v3.26.1
Condensed Consolidated Statements of Stockholders’/Members’ Equity - USD ($)
$ in Thousands
Total
Members’ Equity
Members’ Equity - Class A
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Beginning balance (in shares) at Jan. 10, 2025   0 0    
Beginning balance at Jan. 10, 2025 $ 0   $ 0 $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Capital contributions, net of deferred offering costs (in shares)   122,437,500      
Capital contributions, net of deferred offering costs 498 $ 498      
Net income (loss) (78) $ (78)      
Ending balance (in shares) at Mar. 31, 2025   122,437,500 0    
Ending balance at Mar. 31, 2025 420 $ 420 $ 0 0 0
Beginning balance (in shares) at Dec. 31, 2025   0 629,839,790    
Beginning balance at Dec. 31, 2025 1,095,872 $ 0 $ 628 1,228,443 (133,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share-based compensation expense (Note 7) 165,098     165,098  
Net income (loss) (188,693)       (188,693)
Ending balance (in shares) at Mar. 31, 2026   0 629,839,790    
Ending balance at Mar. 31, 2026 $ 1,072,277 $ 0 $ 628 $ 1,393,541 $ (321,892)