Stockholders' Equity and Redeemable Convertible Preferred Stock |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders' Equity Note [Abstract] | |
| Stockholders' Equity and Redeemable Convertible Preferred Stock | 13. Stockholders’ Equity and Redeemable Convertible Preferred Stock Initial Public Offering On August 8, 2025, the Company completed an IPO of an aggregate of 22.2 million shares of its common stock, par value $0.0001 (which included the exercise in full by the underwriters of their option to purchase an additional 2.9 million shares of common stock) at a public offering price of $45.00 per share, for an aggregate offering price of $998.6 million. The Company received aggregate proceeds of $932.3 million, net of $57.4 million of underwriting discounts and commissions and $11.4 million of offering costs. In connection with the closing of the IPO, all of the then-outstanding shares of the Company’s redeemable convertible preferred stock (collectively, the “Preferred Stock”) were converted into 105.8 million shares of common stock. All outstanding warrants issued to purchase common stock (the “Common Warrants”) were automatically exercised into 1.0 million shares of common stock, and 0.6 million shares of common stock are reserved for issuance upon exercise of the Series J Warrants (as defined in Note 9. Fair Value Measurement). On August 8, 2025, the Company used a portion of the net proceeds from the IPO to repay the Term Loans under the Financing Agreement (each as defined in Note 11. Notes Payable), together with the specified prepayment premium of $11.4 million, and accrued interest. In connection with the IPO, the Company effected a 1-for-3.2544 reverse stock split of its common stock and a proportionate decrease in the number of its authorized shares. All share and per share information, including share-based compensation, throughout the accompanying unaudited condensed consolidated financial statements has been retroactively adjusted to reflect the reverse stock split. Registered Equity Offering On June 1, 2026, the Company completed an underwritten public offering of 12.0 million shares of common stock at a public offering price of $48.00 per share (the “Registered Equity Offering”), consisting of 4.0 million shares offered by the Company and 8.0 million shares offered by certain entities affiliated with AE Industrial Partners (collectively, “AE Industrial”). The Company received net proceeds of $181.6 million, after deducting underwriting discounts and commissions of $7.9 million and offering expenses of $2.6 million. The Company did not receive any proceeds from the sale of shares by AE Industrial. Of the offering expenses, $2.5 million was directly attributable to the offering and offset against additional paid-in capital. The remaining $0.1 million was expensed during the three months ended June 30, 2026. See Note 16. Related Party Transactions. |