v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY, MEMBERS' DEFICIT AND MEZZANINE EQUITY (Unaudited) - USD ($)
Total
Preferred Capital Units
 [1]
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Additional Paid-in Capital
Non-Controlling Interest
Class A Common Units
Common Capital Units
Class A Common Units
Common Stock [Member]
Class B Common Units
Common Capital Units
Class B Common Units
Common Stock [Member]
Series C Preferred Stock
Preferred Capital Units
Series C-1 Preferred Units
Series C-1 Preferred Units
Preferred Capital Units
Beginning Balance, Shares at Dec. 31, 2024   247,843,123         3,128,026   13,960,705        
Beginning Balance at Dec. 31, 2024 $ 1,300,376,000 $ 1,207,717,000         $ 1,800,000   $ 90,859,000        
Beginning Balance at Dec. 31, 2024 (846,561,000)   $ (846,567,000) $ 6,000                  
Unit-based compensation 290,000               $ 290,000        
Unit-based compensation (225,000)   (225,000)                    
Issuance of Series C-1 Preferred Units, net of issuance costs, Shares [1]                         8,235,521
Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions)                       $ 51,252,000 $ 51,252,000 [1]
Net loss (10,212,000)   (10,212,000)                    
Foreign currency translation adjustment (210,000)     (210,000)                  
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 153,000     153,000                  
Ending Balance, Shares at Mar. 31, 2025   256,078,644         3,128,026   13,960,705        
Ending Balance at Mar. 31, 2025 1,351,918,000 $ 1,258,969,000         $ 1,800,000   $ 91,149,000        
Ending Balance at Mar. 31, 2025 (857,055,000)   (857,004,000) (51,000)                  
Beginning Balance, Shares at Dec. 31, 2024   247,843,123         3,128,026   13,960,705        
Beginning Balance at Dec. 31, 2024 1,300,376,000 $ 1,207,717,000         $ 1,800,000   $ 90,859,000        
Beginning Balance at Dec. 31, 2024 (846,561,000)   (846,567,000) 6,000                  
Net loss (99,060,000)                        
Net Income (Loss) 0                        
Foreign currency translation adjustment (976,000)                        
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 444,000                        
Ending Balance, Shares at Jun. 30, 2025   256,078,644         3,128,026   15,994,205        
Ending Balance at Jun. 30, 2025 1,352,291,000 $ 1,258,969,000         $ 1,800,000   $ 91,522,000        
Ending Balance at Jun. 30, 2025 (940,335,000)   (945,627,000) (526,000) $ 5,818,000                
Beginning Balance, Shares at Mar. 31, 2025   256,078,644         3,128,026   13,960,705        
Beginning Balance at Mar. 31, 2025 1,351,918,000 $ 1,258,969,000         $ 1,800,000   $ 91,149,000        
Beginning Balance at Mar. 31, 2025 (857,055,000)   (857,004,000) (51,000)                  
Unit-based compensation, Shares                 2,033,500        
Unit-based compensation 373,000               $ 373,000        
Unit-based compensation 6,043,000   225,000   5,818,000                
Net loss (88,848,000)   (88,848,000)                    
Net Income (Loss) 0                        
Foreign currency translation adjustment (766,000)     (766,000)                  
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 291,000     291,000                  
Ending Balance, Shares at Jun. 30, 2025   256,078,644         3,128,026   15,994,205        
Ending Balance at Jun. 30, 2025 1,352,291,000 $ 1,258,969,000         $ 1,800,000   $ 91,522,000        
Ending Balance at Jun. 30, 2025 $ (940,335,000)   (945,627,000) (526,000) 5,818,000                
Beginning Balance, Shares at Dec. 31, 2025 327,070,002 307,103,771         3,128,026   16,838,205        
Beginning Balance at Dec. 31, 2025 $ 2,066,555,000 $ 1,971,402,000         $ 1,800,000   $ 93,353,000        
Beginning Balance at Dec. 31, 2025 (1,224,295,000)   (1,236,345,000) (117,000) 12,167,000                
Unit-based compensation, Shares                 1,982,000        
Unit-based compensation 188,000               $ 188,000        
Unit-based compensation 4,392,000       4,392,000                
Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions) 365,166,000                       $ 365,166,000 [1]
Net loss (166,217,000)   (166,217,000)                    
Foreign currency translation adjustment 143,000     143,000                  
Conversion of Warrant into Units, Shares [1]                         19,576,222
Ending Balance, Shares at Mar. 31, 2026   326,679,993         3,128,026   18,820,205        
Ending Balance at Mar. 31, 2026 2,431,909,000 $ 2,336,568,000         $ 1,800,000   $ 93,541,000        
Ending Balance at Mar. 31, 2026 $ (1,385,977,000)   (1,402,562,000) 26,000 16,559,000                
Beginning Balance, Shares at Dec. 31, 2025 327,070,002 307,103,771         3,128,026   16,838,205        
Beginning Balance at Dec. 31, 2025 $ 2,066,555,000 $ 1,971,402,000         $ 1,800,000   $ 93,353,000        
Beginning Balance at Dec. 31, 2025 (1,224,295,000)   (1,236,345,000) (117,000) 12,167,000                
Net loss (212,460,000)                        
Net Income (Loss) (59,090,000)                        
Foreign currency translation adjustment 553,000                        
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 0                        
Ending Balance, Shares at Jun. 30, 2026               287,383,759   118,907,377      
Ending Balance at Jun. 30, 2026 0                        
Ending Balance at Jun. 30, 2026 2,095,647,000   (59,090,000) 306,000 1,873,512,000 $ 280,878,000   $ 29,000   $ 12,000      
Beginning Balance, Shares at Mar. 31, 2026   326,679,993         3,128,026   18,820,205        
Beginning Balance at Mar. 31, 2026 2,431,909,000 $ 2,336,568,000         $ 1,800,000   $ 93,541,000        
Beginning Balance at Mar. 31, 2026 (1,385,977,000)   (1,402,562,000) 26,000 16,559,000                
Unit-based compensation 48,000               $ 48,000        
Unit-based compensation 1,128,000       1,128,000                
Issuance and Conversion of Series C-1 Preferred Units (including Net Issuance Costs and Warrant Conversions) 23,473,000                   $ 23,473,000 [1]    
Issuance of stock, net of issuance costs 1,089,764,000       1,089,759,000     $ 5,000          
Net loss (46,243,000)   (21,159,000)     (25,084,000)              
Net Income (Loss) (59,090,000)   (59,090,000)                    
Net loss prior to Reorganization Transactions (21,159,000)                        
Net loss subsequent to Reorganization Transactions (84,174,000)                        
Foreign currency translation adjustment 410,000     263,000   147,000              
Changes in fair value of liabilities under fair value option attributable to changes in instrument-specific credit risk 0                        
Conversion of Warrant into Units, Shares [1]                     1,020,546    
Effect of the Reorganization Transactions, Shares   (327,700,539)         (3,128,026)   (18,820,205)        
Effect of the Reorganization Transactions (2,361,841,000) $ (2,360,041,000)         $ (1,800,000)   $ (93,589,000)        
Effect of the Reorganization Transactions, Shares               217,338,043   114,077,253      
Effect of the Reorganization Transactions 2,361,842,000   1,423,721,000 17,000 632,255,000 305,815,000   $ 22,000   $ 12,000      
Conversion of profits interests units (93,589,000)                        
Conversion of profits interests units, Shares               19,228,438   4,830,124      
Conversion of profits interests units 113,747,000       113,745,000     $ 2,000          
Issuance of Class A common stock in IPO, net of issuance costs, shares               50,892,857          
Equity-based compensation, Shares               (75,579)          
Equity-based compensation 20,066,000       20,066,000                
Ending Balance, Shares at Jun. 30, 2026               287,383,759   118,907,377      
Ending Balance at Jun. 30, 2026 0                        
Ending Balance at Jun. 30, 2026 $ 2,095,647,000   $ (59,090,000) $ 306,000 $ 1,873,512,000 $ 280,878,000   $ 29,000   $ 12,000      
[1] See Note 10 — Stockholders’ Equity and Mezzanine Equity for breakdown of preferred units by class.