Net Loss Per Share (Tables)

The Company's basic and diluted net loss per share calculation for Class A common stock and Class B common stock for the three months ended March 31, 2026 and 2025, respectively, is presented below (in thousands, except per share amounts):


	Three Months Ended March 31,
	2026				2025
	Class A common stock		Class B common stock		Class A common stock		Class B common stock
Numerator:
Net loss attributable to common stockholders	$	(38,751)	$	(70,227)	$	(9,744)	$	(139,520)

Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)	41,455		75,127		321		4,599

Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.93)	$	(0.93)	$	(30.34)	$	(30.34)
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(1) Prior to the IPO, the Common Units outstanding excludes 43,715,038 Common Units and 9,417,233 Catch Up Common Units that were issued and outstanding as profits interest units as of March 31, 2025. Vested Incentive Units and Convertible Preferred Units are considered as participating securities. However, these participating securities do not contractually require the holders to fund loss and were excluded from basic net loss per unit calculation for the three months ended March 31, 2025. Upon the consummation of the IPO, these units were fully converted into Class A common stock and Class B common stock and no longer outstanding.
(2) Prior to the IPO, weighted average common units outstanding includes only Capital Common Units A and certain Basic Common Units granted directly to individuals. The rights, including the liquidation and dividend rights, of the holders of these certain Basic Common Units and Capital Common Units A are identical and as a result, the undistributed losses are allocated on a proportionate basis and the resulting loss per share is the same. Upon the IPO, these units were fully reclassified into Class A common stock and Class B common stock and no longer outstanding. The effect of this reclassification is retroactively applied in the periods prior to the IPO.

The following potentially dilutive units were not included in the computation of diluted shares outstanding as the effect would have been antidilutive (in thousands):


	Three Months Ended March 31,
	2026	2025
Convertible Preferred Units	—	39,842

Unvested RSAs	1,589	—
Unvested RSUs	5,803	—
Outstanding stock options	6,365	—

Total	13,757	39,842