v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis And Indicates Fair Value Hierarchy of Valuation Inputs
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis, including the related fair value hierarchy:
As of June 30, 2026
(in thousands)Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Liabilities:
Senior Secured Term Loan$— $968,836 $— $968,836 
Private Placement Warrants— — 5,541 5,541 
Working Capital Warrants— — 4,298 4,298 
Restricted Stock Unit Liability(1)
— 71 — 71 
Total$— $968,907 $9,839 $978,746 
(1) Certain restricted stock units qualify for liability treatment and are remeasured at the end of each reporting period.
As of December 31, 2025
(in thousands)Quoted Prices in Active Markets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Liabilities:
Senior Secured Term Loan$— $921,584 $— $921,584 
Private Placement Warrants— — 22,331 22,331 
Working Capital Warrants— — 15,407 15,407 
Restricted Stock Unit Liability(1)
— 719 — 719 
Total$— $922,303 $37,738 $960,041 
(1) Certain restricted stock units qualify for liability treatment and are remeasured at the end of each reporting period.
Schedule of Assets Measured at Fair Value on a Recurring Basis
The following tables present the changes in the fair value of the Level 3 Private Placement Warrants and Working Capital Warrants:
(in thousands)Private
Placement Warrants
(Level 3)		Working Capital Warrants
(Level 3)		Total Level 3
Liabilities
Fair Value
Fair Value as of December 31, 2025$22,331 $15,407 $37,738 
Expirations(2,468)— (2,468)
Change in valuation inputs or other assumptions26,257 20,368 46,625 
Fair Value as of March 31, 202646,120 35,775 81,895 
Change in valuation inputs or other assumptions(40,579)(31,477)(72,056)
Fair Value as of June 30, 2026$5,541 $4,298 $9,839 
(in thousands)Private
Placement Warrants
(Level 3)		Working Capital Warrants
(Level 3)		Total Level 3
Liabilities
Fair Value
Fair Value as of December 31, 2024$79,263 $47,678 $126,941 
Change in valuation inputs or other assumptions13,492 7,803 21,295 
Fair Value as of March 31, 202592,755 55,481 148,236 
Change in valuation inputs or other assumptions(17,325)(9,821)(27,146)
Fair Value as of June 30, 2025$75,430 $45,660 $121,090 
Schedule of Level 3 Inputs to Determine Fair Value
The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Working Capital Warrants and the Private Placement Warrants as of June 30, 2026.
InputsJune 30, 2026
Stock price$3.08 
Strike price$11.50 
Term (in years)2.63 
Volatility115.0 %
Risk-free rate4.06 %
Dividend yield0.00 %
The following table provides quantitative information regarding Level 3 inputs used to determine the fair values of Private Placement Warrants held by Intrepid Financial Partners as of December 31, 2025.
InputsDecember 31, 2025
Stock price$9.02 
Strike price$11.50 
Term (in years)0.15
Volatility180.0 %
Risk-free rate3.64 %
Dividend yield0.00 %
The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Working Capital Warrants and the Private Placement Warrants, excluding Private Placement Warrants held by Intrepid Financial Partners, as of December 31, 2025.
InputsDecember 31, 2025
Stock price$9.02 
Strike price$11.50 
Term (in years)3.12 
Volatility85.0 %
Risk-free rate3.50 %
Dividend yield0.00 %