v3.26.1
Consolidated Statements of Stockholders’/Members’ Equity - 12 months ended Dec. 31, 2025 - USD ($)
$ in Thousands
Total
IPO
Finance lease
Related Party
Nonrelated Party
Members’ Equity
Members’ Equity - Class A
Members’ Equity
Members’ Equity - Class A
Related Party
Members’ Equity
Members’ Equity - Class A
Nonrelated Party
Members’ Equity
Members’ Equity - Class B
Members’ Equity
Members’ Equity - Class B
Nonrelated Party
Common Stock
Common Stock
IPO
Common Stock
Finance lease
Common Stock
Nonrelated Party
Preferred Stock
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Finance lease
Additional Paid-in Capital
Nonrelated Party
Accumulated Deficit
Beginning balance (in shares) at Jan. 10, 2025           0     0   0       0          
Beginning balance at Jan. 10, 2025 $ 0         $ 0     $ 0   $ 0       $ 0 $ 0       $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Capital contributions, net of deferred offering costs (in shares)           359,261,550     58,764,263     37,375,000 1,190,476              
Capital contributions, net of deferred offering costs (Note 3) 977 $ 731,471 $ 23,678     $ 847     $ 130     $ 37 $ 1       $ 731,434 $ 23,677    
Share-based compensation expense (in Shares)               4,500,000           1,500,000            
Share-based compensation expense (Note 9)       $ 3,616 $ 196,229   $ 3,616 $ 23,304   $ 1,509       $ 0         $ 171,416  
Share-based charitable contribution expense, including repurchase of unvested Class B Units and subsequent reissuance upon donation (in shares)                 7,875,000                      
Share-based charitable contribution expense, including repurchase of unvested Class B Units and subsequent reissuance upon donation (Note 9) 173,777               $ 173,777                      
Vesting of Class B units (in shares)                 19,202,719   14,796,474                  
Vesting of Class B Units (Note 9) 76               $ 43   $ 15         18        
Series seed, A and B conversion (in shares)           117,787,762                            
Series Seed, A and B Conversion (Note 3) 282,176         $ 282,176                            
Induced conversion of Series A and Series B Convertible Notes (Note 3) 23,674         23,674                            
Issuance of the Preferred Units and effect of the conversion of Preferred Units (Note 3) (in Shares)                     7,586,546                  
Issuance of the Preferred Units and effect of the conversion of Preferred Units (Note 3) 146,577         $ 37,869         $ 8         108,700        
Effect of the corporate conversion (in shares)           (481,549,312)     (85,841,982)   567,391,294                  
Effect of the Corporate Conversion 0         $ (44,519)     $ (149,246)   $ 567         193,198        
Net loss (486,379)         $ (326,967)     $ (26,213)                     (133,199)
Ending balance (in shares) at Dec. 31, 2025           0     0   629,839,790       0          
Ending balance at Dec. 31, 2025 $ 1,095,872         $ 0     $ 0   $ 628       $ 0 $ 1,228,443       $ (133,199)