v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Convertible Preferred Stock

Immediately prior to the Company’s IPO on January 22, 2026, all convertible preferred shares then outstanding were converted into shares of the Company’s Class A common stock on a one-to-one basis. In connection with the IPO, the Company’s Amended and Restated Certificate of Incorporation became effective, which authorizes the issuance of 200,000,000
shares of undesignated preferred stock with par value of $0.0001 with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

As of June 30, 2026, there were no shares of convertible preferred stock issued or outstanding.

The following table summarizes the Company’s convertible preferred stock as of December 31, 2025 (in thousands, except share data).

Shares
Authorized		Shares Issued
and Outstanding		Issuance Price
Per Share
Liquidation Preference
Carrying Value
Series Seed2,780,0802,756,913$2.16 $2,459 $5,950 
Series A21,005,67621,005,676$0.59 13,465 11,913 
Series B16,820,40016,820,350$2.53 45,899 42,310 
Series B-14,235,3744,235,374$3.54 15,000 14,959 
Series B-21,896,7571,896,757$1.85 3,500 2,963 
Series B-37,000,0005,972,572$4.00 23,907 14,651 
Series C12,464,3215,383,136$16.05 86,285 86,285 
Series C-193,48293,482$16.05 1,500 1,486 
Series C-22,669,7432,614,528$16.05 41,952 41,963 
68,965,83360,778,788$233,967 $222,480 

Class F Common Stock

On September 30, 2025, the Company and Michael Belshe entered into that certain Equity Exchange Right Agreement (the “Exchange Agreement”) pursuant to which Michael Belshe exchanged all of his shares of Class F common stock into Class B common stock. As such, there were no shares of Class F common stock authorized or outstanding as of June 30, 2026 and no Class F common stock outstanding as of December 31, 2025.

In connection with the closing of the Company’s January 2026 IPO, the Company sold 11,026,365 shares of its Class A common stock and certain selling stockholders sold an additional 795,230 shares. Concurrently, all convertible preferred shares then outstanding were converted into shares of the Company’s Class A common stock on a one-to-one basis. In connection with the IPO, the Company’s Amended and Restated Certificate of Incorporation became effective, which authorizes the issuance of up to 3,600,000,000 shares of capital stock, consisting of: (i) 3,400,000,000 shares of Common Stock, $0.0001 par value per share, including (a) 3,000,000,000 shares designated as Class A Common Stock, $0.0001 par value per share, (b) 300,000,000 shares designated as Class B Common Stock, par value $0.0001 per share, and (c) 100,000,000 shares of Blockchain Common Stock, $0.0001 par value per share; and (ii) 200,000,000 shares of Preferred Stock, $0.0001 par value per share.

Blockchain Common Stock

The Company’s Amended and Restated Certificate of Incorporation authorized the issuance of 100,000,000 shares of Blockchain Common Stock, $0.0001 par value per share, with rights and preferences, including without limitation, voting powers, dividend rights, liquidation rights, redemption rights, and conversion rights, designated from time to time by the Board. As of June 30, 2026, there were no shares of blockchain common stock issued and outstanding.

Common Stock

The Company has two classes of common stock outstanding — Class A common stock and Class B common stock. Shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Holders of Class A common stock are entitled to one vote per share, and holders of Class B common stock are entitled to 15 votes per share. Holders of common stock are entitled to receive dividends as may be declared from time to time by the Board of Directors. Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock upon a sale or transfer (other than with respect to certain estate planning and other transfers). Further, upon certain events specified in the Restated Certificate of Incorporation, all outstanding shares of Class B common stock will
convert automatically into shares of Class A common stock. Class A common stock and Class B common stock are referred to as common stock throughout these notes to the consolidated financial statements, unless otherwise noted.

As of June 30, 2026, there were 25,015,006 shares of Class A common stock reserved to cover stock-based awards, of which 2,866,702,402 shares were available for future issuance, As of June 30, 2026, no shares of Class B common stock were reserved and 291,144,618 shares were available for future issuance.

Share Repurchase Program

In June 2026, the Board of Directors authorized and approved a share repurchase program, which permits the Company to repurchase up to $50.0 million of its common stock. Repurchases may be made from time-to-time in open market, in privately negotiated transactions or as may otherwise be determined by the Company in its discretion. The share repurchase program has no expiration date, does not obligate the Company to repurchase any specific amount of common stock, and may be suspended, recommenced, or terminated at any time without prior notice. The timing and amount of any shares repurchased will be determined by the Company based on its evaluation of market conditions, applicable legal requirements and other factors. No shares of the Company’s common stock were repurchased under the share repurchase program during the three months ended June 30, 2026.