v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule of Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:
 
     Level      June 30, 2025      December 31, 2024  
Assets:
        
Investments held in Trust Account – U.S. Treasury Securities
     1      $ 473,146      $ 17,518,993  
Liabilities:
        
Public Warrants
     1      $ —       $ 258,750  
Public Warrants
    
3
     $ 388,126        —   
Private Warrants
     3      $ 482,625      $ 321,750  
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs
The following table provides quantitative information regarding Level 3 fair value measurements:
 
     June 30, 2025     December 31, 2024  
     Public and
Private Warrants
    Private Warrants  
Stock Price
   $ 11.02     $ 11.80  
Exercise Price
   $ 11.50     $ 11.50  
Risk-free rate of interest
     3.89     4.38
Volatility
     10.0     5.4
Expected term
     1.9 years       0.7 years  
Expected term of warrant conversion
     5 years       5 years  
Schedule of Change in Fair Value of Private and Public Placement Warrants, Level 1, 2 and 3 Liabilities, Measured on a Recurring Basis
The following table presents a summary of the changes in the fair value of the Private Placement Warrants, Level 3 liabilities, measured on a recurring basis.
 
Fair value as of December 31, 2022
   $ 804,375  
Change in fair value
(1)
     (321,750
  
 
 
 
Fair value as of December 31, 2023
     482,625  
Change in fair value
(1)
     (160,875
  
 
 
 
Fair value as of December 31, 2024
     321,750  
Change in fair value
(1)
     —   
  
 
 
 
Fair value as of March 31, 2025
   $ 321,750  
Change in fair value
(1)
     160,875  
  
 
 
 
Fair value as of June 30, 2025
   $ 482,625  
  
 
 
 
 
(1)
Changes in valuation inputs or other assumptions are recognized in change in fair value of warrant liabilities in the statements of operations.
Public warrant liability fair value measurements (Level 1, Levels 2 and 3) are detailed in the rollforward table below.
 
    
Level 1
    
Level 2
    
Level 3
 
Balance – December 31, 2024
   $ 258,750      $ —       $ —   
Leveling transfer
     (258,750      258,750        —   
  
 
 
    
 
 
    
 
 
 
Balance – March 31, 2025
   $ —       $ 258,750      $ —   
  
 
 
    
 
 
    
 
 
 
Leveling transfer
     —         (258,750      258,750  
Change in Fair Value
     —         —         129,376  
  
 
 
    
 
 
    
 
 
 
Balance
June
30,
2025
  
$
—      
$
—      
$
388,126