Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jun. 30, 2026

Schedule of Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset

The following table presents total revenue for the operating segment (in thousands):


	Three Months Ended				Nine Months Ended
	June 30, 2026		June 28, 2025		June 30, 2026		June 28, 2025
United States	$	1,466,395	$	1,073,795	$	4,562,033	$	3,305,263
Rest of world	15,319		—		42,236		—
Total revenue	$	1,481,714	$	1,073,795	$	4,604,269	$	3,305,263

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheets that sum to the total of the same on the consolidated statement of cash flows (in thousands):


	June 30, 2026		September 27, 2025
Cash and cash equivalents	$	230,283	$	—
Restricted cash	6,145		—
Total cash, cash equivalents and restricted cash	$	236,428	$	—

Schedule of Property and Equipment, Net

The Company’s property and equipment, net are being depreciated over their estimated useful lives as follows:


			Useful Life (Years)
Furniture and fixtures			5
Computer equipment			3-5
Leasehold improvements			Term of lease

The table below summarizes the Company’s property and equipment, net (in thousands):


	Useful Life (Years)	June 30, 2026		September 27, 2025
Furniture and fixtures	5	$	409	$	—
Computer equipment	3-5	3,810		—
Leasehold improvements	Term of lease	2,522		—
		6,741		—
Less: Accumulated depreciation		(1,023)		—
Total property and equipment, net		$	5,718	$	—

Schedule of Intangible Assets Estimated Useful Life

The Company’s intangible assets represent definite lived intangible assets, which are being amortized on a straight-line basis over their estimated useful lives as follows:


			Useful Life (Years)
Trade names			8
Customer relationships - streaming			2
Customer relationships - advertising			2
Capitalized internal use software			3
Developed technology			5
Software licenses			5

Schedule of Earnings Per Share, Basic and Diluted

The following table presents the calculation of basic net loss per share (in thousands, except shares and per share data):


	Three Months Ended				Nine Months Ended
	June 30, 2026		June 28, 2025		June 30, 2026		June 28, 2025
Numerator:
Net loss	$	(25,711)	$	(38,019)	$	(50,981)	$	(117,520)
Less: net loss attributable to non-controlling interest	17,487		—		34,680		—
Net loss attributable to common shareholders	(8,224)		(38,019)		(16,301)		(117,520)



Denominator:
Weighted-average common shares outstanding	32,758,090		—		31,055,542		—




Basic and diluted net loss per share	$	(0.25)			$	(0.52)

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share

The following common share equivalents are excluded from the calculation of weighted average common shares outstanding because their inclusion would have been anti-dilutive:


	Three Months Ended		Nine Months Ended
	June 30, 2026	June 28, 2025	June 30, 2026	June 28, 2025
Stock options	1,298,979	—	1,298,979	—
Unvested restricted stock units	2,873,005	—	2,873,005	—
Convertible notes variable settlement feature	3,855,540	—	3,855,540	—
Total	8,027,524	—	8,027,524	—