Overview and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Accounting Policies [Abstract] | |
| Initial Public Offering | Initial Public Offering - The Company’s registration statement on Form S-1 related to its initial public offering (“IPO”) was declared effective on July 15, 2026 and the Company’s common stock began trading on the New York Stock Exchange on July 16, 2026. The Company's final prospectus (the “IPO Prospectus”) was filed with the SEC on July 16, 2026. On July 17, 2026 (the “IPO Closing Date”), the Company closed its IPO pursuant to which 50,000,000 shares of its common stock were sold at a price to the public of $21.00 per share. The Company received net proceeds of approximately $1,010.0 million, after deducting the underwriting discounts and commissions of approximately $40.0 million. On July 27, 2026, the underwriters exercised their option to purchase an additional 7,499,000 shares of common stock at the initial public offering price of $21.00 per share, less underwriting discounts and commissions. As a result, the Company received additional net proceeds of approximately $149.6 million, increasing total net proceeds from the offering to approximately $1,159.6 million. |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation – The accompanying unaudited interim condensed consolidated financial statements included have been prepared in accordance with US GAAP for interim financial reporting and as required by Regulation S-X, Rule 10-01. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the financial position, results of operations, cash flows, and change in equity for the periods presented. Results for the periods presented are not necessarily indicative of the results that may be expected for any subsequent period. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the audited annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes as of and for the year ended December 31, 2025, included in the Company's IPO Prospectus. Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. During the six months ended June 30, 2026, there have been no changes to the Company’s significant accounting policies described in Note 2 “Summary of Significant Accounting Policies” to the consolidated financial statements and notes as of and for the year ended December 31, 2025 included the Company's IPO Prospectus, that have had a material impact on the unaudited condensed consolidated financial statements and related notes, other than those described below. |
| Transaction and Other Costs | Transaction and other costs - From time to time, the Company incurs transaction and other costs consisting primarily of acquisition and integration costs, restructuring costs related to organizational and operational optimization initiatives, and expenses associated with the Company's initial public offering. Transaction and other costs are expensed as incurred and are included in Transaction and other costs in the unaudited condensed consolidated statements of operations. |
| Deferred Offering Costs | Deferred Offering Costs - The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs will be reclassed to stockholders' deficit and recorded as a reduction of the proceeds from the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the unaudited condensed consolidated statements of operations and comprehensive loss. As of June 30, 2026, the Company recorded $15.0 million of deferred offering costs, which are included in Other assets in the unaudited condensed consolidated balance sheet. No deferred offering costs were recorded as of December 31, 2025. Refer to Note 16 - Subsequent Events, for information regarding events occurring after June 30, 2026. |
| Parent Incentive Units for Certain Key Employees | Parent Incentive Units for Certain Key Employees - In April 2026, Parent amended its limited partnership agreement in order to grant incentive units to key employees for the purpose of providing incentives that align the interests of grantees with the long-term growth and financial performance of the Company. The incentive units vest over a period of time specified in the corresponding grant agreements, typically over five years. Once vested, certain qualifying liquidity events, such as a change in control event or public offering events, are required for any payment related to the incentive units. Vesting is accelerated in the event of a qualifying liquidity event subject to the participant’s continued employment through the applicable vesting date. Any payment to a participant is dependent on a market-based condition which requires the Parent to achieve a minimum specified internal rate of return on its investment in the Company through the qualifying liquidity event. The incentive units are accounted for under ASC 710, Compensation—General (“Topic 710”). Compensation cost is recognized when the obligation to make a cash payment to employees becomes probable and reasonably estimable in accordance with ASC 450, Contingencies (“Topic 450”). As of June 30, 2026 and December 31, 2025, no qualifying liquidity events have occurred or are probable of occurring, no incentive units have vested and no liability or compensation expense has been recognized by the Company. Furthermore, no amounts have been paid for the incentive units. Refer to Note 16 - Subsequent Events, for information regarding events occurring after June 30, 2026. |
| Recent Accounting Pronouncements - Accounting Standards Not Yet Adopted | Recent Accounting Pronouncements – Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our unaudited condensed consolidated financial statements. We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our unaudited condensed consolidated financial statements or do not apply to our operations. |