v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

The following table presents assets and liabilities measured at fair value by classification within the fair value hierarchy:

 

   March 31, 2026 
 in thousands  Level I   Level II   Level III 
Assets:            
Money Market Funds  $4,750   $
—  
   $
—  
 

 

   December 31, 2025 
 in thousands  Level I   Level II   Level III 
Assets:            
Money Market Funds  $11,671   $
—  
   $
—  
 
Liabilities:               
July Investment Agreement Derivative  $
—  
   $
—  
   $379,205 
CPU Share Allocation Obligation  $
—  
   $
—  
   $292,680 
Schedule of Fair Value Using Significant Unobservable Inputs

The following table provides a reconciliation of the beginning and ending balance associated with the liabilities measured at Level III fair value using significant unobservable inputs for the three months ended March 31, 2026: 

 

in thousands  July Investment Agreement Derivative   CPU Share Allocation Obligation 
Balance, December 31, 2025  $379,205   $292,680 
Change in fair value   234,739    190,488 
Settlements (equity-based)   (588,944)   (296,402)
Reclassification out of Level III   (25,000)   (186,766)
Balance, March 31, 2026  $
   $
 
Schedule of July Investment Agreement Derivative and CPU Share Allocation Obligations

The Company utilized the following assumptions to value the July Investment Agreement Derivative:

 

  December 31,
2025
 
Expected Business Combination date  January 5, 2026 
Term (years)  0.01 
Risk free rate  3.7% 
CCC credit rating  15.7% 
Present value factor  1.00 
Probability of Business Combination close  90.0% 
Market adjustment(1)  45.5% 
Expected Company fully diluted ownership of New EM  96.5% 
Additional share allocation percentage  10.0% 

The Company utilized the following assumptions to value the CPU Share Allocation Obligations as of the balance sheet dates:

 

    December 31,
2025
 
Expected Business Combination date   January 5, 2026  
Term (years)   0.01  
Risk free rate   3.7%  
Present value factor   1.00  
Probability of Business Combination close   NA  
Market adjustment(1)   45.5%  
Expected Company fully diluted ownership of New EM   96.5%  
Additional share allocation percentages   11.28%