Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Preferred Stock

The preferred stock consisted of the following:


									March 31, 2026
		Preferred shares authorized				Preferred shares issued and outstanding				Carrying value				Liquidation preference				Common stock issuable upon conversion
Series A-1 convertible preferred stock			30,000,000				30,000,000			$	294,357,583			$	300,000,000				30,000,000
Series A-2 voting convertible preferred stock *			4,968,789				4,968,789				84,500,659				49,687,890				9,477,719
Series A-2 nonvoting convertible preferred stock *			708,814				708,814				11,447,346				7,088,140				2,034,133
Total Series A-2 convertible preferred stock *			5,677,603				5,677,603				95,948,005				56,776,030				11,511,852
Series B convertible preferred stock			43,084,539				43,084,539				602,057,535				603,183,546				43,084,539
Total			78,762,142				78,762,142			$	992,363,123			$	959,959,576				84,596,391


									December 31, 2025
		Preferred shares authorized				Preferred shares issued and outstanding				Carrying value				Liquidation preference				Common stock issuable upon conversion
Series A-1 convertible preferred stock			30,000,000				30,000,000			$	294,357,583			$	300,000,000				30,000,000
Series A-2 voting convertible preferred stock *			4,968,789				4,968,789				84,500,659				49,687,890				9,477,719
Series A-2 nonvoting convertible preferred stock *			708,814				708,814				11,447,346				7,088,140				2,034,133
Total Series A-2 convertible preferred stock *			5,677,603				5,677,603				95,948,005				56,776,030				11,511,852
Series B convertible preferred stock			43,084,539				43,084,539				602,057,535				603,183,546				43,084,539
Total			78,762,142				78,762,142			$	992,363,123			$	959,959,576				84,596,391

* No deemed liquidation events occurred prior to November 15, 2025.

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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