v3.26.1
Net Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss per Share
The Company's basic and diluted net loss per share calculation for Class A common stock and Class B common stock for the three and six months ended June 30, 2026 and 2025, respectively, is presented below (in thousands, except per share amounts):



Three Months Ended June 30,
20262025
Class A common stock
Class B common stock
Class A common stock
Class B common stock
Numerator:
Net loss attributable to common stockholders $(40,990)$(66,734)$(8,697)$(124,515)
Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)
46,145 75,127 321 4,599 
Net loss per share attributable to common stockholders:
Basic and diluted$(0.89)$(0.89)$(27.08)$(27.08)

Six Months Ended June 30,
20262025
Class A common stock
Class B common stock
Class A common stock
Class B common stock
Numerator:
Net loss attributable to common stockholders$(79,825)$(136,877)$(18,441)$(264,035)
Denominator:
Weighted average common stock outstanding, basic and diluted(1)(2)
43,813 75,127 321 4,599 
Net loss per share attributable to common stockholders:
Basic and diluted$(1.82)$(1.82)$(57.41)$(57.41)
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(1) Prior to the IPO, the Common Units outstanding excludes 42,877,930 Common Units and 9,417,308 Catch Up Common Units that were issued and outstanding as profits interest units as of June 30, 2025. Vested Incentive Units and Convertible Preferred Units are considered as participating securities. However, these participating securities do not contractually require the holders to fund loss and were excluded from basic net loss per unit calculation for the three and six months ended June 30, 2025. Upon the consummation of the IPO, these units were fully converted into Class A common stock and Class B common stock and no longer outstanding.
(2) Prior to the IPO, weighted average common units outstanding includes only Capital Common Units A and certain Basic Common Units granted directly to individuals. The rights, including the liquidation and dividend rights, of the holders of these certain Basic Common Units and Capital Common Units A are identical and as a result, the undistributed losses are allocated on a proportionate basis and the resulting loss per share is the same. Upon the IPO, these units were fully reclassified into Class A common stock and Class B common stock and no longer outstanding. The effect of this reclassification is retroactively applied in the periods prior to the IPO.
Schedule of Potentially Dilutive Units Not Included in Calculation of Diluted Shares Outstanding
The following potentially dilutive units were not included in the computation of diluted shares outstanding as the effect would have been antidilutive (in thousands):

Six Months Ended June 30,
20262025
Convertible Preferred Units— 39,842 
Unvested RSAs
1,046 — 
Unvested RSUs
7,557 — 
Outstanding stock options
6,365 — 
Total14,968 39,842