (“Plaintiff”), an alleged successor in interest to a purported former holder of shares of the Company’s 10% Series A Cumulative Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) filed a breach of contract action in Delaware Chancery Court. The complaint alleges that the Plaintiff’s predecessor received fewer shares of common stock upon conversion of its shares of Series A Preferred Stock than it was allegedly entitled to receive under the terms of the applicable certificate of designation. The Plaintiff is seeking unspecified contractual damages and equitable relief. The Company has filed its answer to the complaint and asserted counterclaims against the Plaintiff and third-party claims against certain entities affiliated with the Plaintiff. Also, on January 24, 2025, Kingstown 1740 Fund L.P. and Kingstown Capital Partners LLC (together, “Kingstown”) moved to intervene, seeking to file a complaint in intervention against Starlight. The court granted Kingstown leave to intervene. In connection with the intervention, the Company has agreed to pay Kingstown’s legal fees. In February 2026, the Court granted leave for the parties to file motions for summary judgment, which Motions have been filed, and pending the Motions, it removed deadlines for Expert reports and trial date. The Company has not recorded an accrual related to this matter because a loss is not considered probable or reasonably estimable at this time. In October 2023, the Civil Division of the U.S. Department of Justice issued a Civil Investigative Demand as part of an investigation into allegations that Lanteris submitted, or caused to be submitted, false claims to the federal government by failing to meet cybersecurity requirements in federal regulations and government contracts issued to Lanteris and made or used false records or statements material to these false claims. In late 2025, the Department of Justice presented its initial civil investigation review to Lanteris that it alleged constitute False Claims Act violations related to certain federal government contracts awarded to it. Lanteris is cooperating with the investigation. In connection with the Company’s acquisition of Lanteris, the Seller Parent, Vantor Holdings Inc., agreed to indemnify Intuitive Machines and its affiliates for the liability of Lanteris related to this investigation. At the request of the Department of Justice, a response and counter arguments to dispute the department’s assertions against Lanteris of False Claims Act violations have been made. Purchase Commitments From time-to-time, we enter into long-term commitments with vendors to purchase launch services and for the development of certain components in conjunction with our obligations under revenue contracts with our customers. Our aggregate purchases under these commitments totaled approximately $1.7 million and $18.8 million for the three and six months ended June 30, 2026, respectively, and $13.4 million and $29.0 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, we had remaining purchase obligations under non-cancelable commitments with various vendors totaling $50.0 million of which approximately $24.8 million is due during the remaining of 2026 and $25.2 million due in 2027.

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2026, certain of our officers or directors listed below adopted or terminated trading arrangements intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the purchase or sale of shares of our Class A Common Stock in amounts and prices determined in accordance with a formula set forth in each such plan:

Duration of Plan

Name

Title

Action

Date of Action

Start Date

End Date(1)

Kamal Ghaffarian

Chairman of the Board Directors

Adopted

7/2/2026

10/5/2026

4/16/2027

the potential sale of up to 1,935,568 shares of Class A Common Stock subject to pricing conditions that preclude or limit the sale of shares below predetermined minimum pricing

Stephen Altemus

Chief Executive Officer and President

Adopted

6/5/2026

09/04/2026

02/26/2027

the potential sale of up to 398,185 shares Class A Common Stock, subject to pricing conditions that preclude or limit the sale of shares below predetermined minimum pricing

Peter McGrath

Chief Financial Officer and Senior Vice President

Adopted

5/21/2026

08/18/2026

11/18/2027

the potential sale of up to 113,468 shares of Class A Common Stock, subject to pricing conditions that preclude or limit the sale of shares below predetermined minimum pricing

Annachiara Jones

Chief Legal Officer

Adopted

6/8/2026

9/8/2026

5/21/2027

the sale of up to 48,756 shares of Class A Common Stock, subject to pricing conditions that preclude or limit the sale of shares below predetermined minimum pricing

(1) The end dates for each of the securities trading plan are as disclosed in the table above, or until all securities under the plan have been sold or the plan otherwise terminated in accordance with its terms.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kamal Ghaffarian [Member]

Trading Arrangements, by Individual

Name

Kamal Ghaffarian

Title

Chairman of the Board Directors

Rule 10b5-1 Arrangement Adopted

true

7/2/2026

4/16/2027

193 days

1,935,568

Stephen Altemus [Member]

Trading Arrangements, by Individual

Name

Stephen Altemus

Title

Chief Executive Officer and President

Rule 10b5-1 Arrangement Adopted

true

6/5/2026

02/26/2027

175 days

398,185

Peter McGrath [Member]

Trading Arrangements, by Individual

Name

Peter McGrath

Title

Chief Financial Officer and Senior Vice President

Rule 10b5-1 Arrangement Adopted

true

5/21/2026

11/18/2027

457 days

113,468

Annachiara Jones [Member]

Trading Arrangements, by Individual

Name

Annachiara Jones

Title

Chief Legal Officer

Rule 10b5-1 Arrangement Adopted

true

6/8/2026

5/21/2027

255 days

48,756

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2026

Postemployment Benefits [Abstract]

Schedule of Net Benefit Costs

The following table summarizes the components of net periodic benefit cost for the Company’s pension plans (in thousands):


	Three Months Ended		Six Months Ended
	June 30, 2026			June 30, 2026
Service cost	$	400		$	1,100
Interest cost	4,547			9,555
Expected return on plans assets	(6,469)			(12,223)



Net periodic benefit	$	(1,522)		$	(1,568)

Trade and Other Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of Trade and Other Receivables, Net


	June 30, 2026		December 31, 2025
Trade receivables	$	79,550	$	12,637
Orbital receivables, current	38,484		—
Grant receivables	5,288		2,851
Allowance for credit losses	(3,652)		(3,295)
Trade and other receivables, net	$	119,670	$	12,193

Schedule of Expected Timing For Contractual Cash Flows From Orbital Receivables

The expected timing of remaining contractual cash flows associated with orbital receivables, including incremental contractual consideration contingent on continued satellite performance, is as follows (in thousands):


	Total		2026		2027		2028		2029		2030		Thereafter
Contractual cash flows from orbital receivables	$	280,511	$	24,432	$	48,991	$	38,390	$	33,545	$	30,174	$	104,979

Schedule of Allowance for Credit Losses

The following table provides a roll-forward of the Company’s allowance for credit losses related to our trade receivables (in thousands):


	Six Months Ended June 30,
		2026		2025
Beginning balance		$	3,295	$	—
Provision for credit losses		357		135
Write-offs		—		(135)
Ending balance		$	3,652	$	—

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes our outstanding debt (in thousands):


	June 30, 2026		December 31, 2025
Convertible Notes	$	345,000	$	345,000


Less: unamortized debt discount	(7,877)		(8,803)
Less: unamortized debt issuance costs	(771)		(862)

Total long-term debt	$	336,352	$	335,335

Schedule of Securitization Liabilities

Securitization liabilities current and non-current are included in other current liabilities, and other non-current liabilities, respectively, in our condensed consolidated balance sheet are as follows (in thousands):


	June 30, 2026
Current portion	$	23,157
Non-current portion	26,238
Total securitization liabilities	$	49,395

- 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.

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+ Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant and Equipment

As of June 30, 2026 and December 31, 2025, property and equipment, net consisted of the following (in thousands):


	June 30, 2026 (1)		December 31, 2025
Leasehold improvements	$	35,407	$	336
Vehicles and trailers	188		146
Computers and software	12,899		7,931
Furniture and fixtures	4,158		3,097
Machinery and equipment	100,938		9,632
Construction in progress	133,699		54,964
Property and equipment, gross	287,289		76,106
Less: accumulated depreciation and amortization	(22,663)		(7,556)
Property and equipment, net	$	264,626	$	68,550

Inventory, Net (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

As of June 30, 2026, inventories consisted of the following (in thousands):


	June 30, 2026
Raw materials	$	36,486



Work in progress	23,455
Total Inventory	$	59,941

Mezzanine Equity and Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Feb. 27, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 02, 2026	Jan. 10, 2024	Sep. 05, 2023	Sep. 04, 2023
Class of Stock [Line Items]
Common stock, conversion ratio (in shares)		1	1
Intuitive Machines, LLC \| Intuitive Machines, LLC Prior Investors
Class of Stock [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners		24.80%	24.80%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, convertible, conversion price (in dollars per share)					$ 3.00	$ 5.10	$ 12.00
ATM Program \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, authorized amount, value				$ 500.0
Sale of stock, agent commission rate, per share sold, maximum				3.00%
Sale of stock, number of shares issued in transaction (in shares)			8,259,379
Cash proceeds		$ 235.2	$ 235.2
Transaction fees			$ 3.6
Securities Purchase Agreement \| Class A Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	11,574,069
Sale of stock, price per share (in dollars per share)	$ 15.12
Sale of stock, consideration received on transaction	$ 175.0

Acquisitions

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

NOTE 3 - ACQUISITIONS

Lanteris Space Holdings LLC Acquisition

On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris, a spacecraft manufacturer serving national security, civil, and commercial customers. The acquisition expands the Company’s spacecraft manufacturing and space systems capabilities. The acquisition date fair value of consideration transferred totaled approximately $853.3 million consisting of $405.6 million in cash, $43.7 million of cash transaction bonuses (which were included in consideration as they had no required service conditions and were deemed to be for the benefit of the Company), and the issuance of 22,991,028 shares of the Company’s Class A Common Stock valued at $404.0 million, based on the acquisition date closing stock price of $17.57 per share. The Company funded the cash consideration and cash transaction bonuses using cash on hand. The excess of the consideration transferred over the fair value of the acquired net assets was recorded as goodwill which primarily represents expected growth synergies, developed workforce, and future opportunities. The goodwill is partially deductible for income tax purposes. As of June 30, 2026, the Company has incurred transaction and integration costs related to the acquisition of $36.8 million (consisting of $10.4 million incurred during the fourth quarter of 2025, and $7.5 million and $26.4 million, during the three and six months ended June 30, 2026, respectively), which are recorded in general and administrative expense on our condensed consolidated statement of operations.

The following table presents the purchase consideration, acquisition related costs, and the preliminary estimated fair values of the assets acquired and liabilities assumed by the Company as of the acquisition date (in thousands):


	January 13, 2026
Cash consideration	$	405,622
Fair value of Class A Common Stock issued	403,953
Transaction bonuses and other adjustments	43,689
Purchase consideration	$	853,264



Assets:
Cash and cash equivalents	$	2,242
Restricted cash	268
Trade and other receivables	97,152
Contract assets	23,144
Inventory	56,147
Advances to suppliers	17,125
Prepaid and other current assets	5,799
Property and equipment	165,815
Intangible assets	297,000
Operating lease right-of-use assets	32,174
Orbital receivables, non-current	223,366
Total assets	920,232
Liabilities:
Accounts payable and accrued expenses	40,429
Contract liabilities	161,716
Operating lease liabilities, current	17,986

Other current liabilities	61,977
Pension and other postretirement benefits, non-current	54,792
Operating lease liabilities, non-current	40,578
Other non-current liabilities	49,535
Total liabilities	427,013
Noncontrolling interests	415
Fair value of net identifiable assets acquired	492,804
Goodwill	$	360,460

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	January 13, 2026
Trademark / trade name	1	$	5,000
Customer relationships	15	138,000
Developed technologies	15	154,000
Total intangible assets		$	297,000

The amounts presented in the tables above represent the preliminary valuation analyses completed to assess the fair values of the assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. These fair values were based on management’s estimates and assumptions but are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. All values remain preliminary including, but not limited to, intangible assets, including the preliminary assumptions used in their estimates of fair values and their respective estimated useful lives, the valuation of certain tangible and financial assets, working capital accounts, income taxes, and residual goodwill. The final determination of the fair values, purchase consideration, related income tax impacts and residual goodwill will be completed as soon as practicable, and within the measurement period of up to one year from the acquisition date as permitted under GAAP. Any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined.

The results of operations of Lanteris has been included in the Company’s condensed consolidated statement of operations since the date of acquisition, January 13, 2026. For the three and six months ended June 30, 2026, Lanteris contributed revenue of $166.7 million and $308.3 million, respectively, and operating income of $24.5 million and $24.7 million, respectively.

The following unaudited supplemental pro forma results of operations have been prepared based on the historical information of the Company and Lanteris, and reflects the combined results of operations as if the acquisition had been consummated on January 1, 2025.

The unaudited supplemental pro forma financial information does not give effect to the potential impact of current financial conditions, any anticipated synergies, operating efficiencies or cost savings that we may expect to result from the acquisitions. The unaudited pro forma financial information is for informational purposes only and is not necessarily indicative of what the actual results of operations would have been had these business combinations occurred on January 1, 2025.


	Unaudited				Unaudited
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Total revenues	$	206,168	$	203,433	$	406,014	$	421,589
Net loss	$	(62,841)	$	(1,847)	$	(117,202)	$	(49,486)
Net income (loss) attributable to the Company	$	(46,445)	$	11,178	$	(85,665)	$	(48,832)
Net income (loss) attributable to Class A common shareholders	$	(46,612)	$	11,027	$	(85,994)	$	(49,130)

KinetX Acquisition

On October 1, 2025, the Company completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX. KinetX is a privately-held, Arizona-based aerospace company with more than 30 years of experience delivering flight-proven, deep-space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and international customers. The consideration for the acquisition totaled approximately $31.3 million, consisting of cash consideration of $15.0 million, seller payable adjustments of $1.1 million treated as consideration transferred, and the issuance of 1,104,178 shares of the Company’s Class A Common Stock valued at $11.7 million based on the acquisition date closing stock price of $10.61. Approximately 329,827 shares of Class A Common Stock valued at $3.5 million, were held back in escrow to settle any post-closing adjustments and/or potential claims. The holdback was accounted for as contingent consideration and recorded as a liability based on its estimated fair value as of the acquisition date. The Company funded the cash consideration using cash on hand. Goodwill primarily represents expected synergies, assembled workforce, and future growth opportunities. The goodwill is not fully deductible for income tax purposes.

The following table presents the purchase consideration and the preliminary estimated fair values of the assets acquired and liabilities assumed by the Company as of the acquisition date (in thousands):


	October 1, 2025
Cash consideration	$	15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	$	31,345

Assets:
Cash and cash equivalents	$	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment, net	134
Intangible assets, net	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	232
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,159
Fair value of net identifiable assets acquired	12,589
Goodwill	$	18,756

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	October 1, 2025
Customer relationships	10	$	1,900
Developed technology	10	11,400
Total intangible assets		$	13,300

The amounts presented in the tables above represent preliminary valuation analyses completed to assess the fair values of the assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. These fair values were based on management’s estimates and assumptions but are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. All values remain preliminary including, but not limited to, intangible assets, including the preliminary assumptions used in their estimates of fair values and their respective estimated useful lives, the valuation of certain tangible assets, working capital accounts, income taxes, and residual goodwill. The final determination of the fair values, purchase consideration, related income tax impacts and residual goodwill will be completed as soon as practicable, and within the measurement period of up to one year from the acquisition date as permitted under GAAP. Any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined.

The result of operations of KinetX has been included in the Company’s condensed consolidated statement of operations since the date of acquisition, October 1, 2025. For the three and six months ended June 30, 2026, KinetX contributed revenues of $1.4 million and $2.9 million, respectively, and incurred operating loss of $1.1 million and $2.3 million, respectively.

- Definition

The entire disclosure for business combination.

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Other Current Liabilities

As of June 30, 2026 and December 31, 2025, other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	29,150	$	12,818
Income tax liability	143		143
Professional fees accruals	4,833		11,458
Commercial insurance financing	2,252		—
Loan interest payable	2,156		3,186
Securitization liabilities - current	23,157		—
Contingent consideration liabilities (Note 3 and 16)	6,764		5,353
Pension liability - current	1,868		—
Warranty obligations, current	5,000		—
Transition service agreement ("TSA") accrual	3,378		—
Program cost accruals	3,888		—
Other accrued liabilities	9,120		70
Other current liabilities	$	91,709	$	33,028

Schedule of Other Noncurrent Liabilities

As of June 30, 2026 and December 31, 2025, other non-current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Securitization liabilities, non-current	$	26,238	$	—
Orbital Anomaly Support Reserve - LT	5,566		—
Warranty obligations, non-current	5,163		—

Other accrued liabilities, non-current	56		240
Other non-current liabilities	$	37,023	$	240

Mezzanine Equity and Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Stock by Class

The table below reflects share information about the Company’s capital stock as of June 30, 2026.


	Par Value		Authorized	Issued	Treasury Stock	Outstanding
Class A Common Stock	$	0.0001	500,000,000	171,720,829	(2,191,080)	169,529,749
Class B Common Stock	$	0.0001	100,000,000	—	—	—
Class C Common Stock	$	0.0001	100,000,000	55,851,004	—	55,851,004
Series A Preferred Stock	$	0.0001	25,000,000	5,000	—	5,000
Total shares			725,000,000	227,576,833	(2,191,080)	225,385,753

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following presents the significant financial information with respect to the Company’s reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	206,168	$	50,313	$	392,898	$	112,837
Less:
Cost of revenues (excluding depreciation and amortization)(1)	170,302		62,156		326,925		118,003
Depreciation and amortization	14,927		752		27,975		1,375

Research and development	7,729		461		13,318		1,372
General and administrative expense (excluding depreciation and amortization)(2)(3)	60,346		15,584		111,017		30,804
Operating loss	(47,136)		(28,640)		(86,337)		(38,717)

Interest income	1,476		3,500		2,907		4,919
Interest expense	(4,483)		(72)		(9,368)		(97)
Change in fair value of earn-out liabilities	—		—		—		(33,369)
Change in fair value of warrant liabilities	(11,622)		(13,033)		(21,044)		29,969
Change in fair value of contingent consideration liabilities	(890)		—		(1,411)		—


Other income (expense), net	(178)		39		(106)		65
Income tax expense	(8)		—		(10)		—
Net loss	$	(62,841)	$	(38,206)	$	(115,369)	$	(37,231)

(1) Cost of revenue consists primarily of direct material and labor costs, launch costs, manufacturing overhead, freight expense, and other personnel-related expenses, which include employee compensation and benefits and stock-based compensation.

(2) General and administrative expense includes sales and marketing expense primarily related to business development expenses such as, employee compensation and benefits, subcontract costs, marketing, and materials and supplies costs. Costs incurred for business development were $5.1 million and $1.0 million, for the three months ended June 30, 2026 and 2025, respectively, and $6.4 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.

(3) Other general and administrative expense primarily includes all other employee compensation and benefits, stock-based compensation, facilities costs, professional services, software licenses, and other administrative costs.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	NOTE 22 - SUBSEQUENT EVENTS Share Purchase Agreement - Goonhilly On August 3, 2026, the Company consummated the acquisition of the Goonhilly group’s UK and U.S. operations pursuant to the terms of a Share Purchase Agreement (the “SPA”), dated May 14, 2026, with Goonhilly Holdings Limited, as seller. Pursuant to the SPA, the Company acquired all of the issued and outstanding shares of Goonhilly Earth Station Limited, a ground station and satellite communications company incorporated in England and Wales (the “UK Acquisition”). The aggregate consideration for the UK Acquisition (the “UK Consideration”) was £37,000,000, split equally between cash and stock. The stock portion consists of 960,649 shares of Class A Common Stock (the “Consideration Shares”). The UK Consideration is subject to customary post-closing adjustment. Additionally, as part of the acquisition of the Goonhilly group’s UK and U.S. operations pursuant to the SPA, on August 3, 2026, the Company entered into a Membership Interest Purchase Agreement (the “MIPA”) with Goonhilly Holdings USA Inc., pursuant to which we acquired all of the issued and outstanding membership interests of COMSAT LLC (formerly Goonhilly Inc.) (“COMSAT”) for a base cash purchase price of $10.0 million and reimbursement of expenses, subject to adjustments for cash, debt, working capital and specified capital expenditures, including a post-closing true-up. The Company is in the process of evaluating the assets acquired and liabilities assumed and therefore is unable to provide preliminary purchase price allocation information as of the date of issuance of these financial statements. Palo Alto Campus - Lease Amendment In July 2026, the Company executed an amendment to the lease agreement for its Palo Alto, California facility that supports spacecraft design, systems engineering, and program management. The amendment extended the lease term by 17 years through July 2043 with an option to extend for an additional 10 years through July 2053, resulting in estimated remeasured right-of-use asset and lease liability of $109.1 million.

Fair Value Measurements - Narrative (Details) $ / shares in Units, $ in Thousands		6 Months Ended		12 Months Ended
	Oct. 01, 2025 USD ($) $ / shares shares	Jun. 30, 2026 $ / shares shares	Jun. 30, 2025 shares	Dec. 31, 2023 shares	Jan. 13, 2026 $ / shares	Feb. 13, 2023 shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out units, vested in period (in shares)			7,500,000	2,500,000
Share price (in dollars per share) \| $ / shares	$ 10.61				$ 17.57
Class A Common Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Share price (in dollars per share) \| $ / shares	$ 10.61	$ 21.39
Measurement Input, Share Price \| Conversion Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input \| $ / shares		21.39
Measurement Input, Dividend Yield \| Conversion Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input		0.000
Measurement Input, Risk Free Interest Rate \| Conversion Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input		0.0415
Measurement Input, Volatility \| Conversion Series A Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liability, measurement input		1.15
Intuitive Machines, LLC \| Earn Out Units
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Earn-out units issued (in shares)						10,000,000
KinetX, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, consideration transferred, equity Interest, share issued, number of shares held back in escrow (in shares)	329,827	316,237
Contingent consideration assumed at acquisition, Class A Common Stock \| $	$ 3,500
Stock held in escrow released and issued during period (in shares)		13,590

Inventory, Net (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Inventory Disclosure [Abstract]
Raw materials	$ 36,486
Work in progress	23,455
Total Inventory	$ 59,941

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization
Gross Carrying Amount	$ 310,299	$ 13,300
Accumulated Amortization	(13,230)	(332)
Net Carrying Amount	$ 297,069	$ 12,968
Trademark / trade name
Intangible Asset, Finite-Lived [Line Items]
Estimated Life in Years	1 year
Intangible Asset, Finite-Lived, after Accumulated Amortization
Gross Carrying Amount	$ 5,000
Accumulated Amortization	(2,500)
Net Carrying Amount	$ 2,500
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Estimated Life in Years	15 years	10 years
Intangible Asset, Finite-Lived, after Accumulated Amortization
Gross Carrying Amount	$ 139,900	$ 1,900
Accumulated Amortization	(4,742)	(47)
Net Carrying Amount	$ 135,158	$ 1,853
Developed technology
Intangible Asset, Finite-Lived [Line Items]
Estimated Life in Years	15 years	10 years
Intangible Asset, Finite-Lived, after Accumulated Amortization
Gross Carrying Amount	$ 165,399	$ 11,400
Accumulated Amortization	(5,988)	(285)
Net Carrying Amount	$ 159,411	$ 11,115

- 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/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (d)(2)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

NOTE 17 - NET LOSS PER SHARE

Basic net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Class A common shareholders for the three and six months ended June 30, 2026 and 2025 by the weighted-average number of shares of Class A common stock outstanding for the same periods.

Diluted net income (loss) per share of Class A common stock includes additional weighted average common shares that would have been outstanding if potential common shares with a dilutive effect had been issued using the if-converted method for the Series A Preferred Stock and Convertible Notes, and the treasury method for our RSUs, PSUs, options, and warrants. During loss periods, diluted net loss per share for all periods presented is the same as basic net loss per share as the inclusion of the potentially issuable shares would be anti-dilutive. The Capped Call transactions entered into in connection with the Convertible Notes (as discussed in Note 10) are excluded from diluted net income (loss) per share calculations as they are designed to reduce potential dilution and are currently anti-dilutive

The following table presents the computation of the basic and diluted loss per share of Class A Common Stock (in thousands, except share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net loss	$	(62,841)	$	(38,206)	$	(115,369)	$	(37,231)
Less: Net loss attributable to redeemable noncontrolling interest	(16,781)		(13,408)		(32,265)		(1,499)
Less: Net income attributable to noncontrolling interest	385		383		728		845
Net loss attributable to the Company	(46,445)		(25,181)		(83,832)		(36,577)
Less: Cumulative preferred dividends	(167)		(151)		(329)		(298)
Net loss attributable to Class A common shareholders	$	(46,612)	$	(25,332)	$	(84,161)	$	(36,875)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	162,172,470		117,434,775		155,064,726		112,286,945





Net loss per share of Class A common stock - basic and diluted	$	(0.29)	$	(0.22)	$	(0.54)	$	(0.33)

The following table presents potentially dilutive securities, as of the end of the periods, excluded from the computation of diluted net loss per share of Class A Common Stock as their effect would be anti-dilutive, their exercise price was out-of-the-money, or because of unsatisfied contingent issuance conditions.


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
2023 Plan Awards (RSU and RSS awards)(2)	4,886,231	2,986,212	4,886,231	2,986,212
Options(1)	614,639	837,789	614,639	837,789
Series A Preferred Stock(2)	2,224,832	2,064,917	2,280,338	2,039,680
Warrants (Conversion Warrants and Preferred Investor Warrants)(1)	4,857,302	4,857,302	4,857,302	4,857,302

Escrow Shares(3)	316,237	—	316,237	—
Convertible Notes(2)	26,310,770	—	26,310,770	—

(1) Represents number of instruments outstanding at the end of the period that were evaluated under the treasury stock method for potentially dilutive effects and were determined to be anti-dilutive. The number of 2023 Plan awards outstanding as of June 30, 2026 consists of 4,618,792 unvested RSU and RSS awards and 267,439 vested RSUs with elected deferrals of the issuance of Class A common stock.

(2) Represents number of instruments outstanding as converted at the end of the period that were evaluated under the if-converted method for potentially dilutive effects and were determined to be anti-dilutive.

(3) Represents the number of escrow shares outstanding at the end of the period due to unsatisfied contingent issuance conditions and were determined to be anti-dilutive.

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Revenue from contracts with customers	$ 203,412	$ 50,313	$ 387,042	$ 112,837
Related Party \| SNS \| KBR, Inc.
Related Party Transaction [Line Items]
Equity ownership percentage	10.00%		10.00%
Related Party \| KBR, Inc.
Related Party Transaction [Line Items]
Revenue from contracts with customers	$ 400	500	$ 700	1,100
Accounts receivable	200		200		$ 300
Related Party \| KBR, Inc. \| SNS
Related Party Transaction [Line Items]
Cost of goods and service, excluding depreciation, depletion, and amortization	6,600	5,600	12,100	11,800
Accounts payable and accrued expenses	2,700		2,700		1,600
Related Party \| ASES
Related Party Transaction [Line Items]
Revenue from contracts with customers	200	300	400	600
Accounts receivable	100		100		100
Related Party \| Aerodyne \| SNS
Related Party Transaction [Line Items]
Cost of goods and service, excluding depreciation, depletion, and amortization	400	500	1,000	1,200
Accounts payable	100		100		100
Related Party \| X Energy, LLC
Related Party Transaction [Line Items]
Accounts payable	0		0		0
Management fee expense	0	100	0	500
Related Party \| IBX/PTX
Related Party Transaction [Line Items]
Accounts payable	27		27		$ 26
Management fee expense	$ 0	$ 0	$ 0	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

The following table presents the balance sheet information related to leases as follows (in thousands):


	June 30, 2026 (1)		December 31, 2025

Operating lease right-of-use assets	$	72,704	$	36,755
Finance lease right-of-use assets	78		94
Total right-of-use assets	$	72,782	$	36,849

Operating lease liabilities, current	$	25,104	$	10,466
Operating lease liabilities, non-current	68,298		26,290
Total operating lease liabilities	93,402		36,756

Finance lease liabilities, current	$	27	$	48
Finance lease liabilities, non-current	19		20
Total finance lease liabilities	46		68

Total lease liabilities	$	93,448	$	36,824

(1) As of June 30, 2026, the lease balances included approximately $35.7 million of operating right-of-use assets, $18.1 million of operating lease liabilities, current, and $41.4 million of operating lease liabilities, non-current related to Lanteris which was acquired on January 13, 2026. See Note 3 for additional information regarding the acquisition of Lanteris.

Schedule of Lease, Cost

The components of total lease expense recorded in cost of product revenue (excluding depreciation and amortization) and general and administrative expense (excluding depreciation and amortization) are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	4,653	$	1,122	$	7,997	$	2,315
Finance lease cost	9		9		18		20
Variable lease cost	887		—		1,575		—
Short-term lease cost	113		23		238		27
Total lease cost	$	5,662	$	1,154	$	9,828	$	2,362

The components of supplemental cash flow information are as follows (in thousands):


	Six Months Ended June 30,
	2026						2025
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	16,559		$	2		$	1,237		$	4

Cash flows from financing activities	$	—		$	9		$	—		$	21
Right-of-use assets obtained in exchange for new lease liabilities	$	1,997		$	—		$	—		$	—
Right-of-use assets increase in exchange for lease modifications	$	7,555		$	—		$	—		$	—
Weighted average remaining lease term (months)	103			23			200			24
Weighted average discount rate	7.4		%	8.1		%	6.5		%	8.0		%

Estimated Future Undiscounted Cash Flows for Operating Leases

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of June 30, 2026 (in thousands):


	Operating Leases		Finance Leases
Remainder of 2026	$	17,475	$	20
2027	21,551		21
2028	20,157		8
2029	19,882		—
2030	6,263		—
Thereafter	67,043		—
Total undiscounted lease payments	$	152,371	$	49
Less: imputed interest	58,969		3
Present value of lease liabilities	$	93,402	$	46

Estimated Future Undiscounted Cash Flows for Finance Leases

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of June 30, 2026 (in thousands):


	Operating Leases		Finance Leases
Remainder of 2026	$	17,475	$	20
2027	21,551		21
2028	20,157		8
2029	19,882		—
2030	6,263		—
Thereafter	67,043		—
Total undiscounted lease payments	$	152,371	$	49
Less: imputed interest	58,969		3
Present value of lease liabilities	$	93,402	$	46

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Depreciation and amortization	$ 7.9	$ 0.8	$ 15.1	$ 1.4
Fabrication of Commercial Communications Satellite
Property, Plant, and Equipment [Line Items]
Construction in progress	$ 86.2		$ 86.2		$ 50.8

- 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/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
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-Name Accounting Standards Codification
-Section 05
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Summary of Significant Accounting Policies - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Securitization liabilities, non-current	$ 26,238	$ 0
Orbital Anomaly Support Reserve - LT	5,566	0
Warranty obligations, non-current	5,163	0
Other accrued liabilities, non-current	56	240
Other non-current liabilities	$ 37,023	$ 240

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

NOTE 10 - DEBT

The following table summarizes our outstanding debt (in thousands):


	June 30, 2026		December 31, 2025
Convertible Notes	$	345,000	$	345,000


Less: unamortized debt discount	(7,877)		(8,803)
Less: unamortized debt issuance costs	(771)		(862)

Total long-term debt	$	336,352	$	335,335

Convertible Notes

On August 18, 2025, the Company issued $345.0 million aggregate principal amount of 2.500% convertible senior notes due 2030 (the “Convertible Notes”). The Convertible Notes are general, unsecured obligations of the Company and bear interest at a fixed rate of 2.500% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The Convertible Notes will mature on October 1, 2030, unless earlier converted, redeemed, or repurchased.

The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding July 1, 2030 only under the following conditions: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2025 (and only during such calendar quarter), if the last reported sale price of the Company’s Class A Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the Class A Common Stock and the conversion rate on each such trading day; (3) if the Company issues a notice of redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after July 1, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time, in integral multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing conditions. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of Class A Common Stock or a combination of cash and shares of Class A Common Stock, at the Company’s election.

The Company may not redeem the notes prior to October 6, 2028. The Company may redeem for cash all or any portion of the notes, at the Company’s option, on or after October 6, 2028 and prior to the 26th scheduled trading day immediately preceding the maturity date, but only if the “liquidity condition” (as defined below) is satisfied and the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of

redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The “liquidity condition” is satisfied if the Company has filed all reports and other materials required to be filed by Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, after giving effect to all applicable grace periods thereunder and other than current reports on Form 8-K; or if the Company has elected to settle all conversions by cash settlement. If the Company redeems less than all the outstanding Convertible Notes, at least $75.0 million aggregate principal amount must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption (unless the Company makes an “all notes election” with respect to such partial redemption, in which case such partial redemption limitation shall not apply). No sinking fund is provided for the notes.

The initial conversion rate for the Convertible Notes is 76.2631 shares of Class A Common Stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $13.1125 per share of Class A Common Stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, holders who convert their notes in connection with a make-whole fundamental change or a notice of redemption may be entitled to an increase in the conversion rate. For the potential dilutive impact of the Convertible Notes if-converted, refer to Note 17 - Net Loss per Share.

The Convertible Notes include customary covenants and certain events of default after which the notes may be declared immediately due and payable and set forth certain types of bankruptcy or insolvency events of default involving the Company after which the notes become automatically due and payable. As of June 30, 2026, the Company was in compliance with all debt covenant requirements related to the Convertible Notes.

As of June 30, 2026, the aggregate fair value of the Convertible Notes was $670.9 million based on an observable market quote in an active market (Level 2 inputs). Debt discount and issuance costs are comprised of costs incurred in connection with debt issuance and are presented in the accompanying condensed consolidated balance sheet as a deduction to the carrying amount of the debt and amortized using the effective interest method to interest expense over the term of the debt. The conversion feature was evaluated under ASC 815, “Derivatives and Hedging” and ASC 470-20 “Debt with Conversion and Other Options” and was not separated as a derivative because it met the equity scope exception; therefore, the Convertible Notes are accounted for entirely as a liability. As of June 30, 2026, the effective interest rate on the Convertible Notes, including the impact of the debt discount and issuance costs, was approximately 3.07%. During the three and six months ended June 30, 2026, the Company recognized $2.7 million and $5.3 million, respectively, of interest expense related to the Convertible Notes which included the amortization of the debt discount and issuance costs of $0.5 million and $1.0 million, respectively.

Capped Calls

On August 18, 2025, in connection with the issuance of the Convertible Notes (as described above), the Company entered into capped call transactions (the “Capped Calls”) with certain financial institutions at an aggregate cost of approximately $36.8 million. The Capped Calls cover, subject to anti-dilution adjustments, the number of Class A Common Stock underlying the Convertible Notes. The Capped Calls can be settled in cash or shares at the Company’s option and are expected generally to reduce the potential dilution to the Class A Common Stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Convertible Notes. The Capped Calls have an initial strike price of $13.1125 and an initial cap price of $20.9800 per share, which are subject to certain adjustments under the terms of the Capped Calls. The Capped Calls meet the criteria for equity classification under ASC 815-40 as they are indexed to the Company’s own stock and require settlement in shares or cash at the Company’s option. The Capped Calls cover approximately 26,310,770 of Class A Common Stock. These instruments are excluded from diluted earnings per share calculations as they are currently anti-dilutive.

Stifel Loan Agreement

On March 4, 2025, we entered into a loan and security agreement (the “Loan Agreement”) with Stifel Bank. The Loan Agreement provides for a secured revolving credit facility in an aggregate principal amount of up to $40.0 million (the “Revolving Facility”). The proceeds of the loans (and any letters of credit issued thereunder) may be used for the funding of growth initiatives, including working capital needs and general corporate purposes as the Company continues to focus on minimizing its cost of capital while maximizing available funding alternatives. Amounts outstanding under the Revolving Facility bear interest at a rate per annum equal to the greater of (a) Term SOFR (secured overnight financing rate) plus 2.75% and (b) 6.00% and requires the Company to meet certain financial and other covenants. The Loan Agreement matures on April 30, 2027 (the “Maturity Date”). Subject to certain conditions in the Loan Agreement, amounts borrowed thereunder may be repaid and reborrowed at any time prior to the Maturity Date.

On January 12, 2026, the Company and Stifel Bank entered into a waiver, in respect to the Loan Agreement pursuant to which Stifel Bank consented to the acquisition of Lanteris (as discussed in Note 3) and halted any borrowing and covenant obligations by the Company under the Revolving Facility. As of June 30, 2026, there was no outstanding debt under the Stifel Loan Agreement.

Orbital Receivable Securitization Facility

The Company maintains a revolving securitization facility with ING Belgium NV/SA (“ING”) pursuant to which certain eligible orbital receivables (as discussed in Note 5) may be transferred to the financial institution. Because the transfers do not meet the criteria for sale accounting under ASC 860, the transferred orbital receivables remain recognized in the condensed consolidated balance sheets and proceeds received are accounted for as secured borrowings.

The related securitization liabilities are subsequently measured at amortized cost using the effective interest method and are classified as current or non-current based on the expected timing of settlement. Customer collections on the underlying orbital receivables are remitted to the financial institution and reduce the related securitization liabilities. Interest expense associated with the securitization liabilities is recognized over the applicable borrowing period.


	June 30, 2026
Current portion	$	23,157
Non-current portion	26,238
Total securitization liabilities	$	49,395

- 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
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The following tables summarize the fair value of assets and liabilities that are recorded in the Company’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 at fair value on a recurring basis.


	June 30, 2026
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities


Warrant liabilities - Conversion Series A	Recurring	81,438		—		—		81,438



Contingent consideration liabilities	Recurring	6,764		6,764		$	—	—

Total liabilities measured at fair value		$	88,202	$	6,764	$	—	$	81,438


	December 31, 2025
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities


Warrant liabilities - Conversion Series A	Recurring	$	60,394	$	—	$	—	$	60,394



Contingent consideration liabilities	Recurring	5,353		5,353		—		—

Total liabilities measured at fair value		$	65,747	$	5,353	$	—	$	60,394

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide roll-forwards of the Company’s Level 3 liabilities (in thousands):


	Warrant liabilities - Series A
Balance, December 31, 2025	$	60,394
Additions	—
Change in fair value	21,044
Converted to equity	—
Balance, June 30, 2026	$	81,438


	Earn-out liabilities		Warrant liabilities - Series A
Balance, December 31, 2024	$	134,156	$	68,778
Additions	—		—
Change in fair value	33,369		(29,969)
Converted to equity	(167,525)		—
Balance, June 30, 2025	$	—	$	38,809

Trade and Other Receivables, Net - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) customer	Dec. 31, 2025 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Orbital receivables, non-current	$ 209,833	$ 0
Number of customers with orbital receivables \| customer	11
Trade receivables	$ 79,550	12,637
Contract assets	50,992	$ 12,236
Echostar Bankruptcy
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	10,100
Orbital receivables	41,400
Contract assets	$ 0
Customer Concentration Risk \| Orbital Receivables, Net \| Customer One
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	35.00%
Customer Concentration Risk \| Orbital Receivables, Net \| Customer Two
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	30.00%
Customer Concentration Risk \| Orbital Receivables, Net \| Customer Three
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	17.00%

Acquisitions - Schedule of Pro Forma Information (Details) - Lanteris - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Business Combination [Line Items]
Total revenues	$ 206,168	$ 203,433	$ 406,014	$ 421,589
Net loss	(62,841)	(1,847)	(117,202)	(49,486)
Net income (loss) attributable to the Company	(46,445)	11,178	(85,665)	(48,832)
Net income (loss) attributable to Class A common shareholders	$ (46,612)	$ 11,027	$ (85,994)	$ (49,130)

- 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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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 13, 2026	Dec. 31, 2025
Contract liabilities – current
Deferred revenue	$ 201,951		$ 45,712
Contract loss provision	11,527		6,996
Accrued launch costs	2,040		4,660
Total contract liabilities – current	215,518		57,368
Contract liabilities – long-term
Deferred revenue	1,635		5,900
Contract loss provision	2,430		441
Total contract liabilities – long-term	4,065		6,341
Total contract liabilities	219,583		$ 63,709
Lanteris
Contract liabilities – long-term
Acquired contract liabilities, current	$ 156,500	$ 161,716

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 13, 2026	Oct. 01, 2025	Jun. 30, 2026	Dec. 31, 2025
Liabilities:
Goodwill			$ 379,216	$ 18,697
Lanteris
Business Combination [Line Items]
Cash consideration	$ 405,622
Fair value of Class A Common Stock issued	403,953
Transaction bonuses and other adjustments	43,689
Purchase consideration	853,264
Assets:
Cash and cash equivalents	2,242
Restricted cash	268
Trade and other receivables	97,152
Contract assets	23,144		26,000
Inventory	56,147
Advances to suppliers	17,125
Prepaid and other current assets	5,799
Property and equipment, net	165,815		158,300
Intangible assets, net	297,000
Operating lease right-of-use assets	32,174
Orbital receivables, non-current	223,366
Total assets	920,232
Liabilities:
Accounts payable and accrued expenses	40,429
Contract liabilities	161,716		$ 156,500
Operating lease liabilities, current	17,986
Other current liabilities	61,977
Pension and other postretirement benefits, non-current	54,792
Operating lease liabilities, non-current	40,578
Other non-current liabilities	49,535
Total liabilities	427,013
Noncontrolling interests	415
Fair value of net identifiable assets acquired	492,804
Goodwill	$ 360,460
KinetX, Inc.
Business Combination [Line Items]
Cash consideration		$ 15,000
Fair value of Class A Common Stock issued		11,715
Equity holdback in escrow		3,500
Transaction costs and other adjustments payable to the seller		1,130
Purchase consideration		31,345
Assets:
Cash and cash equivalents		1,247
Trade and other receivables		1,232
Contract assets		34
Prepaid and other current assets		306
Property and equipment, net		134
Intangible assets, net		13,300
Operating lease right-of-use assets		495
Total assets		16,748
Liabilities:
Accounts payable and accrued expenses		232
Operating lease liabilities, current		114
Deferred tax liability, current		2,847
Other current liabilities		584
Operating lease liabilities, non-current		381
Total liabilities		4,159
Fair value of net identifiable assets acquired		12,589
Goodwill		$ 18,756

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

NOTE 9 - LEASES

The Company leases real estate for administrative office space, research, marketing and light manufacturing operations of the lessee’s aerospace related research and development business under operating leases.

The Company has operating and finance leases for real estate and equipment with remaining lease terms ranging from 8 months to 271 months, some of which contain options to extend and some of which contain options to terminate the lease without cause at the option of lessee.

The Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and components, and hence are not included in the

measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.

The following table presents the balance sheet information related to leases as follows (in thousands):


	June 30, 2026 (1)		December 31, 2025

Operating lease right-of-use assets	$	72,704	$	36,755
Finance lease right-of-use assets	78		94
Total right-of-use assets	$	72,782	$	36,849

Operating lease liabilities, current	$	25,104	$	10,466
Operating lease liabilities, non-current	68,298		26,290
Total operating lease liabilities	93,402		36,756

Finance lease liabilities, current	$	27	$	48
Finance lease liabilities, non-current	19		20
Total finance lease liabilities	46		68

Total lease liabilities	$	93,448	$	36,824


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	4,653	$	1,122	$	7,997	$	2,315
Finance lease cost	9		9		18		20
Variable lease cost	887		—		1,575		—
Short-term lease cost	113		23		238		27
Total lease cost	$	5,662	$	1,154	$	9,828	$	2,362

The components of supplemental cash flow information are as follows (in thousands):


	Six Months Ended June 30,
	2026						2025
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	16,559		$	2		$	1,237		$	4

Cash flows from financing activities	$	—		$	9		$	—		$	21
Right-of-use assets obtained in exchange for new lease liabilities	$	1,997		$	—		$	—		$	—
Right-of-use assets increase in exchange for lease modifications	$	7,555		$	—		$	—		$	—
Weighted average remaining lease term (months)	103			23			200			24
Weighted average discount rate	7.4		%	8.1		%	6.5		%	8.0		%

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of June 30, 2026 (in thousands):


	Operating Leases		Finance Leases
Remainder of 2026	$	17,475	$	20
2027	21,551		21
2028	20,157		8
2029	19,882		—
2030	6,263		—
Thereafter	67,043		—
Total undiscounted lease payments	$	152,371	$	49
Less: imputed interest	58,969		3
Present value of lease liabilities	$	93,402	$	46

Leases

NOTE 9 - LEASES

measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.

The following table presents the balance sheet information related to leases as follows (in thousands):


	June 30, 2026 (1)		December 31, 2025

Operating lease right-of-use assets	$	72,704	$	36,755
Finance lease right-of-use assets	78		94
Total right-of-use assets	$	72,782	$	36,849

Operating lease liabilities, current	$	25,104	$	10,466
Operating lease liabilities, non-current	68,298		26,290
Total operating lease liabilities	93,402		36,756

Finance lease liabilities, current	$	27	$	48
Finance lease liabilities, non-current	19		20
Total finance lease liabilities	46		68

Total lease liabilities	$	93,448	$	36,824


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	4,653	$	1,122	$	7,997	$	2,315
Finance lease cost	9		9		18		20
Variable lease cost	887		—		1,575		—
Short-term lease cost	113		23		238		27
Total lease cost	$	5,662	$	1,154	$	9,828	$	2,362

The components of supplemental cash flow information are as follows (in thousands):


	Six Months Ended June 30,
	2026						2025
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	16,559		$	2		$	1,237		$	4

Cash flows from financing activities	$	—		$	9		$	—		$	21
Right-of-use assets obtained in exchange for new lease liabilities	$	1,997		$	—		$	—		$	—
Right-of-use assets increase in exchange for lease modifications	$	7,555		$	—		$	—		$	—
Weighted average remaining lease term (months)	103			23			200			24
Weighted average discount rate	7.4		%	8.1		%	6.5		%	8.0		%

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of June 30, 2026 (in thousands):


	Operating Leases		Finance Leases
Remainder of 2026	$	17,475	$	20
2027	21,551		21
2028	20,157		8
2029	19,882		—
2030	6,263		—
Thereafter	67,043		—
Total undiscounted lease payments	$	152,371	$	49
Less: imputed interest	58,969		3
Present value of lease liabilities	$	93,402	$	46

Net Loss Per Share - Schedule of Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator
Net loss	$ (62,841)	$ (38,206)	$ (115,369)	$ (37,231)
Less: Net loss attributable to redeemable noncontrolling interest	(16,781)	(13,408)	(32,265)	(1,499)
Less: Net income attributable to noncontrolling interest	385	383	728	845
Net loss attributable to the Company	(46,445)	(25,181)	(83,832)	(36,577)
Less: Cumulative preferred dividends	(167)	(151)	(329)	(298)
Net loss attributable to Class A common shareholders - basic	(46,612)	(25,332)	(84,161)	(36,875)
Net loss attributable to Class A common shareholders - diluted	$ (46,612)	$ (25,332)	$ (84,161)	$ (36,875)
Denominator
Basic weighted-average shares of Class A common stock outstanding (in shares)	162,172,470	117,434,775	155,064,726	112,286,945
Diluted weighted-average shares of Class A common stock outstanding (in shares)	162,172,470	117,434,775	155,064,726	112,286,945
Net loss per share of Class A common stock - basic (in dollars per share)	$ (0.29)	$ (0.22)	$ (0.54)	$ (0.33)
Net loss per share of Class A common stock - diluted (in dollars per share)	$ (0.29)	$ (0.22)	$ (0.54)	$ (0.33)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 06, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40823
Entity Registrant Name	INTUITIVE MACHINES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-5056189
Entity Address, Address Line One	13467 Columbia Shuttle Street
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77059
City Area Code	281
Local Phone Number	520-3703
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	LUNR
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 Central Index Key	0001844452
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		173,231,343
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		55,692,725

Summary of Significant Accounting Policies - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Accrued compensation and benefits	$ 29,150	$ 12,818
Income tax liability	143	143
Professional fees accruals	4,833	11,458
Commercial insurance financing	2,252	0
Loan interest payable	2,156	3,186
Securitization liabilities - current	23,157	0
Contingent consideration liabilities (Note 3 and 16)	6,764	5,353
Pension liability - current	1,868	0
Warranty obligations, current	5,000	0
Transition service agreement ("TSA") accrual	3,378	0
Program cost accruals	3,888	0
Other accrued liabilities	9,120	70
Other current liabilities	$ 91,709	$ 33,028

Mezzanine Equity and Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Mezzanine Equity and Equity

NOTE 12 - MEZZANINE EQUITY AND EQUITY

Capital Stock

The table below reflects share information about the Company’s capital stock as of June 30, 2026.


	Par Value		Authorized	Issued	Treasury Stock	Outstanding
Class A Common Stock	$	0.0001	500,000,000	171,720,829	(2,191,080)	169,529,749
Class B Common Stock	$	0.0001	100,000,000	—	—	—
Class C Common Stock	$	0.0001	100,000,000	55,851,004	—	55,851,004
Series A Preferred Stock	$	0.0001	25,000,000	5,000	—	5,000
Total shares			725,000,000	227,576,833	(2,191,080)	225,385,753

ATM Program

In connection with the filing of a Registration Statement on Form S-3 (File No. 333-296442) with the SEC, which became effective on June 2, 2026, the Company entered into a Sales Agreement (the “Sales Agreement”), dated June 2, 2026, with Barclays Capital Inc., Cantor Fitzgerald & Co., B. Riley Securities, Inc., Canaccord Genuity LLC, Clear Street LLC, Craig-Hallum Capital Group LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets Inc., Roth Capital Partners, LLC and Stifel, Nicolaus & Company, Incorporated (collectively, the “Agents”) to sell shares of Class A Common Stock having an aggregate sale price of up to $500.0 million through our ATM Program. The sales of the shares under the ATM Program may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The agents sell the Class A Common Stock based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). Under the ATM Program, the agents are entitled to total compensation at a commission rate of up to 3.0% of the sales price per share sold.

As of June 30, 2026, the Company had sold and issued 8,259,379 shares of Class A Common Stock under the ATM Program and received cash proceeds of approximately $235.2 million, net of $3.6 million in commissions and transaction fees.

February 2026 Securities Purchase Agreement

On February 27, 2026, the Company completed the issuance and sale to the Investors of 11,574,069 shares of Class A Common Stock at a price of $15.12 per share for an aggregate purchase price of $175.0 million pursuant to the terms of the Securities Purchase Agreement.

Series A Preferred Stock (Mezzanine Equity)

As a result of the Private Placement Transaction on September 5, 2023 (as discussed below) and in accordance with the terms of the Certificate of Designation, the Series A Preferred Stock conversion price was reduced from $12.00 per share to $5.10 per share. Additionally, as a result of the Warrant Exercise Agreement on January 10, 2024 in conjunction with the warrant transactions discussed in Note 13, the Series A Preferred Stock conversion price was further reduced from $5.10 per share to $3.00 per share.

Redeemable Noncontrolling Interests (Mezzanine Equity)

As of June 30, 2026, the prior investors of Intuitive Machines, LLC own 24.8% of the outstanding common units of Intuitive Machines, LLC. The prior investors of Intuitive Machines, LLC have the right to exchange their common units in Intuitive Machines, LLC (along with the cancellation of the paired shares of Class B Common Stock or Class C Common Stock in Intuitive Machines, Inc.) for shares of Class A Common Stock on a one-to-one basis or cash proceeds for an

equivalent amount. The option to redeem Intuitive Machines, LLC’s common units for cash proceeds must be approved by the Board. The ability to put common units is solely within the control of the holder of the redeemable noncontrolling interests. If the prior investors elect the redemption to be settled in cash, the cash used to settle the redemption must be funded through a private or public offering of Class A Common Stock and subject to the Company’s Board approval.

The financial results of Intuitive Machines, LLC and its subsidiaries are consolidated with Intuitive Machines, Inc. with the redeemable noncontrolling interests' share of our net loss separately allocated.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
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+ Details

Share-Based Compensation - Schedule of Share-Based Payment Arrangement, Option, Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 $ / shares shares
Number of Options
Beginning balance (in shares) \| shares	748,357
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(133,718)
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	614,639	748,357
Exercisable (in shares) \| shares	520,076
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 4.09
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	4.39
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	4.03	$ 4.09
Exercisable (in dollars per share) \| $ / shares	$ 3.19
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures
Outstanding, term (in years)	5 years 3 months 29 days	5 years 10 months 2 days
Exercisable, term (in years)	5 years 2 months 8 days
Outstanding, intrinsic value \| $	$ 10,670,186
Exercisable, intrinsic value \| $	$ 9,465,065

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 13, 2026	Oct. 01, 2025	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2026	Jun. 30, 2026
Business Combination [Line Items]
Share price (in dollars per share)	$ 17.57	$ 10.61
Business combination, transaction costs			$ 7,900		$ 27,900
Lanteris
Business Combination [Line Items]
Voting equity interest acquired, percentage	100.00%
Purchase consideration	$ 853,264
Cash consideration	405,622
Transaction bonuses and other adjustments	$ 43,689
Equity interest issued or issuable (in shares)	22,991,028
Fair value of Class A Common Stock issued	$ 403,953
Business combination, transaction costs			7,500	$ 10,400	26,400	$ 36,800
Acquiree's revenue since acquisition date, actual			166,700		308,300
Acquiree's earnings (loss) since acquisition date, actual			24,500		24,700
KinetX, Inc.
Business Combination [Line Items]
Voting equity interest acquired, percentage		100.00%
Purchase consideration		$ 31,345
Cash consideration		$ 15,000
Equity interest issued or issuable (in shares)		1,104,178
Fair value of Class A Common Stock issued		$ 11,715
Acquiree's revenue since acquisition date, actual			1,400		2,900
Acquiree's earnings (loss) since acquisition date, actual			$ (1,100)		$ (2,300)
Transaction costs and other adjustments payable to the seller		$ 1,130
Business combination, consideration transferred, equity Interest, share issued, number of shares held back in escrow (in shares)		329,827			316,237
Contingent consideration assumed at acquisition, Class A Common Stock		$ 3,500

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 16 - FAIR VALUE MEASUREMENTS


	June 30, 2026
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities


Warrant liabilities - Conversion Series A	Recurring	81,438		—		—		81,438



Contingent consideration liabilities	Recurring	6,764		6,764		$	—	—

Total liabilities measured at fair value		$	88,202	$	6,764	$	—	$	81,438


	December 31, 2025
	Frequency of Measurement	Total		Level 1		Level 2		Level 3
Liabilities


Warrant liabilities - Conversion Series A	Recurring	$	60,394	$	—	$	—	$	60,394



Contingent consideration liabilities	Recurring	5,353		5,353		—		—

Total liabilities measured at fair value		$	65,747	$	5,353	$	—	$	60,394

Cash and cash equivalents consist of cash in bank, time deposits and other highly liquid investments purchased with original maturities of less than 90 days. Because of the short-term nature of these instruments, the carrying amounts approximate fair value and therefore are considered Level 1 measurements under the fair value hierarchy.

The following tables provide roll-forwards of the Company’s Level 3 liabilities (in thousands):


	Warrant liabilities - Series A
Balance, December 31, 2025	$	60,394
Additions	—
Change in fair value	21,044
Converted to equity	—
Balance, June 30, 2026	$	81,438


	Earn-out liabilities		Warrant liabilities - Series A
Balance, December 31, 2024	$	134,156	$	68,778
Additions	—		—
Change in fair value	33,369		(29,969)
Converted to equity	(167,525)		—
Balance, June 30, 2025	$	—	$	38,809

Earn-out Liabilities

As a result of the Business Combination, certain Intuitive Machines, LLC members received 10,000,000 earn out units of Intuitive Machines, LLC (“Earn Out Units”) subject to certain triggering events. Upon the vesting of any Earn Out Units, each of the certain Intuitive Machines, LLC members will be issued (i) by Intuitive Machines, LLC an equal number of Intuitive Machines, LLC Common Units and (ii) by Intuitive Machines, an equal number of shares of Class C Common Stock, in exchange for surrender of the applicable Earn Out Units and the payment to Intuitive Machines, Inc. of a per-share price equal to the par value per share of the Class C Common Stock. Under the earn out agreement, Earn Out Units of 2,500,000 vested during the year ended December 31, 2023, and the remaining 7,500,000 Earn Out Units vested during six months ended June 30, 2025.

Conversion Series A Warrant Liabilities

The fair value of the Conversion Series A Warrant liabilities as of June 30, 2026 was estimated using a Black-Scholes-Merton model. The significant assumptions utilized in estimating the fair value of the Conversion Series A Warrant liabilities include: (i) a per share price of the Class A Common Stock of $21.39, (ii) a dividend yield of 0.0%; (iii) a risk-free rate of 4.15%; and (iv) expected volatility of 115%.

Contingent Consideration Liability

On October 1, 2025 and in connection with the purchase consideration related to our acquisition of KinetX, approximately 329,827 shares of Class A Common Stock were held back in escrow to fund post-closing adjustments, in the amount of $3.5 million, based on the acquisition date closing stock price of $10.61, and recorded as a contingent consideration liability in our condensed consolidated balance sheets. During the six months ended June 30, 2026, 13,590 shares of Class A Common Stock were released from escrow and issued. The fair value of the contingent consideration liability of the remaining 316,237 shares of Class A Common Stock held in escrow as of June 30, 2026 was estimated based on our Class A Common Stock closing stock price of $21.39. See Note 3 - Acquisitions for additional information on the acquisition of KinetX.

- 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.

+ References

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table provides a summary of the option activity under the 2021 Plan for the six months ended June 30, 2026:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Outstanding as of December 31, 2025	748,357	$	4.09	5.84
Granted	—	—
Exercised	(133,718)	4.39
Forfeited	—	—
Balance as of June 30, 2026	614,639	$	4.03	5.33	$	10,670,186
Exercisable as of June 30, 2026	520,076	$	3.19	5.19	$	9,465,065

Schedule of Weighted-Average Grant Date Fair Value of Unit Options

The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:


	Weighted- Average Grant Date Fair Value
Non-vested as of December 31, 2025	$	3.17
Granted	—
Vested	0.87
Forfeited	—
Non-vested as of June 30, 2026	$	5.50

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table provides a summary of the Company’s 2023 Plan activity:


	Number of Units(1)	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2025	2,752,419	$	7.58
Granted	2,846,761	17.74
Vested	(965,911)	7.29
Forfeited	(14,477)	14.27
Balance as of June 30, 2026	4,618,792	$	13.89

(1) Includes the Company’s issuance of 1,518,163 RSSs associated with the Lanteris acquisition in January 2026. The fair value of the RSSs granted was $19.76 per share based on the grant date of when all terms and conditions were approved and communicated to employees. The RSSs have service-only vesting conditions and vest in one year. See Note 3 for more information on the Lanteris acquisition.

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of the basic and diluted loss per share of Class A Common Stock (in thousands, except share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net loss	$	(62,841)	$	(38,206)	$	(115,369)	$	(37,231)
Less: Net loss attributable to redeemable noncontrolling interest	(16,781)		(13,408)		(32,265)		(1,499)
Less: Net income attributable to noncontrolling interest	385		383		728		845
Net loss attributable to the Company	(46,445)		(25,181)		(83,832)		(36,577)
Less: Cumulative preferred dividends	(167)		(151)		(329)		(298)
Net loss attributable to Class A common shareholders	$	(46,612)	$	(25,332)	$	(84,161)	$	(36,875)
Denominator
Basic and diluted weighted-average shares of Class A common stock outstanding	162,172,470		117,434,775		155,064,726		112,286,945





Net loss per share of Class A common stock - basic and diluted	$	(0.29)	$	(0.22)	$	(0.54)	$	(0.33)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
2023 Plan Awards (RSU and RSS awards)(2)	4,886,231	2,986,212	4,886,231	2,986,212
Options(1)	614,639	837,789	614,639	837,789
Series A Preferred Stock(2)	2,224,832	2,064,917	2,280,338	2,039,680
Warrants (Conversion Warrants and Preferred Investor Warrants)(1)	4,857,302	4,857,302	4,857,302	4,857,302

Escrow Shares(3)	316,237	—	316,237	—
Convertible Notes(2)	26,310,770	—	26,310,770	—

(3) Represents the number of escrow shares outstanding at the end of the period due to unsatisfied contingent issuance conditions and were determined to be anti-dilutive.

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Unvested RSUs & RSSs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			4,618,792
Vested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			267,439
2023 Plan Awards (RSU and RSS awards)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,886,231	2,986,212	4,886,231	2,986,212
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	614,639	837,789	614,639	837,789
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,224,832	2,064,917	2,280,338	2,039,680
Warrants (Conversion Warrants and Preferred Investor Warrants)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,857,302	4,857,302	4,857,302	4,857,302
Escrow Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	316,237	0	316,237	0
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	26,310,770	0	26,310,770	0

Warrants	6 Months Ended
Warrants	Jun. 30, 2026
Equity [Abstract]
Warrants	NOTE 13 - WARRANTS Preferred Investor Warrants In conjunction with the issuance of Series A Preferred Stock at closing of the Business Combination, the Company issued 541,667 Preferred Investor Warrants (of which, 104,157 are owned by a related party, Ghaffarian Enterprises, LLC) to purchase one share of the Company’s Class A Common Stock with an exercise price of $15.00, subject to adjustment. The Company evaluated the terms of the Preferred Investor Warrants and determined they meet the criteria to be classified in shareholders’ equity upon issuance. The Preferred Investor Warrants were immediately exercisable upon issuance and expire five years from the closing of the Business Combination. The Preferred Investor Warrants include customary cash and cashless exercise provisions and may be exercised on a cashless basis if, at any time after the six month anniversary of the Closing Date, there is not an effective registration statement with respect to the Class A Common Stock. The Preferred Investor Warrants have the same terms and conditions as the Public Warrants. The Preferred Investor Warrants do not entitle the holder to any voting rights, dividends or other rights as a shareholder of the Company prior to exercise. As result of the Private Placement Transaction on September 5, 2023 discussed in Note 12 and in accordance with the terms of the Certificate of Designation, the Preferred Investor Warrants exercise price was reduced from $15.00 to $11.50 per share and the aggregate number of shares of Class A Common Stock issuable upon exercise of the Preferred Investor Warrants was proportionally increased to 706,522. As of June 30, 2026, there have been no exercises of the Preferred Investor Warrants. Conversion Warrants In connection with the January 2024 Bridge Loan Conversion, the Company agreed to issue to the Guarantor, pursuant to Section 4(a)(2) of the Securities Act of 1933, (i) a new unregistered Series A Common Stock Purchase Warrant to purchase up to an aggregate of 4,150,780 shares of, at the Guarantor’s election, Class A Common Stock (at an exercise price per share equal to $2.57 per share), Class C Common Stock (at an exercise price per share equal to $0.0001 per share), or a combination thereof, and a term of 5 years, (the “Conversion Series A Warrant”) and (ii) a new unregistered Series B Common Stock Purchase Warrant to purchase up to an aggregate of 4,150,780 shares of, at the guarantor’s election, Class A Common Stock (at an exercise price per share equal to $2.57 per share), Class C Common Stock (at an exercise price per share equal to $0.0001 per share), or a combination thereof, and a term of 18 months (the “Conversion Series B Warrant”), collectively (the “Conversion Warrants”). On May 31, 2024, the guarantor assigned the Conversion Warrants to a third party investor in a private transaction. Pursuant to the assignment to a third party investor, the Conversion Warrants are no longer exercisable for Class C Common Stock. All other terms related to the Conversion Warrants remain the same as previously discussed. Pursuant to the guidance under ASC 480 “Distinguishing Liabilities from Equity,” the Company determined that the Conversion Warrants should be recorded as liabilities as of the issuance date and March 31, 2024 and subsequently determined that they meet the criteria in ASC 815, “Derivatives and Hedging”, to be classified as a derivative liability as of May 31, 2024 and June 30, 2024, initially measured at fair value with changes in fair value recognized in earnings in other income (expense) on the condensed consolidated statement of operations. During the period from June 5, 2024 to June 7, 2024, the investor exercised 300,000 Conversion Series B Warrants, resulting in the issuance of an equal number of shares of Class A Common Stock. During the period from November 21, 2024 to November 29, 2024, the investor exercised the remaining 3,850,780 Conversion Series B Warrants, resulting in the issuance of an equal number of Class A Common Stock. As of June 30, 2026, there have been no exercises of the Conversion Series A Warrants. During the six months ended June 30, 2026, the Company recognized a loss of $21.0 million from the change in fair value of the Conversion Series A Warrant liability in our condensed consolidated statement of operations. During the six months ended June 30, 2025, the Company recognized a gain of $30.0 million from the change in fair value of the Conversion Series A Warrant liability in our condensed consolidated statement of operations. See Note 16 for additional information on the fair value measurement of the Conversion Series A Warrants.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company’s unaudited condensed consolidated financial statements and related notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim reporting and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements.
Principles of Consolidation	Our condensed consolidated financial statements include the accounts of Intuitive Machines, Lanteris Space Holdings LLC (“Lanteris”), KinetX Inc. (“KinetX”), Space Network Solutions, LLC (“SNS” or “Space Network Solutions”) a majority-owned subsidiary, and IX, LLC, a variable interest entity (“VIE”) for which we are the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024 contained in our Annual Report on Form 10-K, filed with the SEC on March 19, 2026. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Management’s opinion is that all adjustments for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature or a description of the nature and amount of any adjustments other than normal recurring adjustments have been appropriately disclosed.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. The Company reclassed certain prior period amounts to a separate line item in the condensed consolidated balance sheets and condensed consolidated statement of operations. These reclassifications did not result in any changes to previously reported net income.
Use of Estimates	Use of Estimates The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Due to the inherent uncertainty involved in making estimates, actual results could differ from those estimates. The Company bases its estimates and assumptions on historical experience, other factors, including the current economic environment, and various other judgments that it believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future reporting periods.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. While the Company engages in manufacturing, mission services, and related activities, these operations are highly integrated and are not managed or evaluated separately by the CODM. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. See Note 21 - Segment Information for additional disclosures on segment reporting.
Concentration of Credit Risks	Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. By their nature, all such financial instruments involve risks, including the credit risk of nonperformance by counterparties. The majority of the Company’s cash and cash equivalents are held at major financial institutions. Certain account balances exceed the Federal Deposit Insurance Corporation insurance limits of $250,000 per account. The Company generally does not require collateral to support the obligations of the counterparties and cash levels held at banks are more than federally insured limits. The Company limits its exposure to credit loss by maintaining its cash and cash equivalents with highly rated financial institutions. The Company has not experienced material losses on its deposits of cash and cash equivalents. The Company monitors the creditworthiness of its customers to whom it grants credit terms in the normal course of its business. The Company evaluates the collectability of its accounts receivable based on known collection risks and historical experience. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (e.g., bankruptcy filings, substantial downgrading of credit ratings), the Company records a specific allowance for expected credit losses against amounts to reduce the net recognized receivable to the amount it reasonably believes will be collected and revenue recognition is deferred until the amount is collected and the contract is completed. For all other customers, the Company records allowances for credit losses based on the specific analysis of the customer’s ability to pay on an as needed basis. Major customers are defined as those individually comprising more than 10% of the Company’s total revenue.
Trade and other receivables, net	Trade and other receivables, net Trade and other receivables include amounts billed to customers, unbilled receivables in which the Company’s right to consideration is unconditional and current portion of orbital receivables, net of allowance for expected credit losses. The Company bills customers as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries. The Company estimates allowance for credit losses based on the credit worthiness of each customer, historical collections experience and other information, including the aging of the receivables. The Company writes off accounts receivable against the allowance for credit losses when a balance is unlikely to be collected. Orbital Receivables Orbital receivables relate to performance incentives under certain satellite construction contracts that are payable over the estimated in-orbit life of the satellite. The orbital payment terms are designed to protect customers against the risk that a satellite does not achieve or maintain specified in-orbit performance requirements. The Company’s entitlement to orbital payments, including incremental contractual amounts calculated by reference to the orbital balance and payment period, is contingent on continued satellite performance and may be reduced or forfeited if specified performance requirements are not achieved. The Company accounts for orbital performance incentives as variable consideration under ASC 606. Amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with satellite performance is subsequently resolved. The Company recognizes such consideration as product revenue using the cost-to-cost method during the construction period and recognizes amounts previously constrained as revenue as the associated in-orbit performance uncertainty is resolved. Current orbital receivables are included in Trade and other receivables, net, and the long-term portion of orbital receivables, net is included in Orbital receivables, non-current in the condensed consolidated balance sheets. See Note 5 - Trade and Other Receivables, net for additional information. The Company evaluates orbital receivables for expected credit losses based on factors including customer credit quality, historical collection experience, current conditions, reasonable and supportable forecasts and other relevant credit-quality indicators. Changes in the allowance for expected credit losses are recognized in General and administrative expense. Reductions in orbital consideration resulting from a satellite’s failure to satisfy applicable in-orbit performance requirements are accounted for as changes in the transaction price under ASC rather than as credit losses. The Company has a revolving securitization facility with an international financial institution under which eligible orbital receivables may be securitized from time to time. Orbital receivables subject to these transactions remain recognized in the condensed consolidated balance sheets because the applicable accounting criteria for derecognition are not met. Proceeds received are recognized as securitization liabilities and subsequently measured at amortized cost using the effective interest method. The securitization liabilities are reduced as customer payments are received and remitted to the financial institution. Interest expense associated with the securitization liabilities is recognized over the applicable financing period.
Inventory	Inventory Inventories are measured at the lower of cost or net realizable value and consist primarily of parts and sub-assemblies used in the manufacturing of satellites. The cost of inventories is determined on a first-in-first-out basis or weighted average cost basis, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expense. Inventory is impaired when it is probable inventory values exceed their net realizable value.
Business Acquisitions	Business Acquisitions Transaction costs consists of direct legal, consulting, audit and other fees related to the business acquisition of Lanteris as further described herein in Note 3 - Acquisitions.
Issuance of Securities	Issuance of Securities Transaction costs related to various agreements for the issuance of securities (as further described in Note 12), includes direct legal, broker, accounting and other fees.
Warranty and After-Sale Service Costs	Warranty and After-Sale Service Costs Warranty and after-sale service provisions are based on management’s best estimate of the expected obligation using historical warranty data and experience. In connection with our acquisition of Lanteris (as further discussed in Note 3 - Acquisitions), we assumed warranty and after-sale service liabilities which are presented in other current liabilities and other long-term liabilities on our condensed consolidated balance sheets. Warranty and after-sale service costs are recognized within cost of product revenue (excluding depreciation and amortization) in the condensed consolidated statement of operations.
Defined Benefit Pension and Other Postretirement Benefit Plans	Defined Benefit Pension and Other Postretirement Benefit Plans The Company assumed defined benefit pension and other postretirement benefit plans for certain employees associated with the recent Lanteris acquisition. Pension and postretirement obligation balances and related costs reflected within the condensed consolidated financial statements include costs directly attributable to plans dedicated to the Company. The pension and other postretirement plan benefits were frozen on December 31, 2013. See Note 15 - Employee Benefit Plans for additional information on the defined benefit and other postretirement plans and Note 3 - Acquisitions for more information on the acquisition of Lanteris. The Company recognizes the funded status of each pension and other postretirement benefit plan in the condensed consolidated balance sheets. The calculation of pension and other postretirement benefit obligations is performed annually by qualified actuaries using the projected unit credit actuarial cost method. The projected benefit obligation is the sum of the actuarial present value of all pension benefits attributed to benefit service completed to the determination date. Pension and other postretirement plan liabilities are revalued annually, or when an event occurs that requires remeasurement, based on updated assumptions and information about the individuals covered by the plan. The Company’s net obligation in respect of the pension and other postretirement benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the prior periods, discounting that amount and deducting the fair value of associated plan assets. The Company uses the net asset value (“NAV”) practical expedient to measure the fair value of the plan’s commingled fund investments. These commingled fund investments for which the fair value is measured using the NAV practical expedient are excluded from the fair value hierarchy. The Company recognizes the amortization of prior service costs as a component of general and administrative expense (excluding depreciation and amortization). All other costs, including administrative expenses related to frozen plans, are recognized within other income (expense), net. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in the net benefit liability that relates to past service or the gain or loss on curtailment is recognized immediately in accumulated other comprehensive income (loss). The Company recognizes gains or losses on the settlement of a defined benefit plan when settlement occurs. For the Company’s pension and other postretirement benefit plans, accumulated actuarial gains and losses in excess of a 10 percent corridor and the prior service cost are amortized on a straight-line basis from the date recognized over the average remaining service period of active participants or over the average life expectancy for plans with significant inactive participants.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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, which is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the standard on the presentation of its consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions or extinguishments. The standard is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. The standard can be applied either prospectively or retrospectively. The Company has adopted this ASU as of January 1, 2026, with no material impact to its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The standard is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. The standard can be adopted early and must be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company decided to early adopt this standard as of January 1, 2026, and applied the new guidance when analyzing the acquisition. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets which provides all entities a practical expedient option when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those assets acquired in a transaction accounted for under Topic 805, Business Combinations. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and applied prospectively. Early adoption is permitted. The Company has adopted the amendments as of January 1, 2026, with no material impact to its consolidated financial statements. In September 2025, FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive and sequential development stage model and introducing a principles-based framework requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The amendment is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company has adopted this ASU as of January 1, 2026, with no material impact to its consolidated financial statements. In December 2025, FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities ASU 2025-10 which establishes authoritative guidance for the accounting of government grants received by business entities. The guidance requires recognition of grants when it is probable that the entity will comply with the related conditions and that the grant will be received. Asset-related grants may be recorded as deferred income or as a reduction of the related asset, while income-related grants are recognized in earnings over the periods in which the related costs are incurred. The amendment is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the potential impacts of adopting this ASU on its consolidated financial statements.

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 operatingSegment reportableSegment corePillar
Segment Reporting [Abstract]
Number of operating segments \| operatingSegment	1
Number of reportable segments \| reportableSegment	1
Number of core pillars \| corePillar	3

Trade and Other Receivables, Net

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Trade and Other Receivables, Net

NOTE 5 - TRADE AND OTHER RECEIVABLES, NET


	June 30, 2026		December 31, 2025
Trade receivables	$	79,550	$	12,637
Orbital receivables, current	38,484		—
Grant receivables	5,288		2,851
Allowance for credit losses	(3,652)		(3,295)
Trade and other receivables, net	$	119,670	$	12,193

Orbital Receivables

Orbital receivables arise from performance incentives under certain satellite construction contracts. The Company acquired substantially all of its existing orbital receivables in connection with the Lanteris acquisition in January 2026. Orbital receivables are payable over the estimated in-orbit life of the applicable satellite and remain contingent on the satellite achieving specified in-orbit performance requirements.

As of June 30, 2026, non-current orbital receivables, net of allowances, were $209.8 million. Orbital receivables were outstanding from 11 customers, of which three customers individually represented approximately 35%, 30%, and 17%, respectively, of aggregate current and non-current orbital receivables, net of allowances. The Company did not enter into any new securitization transactions involving orbital receivables during the six months ended June 30, 2026.


	Total		2026		2027		2028		2029		2030		Thereafter
Contractual cash flows from orbital receivables	$	280,511	$	24,432	$	48,991	$	38,390	$	33,545	$	30,174	$	104,979

Allowance for credit losses

The following table provides a roll-forward of the Company’s allowance for credit losses related to our trade receivables (in thousands):


	Six Months Ended June 30,
		2026		2025
Beginning balance		$	3,295	$	—
Provision for credit losses		357		135
Write-offs		—		(135)
Ending balance		$	3,652	$	—

Certain orbital receivables are pledged or otherwise subject to the Company’s securitization facility. See Note 10 - Debt for additional information.

Customer credit and contract exposure

On June 30, 2026, certain subsidiaries and affiliates of EchoStar Corporation commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. On August 2, 2026, Hughes Satellite Systems Corporation and certain additional EchoStar-affiliated entities commenced separate Chapter 11 proceedings. Certain entities included in the August 2 proceedings are direct contractual counterparties under certain of the Company’s completed satellite programs, while other debtor entities have historically served as payors, sold-to parties or otherwise have been associated with certain Company contracts.

At June 30, 2026, the Company had approximately $10.1 million of accounts receivables and $41.4 million of orbital receivables. associated with EchoStar-affiliated entities. The Company had zero contract assets associated with these entities at June 30, 2026. The Company also continues to perform under an active satellite construction contract with an EchoStar-affiliated entity that was not a debtor as of August 13, 2026.

The Company evaluated the collectability of its accounts receivable and orbital receivables under the expected-credit-loss guidance and reassessed the effect of the bankruptcy proceedings on revenue recognition for its active construction

contract. In performing this evaluation, the Company considered, among other factors, the identity and legal obligations of the contractual counterparties, historical and subsequent payment activity, the status of the applicable contracts, expected recoveries and information obtained through the bankruptcy proceedings.

Based on information available through August 13, 2026, the Company did not record an incremental allowance for expected credit losses or an adjustment to revenue recognition related to these matters as of June 30, 2026. This conclusion remains subject to completion of management’s contract-specific assessment of expected recoveries and payment timing, including amounts associated with contractual counterparties that are debtors, confirmation of subsequent payment activity, and evaluation of developments in the bankruptcy proceedings through the filing date.

The bankruptcy proceedings remain ongoing and the ultimate treatment of certain of the Company’s claims and contracts has not been determined. Changes in expected recoveries or payment timing, the treatment of contracts or claims in bankruptcy, payment delays, contract modifications or rejection, additional affiliate filings or other adverse developments could result in future credit losses, changes in revenue recognition, delayed cash collections or disruption of contract performance.

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Gross carrying amount, beginning balance	$ 18,697
Net carrying amount, beginning balance	18,697
Acquisition of Lanteris (Note 3)	360,460
Adjustment related to KinetX acquisition	59
Gross carrying amount, ending balance	379,216
Net carrying amount, ending balance	379,216
Impairment	$ 0	$ 0

- 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.

+ References

+ Details

Share-Based Compensation - Schedule of Weighted-Average Grant Date Fair Value of Unit Options (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 3.17
Granted (in dollars per share)	0
Vested (in dollars per share)	0.87
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 5.50

Employee Benefit Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Postemployment Benefits [Abstract]
Service cost	$ 400	$ 1,100
Interest cost	4,547	9,555
Expected return on plans assets	(6,469)	(12,223)
Net periodic benefit	$ (1,522)	$ (1,568)

Acquisitions - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 13, 2026	Dec. 31, 2025	Oct. 01, 2025
Trademark / trade name
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years	1 year
Customer relationships
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years	15 years		10 years
Developed technology
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years	15 years		10 years
Lanteris
Intangible Asset, Finite-Lived, Acquired [Line Items]
Intangible assets		$ 297,000
Lanteris \| Trademark / trade name
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years		1 year
Intangible assets		$ 5,000
Lanteris \| Customer relationships
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years		15 years
Intangible assets		$ 138,000
Lanteris \| Developed technology
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years		15 years
Intangible assets		$ 154,000
KinetX, Inc.
Intangible Asset, Finite-Lived, Acquired [Line Items]
Intangible assets				$ 13,300
KinetX, Inc. \| Customer relationships
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years				10 years
Intangible assets				$ 1,900
KinetX, Inc. \| Developed technology
Intangible Asset, Finite-Lived, Acquired [Line Items]
Estimated Life in Years				10 years
Intangible assets				$ 11,400

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]
Amortization of intangible assets	$ 7,100	$ 0	$ 12,900	$ 0
Impairment of intangible assets, finite-lived	0	$ 0	0	$ 0
Finite-lived intangible asset, expected amortization, remainder of fiscal year	12,900		12,900
Finite-lived intangible asset, expected amortization, year one	20,800		20,800
Finite-lived intangible asset, expected amortization, year two	20,800		20,800
Finite-lived intangible asset, expected amortization, year three	20,800		20,800
Finite-lived intangible asset, expected amortization, year four	$ 20,800		$ 20,800

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 203,412	$ 50,313	$ 387,042	$ 112,837
Revenue from contracts with customers, percent	99.00%	100.00%	99.00%	100.00%
Grant revenue	$ 2,756	$ 0	$ 5,856	$ 0
Grant revenue, percent	1.00%	0.00%	1.00%	0.00%
Total revenue	$ 206,168	$ 50,313	$ 392,898	$ 112,837
Total revenue, percent	100.00%	100.00%	100.00%	100.00%
Commercial
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 66,279	$ 2,106	$ 130,468	$ 12,184
Revenue from contracts with customers, percent	32.00%	4.00%	33.00%	11.00%
Civil
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 76,281	$ 46,509	$ 144,854	$ 98,600
Revenue from contracts with customers, percent	37.00%	93.00%	37.00%	87.00%
National security
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 60,852	$ 1,698	$ 111,720	$ 2,053
Revenue from contracts with customers, percent	30.00%	3.00%	29.00%	2.00%
Fixed price
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 180,018	$ 27,534	$ 342,105	$ 65,717
Revenue from contracts with customers, percent	87.00%	55.00%	87.00%	58.00%
Cost reimbursable
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 21,194	$ 21,090	$ 40,498	$ 43,687
Revenue from contracts with customers, percent	11.00%	42.00%	11.00%	39.00%
Time and materials
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2,200	$ 1,689	$ 4,439	$ 3,433
Revenue from contracts with customers, percent	1.00%	3.00%	1.00%	3.00%

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Apr. 30, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amortization of deferred contract costs	$ 7,100		$ 7,600		$ 14,300	$ 15,600
Launch delay fees	0		800		0	2,300
Contract with customer, liability, including acquisition liabilities, revenue recognized					14,900	22,900
Net losses related to contracts	19,800		20,900		22,500	22,200
Contract loss provision, current	11,527				11,527		$ 6,996
Contract loss provision	2,430				2,430		441
Revenue, remaining performance obligation, amount	814,700				814,700
Government assistance, award amount								$ 10,000
Government assistance, award, applied to reimburse costs								$ 10,000
Grant revenue	$ 2,756		$ 0		$ 5,856	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in months)	6 months				6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	30.00%				30.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	35.00%				35.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in months)	1 year				1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	35.00%				35.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	40.00%				40.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period (in months)	3 years				3 years
IM-2 Mission Contract for Lunar Payload Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts				$ 1,000
Contract with customer, liability, revenue recognized		$ 5,500
IM-3 Mission Contract for Lunar Payload Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts					$ 6,300	18,500
Long-term contract, percent complete	91.00%				91.00%
Contract loss provision, current	$ 4,200				$ 4,200		6,500
IM-4 Mission Contract for Lunar Payload Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on contracts					$ 16,200	$ 2,700
Long-term contract, percent complete	45.00%				45.00%
Contract loss provision, current	$ 7,300				$ 7,300		500
Contract loss provision	$ 2,400				$ 2,400		$ 400
Revenue Benchmark \| Geographic Concentration Risk \| Non-US
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	0.50%		0.30%		0.30%	4.70%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 367,354	$ 582,606
Restricted cash	11,668	2,733
Trade and other receivables, net of allowance for credit losses of $3,652 and $3,295, respectively	119,670	12,193
Contract assets	50,992	12,236
Inventory, net	59,941	0
Advances to suppliers	32,558	3,353
Prepaid and other current assets	20,637	5,693
Total current assets	662,820	618,814
Orbital receivables, non-current	209,833	0
Property and equipment, net	264,626	68,550
Intangible assets, net	297,069	12,968
Goodwill	379,216	18,697
Operating lease right-of-use assets	72,704	36,755
Finance lease right-of-use assets	78	94
Other assets	935	1,276
Total assets	1,887,281	757,154
Current liabilities
Contract liabilities, current	215,518	57,368
Operating lease liabilities, current	25,104	10,466
Finance lease liabilities, current	27	48
Other current liabilities	91,709	33,028
Total current liabilities	399,831	124,832
Long-term debt, net	336,352	335,335
Contract liabilities, non-current	4,065	6,341
Pension and other postretirement benefits	48,739	0
Operating lease liabilities, non-current	68,298	26,290
Finance lease liabilities, non-current	19	20
Warrant liabilities	81,438	60,394
Other non-current liabilities	37,023	240
Total liabilities	975,765	553,452
Commitments and contingencies (Note 18)
MEZZANINE EQUITY
Series A preferred stock subject to possible redemption, $0.0001 par value, 25,000,000 shares authorized, 5,000 and 5,000 shares issued and outstanding	6,945	6,613
Redeemable noncontrolling interests	1,194,653	951,536
SHAREHOLDERS’ DEFICIT
Treasury stock, at cost, 2,191,080 shares	(33,525)	(33,525)
Paid-in capital	0	0
Accumulated deficit	(257,147)	(721,457)
Total shareholders’ deficit attributable to the Company	(290,649)	(754,964)
Noncontrolling interests	567	517
Total shareholders’ deficit	(290,082)	(754,447)
Total liabilities, mezzanine equity and shareholders’ deficit	1,887,281	757,154
Class A Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	17	12
Class B Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	0	0
Class C Common Stock
SHAREHOLDERS’ DEFICIT
Common stock	6	6
Nonrelated Party
Current liabilities
Accounts payable and accrued expenses	64,603	22,199
Affiliated Entity
Current liabilities
Accounts payable and accrued expenses	$ 2,870	$ 1,723

Trade and Other Receivables, Net - Schedule of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Receivables [Abstract]
Trade receivables	$ 79,550	$ 12,637
Orbital receivables, current	38,484	0
Grant receivables	5,288	2,851
Allowance for credit losses	(3,652)	(3,295)	$ 0	$ 0
Trade and other receivables, net	$ 119,670	$ 12,193

Leases - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 72,704	$ 36,755
Finance lease right-of-use assets	78	94
Total right-of-use assets	72,782	36,849
Operating lease liabilities, current	25,104	10,466
Operating lease liabilities, non-current	68,298	26,290
Total operating lease liabilities	93,402	36,756
Finance lease liabilities, current	27	48
Finance lease liabilities, non-current	19	20
Total finance lease liabilities	46	68
Operating Lease Liability And Finance Lease Liability	93,448	$ 36,824
Lanteris
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	35,700
Operating lease liabilities, current	18,100
Operating lease liabilities, non-current	$ 41,400

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Revenue	$ 203,412	$ 50,313	$ 387,042	$ 112,837
Grant revenue	2,756	0	5,856	0
Total revenue	206,168	50,313	392,898	112,837
Operating expenses:
Cost of grant revenue (excluding depreciation and amortization)	2,760	0	5,861	0
Total cost of revenues	170,302	62,156	326,925	118,003
Depreciation and amortization	14,927	752	27,975	1,375
Research and development	7,729	461	13,318	1,372
General and administrative expense (excluding depreciation and amortization)	60,346	15,584	111,017	30,804
Total operating expenses	253,304	78,953	479,235	151,554
Operating loss	(47,136)	(28,640)	(86,337)	(38,717)
Other income (expense), net:
Interest income	1,476	3,500	2,907	4,919
Interest expense	(4,483)	(72)	(9,368)	(97)
Change in fair value of earn-out liabilities	0	0	0	(33,369)
Change in fair value of warrant liabilities	(11,622)	(13,033)	(21,044)	29,969
Change in fair value of contingent consideration liabilities	(890)	0	(1,411)	0
Other income (expense), net	(178)	39	(106)	65
Total other income (expense), net	(15,697)	(9,566)	(29,022)	1,486
Loss before income taxes	(62,833)	(38,206)	(115,359)	(37,231)
Income tax expense	(8)	0	(10)	0
Net loss	(62,841)	(38,206)	(115,369)	(37,231)
Net loss attributable to redeemable noncontrolling interest	(16,781)	(13,408)	(32,265)	(1,499)
Net income attributable to noncontrolling interest	385	383	728	845
Net loss attributable to the Company	(46,445)	(25,181)	(83,832)	(36,577)
Less: Preferred dividends	(167)	(151)	(329)	(298)
Net loss attributable to Class A common shareholders - basic	(46,612)	(25,332)	(84,161)	(36,875)
Net loss attributable to Class A common shareholders - diluted	$ (46,612)	$ (25,332)	$ (84,161)	$ (36,875)
Net loss per share
Net loss per share of Class A common stock - basic (in dollars per share)	$ (0.29)	$ (0.22)	$ (0.54)	$ (0.33)
Net loss per share of Class A common stock - diluted (in dollars per share)	$ (0.29)	$ (0.22)	$ (0.54)	$ (0.33)
Weighted-average common shares outstanding
Weighted average shares outstanding - basic (in shares)	162,172,470	117,434,775	155,064,726	112,286,945
Weighted average shares outstanding - diluted (in shares)	162,172,470	117,434,775	155,064,726	112,286,945
Product revenue
Statement [Line Items]
Revenue	$ 166,735	$ 0	$ 308,289	$ 0
Product revenue \| Nonrelated Party
Operating expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	119,328	0	233,241	0
Service revenue
Statement [Line Items]
Revenue	36,677	50,313	78,753	112,837
Service revenue \| Nonrelated Party
Operating expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	41,126	56,047	74,786	104,972
Service revenue \| Affiliated Entity
Operating expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	$ 7,088	$ 6,109	$ 13,037	$ 13,031

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets, Net

NOTE 8 - GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table presents the changes in the Company’s goodwill balance as of June 30, 2026 (in thousands):


	Gross Carrying Amount		Impairment		Net Carrying Amount
Balance, December 31, 2025	$	18,697	$	—	$	18,697
Acquisition of Lanteris (Note 3)	360,460		—		360,460
Adjustment related to KinetX acquisition	59		—		59
Balance, June 30, 2026	$	379,216	$	—	$	379,216

Intangible Assets, Net

Intangible assets, net consist of the following as of June 30, 2026 and December 31, 2025 (in thousands, except useful life in years):


		June 30, 2026
	Weighted average useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets
Trademark / trade name	1	$	5,000	$	(2,500)	$	2,500
Customer relationships	15	139,900		(4,742)		135,158
Developed technology	15	165,399		(5,988)		159,411
Total intangible assets, net		$	310,299	$	(13,230)	$	297,069


		December 31, 2025
	Weighted average useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets
Customer relationships	10	$	1,900	$	(47)	$	1,853
Developed technology	10	11,400		(285)		11,115
Total intangible assets, net		$	13,300	$	(332)	$	12,968

Our acquired intangible assets are amortized to expense on a straight-line basis over their estimated useful lives. Amortization expense was $7.1 million and $12.9 million for the three and six months ended June 30, 2026, respectively. No amortization expense was recorded during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2026 and 2025, the Company did not recognize any impairment losses related to intangible assets. As of June 30, 2026, estimated future amortization expense for acquired intangible assets is approximately $12.9 million for the remainder of 2026 and $20.8 million per year for each of the years from 2027 through 2030.

For additional information on our acquired intangible assets, see Note 3.

Debt - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Aug. 18, 2025 USD ($) day $ / shares shares	Mar. 04, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Debt Instrument [Line Items]
Amortization of debt discount and issuance costs				$ 786	$ 0
Convertible Debt \| Capped Calls
Debt Instrument [Line Items]
Purchase of capped call transactions	$ 36,800
Derivative, initial strike price (in dollars per share) \| $ / shares	$ 13.1125
Derivative, initial cap price (in dollars per share) \| $ / shares	$ 20.9800
Derivative, underlying investment, shares (in shares) \| shares	26,310,770
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate		6.00%
Line of credit facility, maximum borrowing capacity		$ 40,000
Basis spread on variable rate		2.75%
Outstanding debt			$ 0	0
Convertible Senior Notes Due 2030 \| Level 2 \| Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Convertible debt, fair value disclosures			$ 670,900	$ 670,900
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 345,000
Debt instrument, interest rate	2.50%
Debt instrument, redemption price, percentage	100.00%
Debt instrument minimum outstanding principal amount after redemption	$ 75,000
Debt instrument, convertible, conversion ratio	0.0762631
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	$ 13.1125
Interest rate, effective percentage			3.07%	3.07%
Interest expense, debt			$ 2,700	$ 5,300
Amortization of debt discount and issuance costs			$ 500	$ 1,000
Convertible Senior Notes Due 2030 \| Convertible Debt \| Debt Conversion Terms One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day	20
Debt instrument, convertible, threshold consecutive trading days \| day	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Convertible Senior Notes Due 2030 \| Convertible Debt \| Debt Conversion Terms Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day	5
Debt instrument, convertible, threshold consecutive trading days \| day	10
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended
	Nov. 29, 2024	Jun. 07, 2024	Feb. 13, 2023	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jan. 31, 2024	Sep. 05, 2023	Feb. 14, 2023
Class of Warrant or Right [Line Items]
Warrant term (in years)									5 years
Change in fair value of warrant liabilities				$ 11,622	$ 13,033	$ 21,044	$ (29,969)
Class A Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)				$ 0.0001		$ 0.0001		$ 0.0001			$ 0.0001
Class C Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)				$ 0.0001		$ 0.0001		$ 0.0001
Series A Preferred Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			541,667
Warrant, exercise price (in dollars per share)			$ 15.00							$ 11.50
Warrant term (in years)			5 years
Period before warrants may be exercised (in months)			6 months
Number of shares called by warrants (in shares)										706,522
Warrants exercised (in shares)						0
Series A Preferred Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)			1
Series A Preferred Warrants \| Ghaffarian Enterprises, LLC \| Related Party
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			104,157
Conversion Series A Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)									4,150,780
Warrant, exercise price (in dollars per share)									$ 2.57
Conversion Series A Warrants \| Class A Common Stock
Class of Warrant or Right [Line Items]
Change in fair value of warrant liabilities						$ (21,000)	$ 30,000
Conversion Series A Warrants \| Class C Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)									$ 0.0001
Conversion Series B Warrants
Class of Warrant or Right [Line Items]
Number of securities called by each warrant or right (in shares)									4,150,780
Warrant, exercise price (in dollars per share)									$ 2.57
Warrant term (in years)									18 months
Warrants exercised (in shares)	3,850,780	300,000
Conversion Series B Warrants \| Class C Common Stock
Class of Warrant or Right [Line Items]
Common stock, par value (in dollars per share)									$ 0.0001

Inventory, Net

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventory, Net

NOTE 6 - INVENTORY, NET

The Company acquired inventory in connection with its acquisition of Lanteris in January 2026, as further discussed in Note 3. As of June 30, 2026, inventories consisted of the following (in thousands):


	June 30, 2026
Raw materials	$	36,486



Work in progress	23,455
Total Inventory	$	59,941

Variable Interest Entities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Variable Interest Entity [Line Items]
Total assets	$ 1,887,281	$ 757,154
Total liabilities	975,765	553,452
SNS
Variable Interest Entity [Line Items]
Total assets	9,200	7,800
Total liabilities	$ 6,800	$ 5,500
LLC & KBR
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	10.00%
KBR, Inc.
Variable Interest Entity [Line Items]
Variable interest entity, profits interest, percent	53.00%
SNS
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	90.00%
Variable interest entity, profits interest, percent	47.00%

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

Employee Benefit Plans

6 Months Ended

Jun. 30, 2026

Postemployment Benefits [Abstract]

Employee Benefit Plans

NOTE 15 - EMPLOYEE BENEFIT PLANS

On January 13, 2026, we acquired Lanteris, and assumed its company-sponsored defined benefit pension and other postretirement plans covering certain employees, for which we recorded net liabilities of approximately $56.7 million (consisting of $1.9 million included in other current liabilities and $54.8 million in non-current liabilities), reflecting an approximate fair value of plan assets of $336.1 million and a projected benefit obligation of $392.8 million. The pension and other postretirement plan benefits were frozen on December 31, 2013. The defined benefit plan provides pension benefits based on various factors including prior earnings and length of service. The defined benefit plan is funded, and the Company’s funding requirements are based on the plans’ actuarial measurement framework as established by the plan agreements or applicable laws. The funded plans’ assets are legally separated from the Company and are held by an independent trustee. The trustee is responsible for ensuring that the funds are protected as per applicable laws. The other postretirement benefits, comprised of life insurance is primarily funded out of operating income (loss).

As of June 30, 2026, the Company recorded net pension liabilities of $50.6 million on our condensed consolidated balance sheet, consisting of $1.9 million recorded in other current liabilities and the non-current portion of $48.7 million recorded in pension and other post-retirement benefits.

The service cost component of net periodic benefit cost is recorded in operating expenses, and the other components are recorded in other income (expense), net, in our condensed consolidated statements of operations. The following table summarizes the components of net periodic benefit cost for the Company’s pension plans (in thousands):


	Three Months Ended		Six Months Ended
	June 30, 2026			June 30, 2026
Service cost	$	400		$	1,100
Interest cost	4,547			9,555
Expected return on plans assets	(6,469)			(12,223)



Net periodic benefit	$	(1,522)		$	(1,568)

The funding policy for the Company’s pension and postretirement benefit plans is to contribute at least the minimum required by applicable laws and regulations. During the period from January 13, 2026 to June 30, 2026, the Company contributed approximately $4.8 million to the pension plan of the expected fiscal year 2026 contributions of $8.4 million. Additionally, the Company contributed approximately $0.3 million to the other postretirement benefit plans.

- Definition

The entire disclosure for retirement benefits.

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Trade and Other Receivables, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,295	$ 0
Provision for credit losses	357	135
Write-offs	0	(135)
Ending balance	$ 3,652	$ 0

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Goodwill

The following table presents the changes in the Company’s goodwill balance as of June 30, 2026 (in thousands):


	Gross Carrying Amount		Impairment		Net Carrying Amount
Balance, December 31, 2025	$	18,697	$	—	$	18,697
Acquisition of Lanteris (Note 3)	360,460		—		360,460
Adjustment related to KinetX acquisition	59		—		59
Balance, June 30, 2026	$	379,216	$	—	$	379,216

Schedule of Intangible Asset, Finite-Lived

Intangible assets, net consist of the following as of June 30, 2026 and December 31, 2025 (in thousands, except useful life in years):


		June 30, 2026
	Weighted average useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets
Trademark / trade name	1	$	5,000	$	(2,500)	$	2,500
Customer relationships	15	139,900		(4,742)		135,158
Developed technology	15	165,399		(5,988)		159,411
Total intangible assets, net		$	310,299	$	(13,230)	$	297,069


		December 31, 2025
	Weighted average useful life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets
Customer relationships	10	$	1,900	$	(47)	$	1,853
Developed technology	10	11,400		(285)		11,115
Total intangible assets, net		$	13,300	$	(332)	$	12,968

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: 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

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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

+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue by contract type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by contract type
Fixed price	$	180,018	87	%	$	27,534	55	%	$	342,105	87	%	$	65,717	58	%
Cost reimbursable	21,194		11	%	21,090		42	%	40,498		11	%	43,687		39	%
Time and materials	2,200		1	%	1,689		3	%	4,439		1	%	3,433		3	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

The following table disaggregates our revenue by customer type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by customer type
Commercial	$	66,279	32	%	$	2,106	4	%	$	130,468	33	%	$	12,184	11	%
Civil	76,281		37	%	46,509		93	%	144,854		37	%	98,600		87	%
National security	60,852		30	%	1,698		3	%	111,720		29	%	2,053		2	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

Schedule of Contract Assets and Contract Liabilities

The following table presents contract assets as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	50,916	$	12,228
Deferred contract costs	76		8
Total	$	50,992	$	12,236

(1) The balance as of June 30, 2026 includes approximately $26.0 million related to Lanteris, which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

The following table presents contract liabilities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025

Contract liabilities – current
Deferred revenue(1)	$	201,951	$	45,712
Contract loss provision	11,527		6,996
Accrued launch costs	2,040		4,660
Total contract liabilities – current	215,518		57,368
Contract liabilities – long-term
Deferred revenue	1,635		5,900
Contract loss provision	2,430		441
Total contract liabilities – long-term	4,065		6,341
Total contract liabilities	$	219,583	$	63,709

(1) The balance as of June 30, 2026 includes approximately $156.5 million in contract liabilities, current, related to Lanteris, which was acquired on January 13, 2026. See Note 3 for additional information on the Lanteris acquisition.

Debt - Schedule of Securitization Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables [Abstract]
Current portion	$ 23,157	$ 0
Non-current portion	26,238	$ 0
Total securitization liabilities	$ 49,395

Trade and Other Receivables, Net - Schedule of Expected Contractual Cash Flows from Orbital Receivables (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Receivables [Abstract]
Contractual cash flows from orbital receivables	$ 280,511
2026	24,432
2027	48,991
2028	38,390
2029	33,545
2030	30,174
Thereafter	$ 104,979

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Feb. 13, 2023	May 25, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Business combination, shares of common stock per common unit (in shares)					0.5562
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)			2 years 11 months 19 days
Nonvested award, cost not yet recognized, amount	$ 29,900		$ 29,900
RSSs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition (in years)			6 months 14 days
Nonvested award, cost not yet recognized, amount	16,200		$ 16,200
2021 Unit Option Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 67		$ 67
2021 Unit Option Plan \| Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units reserved for issuance (in shares)	614,639		614,639
2021 Unit Option Plan \| Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units reserved for issuance (in shares)						6,125,000
Share-based compensation, expense	$ 33	$ 56	$ 66	$ 103
Unrecognized compensation costs, period for recognition (in years)			1 year 1 month 9 days
2023 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation, expense	$ 10,500	$ 2,400	$ 19,300	$ 5,200
Granted (in shares)			0
Shares available for issuance (in shares)	4,821,888		4,821,888
2023 Omnibus Incentive Plan \| Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units reserved for issuance (in shares)	12,706,811		12,706,811
2023 Omnibus Incentive Plan \| Restricted Stock Units (RSUs) \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average remaining contractual terms			1 year
2023 Omnibus Incentive Plan \| Restricted Stock Units (RSUs) \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average remaining contractual terms			4 years

Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 4 - REVENUE

Disaggregated Revenue

The following table disaggregates our revenue by contract type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by contract type
Fixed price	$	180,018	87	%	$	27,534	55	%	$	342,105	87	%	$	65,717	58	%
Cost reimbursable	21,194		11	%	21,090		42	%	40,498		11	%	43,687		39	%
Time and materials	2,200		1	%	1,689		3	%	4,439		1	%	3,433		3	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

The following table disaggregates our revenue by customer type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by customer type
Commercial	$	66,279	32	%	$	2,106	4	%	$	130,468	33	%	$	12,184	11	%
Civil	76,281		37	%	46,509		93	%	144,854		37	%	98,600		87	%
National security	60,852		30	%	1,698		3	%	111,720		29	%	2,053		2	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

We geographically disaggregate revenue based on the customer’s country of domicile. Most revenue is derived from customers in the United States. Revenue from foreign customers represented 0.5% and 0.3% of total revenue for the three and six months ended June 30, 2026, respectively, compared to 0.3% and 4.7%, respectively, for the three and six months ended June 30, 2025.

Contract Assets and Liabilities

Contract assets primarily relate to deferred contract costs for subcontracted launch services, as well as work completed not yet billed for performance obligations that are satisfied over time. Deferred contract costs and unbilled receivables are recorded contract assets on our condensed consolidated balance sheets. Contract assets related to deferred contract costs are amortized straight-line across the life of the long-term service arrangement. Contract assets related to work completed for performance obligations that are satisfied over time are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to billings or consideration received in advance of performance (obligation to transfer goods or services to a customer) under the contract as well as provisions for loss contracts. Contract liabilities are recognized as revenue when the performance obligation has been performed. Current deferred revenue and provisions for loss contracts are recorded in current contract liabilities on our condensed consolidated balance sheets. Long-term deferred revenue and provisions for loss contracts are recorded in long-term contract liabilities on our condensed consolidated balance sheets.

The following table presents contract assets as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	50,916	$	12,228
Deferred contract costs	76		8
Total	$	50,992	$	12,236

Amortization expense associated with deferred contract costs for subcontracted launch services was recorded in cost of service revenue and was $7.1 million and $14.3 million for the three and six months ended June 30, 2026, respectively, compared to $7.6 million and $15.6 million for the three and six months ended June 30, 2025, respectively. Launch delay fees are recorded directly to the cost of service revenue and were $0.8 million and $2.3 million for the three and six months ended June 30, 2025 and no launch delay fees were incurred for the three and six months ended June 30, 2026.

The following table presents contract liabilities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025

Contract liabilities – current
Deferred revenue(1)	$	201,951	$	45,712
Contract loss provision	11,527		6,996
Accrued launch costs	2,040		4,660
Total contract liabilities – current	215,518		57,368
Contract liabilities – long-term
Deferred revenue	1,635		5,900
Contract loss provision	2,430		441
Total contract liabilities – long-term	4,065		6,341
Total contract liabilities	$	219,583	$	63,709

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $14.9 million and $22.9 million during the six months ended June 30, 2026 and 2025, respectively.

Loss Contracts

A contract loss occurs when the current estimate of the consideration that we expect to receive is less than the current estimate of total estimating costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, we consider total contract consideration, including any variable consideration constrained for revenue recognition purposes. We may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract price. We recorded net losses related to contracts with customers of $19.8 million and $22.5 million for the three and six months ended June 30, 2026, respectively, and $20.9 million and $22.2 million for the three and six months ended June 30, 2025, respectively.

The status of these loss contracts was as follows:

•Our IM-2 mission contract for lunar payload services, became a loss contract in 2023 due to estimated contract costs exceeding the estimated amount of consideration that we expected to receive. The IM-2 mission associated with this contract was completed in March 2025. For the three months ended March 31, 2025, changes in estimated contract costs resulted in an $1.0 million in contract loss. During the third quarter of 2025, the IM-2 mission contract was closed-out and we recognized revenue of approximately $5.5 million was recognized in

revenue. As of December 31, 2025, there were no contract loss provisions remaining recorded in contract liabilities, current in our condensed consolidated balance sheets.

•Our IM-3 mission contract for lunar payload services became a loss contract in 2021 because estimated contract costs exceeded the estimated consideration expected to be received under the contract. For the six months ended June 30, 2026 and 2025, changes in estimated contract costs resulted in additional contract losses of $6.3 million and $18.5 million, respectively. The higher estimated contract costs during 2025 was primarily driven by the alignment of the mission schedule with the completion of an internally-developed satellite to be placed in lunar orbit to meet NSN contract obligations. The period of performance for this contract currently runs through March 2027. As of June 30, 2026, this contract was approximately 91% complete. As of June 30, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $4.2 million and $6.5 million, respectively in our condensed consolidated balance sheets.

•Our IM-4 mission contract for lunar payload services, became a loss contract during the second quarter of 2025 due to estimated contract costs exceeding the estimated amount of consideration that we expect to receive. During the six months ended June 30, 2026 and 2025, revisions to estimated contract costs resulted in additional contract losses of $16.2 million and $2.7 million, respectively. The increase in estimated contract costs was primarily driven by obligations to meet customer payload requirements. As of June 30, 2026 this contract was approximately 45% complete. The period of performance for this contract currently runs through August 2028. As of June 30, 2026 and December 31, 2025, the contract loss provision recorded in contract liabilities, current was $7.3 million and $0.5 million, respectively, and $2.4 million and $0.4 million, respectively, recorded in contract liabilities, non-current, in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Remaining performance obligations represent the remaining transaction price of firm orders for which work has not yet been performed and excludes unexercised contract options. As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining fixed price performance obligations was $814.7 million. The Company expects to recognize revenue on approximately 30-35% of the remaining performance obligations over the remaining 6 months, 35-40% in 2027 and the remaining thereafter over the next three years. Remaining performance obligations do not include variable consideration that was determined to be constrained as of June 30, 2026 due to the uncertainty of achieving performance milestones or other factors not yet resolved.

For time and materials contracts and cost reimbursable contracts, we have adopted the practical expedient that allows us to recognize revenue based on our right to invoice; therefore, we do not report unfulfilled performance obligations for time and materials and cost reimbursable agreements.

Grant Revenue and Related Matters

In April 2025, the Texas Space Commission (“TSC”) selected Intuitive Machines for a grant up to $10.0 million from the Space Exploration and Research Fund. This funding supports the development of an Earth reentry vehicle and orbital fabrication lab designed to enable microgravity biomanufacturing and is intended to serve as a critical risk-reduction platform for the Company’s future lunar sample return missions. Under the TSC grant, the Company will apply up to $10.0 million in funds pursuant to budget periods defined in the TSC award through June 30, 2026 as reimbursement for costs incurred in completing the tasks, specified by the Company, to complete the design of the Earth reentry vehicle. The TSC can terminate the TSC award for convenience. Under such a termination, the Company will be permitted to seek reimbursement of valid costs incurred through the date of termination. During the three and six months ended June 30, 2026, the Company recognized grant revenue of $2.8 million and $5.9 million, respectively, with the corresponding cost of grant revenue recognized in the condensed consolidated statement of operations.

Revenue

NOTE 4 - REVENUE

Disaggregated Revenue

The following table disaggregates our revenue by contract type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by contract type
Fixed price	$	180,018	87	%	$	27,534	55	%	$	342,105	87	%	$	65,717	58	%
Cost reimbursable	21,194		11	%	21,090		42	%	40,498		11	%	43,687		39	%
Time and materials	2,200		1	%	1,689		3	%	4,439		1	%	3,433		3	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

The following table disaggregates our revenue by customer type for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Revenue by customer type
Commercial	$	66,279	32	%	$	2,106	4	%	$	130,468	33	%	$	12,184	11	%
Civil	76,281		37	%	46,509		93	%	144,854		37	%	98,600		87	%
National security	60,852		30	%	1,698		3	%	111,720		29	%	2,053		2	%
Revenue from contracts with customers	203,412		99	%	50,313		100	%	387,042		99	%	112,837		100	%
Grant revenue	2,756		1	%	—		—	%	5,856		1	%	—		—	%
Total revenue	$	206,168	100	%	$	50,313	100	%	$	392,898	100	%	$	112,837	100	%

Contract Assets and Liabilities

The following table presents contract assets as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Contract assets
Unbilled receivables(1)	$	50,916	$	12,228
Deferred contract costs	76		8
Total	$	50,992	$	12,236

The following table presents contract liabilities as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025

Contract liabilities – current
Deferred revenue(1)	$	201,951	$	45,712
Contract loss provision	11,527		6,996
Accrued launch costs	2,040		4,660
Total contract liabilities – current	215,518		57,368
Contract liabilities – long-term
Deferred revenue	1,635		5,900
Contract loss provision	2,430		441
Total contract liabilities – long-term	4,065		6,341
Total contract liabilities	$	219,583	$	63,709

Revenue recognized from amounts included in contract liabilities at the beginning of the period was $14.9 million and $22.9 million during the six months ended June 30, 2026 and 2025, respectively.

Loss Contracts

The status of these loss contracts was as follows:

revenue. As of December 31, 2025, there were no contract loss provisions remaining recorded in contract liabilities, current in our condensed consolidated balance sheets.

•The remaining loss contracts are individually and collectively immaterial.

Remaining Performance Obligations

Grant Revenue and Related Matters

- 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
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (115,369)	$ (37,231)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	27,975	1,375
Provision for credit losses	357	135
Amortization of debt discount and issuance costs	786	0
Share-based compensation expense	19,333	5,364
Change in fair value of earn-out liabilities	0	33,369
Change in fair value of warrant liabilities	21,044	(29,969)
Change in fair value of contingent consideration liabilities	1,411	0
Other	(3,811)	177
Changes in operating assets and liabilities:
Inventory, net	(3,794)	0
Contract assets	(15,613)	26,154
Prepaid expenses	(20,678)	(1,131)
Orbital receivables, net	16,146	0
Other assets, net	(3,653)	1,091
Accounts payable and accrued expenses	397	305
Accounts payable – affiliated companies	1,147	1,558
Contract liabilities – current and long-term	(5,842)	(7,876)
Pension and other postretirement benefits	(6,054)	0
Other liabilities	(12,281)	(1,218)
Net cash provided by (used in) operating activities	(111,878)	156
Cash flows from investing activities:
Purchase of property and equipment	(33,941)	(14,176)
Acquisition of businesses, net of cash acquired	(447,062)	0
Net cash used in investing activities	(481,003)	(14,176)
Cash flows from financing activities:
Proceeds from issuance of securities	413,772	0
Warrants exercised	0	176,620
Redemption of warrants	0	(66)
Transaction costs related to the issuance of securities	(11,709)	0
Repurchase of Class A Common Stock	0	(20,700)
Settlement of securitization facility	(13,588)	0
Payment of withholding taxes from share-based awards	(1,233)	(4,540)
Distributions to noncontrolling interests	(678)	0
Net cash provided by financing activities	386,564	151,314
Net increase (decrease) in cash, cash equivalents and restricted cash	(206,317)	137,294
Cash, cash equivalents and restricted cash at beginning of the period	585,339	209,649
Cash, cash equivalents and restricted cash at end of the period	379,022	346,943
Less: restricted cash	11,668	2,042
Cash and cash equivalents at end of the period	367,354	344,901
Supplemental disclosure of cash flow information
Cash paid for interest	53	0
Cash paid for income taxes	8	0
Accrued capital expenditures	11,445	4,442
Noncash investing and financing activities
Class A Common Stock issued in acquisition, at fair value	403,952	0
Issuance of Class C Common Stock related to earn-out awards (Note 16)	0	167,525
Preferred dividends	(329)	(298)
Nonrelated Party
Changes in operating assets and liabilities:
Trade and other receivables, net	$ (13,379)	$ 8,053

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Nov. 22, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Other Commitments [Line Items]
Loss contingency accrual		$ 2.8		$ 2.8		$ 2.8
Long-term purchase commitment		1.7	$ 13.4	18.8	$ 29.0
Purchase obligation		50.0		50.0
Purchase obligation, to be paid, remainder of fiscal year		24.8		24.8
Purchase obligation, to be paid, year one		$ 25.2		$ 25.2
Series A Preferred Stock
Other Commitments [Line Items]
Preferred stock, dividend rate, percentage	10.00%
Preferred stock, par value (in dollars per share)	$ 0.0001

Condensed Consolidated Statements of Shareholders’ Deficit - USD ($) $ in Thousands	Total	ATM Program	Securities Purchase Agreement	Class A Common Stock	Class C Common Stock	Shareholders’ Deficit attributable to the Company	Shareholders’ Deficit attributable to the Company ATM Program	Shareholders’ Deficit attributable to the Company Securities Purchase Agreement	Common Stock Class A Common Stock	Common Stock Class A Common Stock ATM Program	Common Stock Class A Common Stock Securities Purchase Agreement	Common Stock Class C Common Stock	Treasury Stock	Paid-in  Capital	Paid-in  Capital ATM Program	Paid-in  Capital Securities Purchase Agreement	Accumulated  Deficit	NCI
Beginning balance (in shares) at Dec. 31, 2024									101,859,000			55,394,533
Beginning balance at Dec. 31, 2024	$ (1,008,034)					$ (1,009,262)			$ 10			$ 6	$ (12,825)	$ 0			$ (996,453)	$ 1,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	5,364					5,364								5,364
Cumulative preferred dividends	(298)					(298)								(298)
Accretion of preferred stock discount	(3)					(3)								(3)
Conversion of Series A preferred stock & exercise of warrants, net of redemption cost (in shares)									15,358,229
Conversion of Series A preferred stock & exercise of warrants, net of redemption cost	176,554					176,554			$ 2					176,552
Repurchase of Class A common stock	(20,700)												(20,700)
Issuance of stock (in shares)												7,500,000
Issuance of stock	167,525					167,525								167,525
Class A common stock issued for stock options exercised (in shares)									61,462
Class A common stock issued for stock options exercised	(342)					(342)								(342)
Class A common stock issued for vested RSUs, RSS awards and PSUs (in shares)									736,645
Class A common stock issued for vested RSUs, RSS awards and PSUs	(4,198)					(4,198)								(4,198)
Class A common stock issued for Class C shares canceled (in shares)									1,834,253			(1,834,253)
Subsequent remeasurement of redeemable noncontrolling interests	340,741					340,741								(344,600)			685,341
Net income attributable to noncontrolling interest	845																	845
Net loss attributable to the Company	(36,577)					(36,577)											(36,577)
Ending balance (in shares) at Jun. 30, 2025									119,849,589			61,060,280
Ending balance at Jun. 30, 2025	(379,123)					(381,196)			$ 12			$ 6	(33,525)	0			(347,689)	2,073
Beginning balance (in shares) at Mar. 31, 2025									119,329,328			61,301,804
Beginning balance at Mar. 31, 2025	(135,223)					(136,913)			$ 12			$ 6	(33,525)	0			(103,406)	1,690
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,520					2,520								2,520
Cumulative preferred dividends	(151)					(151)								(151)
Accretion of preferred stock discount	(1)					(1)								(1)
Class A common stock issued for stock options exercised (in shares)									42,672
Class A common stock issued for stock options exercised	(273)					(273)								(273)
Class A common stock issued for vested RSUs, RSS awards and PSUs (in shares)									236,065
Class A common stock issued for vested RSUs, RSS awards and PSUs	(762)					(762)								(762)
Class A common stock issued for Class C shares canceled (in shares)									241,524			(241,524)
Subsequent remeasurement of redeemable noncontrolling interests	(220,435)					(220,435)								(1,333)			(219,102)
Net income attributable to noncontrolling interest	383																	383
Net loss attributable to the Company	(25,181)					(25,181)											(25,181)
Ending balance (in shares) at Jun. 30, 2025									119,849,589			61,060,280
Ending balance at Jun. 30, 2025	(379,123)					(381,196)			$ 12			$ 6	(33,525)	0			(347,689)	2,073
Beginning balance (in shares) at Dec. 31, 2025				121,281,880	58,628,185				123,472,960			58,628,185
Beginning balance at Dec. 31, 2025	(754,447)					(754,964)			$ 12			$ 6	(33,525)	0			(721,457)	517
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	19,333					19,333								19,333
Cumulative preferred dividends	(329)					(329)								(329)
Accretion of preferred stock discount	(3)					(3)								(3)
Acquisition and related adjustments (in shares)									22,991,028
Acquisition and related adjustments	$ 403,696					403,696			$ 2					403,694
Class A common stock issued related to contingency consideration release (Notes 3) (in shares)									13,590
Issuance of stock (in shares)										8,259,379	11,574,069
Issuance of stock		$ 234,614	$ 167,450				$ 234,614	$ 167,450		$ 1	$ 1				$ 234,613	$ 167,449
Class A common stock issued for stock options exercised (in shares)	133,718								82,149
Class A common stock issued for stock options exercised	$ (1,232)					(1,232)								(1,232)
Class A common stock issued for vested RSUs, RSS awards and PSUs (in shares)									2,550,473
Class A common stock issued for vested RSUs, RSS awards and PSUs									$ 1					(1)
Class A common stock issued for Class C shares canceled (in shares)									2,777,181			(2,777,181)
Distribution to noncontrolling interests	(678)																	(678)
Subsequent remeasurement of redeemable noncontrolling interests	(275,382)					(275,382)								(823,524)			548,142
Net income attributable to noncontrolling interest	728																	728
Net loss attributable to the Company	(83,832)					(83,832)											(83,832)
Ending balance (in shares) at Jun. 30, 2026				169,529,749	55,851,004				171,720,829			55,851,004
Ending balance at Jun. 30, 2026	(290,082)					(290,649)			$ 17			$ 6	(33,525)	0			(257,147)	567
Beginning balance (in shares) at Mar. 31, 2026									162,010,801			56,994,367
Beginning balance at Mar. 31, 2026	(333,437)					(334,297)			$ 16			$ 6	(33,525)	0			(300,794)	860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	10,491					10,491								10,491
Cumulative preferred dividends	(167)					(167)								(167)
Accretion of preferred stock discount	(2)					(2)								(2)
Acquisition and related adjustments	7					7								7
Class A common stock issued related to contingency consideration release (Notes 3) (in shares)									254
Issuance of stock (in shares)										8,259,379
Issuance of stock		$ 234,614					$ 234,614			$ 1					$ 234,613
Class A common stock issued for stock options exercised (in shares)									82,149
Class A common stock issued for stock options exercised	(1,232)					(1,232)								(1,232)
Class A common stock issued for vested RSUs, RSS awards and PSUs (in shares)									224,883
Class A common stock issued for Class C shares canceled (in shares)									1,143,363			(1,143,363)
Distribution to noncontrolling interests	(678)																	(678)
Subsequent remeasurement of redeemable noncontrolling interests	(153,618)					(153,618)								(243,710)			90,092
Net income attributable to noncontrolling interest	385																	385
Net loss attributable to the Company	(46,445)					(46,445)											(46,445)
Ending balance (in shares) at Jun. 30, 2026				169,529,749	55,851,004				171,720,829			55,851,004
Ending balance at Jun. 30, 2026	$ (290,082)					$ (290,649)			$ 17			$ 6	$ (33,525)	$ 0			$ (257,147)	$ 567

Leases - Schedule of Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating Leases
Remainder of 2026	$ 17,475
2027	21,551
2028	20,157
2029	19,882
2030	6,263
Thereafter	67,043
Total undiscounted lease payments	152,371
Less: imputed interest	58,969
Present value of lease liabilities	93,402	$ 36,756
Finance Leases
Remainder of 2026	20
2027	21
2028	8
2029	0
2030	0
Thereafter	0
Total undiscounted lease payments	49
Less: imputed interest	3
Present value of lease liabilities	$ 46	$ 68

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Feb. 14, 2023
Statement [Line Items]
Accounts receivable, allowance for credit loss, current	$ 3,652	$ 3,295	$ 0	$ 0
Temporary equity, par value (in dollars per share)	$ 0.0001	$ 0.0001
Temporary equity, authorized (in shares)	25,000,000	25,000,000
Temporary equity, issued (in shares)	5,000	5,000
Temporary equity, outstanding (in shares)	5,000	5,000
Treasury stock (in shares)	2,191,080	2,191,080
Class A Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001			$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	171,720,829	123,472,960
Common stock, outstanding (in shares)	169,529,749	121,281,880
Treasury stock (in shares)	2,191,080
Class B Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Treasury stock (in shares)	0
Class C Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	55,851,004	58,628,185
Common stock, outstanding (in shares)	55,851,004	58,628,185
Treasury stock (in shares)	0

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

NOTE 21 - SEGMENT INFORMATION

The Company operates in one operating segment and one reportable segment underpinned by three core pillars (delivery services, data transmission services, and infrastructure as a service) that have similar capabilities, customers, and economic characteristics. The Company’s chief operating decision-maker (“CODM”) is our chief executive officer. Our CODM reviews and evaluates consolidated Net income (loss), a U.S. GAAP measure, and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“Adjusted EBITDA”), a non-GAAP measure, and Total assets for purposes of evaluating financial performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Although we utilize a non-GAAP measure of Adjusted EBITDA to evaluate our ability to generate cash and as an alternative measure of profitability, our primary profitability measure is the GAAP measure of Net income (loss).

All of the Company’s long-lived assets are maintained in the U.S. We geographically disaggregate our revenues based on the customer’s country of domicile and most of our revenues are derived from customers in the U.S. Refer to Note 2 for information regarding our major customers and Note 4 for further information on revenues.

The following presents the significant financial information with respect to the Company’s reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues	$	206,168	$	50,313	$	392,898	$	112,837
Less:
Cost of revenues (excluding depreciation and amortization)(1)	170,302		62,156		326,925		118,003
Depreciation and amortization	14,927		752		27,975		1,375

Research and development	7,729		461		13,318		1,372
General and administrative expense (excluding depreciation and amortization)(2)(3)	60,346		15,584		111,017		30,804
Operating loss	(47,136)		(28,640)		(86,337)		(38,717)

Interest income	1,476		3,500		2,907		4,919
Interest expense	(4,483)		(72)		(9,368)		(97)
Change in fair value of earn-out liabilities	—		—		—		(33,369)
Change in fair value of warrant liabilities	(11,622)		(13,033)		(21,044)		29,969
Change in fair value of contingent consideration liabilities	(890)		—		(1,411)		—


Other income (expense), net	(178)		39		(106)		65
Income tax expense	(8)		—		(10)		—
Net loss	$	(62,841)	$	(38,206)	$	(115,369)	$	(37,231)

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 19 - RELATED PARTY TRANSACTIONS Intuitive Machines, IX LLC and Space Network Solutions, LLC have entered into recurring transaction agreements with certain related parties, including sales agreements and loan agreements. KBR, Inc. KBR, Inc. (“KBR”), a U.S.-based firm operating in the science, technology and engineering industries holds approximately 10% of the equity of Space Network Solutions, LLC (“SNS”), one of our operating subsidiaries. The Company recognized affiliate revenue from KBR related to engineering services of $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there was $0.2 million and $0.3 million, respectively, of affiliate accounts receivable related to KBR revenue. In addition, SNS incurred cost of revenue with KBR related to the OMES III contract of $6.6 million and $5.6 million for the three months ended June 30, 2026 and 2025, respectively, and $12.1 million and $11.8 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there was $2.7 million and $1.6 million, respectively, of affiliate accounts payable related to cost of revenue with KBR. See Note 20 - Variable Interest Entities for more information on the OMES III contract with KBR. Revenue and expenses related to KBR are incurred in the normal course of business and amounts are settled under normal business terms. ASES The Company recognized revenue from ASES related to engineering services of $0.2 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively. There was $0.1 million of affiliate accounts receivable related to ASES revenue as of June 30, 2026 and December 31, 2025. ASES is a joint venture between Aerodyne and KBR. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, LLC is a current member of management of Aerodyne Industries, LLC. In addition, SNS incurred cost of revenue with Aerodyne related to the OMES III contract of $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively and $1.0 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there was $0.1 million of affiliate accounts payable related to cost of revenue with Aerodyne. See Note 20 - Variable Interest Entities for more information on the OMES III contract. Revenue and expenses related to ASES are incurred in the normal course of business and amounts are settled under normal business terms. X-energy, LLC The Company incurred expenses with X-energy, LLC (“X-energy”) of zero and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, and zero and $0.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, there was no affiliate accounts payable related to X-energy expenses. Expenses related to X-energy are incurred in the normal course of business and amounts are settled under normal business terms. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, LLC is the Executive Chairman of X-Energy Reactor Company, LLC, which is the parent company of X-Energy. IBX, LLC and PTX, LLC From time to time, the Company may incur expenses with IBX, LLC and PTX, LLC (“IBX/PTX”) for the provision of management and professional services in the day-to-day operation of our business. These expenses include, among others, fees for the provision of administrative, accounting and legal services. As such, expenses incurred in relation to IBX/PTX are incurred in the normal course of business and amounts are settled under normal business terms. IBX/PTX is an innovation and investment firm committed to advancing the state of humanity and human knowledge. Kamal Ghaffarian, the Chairman of the Board and one of the co-founders of Intuitive Machines, is a co-founder and current member of management of IBX/PTX. For the three and six months ended June 30, 2026 and 2025, the Company incurred no expenses. As of June 30, 2026 and December 31, 2025, there was $27 thousand and $26 thousand, respectively, of affiliate accounts payable related to IBX/PTX expenses.

- 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

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 11 - INCOME TAXES The Company is a corporation and thus is subject to United States (“U.S.”) federal, state and local income taxes. Intuitive Machines, LLC is a partnership for U.S. federal income tax purposes and therefore does not pay U.S. federal income tax on its taxable income. Instead, the Intuitive Machines, LLC unitholders, including the Company, are liable for U.S. federal income tax on their respective shares of Intuitive Machines, LLC’s taxable income. Intuitive Machines, LLC is liable for income taxes in those states which tax entities classified as partnerships for U.S. federal income tax purposes. For the three and six months ended June 30, 2026, we recognized U.S. federal and state income tax expense of $8 thousand and $10 thousand, respectively. For the corresponding periods in 2025, we recognized no U.S. federal and state expense for income taxes. Our effective combined U.S. federal and state income tax rate was 0.01% for the three and six months ended June 30, 2026 and 0.00% for the corresponding periods ended June 30, 2025. In conjunction with the consummation of the Transactions, Intuitive Machines, Inc. entered into a tax receivable agreement (the “TRA”). Pursuant to the TRA, the Company is required to pay the TRA Holders (certain Intuitive Machines, LLC members and related parties to the Company) 85% of the amount of the cash tax savings, if any, in U.S. federal, state, and local taxes that are based on, or measured with respect to, net income or profits, and any interest related thereto that the Company realizes, or is deemed to realize, as a result of certain tax attributes, including: •existing tax basis in certain assets of Intuitive Machines, LLC and its subsidiaries; •tax basis adjustments resulting from taxable exchanges of Intuitive Machines, LLC Common Units acquired by the Company; •certain tax benefits realized by the Company as a result of the Business Combination; and •tax deductions in respect of portions of certain payments made under the TRA. All such payments to the TRA Holders are the obligations of the Company, and not that of Intuitive Machines, LLC. As of June 30, 2026, based primarily on historical losses of the Company, management has determined it is more-likely-than-not that the Company will be unable to utilize its deferred tax assets subject to the TRA; therefore, management applies a full valuation allowance to deferred tax asset for a corresponding liability under the TRA related to the tax savings the Company may realize from the utilization of tax deductions related to basis adjustments created by the transactions in the Business Combination Agreement. As of June 30, 2026, management does not expect a TRA liability to be recorded. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. We have assessed the impact of the OBBBA and determined that the impact on our condensed consolidated financial statements is not material.

- Definition

The entire disclosure for income tax.

+ References

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

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	NOTE 20 - VARIABLE INTEREST ENTITIES The Company determines whether joint ventures in which it has invested meet the criteria of a variable interest entity or “VIE” at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or ( the legal entity is structured with disproportionate voting rights. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Space Network Solutions, LLC The Company participates in the Space Network Solutions joint venture with KBR, a leading provider of specialized engineering, and professional, scientific and technical services primarily to the U.S. federal government. Under the terms of the Amended Space Network Solutions limited liability company agreement, we hold a 90% interest in the Space Network Solutions and KBR hold a 10% interest. Space Network Solutions is a VIE and Intuitive Machines is the primary beneficiary. Space Network Solutions was formed to provide cyber security as well as communication & tracking services using its expertise in developing secure ground system architecture for lunar space missions. In the second quarter of 2023, NASA awarded Space Network Solutions a cost-plus-fixed-fee indefinite-delivery, indefinite quantity contract to support work related to the Joint Polar Satellite System, NASA’s Exploration and In-space Services. Intuitive Machines and KBR entered into a separate joint venture agreement (the “OMES III JV Agreement”) within Space Network Solutions to execute the OMES III contract with a profits interest of 47% for Intuitive Machines and 53% for KBR. We have determined that the OMES III JV Agreement represents a silo within Space Network Solutions and is a standalone VIE. Intuitive Machines is the primary beneficiary of this silo based on the governance structure of the OMES III JV Agreement. As of June 30, 2026, SNS LLC had total assets of $9.2 million and total liabilities of $6.8 million. As of December 31, 2025, SNS LLC had total assets of $7.8 million and total liabilities of $5.5 million.

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenues	$ 206,168	$ 50,313	$ 392,898	$ 112,837
Less:
Depreciation and amortization	14,927	752	27,975	1,375
Research and development	7,729	461	13,318	1,372
General and administrative expense (excluding depreciation and amortization)	60,346	15,584	111,017	30,804
Operating loss	(47,136)	(28,640)	(86,337)	(38,717)
Other income (expense), net:
Interest income	1,476	3,500	2,907	4,919
Interest expense	(4,483)	(72)	(9,368)	(97)
Change in fair value of earn-out liabilities	0	0	0	(33,369)
Change in fair value of warrant liabilities	(11,622)	(13,033)	(21,044)	29,969
Change in fair value of contingent consideration liabilities	(890)	0	(1,411)	0
Other income (expense), net	(178)	39	(106)	65
Income tax expense	(8)	0	(10)	0
Net loss	(62,841)	(38,206)	(115,369)	(37,231)
Reportable Segment
Segment Reporting [Line Items]
Revenues	206,168	50,313	392,898	112,837
Less:
Cost of revenue (excluding depreciation and amortization)	170,302	62,156	326,925	118,003
Depreciation and amortization	14,927	752	27,975	1,375
Research and development	7,729	461	13,318	1,372
General and administrative expense (excluding depreciation and amortization)	60,346	15,584	111,017	30,804
Operating loss	(47,136)	(28,640)	(86,337)	(38,717)
Other income (expense), net:
Interest income	1,476	3,500	2,907	4,919
Interest expense	(4,483)	(72)	(9,368)	(97)
Change in fair value of earn-out liabilities	0	0	0	(33,369)
Change in fair value of warrant liabilities	(11,622)	(13,033)	(21,044)	29,969
Change in fair value of contingent consideration liabilities	(890)	0	(1,411)	0
Other income (expense), net	(178)	39	(106)	65
Income tax expense	(8)	0	(10)	0
Net loss	(62,841)	(38,206)	(115,369)	(37,231)
Business development	$ 5,100	$ 1,000	$ 6,400	$ 1,400

Condensed Consolidated Statements of Mezzanine Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock
Temporary equity, beginning balance (in shares) at Dec. 31, 2024		5,000
Beginning balance at Dec. 31, 2024		$ 5,990
Temporary equity, beginning balance at Dec. 31, 2024	$ 1,005,965
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative preferred dividends		298
Accretion of preferred stock discount	3	$ 3
Subsequent remeasurement of redeemable noncontrolling interests	(340,741)
Net (loss) income attributable to redeemable noncontrolling interests	(1,499)
Temporary equity, ending balance (in shares) at Jun. 30, 2025		5,000
Ending balance at Jun. 30, 2025		$ 6,291
Temporary equity, ending balance at Jun. 30, 2025	663,725
Temporary equity, beginning balance (in shares) at Mar. 31, 2025		5,000
Beginning balance at Mar. 31, 2025		$ 6,139
Temporary equity, beginning balance at Mar. 31, 2025	456,698
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative preferred dividends		151
Accretion of preferred stock discount	1	$ 1
Subsequent remeasurement of redeemable noncontrolling interests	220,435
Net (loss) income attributable to redeemable noncontrolling interests	(13,408)
Temporary equity, ending balance (in shares) at Jun. 30, 2025		5,000
Ending balance at Jun. 30, 2025		$ 6,291
Temporary equity, ending balance at Jun. 30, 2025	$ 663,725
Temporary equity, beginning balance (in shares) at Dec. 31, 2025	5,000	5,000
Beginning balance at Dec. 31, 2025	$ 6,613	$ 6,613
Temporary equity, beginning balance at Dec. 31, 2025	951,536
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative preferred dividends		329
Accretion of preferred stock discount	3	$ 3
Subsequent remeasurement of redeemable noncontrolling interests	275,382
Net (loss) income attributable to redeemable noncontrolling interests	$ (32,265)
Temporary equity, ending balance (in shares) at Jun. 30, 2026	5,000	5,000
Ending balance at Jun. 30, 2026	$ 6,945	$ 6,945
Temporary equity, ending balance at Jun. 30, 2026	1,194,653
Temporary equity, beginning balance (in shares) at Mar. 31, 2026		5,000
Beginning balance at Mar. 31, 2026		$ 6,776
Temporary equity, beginning balance at Mar. 31, 2026	1,057,816
Increase (Decrease) in Temporary Equity [Roll Forward]
Cumulative preferred dividends		167
Accretion of preferred stock discount	2	$ 2
Subsequent remeasurement of redeemable noncontrolling interests	153,618
Net (loss) income attributable to redeemable noncontrolling interests	$ (16,781)
Temporary equity, ending balance (in shares) at Jun. 30, 2026	5,000	5,000
Ending balance at Jun. 30, 2026	$ 6,945	$ 6,945
Temporary equity, ending balance at Jun. 30, 2026	$ 1,194,653

- Definition

As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.

+ References

+ Details

- Definition

Value of accretion of temporary equity during the period due to unpaid dividends.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

+ Details

- Definition

The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Mezzanine Equity and Equity - Schedule of Stock by Class (Details) - $ / shares	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Feb. 14, 2023
Class of Stock [Line Items]
Series A preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Temporary equity, authorized (in shares)	25,000,000		25,000,000
Temporary equity, issued (in shares)	5,000		5,000
Treasury stock (in shares)	(2,191,080)		(2,191,080)
Temporary equity, outstanding (in shares)	5,000		5,000
Total authorized (in shares)	725,000,000
Total issued (in shares)	227,576,833
Total outstanding (in shares)	225,385,753
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001				$ 0.0001
Common stock, authorized (in shares)	500,000,000		500,000,000
Common stock, issued (in shares)	171,720,829		123,472,960
Treasury stock (in shares)	(2,191,080)
Common stock, outstanding (in shares)	169,529,749		121,281,880
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Common stock, authorized (in shares)	100,000,000		100,000,000
Common stock, issued (in shares)	0		0
Treasury stock (in shares)	0
Common stock, outstanding (in shares)	0		0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Common stock, authorized (in shares)	100,000,000		100,000,000
Common stock, issued (in shares)	55,851,004		58,628,185
Treasury stock (in shares)	0
Common stock, outstanding (in shares)	55,851,004		58,628,185
Series A Preferred Stock
Class of Stock [Line Items]
Series A preferred stock, par value (in dollars per share)	$ 0.0001
Temporary equity, authorized (in shares)	25,000,000
Temporary equity, issued (in shares)	5,000
Treasury stock (in shares)	0
Temporary equity, outstanding (in shares)	5,000	5,000	5,000	5,000	5,000	5,000

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jan. 13, 2026
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 336.1
Projected benefit obligation		392.8
Net pension liabilities	$ 50.6
Net pension liabilities, current	1.9
Net pension liabilities, noncurrent	48.7
Expected future employer contributions, current fiscal year	8.4
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	4.8
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 0.3
Lanteris
Defined Benefit Plan Disclosure [Line Items]
Acquired defined benefit pension and other postretirement plan		56.7
Acquired defined benefit pension and other postretirement plan, current		1.9
Acquired defined benefit pension and other postretirement plan, noncurrent		$ 54.8

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed


	January 13, 2026
Cash consideration	$	405,622
Fair value of Class A Common Stock issued	403,953
Transaction bonuses and other adjustments	43,689
Purchase consideration	$	853,264



Assets:
Cash and cash equivalents	$	2,242
Restricted cash	268
Trade and other receivables	97,152
Contract assets	23,144
Inventory	56,147
Advances to suppliers	17,125
Prepaid and other current assets	5,799
Property and equipment	165,815
Intangible assets	297,000
Operating lease right-of-use assets	32,174
Orbital receivables, non-current	223,366
Total assets	920,232
Liabilities:
Accounts payable and accrued expenses	40,429
Contract liabilities	161,716
Operating lease liabilities, current	17,986

Other current liabilities	61,977
Pension and other postretirement benefits, non-current	54,792
Operating lease liabilities, non-current	40,578
Other non-current liabilities	49,535
Total liabilities	427,013
Noncontrolling interests	415
Fair value of net identifiable assets acquired	492,804
Goodwill	$	360,460


	October 1, 2025
Cash consideration	$	15,000
Fair value of Class A Common Stock issued	11,715
Equity holdback in escrow	3,500
Transaction costs and other adjustments payable to the seller	1,130
Purchase consideration	$	31,345

Assets:
Cash and cash equivalents	$	1,247
Trade accounts receivable	1,232
Contract assets	34
Prepaid and other current assets	306
Property and equipment, net	134
Intangible assets, net	13,300
Operating lease right-of-use assets	495
Total assets	16,748
Liabilities:
Accounts payable and accrued expenses	232
Operating lease liabilities, current	114
Deferred tax liability, current	2,847
Other current liabilities	584
Operating lease liabilities, non-current	381
Total liabilities	4,159
Fair value of net identifiable assets acquired	12,589
Goodwill	$	18,756

Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	January 13, 2026
Trademark / trade name	1	$	5,000
Customer relationships	15	138,000
Developed technologies	15	154,000
Total intangible assets		$	297,000

The following table summarizes the preliminary estimated fair values of intangible assets acquired by class and the related estimated lives (in thousands, except useful life in years):


Intangible Asset	Estimated Life in Years	October 1, 2025
Customer relationships	10	$	1,900
Developed technology	10	11,400
Total intangible assets		$	13,300

Schedule of Business Combination, Pro Forma Information


	Unaudited				Unaudited
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Total revenues	$	206,168	$	203,433	$	406,014	$	421,589
Net loss	$	(62,841)	$	(1,847)	$	(117,202)	$	(49,486)
Net income (loss) attributable to the Company	$	(46,445)	$	11,178	$	(85,665)	$	(48,832)
Net income (loss) attributable to Class A common shareholders	$	(46,612)	$	11,027	$	(85,994)	$	(49,130)

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Leases
Cash flows from operating activities	$ 16,559	$ 1,237
Right-of-use assets obtained in exchange for new lease liabilities	1,997	0
Right-of-use assets increase in exchange for lease modifications	$ 7,555	$ 0
Weighted average remaining lease term (months)	103 months	200 months
Weighted average discount rate	7.40%	6.50%
Finance Leases
Cash flows from operating activities	$ 2	$ 4
Cash flows from financing activities	9	21
Right-of-use assets obtained in exchange for new lease liabilities	0	0
Right-of-use assets increase in exchange for lease modifications	$ 0	$ 0
Weighted average remaining lease term (months)	23 months	24 months
Weighted average discount rate	8.10%	8.00%

Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jan. 13, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Unbilled receivables	$ 50,916		$ 12,228
Deferred contract costs	76		8
Total	50,992		$ 12,236
Lanteris
Disaggregation of Revenue [Line Items]
Contract assets	$ 26,000	$ 23,144

- 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
-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 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Leases - Narrative (Details)	6 Months Ended
Leases - Narrative (Details)	Jun. 30, 2026
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance leases, term of contract	8 months
Maximum
Lessee, Lease, Description [Line Items]
Operating and finance leases, term of contract	271 months

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities - Conversion Series A	$ 81,438	$ 60,394
Contingent consideration liabilities	6,764	5,353
Total liabilities measured at fair value	88,202	65,747
Warrant liabilities - Series A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities - Conversion Series A	81,438	60,394
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liabilities	6,764	5,353
Total liabilities measured at fair value	6,764	5,353
Level 1 \| Warrant liabilities - Series A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities - Conversion Series A	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liabilities	0	0
Total liabilities measured at fair value	0	0
Level 2 \| Warrant liabilities - Series A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities - Conversion Series A	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent consideration liabilities	0	0
Total liabilities measured at fair value	81,438	60,394
Level 3 \| Warrant liabilities - Series A
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities - Conversion Series A	$ 81,438	$ 60,394

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

NOTE 14 - SHARE-BASED COMPENSATION

2021 Unit Option Plan

On May 25, 2021, the Intuitive Machines, LLC’s board of directors adopted, and its members approved the 2021 Unit Option Plan (the “2021 Plan”). The 2021 Plan allowed Intuitive Machines, LLC to grant incentive unit options (“Incentive Unit Options”) to purchase Class B unit interests. Pursuant to the 2021 Plan, up to 6,125,000 shares of Class B units were reserved for issuance, upon exercise of the aforementioned Incentive Unit Options made to employees, directors and consultants.

As a result of the Business Combination discussed in Note 1 and per the terms of the Second Amended and Restated Intuitive Machines, LLC Operating Agreement, the unexpired and unexercised outstanding Incentive Unit Options at the closing of the Business Combination, whether vested or unvested, were proportionately adjusted using a conversion ratio of 0.5562 (rounded down to the nearest whole number of options). The exercise price of each option was adjusted accordingly. Each Incentive Unit Option continues to be subject to the terms and conditions of the 2021 Plan and will be exercisable for Class B common units of Intuitive Machines, LLC (the “Class B Common Units”). When an option is exercised, the participant will receive Class A Common Stock. As a result of the conversions, there was no incremental compensation cost and the terms of the outstanding options, including fair value, vesting conditions and classification, were unchanged.

As of June 30, 2026, Intuitive Machines, LLC was authorized to issue a total of 614,639 Class B Common Units upon exercise of the Incentive Unit Options under the 2021 Plan. The following table provides a summary of the option activity under the 2021 Plan for the six months ended June 30, 2026:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (000’s)
Outstanding as of December 31, 2025	748,357	$	4.09	5.84
Granted	—	—
Exercised	(133,718)	4.39
Forfeited	—	—
Balance as of June 30, 2026	614,639	$	4.03	5.33	$	10,670,186
Exercisable as of June 30, 2026	520,076	$	3.19	5.19	$	9,465,065

Aggregate intrinsic value represents the difference between the exercise price of the options and the market price of our Class A Common Stock.

The following table provides a summary of weighted-average grant-date fair value of unit options under the 2021 Plan:


	Weighted- Average Grant Date Fair Value
Non-vested as of December 31, 2025	$	3.17
Granted	—
Vested	0.87
Forfeited	—
Non-vested as of June 30, 2026	$	5.50

Share-based compensation expense related to options was $33 thousand and $66 thousand for the three and six months ended June 30, 2026, respectively, $56 thousand and $103 thousand for the three and six months ended June 30, 2025, respectively, and was classified in the condensed consolidated statement of operations under general and administrative

expense. As of June 30, 2026, the Company had $67 thousand in estimated unrecognized share-based compensation costs related to outstanding unit options that is expected to be recognized over a weighted average period of 1.11 years.

Following the consummation of the Business Combination, no new awards will be granted under the 2021 Plan.

Intuitive Machines, Inc. 2023 Long Term Omnibus Incentive Plan (the “2023 Plan”)

The 2023 Plan, which became effective in conjunction with closing of the Business Combination, provides for the award to certain directors, officers, employees, consultants and advisors of the Company of incentive and nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stock-based awards as well as cash-based awards and dividend equivalents, as determined, and subject to the terms and conditions established, by the Company’s Compensation Committee. Under the 2023 Plan, a maximum of 12,706,811 shares of Class A Common Stock are authorized to be issued. As of June 30, 2026, the Company has issued restricted stock units (“RSUs”), restricted stock shares (“RSSs”), and performance stock units (“PSUs”). No other awards have been granted under the 2023 Plan. As of June 30, 2026, approximately 4,821,888 shares were available for future grants under the 2023 Plan.

Pursuant to the 2023 Plan, the Company grants RSUs and RSSs with time-based vesting requirements which typically vest over one to four years and PSUs with target performance-based vesting requirements based on continuous service. The fair value of these awards are based on the Company’s closing stock price on the date of grant. As of April 2025, all PSU grants were fully vested.

The following table provides a summary of the Company’s 2023 Plan activity:


	Number of Units(1)	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2025	2,752,419	$	7.58
Granted	2,846,761	17.74
Vested	(965,911)	7.29
Forfeited	(14,477)	14.27
Balance as of June 30, 2026	4,618,792	$	13.89

For the three and six months ended June 30, 2026, the Company recognized share-based compensation expense related to awards granted under the 2023 Plan of $10.5 million and $19.3 million, respectively, within general and administrative expense on our condensed consolidated statement of operations, compared to $2.4 million and $5.2 million for the corresponding periods in 2025, respectively. As of June 30, 2026, the estimated unrecognized share-based compensation costs related to unvested RSUs and RSSs was $29.9 million and $16.2 million, respectively, that is expected to be recognized over a weighted average period of 2.97 years and 0.54 years, respectively.