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CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Marketable Securities [Line Items]
Fair Value - Less than 12 Months	$ 31,689
Unrealized Losses - Less than 12 Months	(88)
Fair Value - Greater than 12 Months	42,423
Unrealized Losses - Greater than 12 Months	(15)
Fair Value - Total	74,112
Unrealized Losses - Total	(103)
Corporate debt securities
Marketable Securities [Line Items]
Fair Value - Less than 12 Months	11,192
Unrealized Losses - Less than 12 Months	(31)
Fair Value - Greater than 12 Months	0
Unrealized Losses - Greater than 12 Months	0
Fair Value - Total	11,192
Unrealized Losses - Total	(31)
U.S. Treasury securities
Marketable Securities [Line Items]
Fair Value - Less than 12 Months	20,497
Unrealized Losses - Less than 12 Months	(57)
Fair Value - Greater than 12 Months	42,423
Unrealized Losses - Greater than 12 Months	(15)
Fair Value - Total	62,920
Unrealized Losses - Total	$ (72)

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Schedule of Assumptions In Black-Sholes Pricing Model Calculation for the Warrant Issued

The following assumptions were used in the Black-Sholes pricing model calculation for the Warrant issued:


Share price	$	5.53
Strike price	$	4.87
Expected volatility	82.0		%
Risk-free interest rate	3.85		%
Expected life (years)	4.0
Dividend rate	None

LOAN AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-Term Debt

The future principal payments under the Loan Agreement as of December 31, 2024 were as follows:


2025	$	12,045
2026	13,652
2027	15,474
2028	17,110
Total	$	58,281

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES

Cash and cash equivalents and marketable securities consisted of the following as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Cash and cash equivalents	$	271,042	$	162,518
Marketable securities, current	147,948		82,255
Marketable securities, non-current	60,686		79,247
Total cash and cash equivalents and marketable securities	$	479,676	$	324,020

As of December 31, 2024, cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Money market accounts	$	211,619	$	—	$	—	$	211,619	$	211,619	$	—
Certificates of deposit	21,778		17		—		21,795		—		21,795
Commercial paper	10,103		6		—		10,109		—		10,109
Corporate debt securities	86,367		140		(31)		86,476		—		86,476
Yankee bonds	2,581		5		—		2,586		—		2,586
U.S. Treasury securities	66,192		—		(72)		66,120		—		66,120
Mortgage- and asset-backed securities	21,436		113		—		21,549		—		21,549
Total	$	420,076	$	281	$	(103)	$	420,254	$	211,619	$	208,635

The following table presents the Company’s cash equivalents and marketable securities with unrealized losses by investment category and the length of time the cash equivalents and marketable securities have been in a continuous loss position as of December 31, 2024:


	Less than 12 Months				In Loss Position for Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	11,192	$	(31)	$	—	$	—	$	11,192	$	(31)
U.S. Treasury securities	20,497		(57)		42,423		(15)		62,920		(72)
Total	$	31,689	$	(88)	$	42,423	$	(15)	$	74,112	$	(103)

The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. As of December 31, 2024, the Company had not recognized an allowance for credit losses on any marketable securities in an unrealized loss position.

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of December 31, 2024:


	Amortized Cost		Fair Value
Due within one year	$	359,492	$	359,568
Due within one to two years	60,584		60,686
Total	$	420,076	$	420,254

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 271,042	$ 162,518
Marketable securities, current	147,948	82,255
Accounts receivable, net	36,440	35,176
Contract assets	63,108	12,951
Inventories	119,074	107,857
Prepaids and other current assets	55,009	66,949
Assets held for sale	0	9,016
Total current assets	692,621	476,722
Non-current assets:
Property, plant and equipment, net	194,838	145,409
Intangible assets, net	58,637	68,094
Goodwill	71,020	71,020
Right-of-use assets - operating leases	53,664	59,401
Right-of-use assets - finance leases	14,396	14,987
Marketable securities, non-current	60,686	79,247
Restricted cash	4,260	3,916
Deferred income tax assets, net	3,010	3,501
Other non-current assets	31,210	18,914
Total assets	1,184,342	941,211
Current liabilities:
Trade payables	53,059	29,303
Accrued expenses	19,460	5,590
Employee benefits payable	20,847	16,342
Contract liabilities	216,160	139,338
Current installments of long-term borrowings	12,045	17,764
Other current liabilities	17,954	15,036
Total current liabilities	339,525	223,373
Non-current liabilities:
Convertible senior notes, net	345,392	0
Long-term borrowings, excluding current installments	44,049	87,587
Non-current operating lease liabilities	51,965	56,099
Non-current finance lease liabilities	14,970	15,238
Deferred tax liabilities	891	426
Other non-current liabilities	5,097	3,944
Total liabilities	801,889	386,667
COMMITMENTS AND CONTINGENCIES (Note 17)
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares: 100,000,000; no shares issued and outstanding at December 31, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 504,453,785 and 488,923,055 at December 31, 2024 and December 31, 2023, respectively	50	49
Additional paid-in capital	1,198,909	1,176,484
Accumulated deficit	(813,701)	(623,526)
Accumulated other comprehensive (loss) income	(2,805)	1,537
Total stockholders’ equity	382,453	554,544
Total liabilities and stockholders’ equity	$ 1,184,342	$ 941,211

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (190,175)	$ (182,571)	$ (135,944)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	33,655	29,744	29,947
Stock-based compensation expense	56,816	53,461	55,649
(Gain) loss on disposal of assets	(2,828)	(111)	923
Loss on extinguishment of long-term debt	1,330	1,732	0
Amortization of debt issuance costs and discount	3,091	2,904	2,827
Noncash lease expense	5,951	5,787	3,199
Noncash income associated with liability-classified warrants	0	0	(13,482)
Change in the fair value of contingent consideration	(218)	1,343	0
Accretion of marketable securities purchased at a discount	(2,901)	(4,571)	(1,395)
Deferred income taxes	599	708	(576)
Changes in operating assets and liabilities:
Accounts receivable, net	(1,428)	1,452	(9,430)
Contract assets	(50,161)	(3,501)	(7,545)
Inventories	(12,398)	(15,562)	(25,964)
Prepaids and other current assets	7,591	(14,586)	(15,059)
Other non-current assets	(12,922)	(11,470)	(7,072)
Trade payables	24,800	15,585	(2,129)
Accrued expenses	9,086	(3,275)	(3,518)
Employee benefits payable	5,304	5,484	2,108
Contract liabilities	76,865	30,992	22,661
Other current liabilities	3,249	(7,563)	1,280
Non-current lease liabilities	(6,405)	(5,076)	(3,686)
Other non-current liabilities	2,209	227	668
Net cash used in operating activities	(48,890)	(98,867)	(106,538)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and software	(67,093)	(54,707)	(42,412)
Proceeds on disposal of assets, net	12,542	3,660	0
Cash paid for business combinations and asset acquisitions, net of acquired cash and restricted cash	0	(18,966)	(65,824)
Purchases of marketable securities	(162,161)	(207,266)	(259,567)
Maturities of marketable securities	116,242	269,204	21,724
Sale of marketable securities	2,143	20,093	0
Net cash (used in) provided by investing activities	(98,327)	12,018	(346,079)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercise of stock options and public warrants	3,507	2,444	3,874
Proceeds from Employee Stock Purchase Plan	5,683	4,988	4,380
Proceeds from sale of employees restricted stock units to cover taxes	35,254	15,995	31,166
Minimum tax withholding paid on behalf of employees for restricted stock units	(35,336)	(15,722)	(31,164)
Tax payment for net settled option shares	0	0	(444)
Payment of contingent consideration	0	(1,000)	(5,500)
Finance lease principal payments	(329)	(336)	(271)
Purchase of capped calls related to issuance of convertible senior notes	(43,168)	0	0
Proceeds from issuance of convertible senior notes	355,000	0	0
Proceeds from secured term loan	0	110,000	0
Repayments on secured term loans	(51,724)	(107,573)	0
Payment of debt issuance costs	(12,205)	(1,427)	0
Net cash provided by financing activities	256,682	7,369	2,041
Effect of exchange rate changes on cash and cash equivalents	(597)	43	4,372
Net increase (decrease) in cash and cash equivalents and restricted cash	108,868	(79,437)	(446,204)
Cash and cash equivalents, and restricted cash, beginning of period	166,434	245,871	692,075
Cash and cash equivalents, and restricted cash, end of period	275,302	166,434	245,871
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	16,287	15,553	10,749
Cash paid for income taxes	269	769	2,666
Unpaid purchases of property, equipment and software	8,321	2,796	1,865
Right-of-use assets obtained in exchange for new operating lease liabilities	2,871	30,396	9,140
Early termination of right-of-use assets	0	664	0
Net exercise of public and private warrants into common stock	0	0	44,739
Issuance of common stock for payment of accrued bonus	1,795	0	1,441
Issuance of common stock warrants in connection with Loan Agreement	0	2,595	0
Issuance of common stock in connection with acquisition, at fair value	838	2,087	0
Accrued issuance costs in connection with Loan Agreement	$ 0	$ 641	$ 0

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Preferred Stock Exchange The Company entered into an exchange agreement dated December 3, 2024 with The Equatorial Trust (the “Trust”), a family trust established by Sir Peter Beck (“Sir Peter”), the Company’s Founder, President, Chief Executive Officer and Chairman, to exchange (the “Preferred Stock Exchange”) 50,951,250 shares of the Company’s common stock into 50,951,250 shares of the Company’s Series A Convertible Participating Preferred Stock, $0.0001 par value per share (the “Preferred Stock”). On January 7, 2025, the Preferred Stock Exchange was consummated (the “Closing”) and the Company filed the Certificate of Designation for the Preferred Stock (the “Certificate of Designation”) with the Secretary of State of the State of Delaware, which became effective upon filing. At the Closing, the Company issued 50,951,250 shares of Preferred Stock to the Trust. The Preferred Stock has the rights and restrictions set forth in a Certificate of Designation. Each share of Preferred Stock is convertible at any time at the option of the holder of the Preferred Stock (a “Holder”) into a number of shares of Common Stock at the then-applicable conversion rate (the “Conversion Rate”). In addition, each share of Preferred Stock automatically converts into a number of shares of Common Stock at the Conversion Rate upon the earliest to occur of (a) a transfer of such share (other than to a Permitted Transferee), (b) the first date on which Sir Peter no longer serves as (i) the Chief Executive Officer of the Company or (ii) such other executive officer position of the Company as approved by the Board, (c) Sir Peter’s death or permanent disability, or (d) the first date on which the outstanding shares of Preferred Stock no longer represent a minimum beneficial ownership by Sir Peter of five percent. A “Permitted Transferee” is defined in the Certificate of Designation and includes Sir Peter and his controlled affiliates. The Preferred Stock is not redeemable by the Company at any time. The Certificate of Designation also provides that for so long as any shares of Preferred Stock are outstanding, the Holders, voting exclusively and as a separate class, will be entitled to designate and elect at least one individual to serve on the Board as a director (a “Preferred Stock Director”). In the event the Board increases its size to more than ten members, the Holders are entitled to designate and elect, voting exclusively and as a separate class, one or more additional Preferred Stock Directors in order to maintain the right to elect ten percent of the total number of authorized directorships, rounded up to the nearest whole number. The right to designate a Preferred Stock Director is nontransferable. Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, after the satisfaction in full of the Company’s debts and the payment of any liquidation preference ranking senior to the Preferred Stock, Holders are entitled to receive an amount equal to $0.0001 per share of Preferred Stock. Following the payment of the full amount of the liquidation preference in respect of all outstanding shares of Preferred Stock, Holders participate pari passu with the holders of the Common Stock (on an as-if-converted-to-Common-Stock basis) in the net assets of the Company.

ASSETS HELD FOR SALE (Details) $ in Thousands			12 Months Ended
ASSETS HELD FOR SALE (Details) $ in Thousands	Jun. 06, 2024 USD ($) helicopter	Oct. 18, 2023 USD ($) helicopter	Dec. 31, 2024 USD ($)	Mar. 31, 2023 helicopter
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]
Number of held for sale helicopters \| helicopter	1	1		2
Proceeds from sale of helicopters, gross	$ 12,030	$ 3,900
Gain on sale of helicopters		$ 1,094	$ 2,825

LOAN AGREEMENTS

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

LOAN AGREEMENTS

Indenture and Notes

On February 6, 2024, the Company issued $355,000 aggregate principal amount of its 4.250% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of February 6, 2024, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

The Notes are the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the Notes in right of payment; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, including borrowings under its equipment financing agreement, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries.

The Notes accrue interest at a rate of 4.250% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024. The Notes mature on February 1, 2029, unless earlier converted, redeemed or repurchased. Before November 1, 2028, noteholders have the right to convert their Notes only during the following circumstances: (i) during any calendar quarter (and only during such calendar quarter) if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for each of 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, (ii) during the five consecutive business day period after any 10 consecutive trading day period, or the measurement period, in which the trading price per $1 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day, (iii) upon the occurrence of certain corporate events or distributions specified in the Indenture or (iv) if the Company calls such Notes for redemption. From and after November 1, 2028, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election. The initial conversion rate is 195.1029 shares of common stock per $1 principal amount of Notes, which represents an initial conversion price of approximately $5.13 per share of common stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. As of December 31, 2024, the holder of the Notes have the right to convert between January 1, 2025 and March 31, 2025 because the Company’s common stock price exceeded the applicable conversion price by 130% for the specified period of time during the quarter ended December 31, 2024.

When a conversion notice is received, the Company has the option to pay or deliver cash, shares of the Company’s common stock, or a combination thereof. Since the issuance of the Notes, the Company has not received a notice from the holders. As of December 31, 2024, the Company cannot be required to settle the Notes in cash and has the intent and ability to settle in common stock, therefore, the Notes were classified as non-current liabilities on the Company’s consolidated balance sheet.

As of December 31, 2024, there was $355,000 outstanding under the Notes, before unamortized discount and debt issuance costs of $9,608. As of December 31, 2024, the effective interest rate under the Notes was 5.0%.

Capped Call Transactions

In connection with the pricing of the Notes, on February 1, 2024 and February 2, 2024, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions. Collectively, the Capped Call Transactions cover, subject to customary adjustments, the number of shares of common stock initially underlying the Notes. The cost of the Capped Call Transactions was $43,168. The Capped Call Transactions are expected generally to reduce or offset the potential dilution to the Company’s common stock upon exercise of the Notes and/or the Company’s election to offset the cash payments the Company is required to make in excess of the principal amount of the Notes upon conversion of the Notes in the event that the market price per share of the Company’s common stock is greater than the strike price of the Capped Call Transactions (which initially corresponds to the initial conversion price of the Notes and is subject to certain adjustments under the terms of the Capped Call Transactions), with such reduction and/or offset subject to a cap based on the cap price of the Capped Call Transactions. The Capped Call Transactions have an initial cap price of $8.04 per share of the Company’s common stock, which represents a premium of 100% over the last reported sale price of the Company's common stock on February 1, 2024.

The Capped Call Transactions do not meet the criteria for separate accounting as a derivative as they are indexed to the Company’s stock. The premiums paid for the Capped Call Transactions have been included as a net reduction to additional paid-in capital within shareholders’ equity.

Trinity Master Equipment Financing Agreement

On December 29, 2023 (the “Effective Date”), the Company and certain of its subsidiaries (the “Subsidiaries”, together with the Company, the “Borrowers”), entered into a Master Equipment Financing Agreement (the “Loan Agreement”) with Trinity Capital, Inc., a Maryland corporation (the “Lender”) to provide financing for certain equipment and other property (the “Equipment”). The Loan Agreement provides that the Lender shall provide equipment financing in the aggregate of up to $120,000 (the “Conditional Commitment”), with advances (“Draws”) to be made as follows: (i) $70,000 on the Effective Date (the “Effective Date Draw”); and (ii) $40,000 to be drawn on the Effective Date (the “Blanket Lien Draw”), with each of the Effective Date Draw and Blanket Lien Draw payable over sixty (60) months beginning January 2024, with the final payments due in January 2029. After the Blanket Lien Draw is repaid in full, Borrowers may make Draws as follows: (x) $30,000 to be drawn in not more than three advances of at least $10,000 each at the Borrowers’ option no later than the date that is 18 months after the Effective Date; and (y) $20,000 to be drawn at Borrower’s option between January 1, 2025 and June 30, 2025 (such date, the “Termination Date”), subject to customary conditions.

The monthly payment factors under the Loan Agreement and Blanket Lien Draw have a term of sixty (60) months and a rate factor of 0.022266. In connection with the Loan Agreement, the Company issued warrants to Lender to acquire 728,835 shares of the Company’s common stock at an exercise price of $4.87 per share (see Note 13). The proceeds from the Loan Agreement were allocated to the loan and warrants based on the relative fair value at inception, resulting in a reduction to the loan amount and amortized to interest expense over the term of the loan.

As of December 31, 2024, there was $58,281 outstanding under the Loan Agreement, before unamortized discount and debt issuance costs of $2,187, of which $12,045 is classified as current in the Company’s consolidated balance sheets, with the remainder classified as long-term borrowing. As of December 31, 2024 the effective interest rate under the Loan Agreement was 14.9%. The Company is required to pay an end of term charge of $700 upon repayment of the Effective Date Draw.

The future principal payments under the Loan Agreement as of December 31, 2024 were as follows:


2025	$	12,045
2026	13,652
2027	15,474
2028	17,110
Total	$	58,281

Hercules Capital Secured Term Loan

On June 10, 2021, the Company entered into a $100,000 secured term loan agreement with Hercules Capital, Inc. (the “Hercules Capital Secured Term Loan”) and borrowed the full amount under the secured term loan agreement. The term loan had a maturity date of June 1, 2024 and was secured by substantially all of the assets of the Company. Payments due for the term loan were interest-only until the maturity date with interest payable monthly in arrears. The outstanding principal bore (i) cash interest at the greater of (a) 8.15% or (b) 8.15% plus the prime rate minus 3.25% and (ii) payment-in-kind interest of 1.25% which was accrued and added to the outstanding principal balance. Prepayment of the outstanding principal was permitted under the loan agreement and subject to certain prepayment fees. On June 10, 2021, in connection with the secured term loan, the Company paid an initial facility charge of $1,000. On December 29, 2023, the Company was required to pay an end of term charge of $3,250 upon repayment of the loan.

On December 29, 2023, a portion of the proceeds from the Effective Date Draw and the Blanket Lien Draw were used to pay off all obligations owing pursuant to the Hercules Capital Secured Term Loan, resulting in a loss on extinguishment of debt of $1,732 for the year ended December 31, 2023. The Hercules Capital Secured Term Loan was terminated.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

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

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

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

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

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

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

+ Details

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION - Schedule of Consolidated Net Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Amount	$ 436,214	$ 244,592	$ 210,996
Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	100.00%	100.00%	100.00%
United States
Concentration Risk [Line Items]
Amount	$ 268,326	$ 184,748	$ 164,593
United States \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	61.00%	76.00%	78.00%
Canada
Concentration Risk [Line Items]
Amount	$ 104,388	$ 36,116	$ 4,562
Canada \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	24.00%	15.00%	2.00%
Japan
Concentration Risk [Line Items]
Amount	$ 30,684	$ 10,457	$ 15,306
Japan \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	7.00%	4.00%	7.00%
Rest of world
Concentration Risk [Line Items]
Amount	$ 32,816	$ 13,271	$ 26,535
Rest of world \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	8.00%	5.00%	13.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: 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 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

REVENUES - Schedule of Balances Related to Enforceable Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract balances
Accounts receivable, net	$ 36,440	$ 35,176
Contract assets	63,108	12,951
Contract liabilities	$ (216,160)	$ (139,338)	$ (108,344)	$ (59,749)

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	May 23, 2016 dedicatedLaunch	Dec. 31, 2021 dedicatedLaunch	Dec. 31, 2018 dedicatedLaunch	Dec. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)
Commitments and Contingencies [Line Items]
Dedicated launches \| dedicatedLaunch	3	3	3
Provision for contract loss				$ 6,462	$ 4,066
Other Current Liabilities
Commitments and Contingencies [Line Items]
Provision for contract loss				$ 9,446

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2021 period shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of purchase periods \| period	2
Allocated share based compensation \| $		$ 56,816	$ 53,461	$ 55,649
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted expected to be recognized period		4 years
2013 Plan And 2021 Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense \| $		$ 128,689
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of aggregate, shares (in shares)		59,875,000
Percent of outstanding shares		5.00%
Shares authorized to issue under equity award plan (in shares)		113,756,881
Shares available for grant (in shares)		92,127,861
2021 Employee Stock Purchase Plan \| Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale of aggregate, shares (in shares)	9,980,000
Percent of outstanding shares	1.00%
Shares authorized to issue under equity award plan (in shares)		1,473,720	1,369,604	1,106,958
Shares available for grant (in shares)		20,183,297
Number of additional shares allowable under the plan (in shares)	9,980,000
Consecutive offering period	12 months
Purchase period	6 months
Discount rate	15.00%
Allocated share based compensation \| $		$ 3,016	$ 2,399	$ 3,693
Unrecognized stock compensation expense \| $		$ 3,712

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As of December 31, 2024 and 2023, there are no amounts due to or from related parties.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

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

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

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

+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 10,304
2026	10,147
2027	9,171
2028	8,138
2029	5,999
Thereafter	14,378
Total	$ 58,137

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued expenses	$ 2,751	$ 2,434
Inventories	2,612	1,536
Deferred revenue	13,681	22,293
Lease liability	19,181	20,394
Stock compensation	2,662	4,428
Interest expense	3,798	4,291
Net operating losses	129,601	87,946
Tax credits	4,768	4,768
Reserves	1,893	2,298
Capitalized research	81,261	52,019
Other	2,364	462
Total deferred tax assets	264,572	202,869
Valuation allowance	(236,113)	(173,441)
Total deferred tax assets, net	28,459	29,428
Deferred tax liabilities:
Right of use asset	(17,929)	(19,232)
Depreciation and amortization	(8,411)	(6,402)
Other	0	(719)
Total deferred tax liabilities	(26,340)	(26,353)
Net deferred tax assets	$ 2,119	$ 3,075

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 19,776	$ 15,407	$ 16,158
Cost of revenues
Property Plant And Equipment [Line Items]
Total depreciation expense	11,088	8,481	12,867
Research and development
Property Plant And Equipment [Line Items]
Total depreciation expense	5,890	4,700	1,981
Selling, general and administrative
Property Plant And Equipment [Line Items]
Total depreciation expense	$ 2,798	$ 2,226	$ 1,310

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss

Total stock-based compensation recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Years Ended December 31,
Stock-based compensation	2024		2023		2022
Cost of revenues	$	16,657	$	12,521	$	17,948
Research and development	15,626		21,721		21,127
Selling, general and administrative	24,533		19,219		16,574
Total stock-based compensation expense	$	56,816	$	53,461	$	55,649

Schedule of Stock Option Activity

The following summarizes the stock option activity of the 2013 Plan for the years ended December 31, 2024, 2023 and 2022:


	Options to Purchase Common Stock	Weighted- Average Exercise Price per Share		Weighted- Average Grant Date Fair Value per Share		Weighted- Average Remaining Contract Life (In Years)	Aggregate Intrinsic Value
Outstanding — at January 1, 2022	17,345,328	$	1.03	$	0.54	6.03	$	195,111
Exercised	(3,887,435)	1.02		0.51		1.93	10,687
Forfeited	(200,173)	1.22		0.71		—	510
Outstanding — at December 31, 2022	13,257,720	$	1.03	$	0.53	5.18	$	36,306
Exercised	(2,623,282)	0.93		0.47		0.86	12,072
Forfeited	(7,556)	1.42		0.78		—	31
Expired	(75,596)	1.22		0.72		—	326
Outstanding — at December 31, 2023	10,551,286	$	1.06	$	0.53	4.32	$	47,210
Exercised	(3,396,050)	1.01		0.52		2.61	84,916
Outstanding — at December 31, 2024	7,155,236	$	1.08	$	0.53	3.46	174,521
Options vested and exercisable — at December 31, 2024	7,155,236	$	1.08	$	0.53	3.46	$	174,521
Options vested and exercisable — at December 31, 2023	10,551,286	$	1.06	$	0.53	4.32	$	47,210
Options vested and exercisable — at December 31, 2022	13,185,026	$	1.03	$	0.53	5.18	$	36,134

Schedule of Performance-based Restricted Stock Unit Activity

The following summarizes the restricted stock unit activity of the Plan for the years ended December 31, 2024, 2023 and 2022:


	Number of Units	Weighted- Average Grant Date Fair Value
Outstanding — at January 1, 2022	16,946,922	$	4.49
Granted	14,455,901	5.97
Released	(13,264,758)
Forfeited	(1,451,848)	6.33
Outstanding — at December 31, 2022	16,686,217	5.94
Granted	11,269,200	4.76
Released	(8,887,903)
Forfeited	(2,729,675)	6.01
Outstanding — at December 31, 2023	16,337,839	5.48
Granted	18,206,230	6.54
Released	(9,854,054)	5.45
Forfeited	(2,931,413)	5.15
Outstanding — at December 31, 2024	21,758,602	$	6.43
Units expected to vest — at December 31, 2024	21,758,602	$	6.43
Units expected to vest — at December 31, 2023	16,337,839	$	5.48
Units expected to vest — at December 31, 2022	16,686,217	$	5.94

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash equivalents:
Marketable securities, current	$ 147,948	$ 82,255
Marketable securities, non-current	60,686	79,247
Fair Value, Recurring
Cash equivalents:
Total	420,254	282,993
Other non-current liabilities:
Contingent consideration		1,056
Total		1,056
Level 1 \| Fair Value, Recurring
Cash equivalents:
Total	277,739	179,024
Other non-current liabilities:
Contingent consideration		0
Total		0
Level 2 \| Fair Value, Recurring
Cash equivalents:
Total	142,515	103,969
Other non-current liabilities:
Contingent consideration		0
Total		0
Level 3 \| Fair Value, Recurring
Cash equivalents:
Total	0	0
Other non-current liabilities:
Contingent consideration		1,056
Total		1,056
Certificates of deposit \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	21,795	24,590
Certificates of deposit \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Certificates of deposit \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	21,795	24,590
Certificates of deposit \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Commercial paper \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	10,109	10,484
Commercial paper \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Commercial paper \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	10,109	10,484
Commercial paper \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Corporate debt securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	57,589	41,871
Marketable securities, non-current	28,887	10,968
Corporate debt securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Corporate debt securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	57,589	41,871
Marketable securities, non-current	28,887	10,968
Corporate debt securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Yankee bonds \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	2,208	2,676
Marketable securities, non-current	378
Yankee bonds \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
Yankee bonds \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	2,208	2,676
Marketable securities, non-current	378
Yankee bonds \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0
U.S. Treasury securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	55,568	2,633
Marketable securities, non-current	10,552	54,900
U.S. Treasury securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	55,568	2,633
Marketable securities, non-current	10,552	54,900
U.S. Treasury securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
U.S. Treasury securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0	0
Marketable securities, non-current	0	0
Mortgage- and asset-backed securities \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	680
Marketable securities, non-current	20,869	13,380
Mortgage- and asset-backed securities \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0
Marketable securities, non-current	0	0
Mortgage- and asset-backed securities \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	680
Marketable securities, non-current	20,869	13,380
Mortgage- and asset-backed securities \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Marketable securities, current	0
Marketable securities, non-current	0	0
Money market accounts \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	211,619	121,491
Money market accounts \| Level 1 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	211,619	121,491
Money market accounts \| Level 2 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	0	0
Money market accounts \| Level 3 \| Fair Value, Recurring
Cash equivalents:
Cash equivalents	$ 0	$ 0

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets (Details) - SolAero Holdings, Inc $ in Thousands	Jan. 18, 2022 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 33,600
Developed technology
Business Acquisition [Line Items]
Estimated Life in Years	13 years
Fair Value	$ 10,700
In-process Technology
Business Acquisition [Line Items]
Fair Value	$ 800
Capitalized software
Business Acquisition [Line Items]
Estimated Life in Years	3 years
Fair Value	$ 5,400
Customer relationships
Business Acquisition [Line Items]
Estimated Life in Years	12 years
Fair Value	$ 9,000
Trademarks and tradenames
Business Acquisition [Line Items]
Estimated Life in Years	12 years
Fair Value	$ 4,700
Backlog
Business Acquisition [Line Items]
Estimated Life in Years	2 years
Fair Value	$ 3,000

SEGMENTS - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales Information [Line Items]
Revenues	$ 436,214	$ 244,592	$ 210,996
Cost of revenues	320,065	193,183	192,006
Gross profit	116,149	51,409	18,990
Product revenues
Sales Information [Line Items]
Revenues	289,851	156,560	133,103
Cost of revenues	213,835	115,342	104,994
Service revenues
Sales Information [Line Items]
Revenues	146,363	88,032	77,893
Cost of revenues	106,230	77,841	87,012
Launch Services
Sales Information [Line Items]
Revenues	125,376	71,894	60,686
Cost of revenues	90,786	63,827	67,640
Gross profit	34,590	8,067	(6,954)
Launch Services \| Product revenues
Sales Information [Line Items]
Revenues	0	0	0
Cost of revenues	0	0	0
Gross profit	0	0	0
Launch Services \| Service revenues
Sales Information [Line Items]
Revenues	125,376	71,894	60,686
Cost of revenues	90,786	63,827	67,640
Gross profit	34,590	8,067	(6,954)
Space Systems
Sales Information [Line Items]
Revenues	310,838	172,698	150,310
Cost of revenues	229,279	129,356	124,366
Gross profit	81,559	43,342	25,944
Space Systems \| Product revenues
Sales Information [Line Items]
Revenues	289,851	156,560	133,103
Cost of revenues	213,835	115,342	104,994
Gross profit	76,016	41,218	28,109
Space Systems \| Service revenues
Sales Information [Line Items]
Revenues	20,987	16,138	17,207
Cost of revenues	15,444	14,014	19,372
Gross profit	$ 5,543	$ 2,124	$ (2,165)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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SIGNIFICANT ACCOUNTING POLICIES - Schedule of Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Leasehold improvements	Lessee, Operating Lease, Remaining Lease Term
Minimum \| Buildings and improvements
Property Plant And Equipment [Line Items]
Estimated useful life	15 years
Minimum \| Machinery, equipment, vehicles and office furniture
Property Plant And Equipment [Line Items]
Estimated useful life	2 years
Minimum \| Computer equipment, hardware and software
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Minimum \| Launch site assets
Property Plant And Equipment [Line Items]
Estimated useful life	3 years
Maximum \| Buildings and improvements
Property Plant And Equipment [Line Items]
Estimated useful life	30 years
Maximum \| Machinery, equipment, vehicles and office furniture
Property Plant And Equipment [Line Items]
Estimated useful life	12 years
Maximum \| Computer equipment, hardware and software
Property Plant And Equipment [Line Items]
Estimated useful life	5 years
Maximum \| Launch site assets
Property Plant And Equipment [Line Items]
Estimated useful life	15 years

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Business Combinations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 18, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 71,020	$ 71,020
SolAero Holdings, Inc
Business Acquisition [Line Items]
Cash	$ 80,000
Payments to acquire businesses, gross	3,600
Cash consideration transferred		$ 76,181
Goodwill	$ 25,902
Acquisition and integration related costs			427
Other current liabilities and goodwill			$ 9,446
Revenue related to acquisition				$ 81,188
Net loss related to acquisition				$ 12,533

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Due to or from related parties	$ 0	$ 0

REVENUES

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

The Company disaggregates revenue by reportable segment and revenue recognition pattern, as it believes these categories best depicts how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31, 2024
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	125,338	$	74,636	$	199,974
Over-time	38		236,202		236,240
Total revenue by recognition model	$	125,376	$	310,838	$	436,214


	Year Ended December 31, 2023
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	71,131	$	46,704	$	117,835
Over-time	763		125,994		126,757
Total revenue by recognition model	$	71,894	$	172,698	$	244,592


	Year Ended December 31, 2022
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	60,200	$	61,141	$	121,341
Over-time	485		89,170		89,655
Total revenue by recognition model	$	60,685	$	150,311	$	210,996

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (presented within contract assets) and customer advances and deposits (presented within contract liabilities) on the consolidated balance sheets, where applicable. Amounts are generally billed as work progresses in accordance with agreed-upon milestones. These individual contract assets and liabilities are reported in a net position on a contract-by-contract basis on the consolidated balance sheets at the end of each reporting period.

The following table presents the balances related to enforceable contracts as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Contract balances
Accounts receivable, net	$	36,440	$	35,176
Contract assets	63,108		12,951
Contract liabilities	(216,160)		(139,338)

Changes in contract liabilities were as follows:


	2024		2023		2022
Contract liabilities, beginning of year	$	139,338	$	108,344	$	59,749
Contract liabilities assumed at acquisition	—		—		26,014
Customer advances received or billed	176,763		137,158		96,206
Recognition of unearned revenue	(99,941)		(106,164)		(73,625)
Contract liabilities, end of year	$	216,160	$	139,338	$	108,344

The revenue recognized from the contract liabilities consisted of the Company satisfying performance obligations during the normal course of business.

The amount of revenue recognized from changes in the transaction price associated with performance obligations satisfied in prior years during the years ended December 31, 2024, 2023 and 2022 was not material.

Backlog

The Company’s backlog represents the estimated transaction prices on performance obligations to the Company’s customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in the amount of backlog when an enforceable agreement has been reached. Remaining backlog totaled $1,067,037 as of December 31, 2024, of which approximately 50% is expected to be recognized within 12 months, with the remaining 50% to be recognized beyond 12 months.

Customer Financing

In connection with the signing of two separate multi-launch agreements with commercial customers, the Company entered into subordinated loan and security agreements. The commercial customers may choose to have certain milestone payments financed under the terms of the subordinated loan and security agreements. The receivables will bear no interest until the initial launch dates passes, after which interest will accrue at a fixed rate of 10.8% or 12.6%, based on the commercial customer. Principal and interest payments will be made over 12 quarterly payments from the launch date.

As of December 31, 2024 and 2023, the Company had $4,200 and $3,733 customer financing in prepaids and other currents assets, respectively and $15,567 and $13,533 customer financing receivable in other non-current assets on the consolidated balance sheets, respectively. Customer financing interest income for the years ended December 31, 2024 and 2023 was $1,213 and $371, respectively.

- 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 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Consolidated Statement of Operations Includes Revenues and Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Pro Forma Information [Line Items]
Revenues	$ 436,214	$ 244,592	$ 210,996
Net loss	(190,175)	(182,571)	(135,944)
Acquisition Pro-Forma
Business Acquisition, Pro Forma Information [Line Items]
Revenues	0	0	2,454
Net loss	0	0	(1,062)
Consolidated Pro-Forma
Business Acquisition, Pro Forma Information [Line Items]
Revenues	436,214	244,592	213,450
Net loss	$ (190,175)	$ (182,571)	$ (137,006)

WARRANTS

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

WARRANTS

Equity Classified Common Stock Warrants

The Company has issued equity classified warrants which are settled through issuance of common stock. Upon settlement, the warrants are recognized as additional paid-in capital, a component of equity in the consolidated balance sheets.

In connection with the Loan Agreement, the Company issued a warrant (“Warrant”), dated December 29, 2023, to purchase up to 728,835 shares of the Company’s common stock, at an exercise price of $4.87 per share, payable in cash or on a cashless basis according to the formula set forth in the Warrant. The exercise price of the Warrant and the number of shares issuable upon exercise of the Warrant were subject to adjustments for stock splits, combinations, stock dividends or similar events. On November 14, 2024, all 728,835 common stock warrants were exercised on a cashless basis, which resulted in the holder of the warrants receiving 540,336 shares of common stock.

The following assumptions were used in the Black-Sholes pricing model calculation for the Warrant issued:


Share price	$	5.53
Strike price	$	4.87
Expected volatility	82.0		%
Risk-free interest rate	3.85		%
Expected life (years)	4.0
Dividend rate	None

Public and Private Warrants

As part of the closing of the Business Combination, the Company assumed Public Warrants and Private Warrants to purchase up to 10,666,666 shares and 5,600,000 shares of common stock of the Post Combination Company, respectively, which were exercisable at $11.50 per share.

During the year ended December 31, 2022, an aggregate of 10,383,077 Public Warrants were exercised on a cashless basis in exchange for the issuance of 2,951,781 shares and 10,969 Public Warrants were exercised for an aggregate of 10,969 shares of Company common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to the Company of $126. At the conclusion of the redemption notice period on January 31, 2022, the remaining 270,470 Public Warrants issued and outstanding were redeemed at a price of $0.10 per warrant for aggregate cash payment from the Company of $27. On January 31, 2022, the Public Warrants were delisted from Nasdaq. In addition, during the year ended December 31, 2022, the 5,600,000 Private Warrants were exercised on a cashless basis for an aggregate of 1,592,080 shares of the Company’s common stock.

The Public Warrants and Private Warrants were remeasured to fair value as of the exercise or redemption date, resulting in a gain of $13,482 for the year ended December 31, 2022.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Other Comprehensive Income (Loss)
Balance at beginning (in shares) at Dec. 31, 2021		450,180,479
Balance at beginning at Dec. 31, 2021	$ 698,448	$ 45	$ 1,002,106	$ (305,011)	$ 1,308
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(135,944)			(135,944)
Issuance of common stock under equity plans, (in shares)		18,210,116
Issuance of common stock under equity plans	7,627	$ 3	7,624
Stock-based compensation	58,403		58,403
Common stock issued upon exercise of Public and Private Warrants (in shares)		4,554,830
Common stock issued upon exercise of Public and Private Warrants	44,844		44,844
Issuance of common stock for acquisitions (in shares)		2,411,092
Issuance of common stock for acquisitions	$ 0
Common stock issued upon exercise of common stock warrants (in shares)	3,887,435
Other comprehensive (loss) income	$ (172)				(172)
Balance at ending (in shares) at Dec. 31, 2022		475,356,517
Balance at ending at Dec. 31, 2022	673,206	$ 48	1,112,977	(440,955)	1,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(182,571)			(182,571)
Issuance of common stock under equity plans, (in shares)		12,880,415
Issuance of common stock under equity plans	7,423	$ 1	7,422
Stock-based compensation	51,403		51,403
Issuance of common stock warrants in connection with loan agreement	2,595		2,595
Issuance of common stock for acquisitions (in shares)		686,123
Issuance of common stock for acquisitions	$ 2,087		2,087
Common stock issued upon exercise of common stock warrants (in shares)	2,623,282
Other comprehensive (loss) income	$ 401				401
Balance at ending (in shares) at Dec. 31, 2023	488,923,055	488,923,055
Balance at ending at Dec. 31, 2023	$ 554,544	$ 49	1,176,484	(623,526)	1,537
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(190,175)			(190,175)
Issuance of common stock under equity plans, (in shares)		14,799,420
Issuance of common stock under equity plans	8,837	$ 1	8,836
Stock-based compensation	55,919		55,919
Issuance of common stock for acquisitions (in shares)		190,974
Issuance of common stock for acquisitions	$ 838		838
Common stock issued upon exercise of common stock warrants (in shares)	3,396,050	540,336
Purchase of capped calls	$ (43,168)		(43,168)
Other comprehensive (loss) income	$ (4,342)				(4,342)
Balance at ending (in shares) at Dec. 31, 2024	504,453,785	504,453,785
Balance at ending at Dec. 31, 2024	$ 382,453	$ 50	$ 1,198,909	$ (813,701)	$ (2,805)

LOAN AGREEMENTS - Additional Information (Details)				12 Months Ended
LOAN AGREEMENTS - Additional Information (Details)	Feb. 02, 2024 USD ($) $ / shares	Dec. 29, 2023 USD ($) advance $ / shares shares	Jun. 10, 2021 USD ($)	Dec. 31, 2024 USD ($) day $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 06, 2024 USD ($)
Shares Issued And Outstanding [Line Items]
Consecutive business days \| day				5
Convertible senior notes, net				$ 345,392,000	$ 0
Current installments of long-term borrowings				12,045,000	17,764,000
Loss on extinguishment of long-term debt				1,330,000	$ 1,732,000	$ 0
Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Debt issuance costs				$ 2,187,000
Effective interest rate				14.90%
Loan and security agreement, maximum amount		$ 120,000,000
Loan agreement, monthly payment rate		0.022266
Convertible senior notes, net				$ 58,281,000
Current installments of long-term borrowings				12,045,000
Term charge on repayment of debt				700,000
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Shares Issued And Outstanding [Line Items]
Repayment of term loan advance		$ 30,000,000
Line of credit facility, maximum borrowing, each draw limit		$ 10,000,000
Line of credit facility, after the effective date		18 months
Trinity Master Equipment Financing Agreement \| Line Of Credit Condition Maximum borrowing Limit
Shares Issued And Outstanding [Line Items]
Repayment of term loan advance		$ 20,000,000
Hercules Capital Secured Term Loan
Shares Issued And Outstanding [Line Items]
Effective interest rate			8.15%
Loan and security agreement, maximum amount			$ 100,000,000
Term loan facility, initial facility charge			$ 1,000,000
Term loan facility, end of term charge upon repayment of the loan		3,250,000
Loss on extinguishment of long-term debt				$ 1,732,000
Hercules Capital Secured Term Loan \| Payment in Kind (PIK)
Shares Issued And Outstanding [Line Items]
Debt instrument, payment-in-kind interest			1.25%
Hercules Capital Secured Term Loan \| Prime Rate
Shares Issued And Outstanding [Line Items]
Effective interest rate			3.25%
Indenture and Notes \| 4.250% Convertible Senior Notes
Shares Issued And Outstanding [Line Items]
Aggregate principal amount							$ 355,000,000
Effective interest rate							4.25%
Conversion price percent				1.30
Trading days \| day				20
Measurement period less than				0.98
Conversion rate				19510.29%
Conversion price ( in dollars per share) \| $ / shares				$ 5.13
Outstanding notes				$ 355,000,000
Debt issuance costs				$ 9,608,000
Effective interest rate				5.00%
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms One
Shares Issued And Outstanding [Line Items]
Consecutive trading days \| day				30
Indenture and Notes \| 4.250% Convertible Senior Notes \| Debt Conversion Terms Two
Shares Issued And Outstanding [Line Items]
Consecutive trading days \| day				10
Capped Call Transactions
Shares Issued And Outstanding [Line Items]
Capped call transaction cost	$ 43,168,000
Initial cap price (in dollars per share) \| $ / shares	$ 8.04
Premium over sales price	100.00%
Effective Date Draw \| Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Term loan advances aggregate amount		$ 70,000,000
Loan agreement payment term		60 months
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement
Shares Issued And Outstanding [Line Items]
Term loan advances aggregate amount		$ 40,000,000
Loan agreement payment term		60 months
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement \| Common Stock
Shares Issued And Outstanding [Line Items]
Class of warrant or right number of securities called by warrants or rights (in shares) \| shares		728,835
Exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 4.87
Blanket Lien Draw \| Trinity Master Equipment Financing Agreement \| Line Of Credit Condition 1
Shares Issued And Outstanding [Line Items]
Number of advances \| advance		3

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is, and from time to time may be, a party to claims and legal proceedings generally incidental to its business that are principally covered under contracts with its customers and insurance policies. In the opinion of management, there are no legal matters or claims likely to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Other Commitments The Company has commitments under its lease obligations (Note 16). Contingencies The Company records a contingent liability when it is both probable that a loss has been incurred, and the amount can be reasonably estimated. If these estimates and assumptions change or prove to be incorrect, it could have a material impact on the Company’s consolidated financial statements. Contingencies are inherently unpredictable, and the assessments of the value can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. On May 23, 2016, the Company entered into a launch services agreement with a customer to provide three commercial dedicated launches which would deliver the customer’s payloads over the period of 2017 through 2021. Per the terms of the agreement, each dedicated launch shall have a firm fixed price below current launch vehicle costs. During the year ended December 31, 2018, the Company determined that it was probable that the costs to provide the services as stipulated by the launch services agreement would exceed the fixed firm price of each launch. As such, the Company recorded a provision for contract loss for these three dedicated launches. During the year ended December 31, 2021, one of the three launches occurred. On April 21, 2021, the launch services agreement was amended, resulting in one additional launch and the potential for price increases on the second and third launches dependent on the customer’s desired payload configuration. On March 29, 2023 and April 29, 2023, the launch services agreement was amended, to change the date by which the launch window election is to occur from March 31, 2023 to on or before May 31, 2023. In June 2023, the launch services agreement was terminated and as a result, the Company released a $4,066 provision for contract losses. In connection with the SolAero acquisition, the Company assumed a contract with a customer to provide solar panel module at a fixed price. The Company determined that it was probable that the costs to complete the solar panel modules as stipulated by the contract would exceed the fixed firm price of the solar panel modules. As such, the Company recorded a provision for contract loss for this contract, of which $9,446 was recorded to other current liabilities in order to recognize the contract at fair value at acquisition. The provision for contract losses outstanding as of December 31, 2024, which primarily is related to the solar panel module agreement, was $6,462 included in other current liabilities in the Company’s consolidated balance sheets.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total revenues	$ 436,214	$ 244,592	$ 210,996
Total cost of revenues	320,065	193,183	192,006
Gross profit	116,149	51,409	18,990
Operating expenses:
Research and development, net	174,394	119,054	65,168
Selling, general and administrative	131,556	110,273	89,026
Total operating expenses	305,950	229,327	154,194
Operating loss	(189,801)	(177,918)	(135,204)
Other income (expense):
Interest expense, net	(3,954)	(4,248)	(7,799)
Loss on foreign exchange	(87)	(470)	(4,435)
Change in fair value of liability classified warrants	0	0	13,482
Other income, net	4,431	3,715	1,010
Total other income (expense), net	390	(1,003)	2,258
Loss before income taxes	(189,411)	(178,921)	(132,946)
Provision for income taxes	(764)	(3,650)	(2,998)
Net loss	(190,175)	(182,571)	(135,944)
Other comprehensive income (loss), net of tax:
Foreign currency translation (loss) gain	(4,797)	(93)	600
Unrealized gain (loss) on available-for-sale marketable securities	455	494	(772)
Comprehensive loss	$ (194,517)	$ (182,170)	$ (136,116)
Net loss per share attributable to Rocket Lab USA, Inc.:
Basic (in dollars per share)	$ (0.38)	$ (0.38)	$ (0.29)
Diluted (in dollars per share)	$ (0.38)	$ (0.38)	$ (0.29)
Weighted-average common shares outstanding:
Basic (in shares)	495,929,861	481,768,060	466,214,095
Diluted (in shares)	495,929,861	481,768,060	466,214,095
Product revenues
Total revenues	$ 289,851	$ 156,560	$ 133,103
Total cost of revenues	213,835	115,342	104,994
Service revenues
Total revenues	146,363	88,032	77,893
Total cost of revenues	$ 106,230	$ 77,841	$ 87,012

ASSETS HELD FOR SALE	12 Months Ended
ASSETS HELD FOR SALE	Dec. 31, 2024
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE In the first quarter of 2023, the Company updated its Electron recovery strategy by completing a marine recovery, which we believe will be a more effective and financially viable type of recovery. As a result, the Company has ceased mid-air rocket booster recovery and began the sale process of two helicopters. As of March 31, 2023, the Company’s two helicopters met the held for sale criteria and the Company ceased depreciating these assets. On June 6, 2024, the Company sold one of the Company’s held for sale helicopters to a purchaser unaffiliated with the Company, for $12,030 before closing costs and holdbacks. The Company recognized a gain on sale of assets related to the sale of the helicopter and spare parts of $2,825 included in other income, net in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2024. On October 18, 2023, the Company sold one of the Company’s held for sale helicopters to a purchaser unaffiliated with the Company, for $3,900 before closing costs. The Company recognized a gain on sale of assets of $1,094 included in other income, net in the consolidated statements of operations and comprehensive loss during the year ended December 31, 2023.

REVENUES - Schedule of Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract With Customer Liability [Roll Forward]
Contract liabilities, beginning of year	$ 139,338	$ 108,344	$ 59,749
Contract liabilities assumed at acquisition	0	0	26,014
Customer advances received or billed	176,763	137,158	96,206
Recognition of unearned revenue	(99,941)	(106,164)	(73,625)
Contract liabilities, end of year	$ 216,160	$ 139,338	$ 108,344

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS- Asset Acquisition Narrative (Details) - Virgin Orbit Holdings Assets Acquisition $ in Thousands	Jun. 02, 2023 USD ($)
Asset Acquisition [Line Items]
Consideration transferred	$ 16,934
Asset acquisition, transaction cost	$ 815

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property, plant and equipment, net, as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Buildings and improvements	$	68,631	$	59,730
Machinery, equipment, vehicles and office furniture	127,577		82,973
Computer equipment, hardware and software	16,204		11,624
Launch site assets	20,726		14,193
Construction in process	27,285		25,999
Property, plant and equipment—gross	260,423		194,519
Less accumulated depreciation and amortization	(65,585)		(49,110)
Property, plant and equipment—net	$	194,838	$	145,409

Depreciation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Years Ended December 31,
Depreciation expense	2024		2023		2022
Cost of revenues	$	11,088	$	8,481	$	12,867
Research and development	5,890		4,700		1,981
Selling, general and administrative	2,798		2,226		1,310
Total depreciation expense	$	19,776	$	15,407	$	16,158

INCOME TAXES - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0	$ 0
State	14	(18)	(39)
Foreign	(299)	3,270	3,802
Total current provision	(285)	3,252	3,763
Deferred:
Federal	166	114	(2,073)
State	280	452	(173)
Foreign	603	(168)	1,481
Total deferred provision	1,049	398	(765)
Provision for income taxes	$ 764	$ 3,650	$ 2,998

Leases - Schedule of The Future Minimum Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 9,680
2026	9,774
2027	9,555
2028	8,842
2029	8,399
Thereafter	30,286
Total lease payments	76,536
Less imputed interest	(18,401)
Total	58,135
Finance Leases
2025	1,201
2026	1,231
2027	1,262
2028	1,293
2029	1,326
Thereafter	19,498
Total lease payments	25,811
Less imputed interest	(10,573)
Total	$ 15,238

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 271,042	$ 162,518
Marketable securities, current	147,948	82,255
Marketable securities, non-current	60,686	79,247
Total cash and cash equivalents and marketable securities	$ 479,676	$ 324,020

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Intangible Assets

The components of intangible assets consisted of the following as of December 31, 2024 and 2023:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	57,865	$	(23,512)	$	34,353
Capitalized software	13,757		(9,873)		3,884
Customer relationships	16,086		(4,472)		11,614
Trademarks and tradenames	10,098		(2,610)		7,488
Backlog	3,491		(3,491)		—
Other	1,320		(522)		798
Indefinite-Lived Intangible Assets
In-process Technology	500		—		500
Total	$	103,117	$	(44,480)	$	58,637


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	56,065	$	(16,649)	$	39,416
Capitalized software	11,690		(7,454)		4,236
Customer relationships	16,135		(3,234)		12,901
Trademarks and tradenames	10,106		(1,789)		8,317
Backlog	3,491		(3,366)		125
Other	1,222		(423)		799
Indefinite-Lived Intangible Assets
In-process Technology	2,300		—		2,300
Total	$	101,009	$	(32,915)	$	68,094

Schedule of Amortization Expense

Amortization expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022, respectively consisted of the following:


	Years Ended December 31,
	2024		2023		2022
Cost of revenues	$	7,110	$	7,106	$	5,144
Research and development	45		90		3,449
Selling, general and administrative	4,913		5,904		4,634
Total amortization expense	$	12,068	$	13,100	$	13,227

Schedule of Estimated Future Amortization Expense Related to Finite Intangible Assets

The following table outlines the estimated future amortization expense related to finite-lived intangible assets held as of December 31, 2024:


2025	$	10,304
2026	10,147
2027	9,171
2028	8,138
2029	5,999
Thereafter	14,378
Total	$	58,137

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39560
Entity Registrant Name	ROCKET LAB USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1550340
Entity Address, Address Line One	3881 McGowen Street
Entity Address, City or Town	Long Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90808
City Area Code	714
Local Phone Number	465-5737
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RKLB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,732.3
Entity Common Stock, Shares Outstanding (in shares)		453,545,095
Documents Incorporated by Reference	Information required by Part III of this Form 10-K is incorporated by reference to the registrant’s proxy statement or the Proxy Statement, for the 2025 annual meeting of stockholders, which proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K.
Entity Central Index Key	0001819994
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	FY

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

The Company has operating and finance leases for properties, vehicles and equipment. The Company’s operating and finance leases have remaining lease terms of less than one year to twenty-six years, some of which include options to extend the lease term, and some of which include options to terminate the lease prior to the end of the agreed upon lease term. For purposes of calculating lease liabilities, lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.

Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 were as follows:


		December 31,
Liabilities	Presentation	2024		2023
Current:
Operating lease liabilities	Other current liabilities	$	6,170	$	5,276
Finance lease liabilities	Other current liabilities	268		329
Total lease liabilities, current		6,438		5,605
Non-current:
Operating lease liabilities	Non-current operating lease liabilities	51,965		56,099
Finance lease liabilities	Non-current finance lease liabilities	14,970		15,238
Total lease liabilities, non-current		66,935		71,337
Total lease liabilities		$	73,373	$	76,942

The Company does not separate non-lease components for the purposes of measuring our lease liabilities and assets. The components of lease expense were as follows during the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Operating lease costs:
Operating lease costs	$	9,762	$	7,164	$	5,107
Amortization of favorable lease	1,220		610		—
Total operating lease costs:	$	10,982	$	7,774	$	5,107
Finance lease costs:
Depreciation of right-of-use assets	$	591	$	627	$	562
Interest on lease liabilities	949		967		900
Total finance lease costs	$	1,540	$	1,594	$	1,462

Cash paid for amounts included in the measurement of lease liabilities:


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,672	$	6,581	$	4,558
Operating cash flows from finance leases	949		967		900
Finance cash flows from finance leases	329		336		271
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,871	$	30,396	$	9,140

The weighted average remaining lease term related to operating leases was 9.0 years and 9.8 years as of December 31, 2024 and 2023, respectively. The weighted average discount rate related to operating leases was 6.4% as of December 31, 2024 and 2023. The weighted average remaining lease term related to finance leases was 17.4 years and 18.3 years as of December 31, 2024 and 2023. The weighted average discount rate related to finance leases was 6.2% as of December 31, 2024 and 2023.

The following is a schedule of the future minimum operating and finance lease payments by year as of December 31, 2024:


	Operating Leases		Finance Leases
2025	$	9,680	$	1,201
2026	9,774		1,231
2027	9,555		1,262
2028	8,842		1,293
2029	8,399		1,326
Thereafter	30,286		19,498
Total lease payments	76,536		25,811
Less imputed interest	(18,401)		(10,573)
Total	$	58,135	$	15,238

LEASES

Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 were as follows:


		December 31,
Liabilities	Presentation	2024		2023
Current:
Operating lease liabilities	Other current liabilities	$	6,170	$	5,276
Finance lease liabilities	Other current liabilities	268		329
Total lease liabilities, current		6,438		5,605
Non-current:
Operating lease liabilities	Non-current operating lease liabilities	51,965		56,099
Finance lease liabilities	Non-current finance lease liabilities	14,970		15,238
Total lease liabilities, non-current		66,935		71,337
Total lease liabilities		$	73,373	$	76,942


	Years Ended December 31,
	2024		2023		2022
Operating lease costs:
Operating lease costs	$	9,762	$	7,164	$	5,107
Amortization of favorable lease	1,220		610		—
Total operating lease costs:	$	10,982	$	7,774	$	5,107
Finance lease costs:
Depreciation of right-of-use assets	$	591	$	627	$	562
Interest on lease liabilities	949		967		900
Total finance lease costs	$	1,540	$	1,594	$	1,462

Cash paid for amounts included in the measurement of lease liabilities:


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,672	$	6,581	$	4,558
Operating cash flows from finance leases	949		967		900
Finance cash flows from finance leases	329		336		271
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,871	$	30,396	$	9,140

The following is a schedule of the future minimum operating and finance lease payments by year as of December 31, 2024:


	Operating Leases		Finance Leases
2025	$	9,680	$	1,201
2026	9,774		1,231
2027	9,555		1,262
2028	8,842		1,293
2029	8,399		1,326
Thereafter	30,286		19,498
Total lease payments	76,536		25,811
Less imputed interest	(18,401)		(10,573)
Total	$	58,135	$	15,238

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents and marketable securities consisted of the following as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Cash and cash equivalents	$	271,042	$	162,518
Marketable securities, current	147,948		82,255
Marketable securities, non-current	60,686		79,247
Total cash and cash equivalents and marketable securities	$	479,676	$	324,020

Schedule of Cash Equivalents and Marketable Securities

As of December 31, 2024, cash equivalents and marketable securities consisted of the following:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Marketable Securities
Money market accounts	$	211,619	$	—	$	—	$	211,619	$	211,619	$	—
Certificates of deposit	21,778		17		—		21,795		—		21,795
Commercial paper	10,103		6		—		10,109		—		10,109
Corporate debt securities	86,367		140		(31)		86,476		—		86,476
Yankee bonds	2,581		5		—		2,586		—		2,586
U.S. Treasury securities	66,192		—		(72)		66,120		—		66,120
Mortgage- and asset-backed securities	21,436		113		—		21,549		—		21,549
Total	$	420,076	$	281	$	(103)	$	420,254	$	211,619	$	208,635

Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses


	Less than 12 Months				In Loss Position for Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	11,192	$	(31)	$	—	$	—	$	11,192	$	(31)
U.S. Treasury securities	20,497		(57)		42,423		(15)		62,920		(72)
Total	$	31,689	$	(88)	$	42,423	$	(15)	$	74,112	$	(103)

Schedule of Debt Securities, Available-for-Sale, Maturity

The following table summarizes the contractual maturities of the Company’s cash equivalents and marketable securities as of December 31, 2024:


	Amortized Cost		Fair Value
Due within one year	$	359,492	$	359,568
Due within one to two years	60,584		60,686
Total	$	420,076	$	420,254

REVENUES - Additional Information (Details) $ in Thousands	12 Months Ended
REVENUES - Additional Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) agreement quarterlyPayment	Dec. 31, 2023 USD ($)
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 1,067,037
Number of agreements \| agreement	2
Number of quarterly payments \| quarterlyPayment	12
Contract assets	$ 63,108	$ 12,951
Customer financing interest income	$ 1,213	371
Minimum
Disaggregation Of Revenue [Line Items]
Accrue at a fixed rate	0.108
Maximum
Disaggregation Of Revenue [Line Items]
Accrue at a fixed rate	0.126
Prepaid Expenses and Other Current Assets
Disaggregation Of Revenue [Line Items]
Contract assets	$ 4,200	3,733
Other Noncurrent Assets
Disaggregation Of Revenue [Line Items]
Contract assets	$ 15,567	$ 13,533
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	50.00%
Revenue, remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Disaggregation Of Revenue [Line Items]
Revenue, remaining performance obligation, percentage	50.00%
Revenue, remaining performance obligation, period	12 months

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Pretax Loss From Domestic and Foreign Operations

The components of the pretax loss for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(257,752)	$	(205,334)	$	(186,121)
Foreign	68,341		26,413		53,175
Loss before provision for income taxes	$	(189,411)	$	(178,921)	$	(132,946)

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State	14		(18)		(39)
Foreign	(299)		3,270		3,802
Total current provision	(285)		3,252		3,763
Deferred:
Federal	166		114		(2,073)
State	280		452		(173)
Foreign	603		(168)		1,481
Total deferred provision	1,049		398		(765)
Provision for income taxes	$	764	$	3,650	$	2,998

Schedule of Differences Between Federal Statutory Income Tax Rate and Provision for Income Taxes

The following is a reconciliation of the U.S. federal statutory federal income tax rate to our effective tax rate (in percentages):


	Years Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
Adjustments for tax effects of:
State taxes, net of federal benefit	6.0	%	3.2	%	8.3	%
Transaction costs	—	%	—	%	1.4	%
Permanent differences and other	(2.6	%)	0.4	%	(0.3)	%
Uncertain tax positions	1.0	%	(0.7)	%	(2.1	%)
Warrants	—	%	—	%	2.1	%
Stock-based compensation	6.7	%	(0.5	%)	6.5	%
Other adjustments to deferred taxes	0.1	%	1.7	%	—	%
Increase in valuation allowance	(32.6)	%	(27.1)	%	(39.2)	%
Provision for income taxes	(0.4)	%	(2.0)	%	(2.3	%)

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows :


	December 31,
	2024		2023
Deferred tax assets:
Accrued expenses	$	2,751	$	2,434
Inventories	2,612		1,536
Deferred revenue	13,681		22,293
Lease liability	19,181		20,394
Stock compensation	2,662		4,428
Interest expense	3,798		4,291
Net operating losses	129,601		87,946
Tax credits	4,768		4,768
Reserves	1,893		2,298
Capitalized research	81,261		52,019
Other	2,364		462
Total deferred tax assets	264,572		202,869
Valuation allowance	(236,113)		(173,441)
Total deferred tax assets, net	28,459		29,428
Deferred tax liabilities:
Right of use asset	(17,929)		(19,232)
Depreciation and amortization	(8,411)		(6,402)
Other	—		(719)
Total deferred tax liabilities	(26,340)		(26,353)
Net deferred tax assets	$	2,119	$	3,075

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows:


	2024		2023
Balance at beginning of year	$	4,887	$	3,560
Increase related to prior year tax positions	—		—
Decrease related to prior year tax positions	(1,974)		—
Increase related to current year tax position	—		1,327
Settlements	(1,974)		—
Balance at end of year	$	939	$	4,887

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

Concentration of Credit Risk and Significant Customers

The Company is subject to concentration of credit risk with respect to its cash, cash equivalents and accounts receivable. The Company maintains bank accounts in the United States, New Zealand and Canada and attempts to minimize by maintaining its cash, cash equivalents with major high credit quality financial institutions. From time to time cash balances held may exceed limits federally insured by the Federal Deposit Insurance Corporation. The Company has not experienced losses in such accounts and believes it is not exposed to any significant credit risk associated with these accounts.

The services provided by Rocket Lab are to U.S. Government and commercial customers. The Company has a significant concentration of credit risk associated with its accounts receivables that is solely based on the good faith and credit of the U.S. Government. We extend differing levels of credit to commercial customers, do not require collateral deposits, and, when necessary, maintain reserves for potential credit losses based upon the expected collectability of accounts receivable. We manage credit risk related to our customers by following credit approval processes, establishing credit limits, performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures.

As of December 31, 2024 and 2023, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:


	December 31,
	2024		2023
Lockheed Martin Corporation	15	%	*
Dynetics Inc.	15	%	*
MDA Corporation	*		21	%
Northrop Grumman Space Systems	*		20	%

*Accounts receivable, net was less than 10%

For the years ended December 31, 2024, 2023 and 2022, the Company’s customers that accounted for 10% or more of the total revenue were as follows:


	December 31,
	2024		2023		2022
MDA Corporation	23	%	13	%	*
Government Customer	11	%	*		*
Northrop Grumman Space Systems	*		13	%	*

*Revenue was less than 10%

Geographic Information

The Company’s consolidated revenues by geographic area based on customer billing location are as follows for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Amount		% of Total Revenues		Amount		% of Total Revenues		Amount		% of Total Revenues
United States	$	268,326	61	%	$	184,748	76	%	$	164,593	78	%
Canada	104,388		24	%	36,116		15	%	4,562		2	%
Japan	30,684		7	%	10,457		4	%	15,306		7	%
Rest of world	32,816		8	%	13,271		5	%	26,535		13	%
Total	$	436,214	100	%	$	244,592	100	%	$	210,996	100	%

Long-lived assets, which consists of property, plant and equipment, net, leased right-of-use assets, intangible assets, net and goodwill, by geographic area are as follows as of December 31, 2024 and 2023:


	December 31,
	2024				2023
	Amount		% of Long- Lived Assets		Amount		% of Long- Lived Assets
United States	$	346,383	88	%	$	308,718	86	%
New Zealand	42,090		11	%	45,575		13	%
Canada	4,082		1	%	4,618		1	%
Total	$	392,555	100	%	$	358,911	100	%

INCOME TAXES - Schedule of Reconciliation of Beginning and Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 4,887	$ 3,560
Increase related to prior year tax positions	0	0
Decrease related to prior year tax positions	(1,974)	0
Increase related to current year tax position	0	1,327
Settlements	(1,974)	0
Balance at end of year	$ 939	$ 4,887

Leases - Schedule of Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 8,672	$ 6,581	$ 4,558
Operating cash flows from finance leases	949	967	900
Finance cash flows from finance leases	329	336	271
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 2,871	$ 30,396	$ 9,140

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Principals of Consolidation and Basis of Presentation

The consolidated financial statements are presented in conformity with accounting standards generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Rocket Lab USA, Inc. and its wholly owned subsidiaries after elimination of intercompany accounts and transactions. Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation.

Principals of Consolidation and Basis of Presentation

Operating Cycle

For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year.

Use of Estimates

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

On an ongoing basis, our management evaluates estimates and assumptions including those related to revenue recognition, contract costs, loss reserves, valuation of warrants and stock-based compensation and deferred tax valuation allowances. We based our estimates on historical data and experience, as well as various other factors that our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Actual results could differ from these estimates and assumptions.

Cash and Cash Equivalents

The Company considers cash and cash equivalents to be only those investments which are highly liquid, readily convertible to cash and which have a maturity date within ninety days from the date of purchase. The carrying amounts for the Company’s cash equivalents approximate fair value due to their short maturities. Cash equivalents are recorded at fair value and consist primarily of money market funds.

Restricted Cash

The Company considers restricted cash to include any cash that is legally restricted as to withdrawal or usage. The Company had $4,260 and $3,916 as of December 31, 2024 and 2023, respectively. The balance relates to collateral for letters of credit and money market accounts and is presented in restricted cash in the consolidated balance sheets.

Marketable Securities

Marketable securities consist of investments in commercial paper, corporate debt securities, bank certificates of deposit, U.S. Treasury bills and notes and asset backed securities. The Company’s investment policy requires the selection of high-quality issuers. The Company's marketable securities are classified as available-for-sale and are carried at fair value. The Company classifies all available-for-sale marketable securities with maturities greater than one year from the balance sheet date as non-current assets. Interest receivable on marketable securities is presented in prepaids and other current assets on the consolidated balance sheets.

Any unrealized holding gains or losses on debt securities, including their tax effect, are reported as components of other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss. Realized gains and losses are included in other income, net in the consolidated statements of operations and comprehensive loss, are determined using the specific identification method for determining the cost of securities sold. Interest and dividend income is recorded when earned and included in interest expense, net on the consolidated statements of operations and comprehensive loss. Premiums and discounts on marketable securities are amortized and accreted, respectively, to earliest call date and maturity, respectively, and included in other income, net on the consolidated statements of operations and comprehensive loss.

At each balance sheet date, the Company assesses available-for-sale marketable securities in an unrealized loss position to determine whether it intends to sell or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the available-for-sale security with a fair value below amortized cost is written down to fair value through current period earnings. The Company also reviews its available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is the result of a change in creditworthiness or other factors. If declines in the value of available for-sale securities are determined to be credit-related, a loss is recorded in earnings in the current period.

Accounts Receivable, Net

Accounts receivables represent amounts billed and currently due from customers. The amounts are stated at their net estimated realizable value. The Company monitors collections and payments from its customers and maintains an allowance for doubtful accounts, which is based upon applying an expected credit loss rate to receivables based on the historical loss rate from similar high-risk customers adjusted for current conditions, including any specific customer collection issues identified, and forecasts of economic conditions. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. The allowance for credit losses as of December 31, 2024 and 2023, and the activity in this account, including the current-period provision for expected credit losses for the years ended December 31, 2024, 2023 and 2022, were not material.

Inventories

Inventories consist of components and subassemblies, spare parts and consumable goods. Inventories are recorded at actual acquisition costs and adjusted to the lower of cost or estimated net realizable value. Costs include direct material, direct labor, applicable manufacturing and engineering overhead, and other direct costs.

Prepaids and Other Current Assets

Prepaids and other current assets include goods and services tax, prepaid expenses, deposits, government grant receivables and miscellaneous receivables.

Customer Financing

The Company records customer financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note to interest income in the consolidated statements of operations and comprehensive loss.

Interest income recognition is generally suspended for customer financing receivables that are uncollectible. The Company measures and records expected credit losses related to its customer financing in accordance with the current expected credit losses (“CECL”) standard. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment.

Assets Held For Sale

The Company generally considers assets to be held for sale when the following criteria are met: (i) management commits to a plan to sell the property, (ii) the property is available for sale immediately, (iii) the property is actively being marketed for sale at a price that is reasonable in relation to its current fair value, (iv) the sale of the property within one year is considered probable and (v) significant changes to the plan to sell are not expected. Property classified as held for sale is no longer depreciated and is reported at the lower of its carrying value or its estimated fair value less estimated costs to sell.

Property, Plant and Equipment, Net

Property, plant and equipment, net are stated at cost, less accumulated depreciation. The Company has calculated depreciation on a straight-line method. The Company will depreciate over the useful lives as follows:


Asset Category						Estimated Useful Lives
Buildings and improvements						15 to 30 years
Machinery, equipment, vehicles and office furniture						2 to 12 years
Computer equipment, hardware and software						3 to 5 years
Launch site assets						3 to 15 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Launch site assets include buildings, machinery and equipment at launch sites.

Repair and maintenance costs are expensed as incurred. Assets disposed of or retired are removed from cost and accumulated depreciation accounts and any resulting gain or loss is reflected in the Company’s consolidated statements of operations and comprehensive loss.

Business Combination

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

The Company performs valuations of assets acquired and liabilities assumed and allocates the purchase price to its respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires us to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities assumed in a business combination.

Intangible Assets, Net

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

Impairment of Long-Lived Assets

Long-lived assets consist of property, plant and equipment and intangible assets with estimable useful lives subject to depreciation and amortization. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of an asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount of the asset or asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. There was no impairment of long-lived assets during the years ended December 31, 2024, 2023 and 2022.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combination. We test goodwill for impairment at least annually during the fourth fiscal quarter, or more frequently if indicators of impairment exist during the fiscal year. Events or circumstances which could trigger an impairment review include a significant adverse change in legal factors or in the business climate, loss of key customers, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends or significant underperformance relative to expected historical or projected future results of operations.

When testing goodwill for impairment, the Company first performs a qualitative assessment. If the Company determines it is more likely than not that a reporting unit’s fair value is less than its carrying amount, then a one-step impairment test is required. If the Company determines it is not more likely than not a reporting unit’s fair value is less than its carrying amount, then no further analysis is necessary. To identify whether a potential impairment exists, the Company compares the estimated fair value of the reporting unit with its carrying amount, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If, however, the fair value of the reporting unit is less than its carrying amount, then such balance would be recorded as an impairment loss.

Any impairment loss is limited to the carrying amount of goodwill allocated to the reporting unit. There was no impairment of goodwill during the years ended December 31, 2024, 2023 and 2022.

Fair Value of Financial Instruments

We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. We estimate fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The inputs to the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.

The Company considers the carrying values of cash, restricted cash, accounts receivable, accounts payable, and accrued expenses to approximate fair value for these financial instruments due to the short maturities of these instruments.

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

Certain assets and liabilities, including goodwill and intangible assets, are subject to measurement at fair value on a non-recurring basis upon initial acquisition in a business combination or if they are deemed to be impaired as a result of an impairment review.

Revenue Recognition

The Company generates revenue from launch services and space systems. Launch services may be provided as a mission dedicated to a single customer or as a rideshare arrangement with multiple spacecraft from multiple customers. Space systems revenue is comprised of space engineering, program management, spacecraft components, spacecraft manufacturing, space software and mission operations.

Revenue is recognized when control of the promised product or service is transferred to our customers at an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services. The Company’s revenue contracts are generally fixed-price contracts or time and materials contracts depending upon the nature of the contract. In fixed-price contracts, to the extent actual costs vary from the cost upon which the price was negotiated, the Company will generate variable levels of profit or could incur a loss.

The Company enters into contracts that can include various combinations of products and services, including contracts that contain both launch services and space systems products and services. In general, each launch and space system product or service is capable of being distinct and accounted for as separate performance obligations. Where contracts contain a single performance obligation, the entirety of the transaction price is allocated to this one performance obligation. For contracts with multiple performance obligations, the transaction price is allocated to each performance obligation based on the estimated standalone selling price of the product or service underlying each performance obligation. The standalone selling price represents the amount the Company would sell the product or service to a customer on a standalone basis.

The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to its customers. The consideration promised within a contract may include fixed amounts and variable amounts. Variable consideration may consist of final milestone payments, mission success fees or liquidating damages that are earned or penalized if certain contractual milestones are achieved or are not achieved.

The Company estimates variable consideration at the most likely amount or expected value, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur.

The Company recognizes revenue when or as control is transferred to the customer, either over-time or at a point-in-time.

Generally, launch services revenue is recognized at a point-in-time when control transfers upon intentional ignition of the launch or where successful delivery milestones are applicable, such as upon delivery of the spacecraft to the specified orbit.

Revenue for space systems is recognized at a point-in-time or over-time depending upon the nature of the contract with customer. For contracts to provide space engineering, program management and mission operations, the Company recognizes revenues over-time as the customer simultaneously receives and consumes the benefits as the Company performs. Similarly, spacecraft manufacturing is recognized over-time when it is determined that there is no alternative use for the spacecraft, due to contractual or practical limitations, and where the Company has an enforceable right to payment for the services performed to date including a reasonable profit. Contracts to provide components for spacecraft that do not qualify for over-time recognition are recognized at a point-in-time when control is transferred.

For revenue recognized over-time, the Company uses either an input method, based on costs incurred relative to total estimated costs at completion, to estimate the percentage of completion, or an output method, based upon days of service, depending upon the nature of the performance obligation. For revenues measured utilizing an input method, the costs incurred are determined by assessing the physical and technical progress on the performance obligation applied to the standard costs. Due to the nature of the work performed under spacecraft construction contracts, the estimation of physical and technical progress requires judgment and is subject to many variables including but not limited to actual progress and costs incurred, labor productivity, changes in cost and availability of materials.

Contracts for space software provide the customer with a right to use the software as it exists when made available to the customer. Customers may purchase perpetual entity-wide licenses or mission-based licenses, which provide customers with the same functionality and differ primarily in the number of spacecraft into which the software may be integrated. Revenue from space software is recognized upfront at the point-in-time when the software is made available to the customer. Revenue from software maintenance is recognized ratably over the maintenance period.

Due to their nature, time and materials contracts contain variable consideration; however, in general, the Company’s performance obligations under time and materials contracts qualify for the “right to invoice” practical expedient. Under this practical expedient, the Company recognizes revenue, over time, in the amount to which the Company has a right to invoice. In addition, the Company is not required to estimate such variable consideration upon inception of the contract and reassess the estimate each reporting period. The Company determined that this method best represents the transfer of services as, upon billing, the Company has a right to consideration from a customer in an amount that directly corresponds with the value to the customer of the Company’s performance completed to date.

Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers.

Contract assets include unbilled amounts under contracts when revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional and the invoice is issued. Contract assets are classified as current assets consistent with our operating cycle. These contract assets are not considered a significant financing component of the Company’s contracts as the payment terms are intended to protect the customer in the event the Company does not perform on its obligations under the contract. Contract liabilities primarily consists of customer billings in advance of revenues being recognized. Contract liabilities are not a significant financing component as they are generally utilized to pay for contract costs within a one-year period or are used to ensure the customer meets contractual requirements.

If our actual costs exceed our estimates, our margins and profits are reduced and we could incur a provision for contract loss. A provision for contract loss is when estimates of total costs to be incurred on a contract exceed total estimates of the transaction price. When this occurs, a provision for the entire loss is determined at the contract level and is recorded in the period in which the loss is evident.

Cost of Revenues

Cost of revenues, for both products and services, consists primarily of direct material and labor costs, manufacturing overhead, freight expense, depreciation and amortization and other personnel-related expenses, which include salaries, bonuses, benefits and stock-based compensation expense, directly associated with generating revenues.

Research and Development, net

Research and development, net consists of labor, prototype, professional services, materials, facilities and depreciation expense related to the development of our Neutron launch vehicle, space system platforms and components. These costs are based on a cost model for research and development relating to internal product development programs not associated with customer contractual arrangements. These costs are presented net of government grants on the consolidated statements of operations and comprehensive loss.

Selling, General and Administrative

Selling, general and administrative expenses consist of indirect costs, including management and executive compensation, corporate costs related to finance, accounting, human resources, information technology, legal, administrative, safety, professional services, rent, advertising costs and other general expenses.

Stock-Based Compensation

The Company’s stock compensation plan is classified as an equity plan which permits stock awards in the form of employee stock options and restricted stock awards. For awards that vest solely based on continued service, the fair value of an award is recognized as an expense over the requisite service period on a straight-line basis.

The fair value of stock options under the Company’s employee equity incentive plan are estimated as of the grant date using the Black-Scholes option valuation model, which is affected by the fair value per share of common stock, the expected share price volatility of its common shares over the expected term, expected term, risk-free interest rate and expected dividend yield, which are estimated as follows:

•Fair value per share of common stock. The fair value of common stock is based on the market price of our common stock underlying the awards on the grant date.

•Expected volatility. The Company’s shares have actively traded for a short period of time subsequent to the Business Combination, the volatility is based on the weighted average historical volatilities of the Company and a pool of public companies that are comparable to the Company. Expected volatility represents the estimated volatility of the shares over the expected life of the options.

•Expected term. The Company determines the expected term of the awards using the simplified method. The simplified method estimates the expected term based on the average of the vesting period and contractual term of the stock option.

•Risk-free interest rate. The risk-free interest rate for periods within the expected life of the option is derived from the U.S. treasury interest rates in effect at the date of grant.

•Estimated dividend yield. The Company uses an expected dividend yield of zero since no dividends are expected to be paid.

The fair value of restricted stock units granted under the Company’s employee equity incentive plans are estimated as of the grant date in an amount equal to the estimated fair value per share of the Company’s common stock.

Forfeitures are recognized as incurred. Unless otherwise approved, options must be exercised while the individual is an employee or within 90-days of termination when applicable. The expiration date of newly issued options is ten years after grant date unless earlier terminated as provided for in the Rocket Lab 2021 Stock Option and Incentive Plan.

The assumptions used in calculating the fair value of stock-based awards represent our best estimates, however, these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change or we use different assumptions, stock-based compensation expense could be materially different in the future.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized by applying the statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized.

The Company utilizes a two-step approach to recognizing and measuring uncertain income tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company makes estimates, assumptions and judgments to determine its provision for income taxes and also for deferred tax assets and liabilities and any valuation allowances recorded against deferred tax assets. Actual future operating results and the underlying amount and type of income could differ materially from the Company’s estimates, assumptions and judgments thereby impacting its consolidated financial position and results of operations.

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in two reportable segments: launch services and space systems.

Foreign Currencies

The functional currency of certain of the Company’s wholly owned subsidiaries is the currency of the primary economic environment in which they operate. Assets and liabilities denominated in currencies other than the functional currency are remeasured at the exchange rate in effect on the balance sheet date, with exchange differences or remeasurement included in other income, net on the consolidated statement of operations and comprehensive loss. Revenue and expenses are translated at average rates of exchange prevailing during the respective period. Translation adjustments resulting from this process are recorded as a component of accumulated other comprehensive income (loss) in the consolidated statements of changes in stockholders’ equity.

Leases

The Company leases certain property, vehicles and equipment. At contract inception, the Company determines if a contract contains a lease and whether the lease should be classified as an operating or financing lease.

Right of use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, it uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease prepayments made and excludes lease incentives. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method.

The Company excludes short-term leases (term of 12 months or less) from the balance sheet presentation and accounts for non-lease and lease components in a contract as a single lease component for certain asset classes.

Convertible Senior Notes

The Company accounts for convertible senior notes under Accounting Standards Codification (“ASC”) ASC 470-20 - Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity's Own Equity (“ASU 2020-06”). The Company records the convertible senior notes as a long-term liability at face value net of debt issuance costs. If any of the conditions to the convertibility of the convertible senior notes is satisfied, or the convertible senior notes become due within one year, then the Company may be required under applicable accounting standards to reclassify the carrying value of the convertible senior notes as a current, rather than a long-term liability.

Debt issuance costs related to the convertible senior notes were capitalized and recorded as a contra-liability and are presented net against the convertible senior notes balance on the consolidated balance sheets. Debt issuance costs consist of underwriting, legal and other direct costs related to the issuance of the convertible senior notes and are amortized to interest expense over the term of the convertible senior notes using the effective interest method.

Capped Call Transactions

Capped call transactions cover the aggregate number of shares of the Company’s common stock that will initially underlie the convertible senior notes. The Company determined that the freestanding capped call option contracts qualify as equity under the accounting guidance on indexation and equity classification, and recognized the contract by recording an entry to Additional paid-in capital in stockholders’ equity in the consolidated balance sheets and not remeasured.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivative and Hedging. For warrants that meet all the criteria for equity classification, the warrants are recorded as a component of additional paid-in capital at the time of issuance. Warrants classified as liabilities are recognized at fair value and remeasured at fair value at each reporting period with any change in fair value recognized in the consolidated statements of operations and comprehensive loss.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in ASU 2023-09 prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU 2023-09 disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all period presented. The Company is assessing the potential impact of adopting ASU 2023-09 on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE) (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The amendments in ASU 2024-03 will be applied prospectively with the option for retrospective application and early adoption is permitted. The Company is assessing the potential impact of adopting ASU 2024-03 on its financial statements.

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options to Purchase Common Stock
Outstanding, beginning balance (in shares)	10,551,286	13,257,720	17,345,328
Exercised (in shares)	(3,396,050)	(2,623,282)	(3,887,435)
Forfeited (in shares)		(7,556)	(200,173)
Expired (in shares)		(75,596)
Outstanding, ending balance (in shares)	7,155,236	10,551,286	13,257,720	17,345,328
Options to Purchase Common Stock, Options vested and exercisable (in shares)	7,155,236	10,551,286	13,185,026
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (in dollars per share)	$ 1.06	$ 1.03	$ 1.03
Exercised (in dollars per share)	1.01	0.93	1.02
Forfeited (in dollars per share)		1.42	1.22
Expired (in dollars per share)		1.22
Outstanding, ending balance (in dollars per share)	1.08	1.06	1.03	$ 1.03
Weighted- Average Exercise Price per Share, Options vested and exercisable (in dollars per share)	1.08	1.06	1.03
Weighted- Average Grant Date Fair Value per Share
Outstanding, beginning balance (in dollars per share)	0.53	0.53	0.54
Exercised (in dollars per share)	0.52	0.47	0.51
Forfeited (in dollars per share)		0.78	0.71
Expired (in dollars per share)		0.72
Outstanding, ending balance (in dollars per share)	0.53	0.53	0.53	$ 0.54
Weighted- Average Grant Date Fair Value per Share, Options vested and exercisable (in dollars per share)	$ 0.53	$ 0.53	$ 0.53
Weighted- Average Remaining Contract Life (In Years)
Outstanding beginning balance	3 years 5 months 15 days	4 years 3 months 25 days	5 years 2 months 4 days	6 years 10 days
Exercised	2 years 7 months 9 days	10 months 9 days	1 year 11 months 4 days
Outstanding, ending balance	3 years 5 months 15 days	4 years 3 months 25 days	5 years 2 months 4 days	6 years 10 days
Weighted- Average Remaining Contract Life (In Years), Options vested and exercisable	3 years 5 months 15 days	4 years 3 months 25 days	5 years 2 months 4 days
Aggregate Intrinsic Value
Outstanding beginning balance	$ 47,210	$ 36,306	$ 195,111
Exercised	84,916	12,072	10,687
Forfeited		31	510
Expired		326
Outstanding ending balance	174,521	47,210	36,306	$ 195,111
Aggregate Intrinsic Value, Options vested and exercisable	$ 174,521	$ 47,210	$ 36,134

DESCRIPTION OF THE BUSINESS	12 Months Ended
DESCRIPTION OF THE BUSINESS	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Rocket Lab USA, Inc. (“Rocket Lab” and, together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is an end-to-end space company with an established track record of mission success headquartered in Long Beach, California and is the parent company for several wholly owned operating subsidiaries located in the United States, New Zealand, Canada and Australia. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We operate one of the only private orbital launch ranges in the world, located in Mahia, New Zealand, enabling a unique degree of operational flexibility and control of customer launch manifests and mission assurance. While our business has historically been centered on the development of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicles and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications. On August 25, 2021, the predecessor Rocket Lab USA, Inc. consummated the merger with Vector Acquisition Corporation (the “Business Combination”). In connection with the closing of the Business Combination, the Company changed its name from Vector Acquisition Corporation to Rocket Lab USA, Inc. The “Post Combination Company” following the Business Combination is Rocket Lab USA, Inc.

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION - Schedule of Long Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 392,555	$ 358,911
Geographic Concentration Risk \| Assets, Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	100.00%	100.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 346,383	$ 308,718
United States \| Geographic Concentration Risk \| Assets, Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	88.00%	86.00%
New Zealand
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 42,090	$ 45,575
New Zealand \| Geographic Concentration Risk \| Assets, Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	11.00%	13.00%
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 4,082	$ 4,618
Canada \| Geographic Concentration Risk \| Assets, Total
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage	1.00%	1.00%

WARRANTS - Schedule of Assumptions used in the Black-Sholes pricing model calculation for the Warrant issued (Details)	Dec. 31, 2024 $ / shares
Share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	5.53
Strike price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	4.87
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.820
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0385
Expected life (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, term	4 years

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2024, certain executive officers and directors of the Company (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s common stock, in each case, subject to any applicable volume limitations.

The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan.

Name

Title

Plan Date

Earliest Selling Start Date

Maximum Shares That May Be Sold Under the Plan

Plan Expiration Date

Adam Spice

Chief Financial Officer

December 12, 2024

March 13, 2025

2,377,078

(1)

March 31, 2026

Frank Klein

Chief Operations Officer

December 13, 2024

March 14, 2025

39,000

(2)

December 31, 2025

Arjun Kampani

Senior Vice President, General Counsel and Secretary

December 12, 2024

March 13, 2025

92,844

(2)

December 31, 2025

(1)Represents shares issuable to Mr. Spice upon the exercise of approximately 46% of the vested stock options held by Mr. Spice as of the date of the Rule 10b5-1 Trading Plan, all of which are scheduled to expire in August 2028. The maximum number of shares that may be sold under the Rule 10b5-1 Trading Plan is tiered such that the number of shares that may be sold in any one month period is subject to certain escalating minimum price thresholds whereby a maximum of 198,089 shares may be sold in any one month subject to a certain price threshold, 396,178 shares may be sold in any one month subject to a higher minimum price threshold, and all 2,377,078 shares may be sold if an even higher minimum price threshold is eclipsed, as further specified in the Rule 10b5-1 Trading Plan.

(2)The aggregate number of RSU Shares that will be available for sale under the Rule 10b5-1 Trading Plan is not yet determinable because the shares available will be net of shares sold to satisfy tax withholding obligations that arise in connection with the vesting and settlement of such RSU awards. Additionally, certain provisions within the Rule 10b5-1 Trading Plan specify a certain percentage of the net shares that can be sold at the vesting date of the underlying equity award. As such, for purposes of this disclosure, the shares included in this table reflect the aggregate maximum number of gross shares underlying the equity awards subject to the Rule 10b5-1 Trading Plan, adjusted to represent the maximum percentage specified in the plan for each vesting date of such award, but without excluding the shares that will be sold to satisfy the tax withholding obligations.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Adam Spice [Member]

Trading Arrangements, by Individual

Name

Adam Spice

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

March 13, 2025

March 31, 2026

383 days

2,377,078

Trading Arrangements, by Individual

Name

Frank Klein

Title

Chief Operations Officer

Rule 10b5-1 Arrangement Adopted

true

March 14, 2025

December 31, 2025

292 days

39,000

Arjun Kampani [Member]

Trading Arrangements, by Individual

Name

Arjun Kampani

Title

Senior Vice President, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

March 13, 2025

December 31, 2025

293 days

92,844

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net, as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Buildings and improvements	$	68,631	$	59,730
Machinery, equipment, vehicles and office furniture	127,577		82,973
Computer equipment, hardware and software	16,204		11,624
Launch site assets	20,726		14,193
Construction in process	27,285		25,999
Property, plant and equipment—gross	260,423		194,519
Less accumulated depreciation and amortization	(65,585)		(49,110)
Property, plant and equipment—net	$	194,838	$	145,409

Depreciation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Years Ended December 31,
Depreciation expense	2024		2023		2022
Cost of revenues	$	11,088	$	8,481	$	12,867
Research and development	5,890		4,700		1,981
Selling, general and administrative	2,798		2,226		1,310
Total depreciation expense	$	19,776	$	15,407	$	16,158

GOODWILL AND INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill for the space systems reportable segment was $71,020 as of December 31, 2024 and 2023.

Intangible Assets

The components of intangible assets consisted of the following as of December 31, 2024 and 2023:


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	57,865	$	(23,512)	$	34,353
Capitalized software	13,757		(9,873)		3,884
Customer relationships	16,086		(4,472)		11,614
Trademarks and tradenames	10,098		(2,610)		7,488
Backlog	3,491		(3,491)		—
Other	1,320		(522)		798
Indefinite-Lived Intangible Assets
In-process Technology	500		—		500
Total	$	103,117	$	(44,480)	$	58,637


	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Developed Technology	$	56,065	$	(16,649)	$	39,416
Capitalized software	11,690		(7,454)		4,236
Customer relationships	16,135		(3,234)		12,901
Trademarks and tradenames	10,106		(1,789)		8,317
Backlog	3,491		(3,366)		125
Other	1,222		(423)		799
Indefinite-Lived Intangible Assets
In-process Technology	2,300		—		2,300
Total	$	101,009	$	(32,915)	$	68,094

Amortization expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022, respectively consisted of the following:


	Years Ended December 31,
	2024		2023		2022
Cost of revenues	$	7,110	$	7,106	$	5,144
Research and development	45		90		3,449
Selling, general and administrative	4,913		5,904		4,634
Total amortization expense	$	12,068	$	13,100	$	13,227

The following table outlines the estimated future amortization expense related to finite-lived intangible assets held as of December 31, 2024:


2025	$	10,304
2026	10,147
2027	9,171
2028	8,138
2029	5,999
Thereafter	14,378
Total	$	58,137

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 50,650	$ 45,062
Work in process	60,462	53,628
Finished goods	7,962	9,167
Total inventories	$ 119,074	$ 107,857

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Contractual Maturities of Marketable Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amortized Cost
Due within one year	$ 359,492
Due within one to two years	60,584
Total	420,076
Fair Value
Due within one year	359,568
Due within one to two years	60,686
Total	$ 420,254

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Additional Information (Details) - Level 2 - Convertible Senior Note $ in Thousands	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 345,392
Unamortized discount and debt issuance costs	9,608
Convertible senior notes fair value	$ 1,799,544

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

SEGMENTS - Additional Information (Details)	12 Months Ended
SEGMENTS - Additional Information (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company has a single active equity incentive plan, the Rocket Lab 2021 Stock Option and Incentive Plan (the “2021 Plan”), with the objective of attracting and retaining available employees and directors by providing stock-based and other performance-based compensation. The Rocket Lab 2013 Stock Option and Grant Plan was terminated, but outstanding awards granted thereunder remain governed by it. The 2021 Plan provides for the grant of equity awards to officers, employees, directors and other key employees as well as service providers which include incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards, restricted stock units or any combination of the foregoing any of which may be performance based, as determined by the Company’s Compensation Committee. An aggregate of 59,875,000 shares were initially reserved for the issuance of awards under the 2021 Plan. The number of shares reserved for issuance under the 2021 Plan automatically increases each January 1, beginning on January 1, 2022, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. The Company was authorized to issue up to 113,756,881 shares of common stock as equity awards to participants under the 2021 Plan as of December 31, 2024. There were 92,127,861 shares of common stock available for grant as of December 31, 2024.

Total stock-based compensation recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2024, 2023 and 2022 consisted of the following:


	Years Ended December 31,
Stock-based compensation	2024		2023		2022
Cost of revenues	$	16,657	$	12,521	$	17,948
Research and development	15,626		21,721		21,127
Selling, general and administrative	24,533		19,219		16,574
Total stock-based compensation expense	$	56,816	$	53,461	$	55,649

Options

The following summarizes the stock option activity of the 2013 Plan for the years ended December 31, 2024, 2023 and 2022:


	Options to Purchase Common Stock	Weighted- Average Exercise Price per Share		Weighted- Average Grant Date Fair Value per Share		Weighted- Average Remaining Contract Life (In Years)	Aggregate Intrinsic Value
Outstanding — at January 1, 2022	17,345,328	$	1.03	$	0.54	6.03	$	195,111
Exercised	(3,887,435)	1.02		0.51		1.93	10,687
Forfeited	(200,173)	1.22		0.71		—	510
Outstanding — at December 31, 2022	13,257,720	$	1.03	$	0.53	5.18	$	36,306
Exercised	(2,623,282)	0.93		0.47		0.86	12,072
Forfeited	(7,556)	1.42		0.78		—	31
Expired	(75,596)	1.22		0.72		—	326
Outstanding — at December 31, 2023	10,551,286	$	1.06	$	0.53	4.32	$	47,210
Exercised	(3,396,050)	1.01		0.52		2.61	84,916
Outstanding — at December 31, 2024	7,155,236	$	1.08	$	0.53	3.46	174,521
Options vested and exercisable — at December 31, 2024	7,155,236	$	1.08	$	0.53	3.46	$	174,521
Options vested and exercisable — at December 31, 2023	10,551,286	$	1.06	$	0.53	4.32	$	47,210
Options vested and exercisable — at December 31, 2022	13,185,026	$	1.03	$	0.53	5.18	$	36,134

Restricted Stock Units

The time-based service vesting condition is generally satisfied over periods of approximately four years as the employees provide service. As of December 31, 2024, the total unrecognized compensation expense related to unvested restricted stock units granted under the 2013 Plan and 2021 Plan was $128,689 and will be recognized upon vesting.

The following summarizes the restricted stock unit activity of the Plan for the years ended December 31, 2024, 2023 and 2022:


	Number of Units	Weighted- Average Grant Date Fair Value
Outstanding — at January 1, 2022	16,946,922	$	4.49
Granted	14,455,901	5.97
Released	(13,264,758)
Forfeited	(1,451,848)	6.33
Outstanding — at December 31, 2022	16,686,217	5.94
Granted	11,269,200	4.76
Released	(8,887,903)
Forfeited	(2,729,675)	6.01
Outstanding — at December 31, 2023	16,337,839	5.48
Granted	18,206,230	6.54
Released	(9,854,054)	5.45
Forfeited	(2,931,413)	5.15
Outstanding — at December 31, 2024	21,758,602	$	6.43
Units expected to vest — at December 31, 2024	21,758,602	$	6.43
Units expected to vest — at December 31, 2023	16,337,839	$	5.48
Units expected to vest — at December 31, 2022	16,686,217	$	5.94

2021 Employee Stock Purchase Plan

In August 2021, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved to reserve 9,980,000 shares of common stock for issuance for awards in accordance with the terms of the 2021 ESPP. In addition, the number of shares reserved for issuance will ultimately increase on January 1 of each year from 2022 to 2031 by the lesser of (i) 9,980,000 shares of common stock, (ii) 1% of the number of shares of common stock outstanding as of the close of business on the immediately preceding December 31 or (iii) the number of common stock shares as determined by the Company’s board of directors. The purpose of the 2021 ESPP is to enable eligible employees to use payroll deductions to purchase shares of common stock and thereby acquire an interest in the Company. Eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15% of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period.

During the years ended December 31, 2024, 2023 and 2022, 1,473,720, 1,369,604 and 1,106,958 shares of common stock were issued under the 2021 ESPP. As of December 31, 2024, 20,183,297 shares remain available for issuance under the 2021 ESPP. Total ESPP stock-based compensation recorded in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2024, 2023 and 2022 was $3,016, $2,399 and $3,693, respectively. As of December 31, 2024, the total unrecognized compensation expense related to the 2021 ESPP was $3,712 and will be recognized over the remaining offering period.

INVENTORIES

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Raw materials	$	50,650	$	45,062
Work in process	60,462		53,628
Finished goods	7,962		9,167
Total inventories	$	119,074	$	107,857

LOAN AGREEMENTS - Schedule of Future Principal Payments Under the Loan Agreement (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 345,392	$ 0
Trinity Master Equipment Financing Agreement
Debt Instrument [Line Items]
2025	12,045
2026	13,652
2027	15,474
2028	17,110
Total	$ 58,281

- 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

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted net Loss Per Share Attributable to Common Stockholders

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(190,175)	$	(182,571)	$	(135,944)
Denominator
Weighted average common shares outstanding-basic and diluted	495,929,861		481,768,060		466,214,095
Net loss per share attributable to common stockholders-basic and diluted	$	(0.38)	$	(0.38)	$	(0.29)

Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders

The following equity shares were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the years ended December 31, 2024, 2023 and 2022:


	December 31,
	2024	2023	2022
Stock options and restricted stock units	28,913,838	26,889,125	29,943,937
Common stock warrants	—	728,835	—
Shares underlying our convertible senior notes	69,261,530	—	—

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (44,480)	$ (32,915)
Total	58,137
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	103,117	101,009
Accumulated Amortization	44,480	32,915
Net Carrying Amount	58,637	68,094
In-process Technology
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	500	2,300
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,865	56,065
Accumulated Amortization	(23,512)	(16,649)
Total	34,353	39,416
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	23,512	16,649
Capitalized software
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,757	11,690
Accumulated Amortization	(9,873)	(7,454)
Total	3,884	4,236
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	9,873	7,454
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,086	16,135
Accumulated Amortization	(4,472)	(3,234)
Total	11,614	12,901
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	4,472	3,234
Trademarks and tradenames
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,098	10,106
Accumulated Amortization	(2,610)	(1,789)
Total	7,488	8,317
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	2,610	1,789
Backlog
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,491	3,491
Accumulated Amortization	(3,491)	(3,366)
Total	0	125
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	3,491	3,366
Other
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,320	1,222
Accumulated Amortization	(522)	(423)
Total	798	799
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 522	$ 423

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies Details [Line Items]
Restricted cash	$ 4,260	$ 3,916
Impairment of long-lived assets	0	0	$ 0
Impairment of goodwill	$ 0	$ 0	$ 0
Percentage of tax incentive reimburse maximum	15.00%
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Research and development, net	Research and development, net	Research and development, net
Government Assistance, Asset, Decrease, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net
Government Assistance, Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaids and other current assets
Government Assistance, Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current assets
Number of reportable segments \| segment	2
Government Assistance, Employee Retention Credit, Cost of Revenues
Summary Of Significant Accounting Policies Details [Line Items]
Government assistance, operating expense, decrease		$ 2,130
Government Assistance, Employee Retention Credit, Research And Development
Summary Of Significant Accounting Policies Details [Line Items]
Government assistance, operating expense, decrease	$ 12,983	27,385	$ 15,049
Government Assistance, Employee Retention Credit, General And Administrative
Summary Of Significant Accounting Policies Details [Line Items]
Government assistance, operating expense, decrease	250	1,080
Government Assistance, Direct Capital Grants And Refundable Tax Credits
Summary Of Significant Accounting Policies Details [Line Items]
Government assistance, asset, decrease	2,186
Government Assistance, Tax Credits
Summary Of Significant Accounting Policies Details [Line Items]
Government assistance, asset, current	7,783	9,940
Government assistance, asset, noncurrent	$ 5,863	$ 4,739
Minimum
Summary Of Significant Accounting Policies Details [Line Items]
Finite-lived intangible asset useful life	1 year
Maximum
Summary Of Significant Accounting Policies Details [Line Items]
Finite-lived intangible asset useful life	20 years

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

As of December 31, 2024 and 2023, the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	211,619	$	—	$	—	$	211,619
Marketable securities, current:
Certificates of deposit	—		21,795		—		21,795
Commercial paper	—		10,109		—		10,109
Corporate debt securities	—		57,589		—		57,589
Yankee bonds	—		2,208		—		2,208
U.S. Treasury securities	55,568		—		—		55,568
Mortgage- and asset-backed securities	—		680		—		680
Marketable securities, non-current
Corporate debt securities	—		28,887		—		28,887
Yankee bonds	—		378		—		378
U.S. Treasury securities	10,552		—		—		10,552
Mortgage- and asset-backed securities	—		20,869		—		20,869
Total	$	277,739	$	142,515	$	—	$	420,254


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	121,491	$	—	$	—	$	121,491
Marketable securities, current:
Certificates of deposit	—		24,590		—		24,590
Commercial paper	—		10,484		—		10,484
Corporate debt securities	—		41,871		—		41,871
Yankee bonds	—		2,676		—		2,676
U.S. Treasury securities	2,633		—		—		2,633
Marketable securities, non-current
Corporate debt securities	—		10,968		—		10,968
U.S. Treasury securities	54,900		—		—		54,900
Mortgage- and asset-backed securities	—		13,380		—		13,380
Total	$	179,024	$	103,969	$	—	$	282,993
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	1,056	$	1,056
Total	$	—	$	—	$	1,056	$	1,056

The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.

There were no transfers between fair value measurement levels during the years ended December 31, 2024 and 2023.

Convertible Senior Notes

The Company measures the fair value of its convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes as of December 31, 2024 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. As of December 31, 2024, the net carrying amount of the convertible senior notes was $345,392, with unamortized discount and debt issuance costs of $9,608. As of December 31, 2024, the total estimated fair value (Level 2) of the convertible senior notes was $1,799,544. The fair value was determined based on the closing trading price of the convertible senior notes as of the last day of trading for the period.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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+ Details

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Fair Value of the Assets Acquired and the Liabilities Assumed (Details) - Virgin Orbit Holdings Assets Acquisition $ in Thousands	Jun. 02, 2023 USD ($)
Business Acquisition [Line Items]
Property, plant and equipment	$ 15,658
Right-of-use assets - operating leases	13,939
Other non-current assets	189
Other current liabilities	(1,125)
Non-current operating lease liabilities	(10,375)
Other non-current liabilities	(1,352)
Total purchase price	$ 16,934

NET LOSS PER SHARE - Schedule of Basic and Diluted net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net loss attributable to common stockholders-basic and diluted	$ (190,175)	$ (182,571)	$ (135,944)
Denominator
Weighted average common shares outstanding-basic (in shares)	495,929,861	481,768,060	466,214,095
Weighted average common shares outstanding- diluted (in shares)	495,929,861	481,768,060	466,214,095
Net loss per share attributable to common stockholders-basic (in dollars per share)	$ (0.38)	$ (0.38)	$ (0.29)
Net loss per share attributable to common stockholders- diluted (in dollars per share)	$ (0.38)	$ (0.38)	$ (0.29)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the pretax loss for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Domestic	$	(257,752)	$	(205,334)	$	(186,121)
Foreign	68,341		26,413		53,175
Loss before provision for income taxes	$	(189,411)	$	(178,921)	$	(132,946)

The provision (benefit) for income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State	14		(18)		(39)
Foreign	(299)		3,270		3,802
Total current provision	(285)		3,252		3,763
Deferred:
Federal	166		114		(2,073)
State	280		452		(173)
Foreign	603		(168)		1,481
Total deferred provision	1,049		398		(765)
Provision for income taxes	$	764	$	3,650	$	2,998

The following is a reconciliation of the U.S. federal statutory federal income tax rate to our effective tax rate (in percentages):


	Years Ended December 31,
	2024		2023		2022
Federal statutory rate	21.0	%	21.0	%	21.0	%
Adjustments for tax effects of:
State taxes, net of federal benefit	6.0	%	3.2	%	8.3	%
Transaction costs	—	%	—	%	1.4	%
Permanent differences and other	(2.6	%)	0.4	%	(0.3)	%
Uncertain tax positions	1.0	%	(0.7)	%	(2.1	%)
Warrants	—	%	—	%	2.1	%
Stock-based compensation	6.7	%	(0.5	%)	6.5	%
Other adjustments to deferred taxes	0.1	%	1.7	%	—	%
Increase in valuation allowance	(32.6)	%	(27.1)	%	(39.2)	%
Provision for income taxes	(0.4)	%	(2.0)	%	(2.3	%)

The significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows :


	December 31,
	2024		2023
Deferred tax assets:
Accrued expenses	$	2,751	$	2,434
Inventories	2,612		1,536
Deferred revenue	13,681		22,293
Lease liability	19,181		20,394
Stock compensation	2,662		4,428
Interest expense	3,798		4,291
Net operating losses	129,601		87,946
Tax credits	4,768		4,768
Reserves	1,893		2,298
Capitalized research	81,261		52,019
Other	2,364		462
Total deferred tax assets	264,572		202,869
Valuation allowance	(236,113)		(173,441)
Total deferred tax assets, net	28,459		29,428
Deferred tax liabilities:
Right of use asset	(17,929)		(19,232)
Depreciation and amortization	(8,411)		(6,402)
Other	—		(719)
Total deferred tax liabilities	(26,340)		(26,353)
Net deferred tax assets	$	2,119	$	3,075

A valuation allowance is recognized against deferred tax assets if it is more-likely-than-not that the deferred tax asset will not be realized. Because of the Company’s recent history of operating losses in the U.S., we have recorded a full valuation allowance against our U.S. deferred tax assets. As of December 31, 2024 and 2023, we recorded valuation allowances of $236,113 and $173,441, respectively. In 2024, the net increase in our valuation allowance primarily resulted from losses from operations.

The 2017 Tax Act amended the Internal Revenue Code (the "Code"), effective for amounts paid or incurred in tax years beginning after December 31, 2021, to eliminate the immediate expensing of research and experimental expenditures (“R&E”) and require taxpayers to capitalize their R&E expenditures and software development costs. Capitalized costs are required to be amortized over five years (15 years for expenditures attributable to foreign research). Starting in 2022, we recorded a tax adjustment to capitalize and amortize R&E and software development costs. Due to the full valuation allowance against our U.S. deferred tax assets, the impact of this adjustment was immaterial.

The reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2024 and 2023 is as follows:


	2024		2023
Balance at beginning of year	$	4,887	$	3,560
Increase related to prior year tax positions	—		—
Decrease related to prior year tax positions	(1,974)		—
Increase related to current year tax position	—		1,327
Settlements	(1,974)		—
Balance at end of year	$	939	$	4,887

As of December 31, 2024 and 2023, the Company has unrecognized tax benefits totaling $140 and $4,087, respectively, which, if recognized, would impact the effective tax rate in future periods.

As of December 31, 2024, the Company anticipates that $0 of uncertain tax positions will be settled in the next twelve months.

The Company recognizes interest and penalties related to uncertain tax positions as a component of the income tax provision. As of December 31, 2024 and 2023, there were no accrued interest and penalties.

Due to net operating loss (“NOL”) carryforwards, the U.S. federal and state returns are open to examination by the Internal Revenue Service and state jurisdictions for all years beginning with the year ended March 31, 2016. Our foreign subsidiaries are generally subject to examination within four years from the end of the tax year during which the tax return was filed. The years subject to audit may be extended if the entity substantially understates corporate income tax. The Company is not currently under examination in the United States by the Internal Revenue Service or state and local tax authorities. The Company is not currently under examination in New Zealand. We are under audit by the Canada Revenue Agency (“CRA”) for the years ended December 31, 2021 and December 31, 2022. The audit is in the early information request stage and the Company is engaged in discussions with the CRA on the matter. Given the early stage of these discussions, we will continue to monitor for any developments and their impact, if any, to our provision for income taxes.

At December 31, 2024 and 2023, the Company had federal NOL carryforwards of $492,496 and $352,000, respectively, which is comprised of definite and indefinite NOLs. The Company had definite federal NOL carryforwards of $57,135 as of December 31, 2024 and 2023, which begin to expire in varying amounts beginning in 2034. Federal NOLs generated after 2017 of $435,361 and $294,865 as of December 31, 2024 and 2023, respectively will carryforward indefinitely and are available to offset up to 80% of future taxable income each year. The Company also had state NOL carryforwards of $428,696 and $238,951 as of December 31, 2024 and 2023, respectively, available to reduce future taxable income, if any. If not realized, the state NOLs will begin to expire in varying amounts beginning in 2035.

Utilization of the net operating loss carryforwards may become subject to annual limitations due to ownership changes that could occur in the future as provided by Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state and foreign provisions. These ownership changes may limit the amount of the net operating loss and tax credit carryforwards that can be utilized annually to offset future taxable income. The Company has completed a Section 382 analysis through December 31, 2021 and determined that an ownership change occurred on August 23, 2013. No further ownership changes occurred through December 31, 2021. However, future ownership changes under Section 382 may limit the Company’s ability to fully utilize any remaining tax benefits.

As of December 31, 2024 and 2023, we have undistributed earnings of our foreign subsidiaries of $43,266 and $24,586, respectively, which we have indefinitely reinvested and for which we have not recognized deferred taxes. The amount of unrecognized deferred taxes associated with these unremitted earnings would not be significant at December 31, 2024 and 2023.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 12,068	$ 13,100	$ 13,227
Cost of revenues
Finite Lived Intangible Assets [Line Items]
Total amortization expense	7,110	7,106	5,144
Research and development
Finite Lived Intangible Assets [Line Items]
Total amortization expense	45	90	3,449
Selling, general and administrative
Finite Lived Intangible Assets [Line Items]
Total amortization expense	$ 4,913	$ 5,904	$ 4,634

- Definition

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

+ References + Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease costs:
Operating lease costs	$ 9,762	$ 7,164	$ 5,107
Amortization of favorable lease	1,220	610	0
Total operating lease costs:	10,982	7,774	5,107
Finance lease costs:
Depreciation of right-of-use assets	591	627	562
Interest on lease liabilities	949	967	900
Total finance lease costs	$ 1,540	$ 1,594	$ 1,462

CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES - Schedule of Cash Equivalents and Marketable Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 420,076
Gross Unrealized Gains	281
Gross Unrealized Losses	(103)
Fair Value	420,254
Cash Equivalents	211,619
Marketable Securities	208,635
Money market accounts
Marketable Securities [Line Items]
Amortized Cost	211,619
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	211,619
Cash Equivalents	211,619
Marketable Securities	0
Certificates of deposit
Marketable Securities [Line Items]
Amortized Cost	21,778
Gross Unrealized Gains	17
Gross Unrealized Losses	0
Fair Value	21,795
Cash Equivalents	0
Marketable Securities	21,795
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	10,103
Gross Unrealized Gains	6
Gross Unrealized Losses	0
Fair Value	10,109
Cash Equivalents	0
Marketable Securities	10,109
Corporate debt securities
Marketable Securities [Line Items]
Amortized Cost	86,367
Gross Unrealized Gains	140
Gross Unrealized Losses	(31)
Fair Value	86,476
Cash Equivalents	0
Marketable Securities	86,476
Yankee bonds
Marketable Securities [Line Items]
Amortized Cost	2,581
Gross Unrealized Gains	5
Gross Unrealized Losses	0
Fair Value	2,586
Cash Equivalents	0
Marketable Securities	2,586
U.S. Treasury securities
Marketable Securities [Line Items]
Amortized Cost	66,192
Gross Unrealized Gains	0
Gross Unrealized Losses	(72)
Fair Value	66,120
Cash Equivalents	0
Marketable Securities	66,120
Mortgage- and asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	21,436
Gross Unrealized Gains	113
Gross Unrealized Losses	0
Fair Value	21,549
Cash Equivalents	0
Marketable Securities	$ 21,549

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

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

The holder of each share of common stock has the right to one vote for each share and is entitled to notice of any stockholders’ meeting and to vote upon certain events.

Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common and dilutive common equivalent shares outstanding for the period using the treasury-stock method or the as-converted method, or two-class method for participating securities, whichever is more dilutive. Potentially dilutive shares are comprised of common stock warrants, restricted stock units and stock options. For the years ended December 31, 2024, 2023 and 2022, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss and potentially dilutive shares being anti-dilutive.

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Numerator
Net loss attributable to common stockholders-basic and diluted	$	(190,175)	$	(182,571)	$	(135,944)
Denominator
Weighted average common shares outstanding-basic and diluted	495,929,861		481,768,060		466,214,095
Net loss per share attributable to common stockholders-basic and diluted	$	(0.38)	$	(0.38)	$	(0.29)


	December 31,
	2024	2023	2022
Stock options and restricted stock units	28,913,838	26,889,125	29,943,937
Common stock warrants	—	728,835	—
Shares underlying our convertible senior notes	69,261,530	—	—

PREPAIDS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Prepaid expenses and deposits	$	38,041	$	48,031
Government grant receivables	7,783		9,940
Customer financing receivables	4,200		3,733
Other current assets	4,985		5,245
Total prepaids and other current assets	$	55,009	$	66,949

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Raw materials	$	50,650	$	45,062
Work in process	60,462		53,628
Finished goods	7,962		9,167
Total inventories	$	119,074	$	107,857

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	34

REVENUES - Schedule of Reconciliation of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenues	$ 436,214	$ 244,592	$ 210,996
Launch Services
Disaggregation Of Revenue [Line Items]
Total revenues	125,376	71,894	60,685
Space Systems
Disaggregation Of Revenue [Line Items]
Total revenues	310,838	172,698	150,311
Point-in-time
Disaggregation Of Revenue [Line Items]
Total revenues	199,974	117,835	121,341
Point-in-time \| Launch Services
Disaggregation Of Revenue [Line Items]
Total revenues	125,338	71,131	60,200
Point-in-time \| Space Systems
Disaggregation Of Revenue [Line Items]
Total revenues	74,636	46,704	61,141
Over-time
Disaggregation Of Revenue [Line Items]
Total revenues	236,240	126,757	89,655
Over-time \| Launch Services
Disaggregation Of Revenue [Line Items]
Total revenues	38	763	485
Over-time \| Space Systems
Disaggregation Of Revenue [Line Items]
Total revenues	$ 236,202	$ 125,994	$ 89,170

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Weighted average remaining lease term	9 years	9 years 9 months 18 days
Weighted average discount rate	6.40%	6.40%
Finance lease, weighted average remaining lease term	17 years 4 months 24 days	18 years 3 months 18 days
Finance lease, weighted average discount rate,	6.20%	6.20%
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	26 years

NET LOSS PER SHARE - Additional Information (Details)	Dec. 31, 2024 votingRight
Earnings Per Share [Abstract]
Number of voting rights for each share	1

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION - Schedule of Total Accounts Receivable Net (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lockheed Martin Corporation
Concentration Risk [Line Items]
Concentration risk percentage	15.00%
Dynetics Inc.
Concentration Risk [Line Items]
Concentration risk percentage	15.00%
MDA Corporation
Concentration Risk [Line Items]
Concentration risk percentage		21.00%
Northrop Grumman Space Systems
Concentration Risk [Line Items]
Concentration risk percentage		20.00%

PREPAIDS AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses and deposits	$ 38,041	$ 48,031
Government grant receivables	7,783	9,940
Customer financing receivables	4,200	3,733
Other current assets	4,985	5,245
Total prepaids and other current assets	$ 55,009	$ 66,949

SEGMENTS

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENTS

The Company’s CODM reviews financial information presented based on a management approach for the purposes of making operating decisions, assessing financial performance and allocating resources. The Company manages its business primarily based upon two operating segments, launch services and space systems. Each of these operating segments represents a reportable segment. Launch Services provides launch and launch related services to customers on a dedicated mission or ride share basis. Space systems is predominately comprised of spacecraft components and spacecraft manufacturing. Although some of the Company’s contracts with customers contain elements of space systems and launch services, each reporting segment is managed separately to better align with customer’s needs and the Company’s growth plans. The accounting policies of the various segments are the same as those described in Note 2. For contracts with customers that contain both space systems and launch services elements, revenues for each reporting segment are generally allocated based upon the overall costs incurred for each of the reporting segments in comparison to total overall costs of the contract. The following table shows information by reportable segment for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Launch Services		Space Systems		Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	125,376	$	310,838	$	71,894	$	172,698	$	60,686	$	150,310
Cost of revenues	90,786		229,279		63,827		129,356		67,640		124,366
Gross profit (loss)	$	34,590	$	81,559	$	8,067	$	43,342	$	(6,954)	$	25,944

The following table shows information by reportable segment by products and services for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Launch Services		Space Systems		Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	289,851	$	—	$	156,560	$	—	$	133,103
Cost of revenues	—		213,835		—		115,342		—		104,994
Gross profit	$	—	$	76,016	$	—	$	41,218	$	—	$	28,109

Services:
Revenues	$	125,376	$	20,987	$	71,894	$	16,138	$	60,686	$	17,207
Cost of revenues	90,786		15,444		63,827		14,014		67,640		19,372
Gross profit (loss)	$	34,590	$	5,543	$	8,067	$	2,124	$	(6,954)	$	(2,165)

Management does not regularly review either reporting segment’s total assets or operating expenses. This is because in general, the Company’s long-lived assets, facilities, and equipment are shared by each reporting segment.

- Definition

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

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+ Details

PREPAIDS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

PREPAIDS AND OTHER CURRENT ASSETS

Prepaids and other current assets as of December 31, 2024 and 2023 consisted of the following:


	December 31,
	2024		2023
Prepaid expenses and deposits	$	38,041	$	48,031
Government grant receivables	7,783		9,940
Customer financing receivables	4,200		3,733
Other current assets	4,985		5,245
Total prepaids and other current assets	$	55,009	$	66,949

STOCK-BASED COMPENSATION - Schedule of Performance-based Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Units
Outstanding, beginning balance (in shares)	16,337,839	16,686,217	16,946,922
Granted (in shares)	18,206,230	11,269,200	14,455,901
Released (in shares)	(9,854,054)	(8,887,903)	(13,264,758)
Forfeited (in shares)	(2,931,413)	(2,729,675)	(1,451,848)
Outstanding, ending balance (in shares)	21,758,602	16,337,839	16,686,217
Number of Units, Units expected to vest (in shares)	21,758,602	16,337,839	16,686,217
Weighted- Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 5.48	$ 5.94	$ 4.49
Granted (in dollars per share)	6.54	4.76	5.97
Released (in dollars per share)	5.45
Forfeited (in dollars per share)	5.15	6.01	6.33
Outstanding, ending balance (in dollars per share)	6.43	5.48	5.94
Weighted- Average Grant Date Fair Value, Units expected to vest (in dollars per share)	$ 6.43	$ 5.48	$ 5.94

WARRANTS - Additional Information (Details) - USD ($)			12 Months Ended
WARRANTS - Additional Information (Details) - USD ($)	Nov. 14, 2024	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 29, 2023	Aug. 25, 2021
Class Of Warrant Or Right [Line Items]
Class of warrant or right, exercised (in shares)	728,835
Gain on fair value of exercise of warrants			$ 0	$ 0	$ 13,482,000
Public Warrants
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights (in shares)					10,383,077	728,835	10,666,666
Number of securities called by each warrant or right (in shares)					2,951,781
Number of warrants issued (in shares)					10,969
Cash proceeds from warrants issued		$ 27,000			$ 126,000
Warrants issued and outstanding (in shares)		270,470
Warrant exercise price per share (in dollars per share)		$ 0.10
Public Warrants and Private Warrants
Class Of Warrant Or Right [Line Items]
Exercise price of warrants or rights (in dollars per share)						$ 4.87	$ 11.50
Gain on fair value of exercise of warrants					$ 13,482,000
Private Warrants
Class Of Warrant Or Right [Line Items]
Class of warrant or right number of securities called by warrants or rights (in shares)							5,600,000
Shares issued (in shares)					1,592,080
Number of warrants issued (in shares)					5,600,000
Legacy Rocket Lab common stock warrants
Class Of Warrant Or Right [Line Items]
Exercise price of warrants or rights (in dollars per share)					$ 11.50
Warrants and rights outstanding					$ 10,969
Common Stock
Class Of Warrant Or Right [Line Items]
Shares issued (in shares)	540,336		14,799,420	12,880,415	18,210,116

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS

SolAero

On January 18, 2022, the Company closed on the acquisition (the “SolAero Acquisition”) of SolAero Holdings, Inc. (“SolAero”) pursuant to an Agreement and Plan of Merger (the “SolAero Merger Agreement”), dated as of December 10, 2021, by and among the Company, Supernova Acquisition Corp. (“SolAero Merger Sub”), SolAero, and Fortis Advisors LLC as stockholder representative, which provides for, among other things, the merger of SolAero Merger Sub with and into SolAero, with SolAero being the surviving corporation of the merger and a direct, wholly owned subsidiary of the Company. Pursuant to the terms of the SolAero Merger Agreement, all of the issued and outstanding shares of SolAero were cancelled in exchange for aggregate consideration of $80,000 in cash, subject to customary adjustments at closing for cash, working capital, transaction expenses and indebtedness, and amounts held back by the Company (the “SolAero Merger Consideration”). In addition, $3,600 of the SolAero Merger Consideration was placed into escrow by the Company in order to secure recovery of any Adjustment Amount (as defined in the SolAero Merger Agreement) and as security against indemnity claims. In connection with the SolAero Acquisition, the Company entered into customary employment or consulting agreements with certain key employees of SolAero.

Acquisition Consideration

The acquisition-date consideration transferred consisted of cash of $76,181. The following table presents estimates of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


Description	Amount
Cash and cash equivalents	$	7,815
Accounts receivable	12,322
Inventories	17,765
Prepaids and other current assets	3,536
Property, plant and equipment	24,689
Intangible assets	33,600
Right-of-use assets - operating leases (1)	1,128
Right-of-use assets - finance leases (1)	16,174
Restricted cash	3,293
Trade payables	(9,795)
Accrued expenses	(6,883)
Contract liabilities (2)	(26,014)
Other current liabilities	(10,145)
Non-current operating lease liabilities (1)	(1,128)
Non-current finance lease liabilities (1)	(15,874)
Other assets and liabilities, net	(204)
Identifiable net assets acquired	50,279
Goodwill	25,902
Total purchase price	$	76,181

_________________________

(1)SolAero, as a private company, had not adopted ASC 842 prior to the acquisition. Upon acquisition, SolAero adopted ASC 842 to align accounting policies with the Company.

(2)Contract liabilities was recorded under ASC 606 in accordance with ASU No. 2021-08; therefore a reduction in contract liabilities related to the estimated fair values of the acquired contract liabilities was not required.

The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:


Type	Estimated Life in Years	Fair Value
Developed technology	13	$	10,700
In-process technology	N/A	800
Capitalized software	3	5,400
Customer relationships	12	9,000
Trademark and tradenames	12	4,700
Backlog	2	3,000
Total identifiable intangible assets acquired		$	33,600

Goodwill of $25,902 was recorded for the SolAero Acquisition, representing the excess of the purchase price over the fair value of the identifiable net assets. Goodwill recognized primarily represents the future revenue and earnings potential and certain other assets which were acquired, but that do not meet the recognition criteria, such as assembled workforce. The goodwill is expected to be deductible for income tax purposes as, prior to the merger, SolAero held tax deductible goodwill in excess of the amount recorded.

The Company recognized $427 of acquisition and integration related costs that were expensed for the year ended December 31, 2022. These costs are included in selling, general and administrative in the consolidated statements of operations and comprehensive loss.

Measurement Period

During the measurement period, the Company continued to obtain information to assist in determining the fair value of net assets acquired, which could differ materially from those preliminary estimates. Measurement period adjustments, if applicable, were applied in the reporting period in which the adjustment amounts were determined. The Company made a SolAero measurement period adjustment in the fourth quarter of 2022 related to a provision for contract loss of $9,446, which was recorded to other current liabilities and goodwill.

Unaudited Pro Forma Information

The Company’s 2022 consolidated statement of operations includes revenues of $81,188 and operating loss of $12,533, related to the SolAero acquisition.

The unaudited consolidated financial information summarized in the following table gives effect to the SolAero Acquisition assuming it occurred on January 1, 2022. These unaudited consolidated pro forma operating results do not assume any impact from revenue, cost or other operating synergies that are expected as a result of the acquisition. These unaudited consolidated pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the acquisition occurred on January 1, 2022, nor does the information project results for any future period.


Year Ended December 31,	As Reported		Acquisition Pro-Forma (Unaudited)		Consolidated Pro-Forma (Unaudited)
2024
Revenues	$	436,214	$	—	$	436,214
Net loss	(190,175)		—		(190,175)
2023
Revenues	$	244,592	$	—	$	244,592
Net loss	(182,571)		—		(182,571)
2022
Revenues	$	210,996	$	2,454	$	213,450
Net loss	(135,944)		(1,062)		(137,006)

Asset Purchase Agreement

On June 2, 2023, Company closed on the purchase of certain assets pursuant to an Asset Purchase Agreement (the “Virgin APA”) with Virgin Orbit Holdings, Inc. to acquire certain assets, including a real property lease for a property located in Long Beach, California and certain production assets, machinery and equipment.

The acquisition was accounted for as an asset acquisition and the total purchase price consideration of $16,934 (which includes $815 of transaction costs) was allocated to the assets acquired on a relative fair value basis. The following table presents estimates of the relative fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


Description	Amount
Property, plant and equipment	$	15,658
Right-of-use assets - operating leases	13,939
Other non-current assets	189
Other current liabilities	(1,125)
Non-current operating lease liabilities	(10,375)
Other non-current liabilities	(1,352)
Total purchase price	$	16,934

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Defined Contribution Plans The Company’s 401(k) Savings and Retirement Plan covers any eligible employee on the active payroll of the Company. The Company’s contributions were approximately $2,858, $2,427 and $1,520 during the years ended December 31, 2024, 2023 and 2022, respectively. The Company’s contributions consist of matching contributions, and non-elective contributions on behalf of employees.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES - Schedule of Differences Between Federal Statutory Income Tax Rate and Provision for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Adjustments for tax effects of:
State taxes, net of federal benefit	6.00%	3.20%	8.30%
Transaction costs	0.00%	0.00%	1.40%
Permanent differences and other	(2.60%)	0.40%	(0.30%)
Uncertain tax positions	1.00%	(0.70%)	(2.10%)
Warrants	0.00%	0.00%	2.10%
Stock-based compensation	6.70%	(0.50%)	6.50%
Other adjustments to deferred taxes	0.10%	1.70%	0.00%
Increase in valuation allowance	(32.60%)	(27.10%)	(39.20%)
Provision for income taxes	(0.40%)	(2.00%)	(2.30%)

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Estimates Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Jan. 18, 2022
Business Acquisition [Line Items]
Goodwill	$ 71,020	$ 71,020
SolAero Holdings, Inc
Business Acquisition [Line Items]
Cash and cash equivalents			$ 7,815
Accounts receivable			12,322
Inventories			17,765
Prepaids and other current assets			3,536
Property, plant and equipment			24,689
Intangible assets			33,600
Right-of-use assets - operating leases			1,128
Right-of-use assets - finance leases			16,174
Restricted cash			3,293
Trade payables			(9,795)
Accrued expenses			(6,883)
Contract liabilities			(26,014)
Other current liabilities			(10,145)
Non-current operating lease liabilities			(1,128)
Non-current finance lease liabilities			(15,874)
Other assets and liabilities, net			(204)
Identifiable net assets acquired			50,279
Goodwill			25,902
Total purchase price			$ 76,181

SEGMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Launch Services		Space Systems		Launch Services		Space Systems		Launch Services		Space Systems
Revenues	$	125,376	$	310,838	$	71,894	$	172,698	$	60,686	$	150,310
Cost of revenues	90,786		229,279		63,827		129,356		67,640		124,366
Gross profit (loss)	$	34,590	$	81,559	$	8,067	$	43,342	$	(6,954)	$	25,944

The following table shows information by reportable segment by products and services for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Launch Services		Space Systems		Launch Services		Space Systems		Launch Services		Space Systems
Products:
Revenues	$	—	$	289,851	$	—	$	156,560	$	—	$	133,103
Cost of revenues	—		213,835		—		115,342		—		104,994
Gross profit	$	—	$	76,016	$	—	$	41,218	$	—	$	28,109

Services:
Revenues	$	125,376	$	20,987	$	71,894	$	16,138	$	60,686	$	17,207
Cost of revenues	90,786		15,444		63,827		14,014		67,640		19,372
Gross profit (loss)	$	34,590	$	5,543	$	8,067	$	2,124	$	(6,954)	$	(2,165)

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION - Schedule of Total Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
MDA Corporation
Concentration Risk [Line Items]
Concentration risk percentage	23.00%	13.00%
Government Customer
Concentration Risk [Line Items]
Concentration risk percentage	11.00%
Northrop Grumman Space Systems
Concentration Risk [Line Items]
Concentration risk percentage		13.00%

NET LOSS PER SHARE - Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options and restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares	28,913,838	26,889,125	29,943,937
Common stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares	0	728,835	0
Shares underlying our convertible senior notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity shares	69,261,530	0	0

SUBSEQUENT EVENTS (Details)	Jan. 07, 2025 $ / shares shares	Dec. 03, 2024 boardOfDirector $ / shares shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Subsequent Event [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Preferred Stock Exchange
Subsequent Event [Line Items]
Number of warrants issued (in shares) \| shares		50,951,250
Maximum number of board members before triggering event \| boardOfDirector		10
Ownership, Right to elect percentage		10
Preferred Stock Exchange \| Chief Executive Officer
Subsequent Event [Line Items]
Minimum beneficial ownership		0.05
Subsequent Event
Subsequent Event [Line Items]
Preferred stock liquidation (in dollars per share) \| $ / shares	$ 0.0001
Subsequent Event \| Preferred Stock Exchange \| The Equatorial Trust
Subsequent Event [Line Items]
Number of warrants issued (in shares) \| shares	50,951,250
Series A Convertible Participating Preferred Stock
Subsequent Event [Line Items]
Preferred shares, par value (in dollars per share) \| $ / shares		$ 0.0001
Series A Convertible Participating Preferred Stock \| Preferred Stock Exchange
Subsequent Event [Line Items]
Number of warrants issued (in shares) \| shares		50,951,250

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (190,175)	$ (182,571)	$ (135,944)

- Definition

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

+ References

+ Details

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 71,020	$ 71,020

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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INCOME TAXES - Schedule of Pretax Loss from Domestic and Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (257,752)	$ (205,334)	$ (186,121)
Foreign	68,341	26,413	53,175
Loss before income taxes	$ (189,411)	$ (178,921)	$ (132,946)

- Definition

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

+ References

+ Details

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Principals of Consolidation and Basis of Presentation

Use of Estimates

Operating Cycle

For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year.

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Accounts Receivable, Net

Inventories

Prepaids and Other Current Assets

Prepaids and other current assets include goods and services tax, prepaid expenses, deposits, government grant receivables and miscellaneous receivables.

Customer Financing

Assets Held For Sale

Property, Plant and Equipment, Net


Asset Category						Estimated Useful Lives
Buildings and improvements						15 to 30 years
Machinery, equipment, vehicles and office furniture						2 to 12 years
Computer equipment, hardware and software						3 to 5 years
Launch site assets						3 to 15 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

Launch site assets include buildings, machinery and equipment at launch sites.

Business Combination

Intangible Assets, Net

Impairment of Long-Lived Assets

Goodwill

Any impairment loss is limited to the carrying amount of goodwill allocated to the reporting unit. There was no impairment of goodwill during the years ended December 31, 2024, 2023 and 2022.

Fair Value of Financial Instruments

•Level 1—Quoted prices in active markets for identical assets or liabilities.

Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis

Revenue Recognition

The Company recognizes revenue when or as control is transferred to the customer, either over-time or at a point-in-time.

Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers.

Cost of Revenues

Research and Development, net

Selling, General and Administrative

Government Assistance

The Company receives government assistance from various domestic and foreign governments in the form of cash grants or refundable tax credits. These arrangements incentivize us to continue growing our capital investments and research and development activities. Government incentives generally contain conditions that must be met in order for the assistance to be earned. We recognize the incentives when there is reasonable assurance that we will comply with all conditions specified in the incentive arrangement and the incentive will be received.

The Company records incentives related to operating activities as a reduction to expense in the same line item on the consolidated statements of operations and comprehensive loss as the expenditure for which the grant is intended to compensate. The Company records capital expenditure related incentives as an offset to the associated property, plant and equipment, net within our consolidated balance sheets and recognize a reduction to depreciation expense over the useful life of the corresponding acquired asset.

The Company has applied for tax credits related to a research and development tax incentive program with the New Zealand government effective from January 1, 2021. This tax incentive will reimburse up to 15% of the Company’s qualifying research and development costs incurred. The Company has various research government assistance awards which includes the Air Force Research Laboratory and the U.S. Space Force’s Space Systems Command. The Company applied for the employee retention credit under the CARES Act during the year ended December 31, 2023. On November 22, 2024, the Company entered into a direct funding agreement with the U.S. Department of Commerce to receive direct funding for the procurement, installation and qualification of new manufacturing equipment and will also receive funding by claiming the refundable Advanced Manufacturing Investment Credit under the United States CHIPS and Science Act of 2022.

The Company recorded $2,130 of government assistance as a reduction of cost of revenues during the year ended December 31, 2023.The Company recorded $12,983, $27,385 and $15,049 of government assistance as a reduction of research and development, net during the years ended December 31, 2024, 2023 and 2022, respectively. The Company recorded $250 and $1,080 of government assistance as a reduction of selling, general and administrative during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company recorded capital expenditure incentive of $2,186 as an offset to property, plant and equipment, net.

As of December 31, 2024 and 2023, prepaids and other current assets includes government assistance receivables of $7,783 and $9,940, respectively. As of December 31, 2024 and 2023, other non-current assets includes government assistance receivables of $5,863 and $4,739, respectively.

Stock-Based Compensation

•Fair value per share of common stock. The fair value of common stock is based on the market price of our common stock underlying the awards on the grant date.

•Risk-free interest rate. The risk-free interest rate for periods within the expected life of the option is derived from the U.S. treasury interest rates in effect at the date of grant.

•Estimated dividend yield. The Company uses an expected dividend yield of zero since no dividends are expected to be paid.

Income Taxes

Segment Information

Foreign Currencies

Leases

Convertible Senior Notes

Capped Call Transactions

Warrants

Recent Accounting Pronouncements

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Recorded in Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 56,816	$ 53,461	$ 55,649
Cost of revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	16,657	12,521	17,948
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	15,626	21,721	21,127
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 24,533	$ 19,219	$ 16,574

- 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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, share authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, share issued (in shares)	504,453,785	488,923,055
Common stock, share outstanding (in shares)	504,453,785	488,923,055

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of December 31, 2024 and 2023, the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	211,619	$	—	$	—	$	211,619
Marketable securities, current:
Certificates of deposit	—		21,795		—		21,795
Commercial paper	—		10,109		—		10,109
Corporate debt securities	—		57,589		—		57,589
Yankee bonds	—		2,208		—		2,208
U.S. Treasury securities	55,568		—		—		55,568
Mortgage- and asset-backed securities	—		680		—		680
Marketable securities, non-current
Corporate debt securities	—		28,887		—		28,887
Yankee bonds	—		378		—		378
U.S. Treasury securities	10,552		—		—		10,552
Mortgage- and asset-backed securities	—		20,869		—		20,869
Total	$	277,739	$	142,515	$	—	$	420,254


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	121,491	$	—	$	—	$	121,491
Marketable securities, current:
Certificates of deposit	—		24,590		—		24,590
Commercial paper	—		10,484		—		10,484
Corporate debt securities	—		41,871		—		41,871
Yankee bonds	—		2,676		—		2,676
U.S. Treasury securities	2,633		—		—		2,633
Marketable securities, non-current
Corporate debt securities	—		10,968		—		10,968
U.S. Treasury securities	54,900		—		—		54,900
Mortgage- and asset-backed securities	—		13,380		—		13,380
Total	$	179,024	$	103,969	$	—	$	282,993
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	1,056	$	1,056
Total	$	—	$	—	$	1,056	$	1,056

BUSINESS COMBINATIONS AND ASSET ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Estimates Fair Value of Assets Acquired and Liabilities Assumed

The following table presents estimates of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


Description	Amount
Cash and cash equivalents	$	7,815
Accounts receivable	12,322
Inventories	17,765
Prepaids and other current assets	3,536
Property, plant and equipment	24,689
Intangible assets	33,600
Right-of-use assets - operating leases (1)	1,128
Right-of-use assets - finance leases (1)	16,174
Restricted cash	3,293
Trade payables	(9,795)
Accrued expenses	(6,883)
Contract liabilities (2)	(26,014)
Other current liabilities	(10,145)
Non-current operating lease liabilities (1)	(1,128)
Non-current finance lease liabilities (1)	(15,874)
Other assets and liabilities, net	(204)
Identifiable net assets acquired	50,279
Goodwill	25,902
Total purchase price	$	76,181

_________________________

(1)SolAero, as a private company, had not adopted ASC 842 prior to the acquisition. Upon acquisition, SolAero adopted ASC 842 to align accounting policies with the Company.

Schedule of Identifiable Intangible Assets Acquired and Related Expected Lives for the Finite-Lived Intangible Assets

The following is a summary of identifiable intangible assets acquired and the related expected lives for the finite-lived intangible assets:


Type	Estimated Life in Years	Fair Value
Developed technology	13	$	10,700
In-process technology	N/A	800
Capitalized software	3	5,400
Customer relationships	12	9,000
Trademark and tradenames	12	4,700
Backlog	2	3,000
Total identifiable intangible assets acquired		$	33,600

Schedule of Consolidated Statement of Operations Includes Revenues and Net Income

These unaudited consolidated pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the acquisition occurred on January 1, 2022, nor does the information project results for any future period.


Year Ended December 31,	As Reported		Acquisition Pro-Forma (Unaudited)		Consolidated Pro-Forma (Unaudited)
2024
Revenues	$	436,214	$	—	$	436,214
Net loss	(190,175)		—		(190,175)
2023
Revenues	$	244,592	$	—	$	244,592
Net loss	(182,571)		—		(182,571)
2022
Revenues	$	210,996	$	2,454	$	213,450
Net loss	(135,944)		(1,062)		(137,006)

Schedule of Asset Acquisition

The following table presents estimates of the relative fair value of the assets acquired and the liabilities assumed by the Company in the acquisition:


Description	Amount
Property, plant and equipment	$	15,658
Right-of-use assets - operating leases	13,939
Other non-current assets	189
Other current liabilities	(1,125)
Non-current operating lease liabilities	(10,375)
Other non-current liabilities	(1,352)
Total purchase price	$	16,934

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 236,113,000	$ 173,441,000
Unrecognized tax benefits totaling	140,000	4,087,000
Uncertain tax positions	0
Accrued interest and penalties related to tax positions	0	0
Operating loss carryforwards	492,496,000	352,000,000
Undistributed earnings of foreign subsidiaries	43,266,000	24,586,000
Indefinite Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 57,135,000	57,135,000
Operating loss carryforwards, taxable income upto	80.00%
Domestic Tax Jurisdiction \| Indefinite Carryforward
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 435,361,000	294,865,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 428,696,000	$ 238,951,000

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Balance Sheet Information

Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 were as follows:


		December 31,
Liabilities	Presentation	2024		2023
Current:
Operating lease liabilities	Other current liabilities	$	6,170	$	5,276
Finance lease liabilities	Other current liabilities	268		329
Total lease liabilities, current		6,438		5,605
Non-current:
Operating lease liabilities	Non-current operating lease liabilities	51,965		56,099
Finance lease liabilities	Non-current finance lease liabilities	14,970		15,238
Total lease liabilities, non-current		66,935		71,337
Total lease liabilities		$	73,373	$	76,942

Schedule of Components of Lease Expense

The components of lease expense were as follows during the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024		2023		2022
Operating lease costs:
Operating lease costs	$	9,762	$	7,164	$	5,107
Amortization of favorable lease	1,220		610		—
Total operating lease costs:	$	10,982	$	7,774	$	5,107
Finance lease costs:
Depreciation of right-of-use assets	$	591	$	627	$	562
Interest on lease liabilities	949		967		900
Total finance lease costs	$	1,540	$	1,594	$	1,462

Cash paid for amounts included in the measurement of lease liabilities:


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,672	$	6,581	$	4,558
Operating cash flows from finance leases	949		967		900
Finance cash flows from finance leases	329		336		271
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	2,871	$	30,396	$	9,140

Schedule of the Future Minimum Operating Lease Payments

The following is a schedule of the future minimum operating and finance lease payments by year as of December 31, 2024:


	Operating Leases		Finance Leases
2025	$	9,680	$	1,201
2026	9,774		1,231
2027	9,555		1,262
2028	8,842		1,293
2029	8,399		1,326
Thereafter	30,286		19,498
Total lease payments	76,536		25,811
Less imputed interest	(18,401)		(10,573)
Total	$	58,135	$	15,238

Schedule of the Future Minimum Finance Lease Payments

The following is a schedule of the future minimum operating and finance lease payments by year as of December 31, 2024:


	Operating Leases		Finance Leases
2025	$	9,680	$	1,201
2026	9,774		1,231
2027	9,555		1,262
2028	8,842		1,293
2029	8,399		1,326
Thereafter	30,286		19,498
Total lease payments	76,536		25,811
Less imputed interest	(18,401)		(10,573)
Total	$	58,135	$	15,238

EMPLOYEE BENEFITS - (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFITS - (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 2,858	$ 2,427	$ 1,520

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property Plant and Equipment

The Company will depreciate over the useful lives as follows:


Asset Category						Estimated Useful Lives
Buildings and improvements						15 to 30 years
Machinery, equipment, vehicles and office furniture						2 to 12 years
Computer equipment, hardware and software						3 to 5 years
Launch site assets						3 to 15 years
Leasehold improvements						Shorter of remaining lease term or estimated useful life

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	$ 260,423	$ 194,519
Less accumulated depreciation and amortization	(65,585)	(49,110)
Property, plant and equipment—net	194,838	145,409
Buildings and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	68,631	59,730
Machinery, equipment, vehicles and office furniture
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	127,577	82,973
Computer equipment, hardware and software
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	16,204	11,624
Launch site assets
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	20,726	14,193
Construction in process
Property Plant And Equipment [Line Items]
Property, plant and equipment—gross	$ 27,285	$ 25,999

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current:
Operating lease liabilities	$ 6,170	$ 5,276
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Finance lease liabilities	$ 268	$ 329
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Total lease liabilities, current	$ 6,438	$ 5,605
Non-current:
Operating lease liabilities	51,965	56,099
Finance lease liabilities	14,970	15,238
Total lease liabilities, non-current	66,935	71,337
Total lease liabilities	$ 73,373	$ 76,942

REVENUES (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Disaggregation of Revenue

The following tables provide information about disaggregated revenue and a reconciliation of the disaggregated revenue during the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31, 2024
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	125,338	$	74,636	$	199,974
Over-time	38		236,202		236,240
Total revenue by recognition model	$	125,376	$	310,838	$	436,214


	Year Ended December 31, 2023
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	71,131	$	46,704	$	117,835
Over-time	763		125,994		126,757
Total revenue by recognition model	$	71,894	$	172,698	$	244,592


	Year Ended December 31, 2022
	Launch Services		Space Systems		Total
Revenues by recognition model
Point-in-time	$	60,200	$	61,141	$	121,341
Over-time	485		89,170		89,655
Total revenue by recognition model	$	60,685	$	150,311	$	210,996

Schedule of Balances Related to Enforceable Contracts

The following table presents the balances related to enforceable contracts as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Contract balances
Accounts receivable, net	$	36,440	$	35,176
Contract assets	63,108		12,951
Contract liabilities	(216,160)		(139,338)

Schedule of Changes in Contract Liabilities

Changes in contract liabilities were as follows:


	2024		2023		2022
Contract liabilities, beginning of year	$	139,338	$	108,344	$	59,749
Contract liabilities assumed at acquisition	—		—		26,014
Customer advances received or billed	176,763		137,158		96,206
Recognition of unearned revenue	(99,941)		(106,164)		(73,625)
Contract liabilities, end of year	$	216,160	$	139,338	$	108,344

CONCENTRATION OF CREDIT RISK, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Schedule of Total Accounts Receivable Net

As of December 31, 2024 and 2023, the Company’s customers that accounted for 10% or more of the total accounts receivable, net, were as follows:


	December 31,
	2024		2023
Lockheed Martin Corporation	15	%	*
Dynetics Inc.	15	%	*
MDA Corporation	*		21	%
Northrop Grumman Space Systems	*		20	%

*Accounts receivable, net was less than 10%

Schedules of Total Revenue

For the years ended December 31, 2024, 2023 and 2022, the Company’s customers that accounted for 10% or more of the total revenue were as follows:


	December 31,
	2024		2023		2022
MDA Corporation	23	%	13	%	*
Government Customer	11	%	*		*
Northrop Grumman Space Systems	*		13	%	*

*Revenue was less than 10%

Schedule of Consolidated Net Revenue by Geographic Area

The Company’s consolidated revenues by geographic area based on customer billing location are as follows for the years ended December 31, 2024, 2023 and 2022:


	Years Ended December 31,
	2024				2023				2022
	Amount		% of Total Revenues		Amount		% of Total Revenues		Amount		% of Total Revenues
United States	$	268,326	61	%	$	184,748	76	%	$	164,593	78	%
Canada	104,388		24	%	36,116		15	%	4,562		2	%
Japan	30,684		7	%	10,457		4	%	15,306		7	%
Rest of world	32,816		8	%	13,271		5	%	26,535		13	%
Total	$	436,214	100	%	$	244,592	100	%	$	210,996	100	%

Schedule of Long-lived Assets by Geographic Area


	December 31,
	2024				2023
	Amount		% of Long- Lived Assets		Amount		% of Long- Lived Assets
United States	$	346,383	88	%	$	308,718	86	%
New Zealand	42,090		11	%	45,575		13	%
Canada	4,082		1	%	4,618		1	%
Total	$	392,555	100	%	$	358,911	100	%