Derivative Liabilities |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Derivative Liabilities [Abstract] | |
| Derivative Liabilities | Note 8 — Derivative Liabilities
July Investment Agreement Derivative
The single, compound embedded derivative relating to the financial instruments provided pursuant to the July 2024 investment agreement with an existing holder of the Company’s convertible preferred units (the “July Investment Agreement Derivative”) was re-measured to fair value of $112,521,314 and $53,231,638 at June 30, 2025 and December 31, 2024, respectively (see Note 10). For the three and six months ended June 30, 2025, the loss on change in fair value of the July Investment Agreement Derivative of $46,717,427 and $59,289,676, respectively, was recorded as a component of other income (expense) on the accompanying statements of operations. The related financial instrument was not issued as of June 30, 2024.
Convertible Preferred Unit Issuance
At issuance date, the additional share allocation issuance obligations provided pursuant to the terms of certain of the Company’s convertible preferred units (the “CPU Share Allocation Obligation”) and issued in the six months ended June 30, 2025 was measured at fair value of $4,703,536 and re-measured to fair value at June 30, 2025 (see Note 10).
For the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024, a day one loss on issuance of CPU Share Allocation Obligations of $403,536 and $0, respectively, were recorded as a component of other income (expense) on the accompanying statements of operations. These financial instruments were not issued as of June 30, 2024. |