v3.26.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following tables shows stock-based compensation expense by award type (in thousands):

Three months Ended
March 31, 2026March 31, 2025
Stock awards16,941 
Restricted stock units
64,830 
Restricted Performance share units
Total stock-based compensation expense$81,771 $
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarized the number of stock-based awards granted by the Company and the weighted-average grant date fair value per unit for the three-month periods ended March 31, 2026 and 2025, respectively:

Three months Ended
March 31, 2026March 31, 2025
Weighted-Weighted-
Stock-BasedAverageStock-BasedAverage
Awards
Exercise
Awards
Exercise
Granted
Price
Granted
Price
Restricted stock units - 2025 plan
3,509,650 $18.15 $
3,509,650 
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s RSU awards during the period presented:

Weighted-
Average
Number ofGrant Date
SharesFair Value
Nonvested as of January 1, 2026
12,000,000 $5.00 
Converted in reverse recapitalization3,305,785 18.15 
Granted3,509,650 18.15 
Vested(3,407,718)18.15 
Cancelled/Forfeited
Nonvested as of March 31, 2026
3,407,718 $18.15 

The following table summarizes the activity related to the Company’s market-based RSU awards:

Weighted-
Average
Number ofGrant Date
Awards
Fair Value
Nonvested as of January 1, 2026
1,375,000 $8.35 
Converted in reverse recapitalization567,738 20.22 
Granted
Vested
Cancelled/Forfeited
Nonvested as of March 31, 2026
567,738 $20.22 
Schedule of Nonvested Performance-Based Units Activity
The following table summarizes the activity related to the Company’s performance-based RSU awards:

Weighted-
Average
Number ofGrant Date
Awards
Fair Value
Nonvested as of January 1, 2026
4,125,000 $5.00 
Converted in reverse recapitalization568,182 18.15 
Granted
Vested
Cancelled/Forfeited
Nonvested as of March 31, 2026
568,182 $18.15