v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 7.7 $ 114.6
Prepaid expenses and other current assets 3.8 5.5
Income taxes receivable 15.5 0.0
Total current assets 27.0 120.1
Deferred income tax assets 263.3 271.7
Equity method investment 3,172.1 125.5
Total assets 3,462.4 517.3
CURRENT LIABILITIES    
Accounts payable 2.2 0.9
Accrued expenses 3.0 1.8
Current portion of tax receivable agreement liability 18.5 16.2
Total current liabilities 23.7 18.9
Tax receivable agreement liability 266.4 255.2
Total liabilities 290.1 274.1
Stockholders’ Equity:    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding 0.0 0.0
Treasury stock (12.2) (12.2)
Additional paid-in-capital 3,821.8 706.7
Accumulated other comprehensive loss 0.0 (0.2)
Accumulated deficit (637.3) (451.1)
Total stockholders' equity 3,172.3 243.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 3,462.4 517.3
Class A Common Stock    
Stockholders’ Equity:    
Class A common stock, $0.0001 par value; 1,000,000,000 shares were authorized as of June 30, 2026 and December 31, 2025, and 289,889,865 and 126,985,076 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively $ 0.0 $ 0.0