v3.26.1
Condensed Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Class A Shares
 [2]
Class B Shares
Redeemable convertible preferred stock
Common Stock
Common Stock
Common Stock
Class A Shares
Common Stock
Class B Shares
Common Stock
Redeemable convertible preferred stock
Treasury Stock
Additional paid-in capital
Additional paid-in capital
Redeemable convertible preferred stock
Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2024 223,458                        
Beginning balance at Dec. 31, 2024 $ 561,500                        
Ending balance (in shares) at Mar. 31, 2025 223,458                        
Ending balance at Mar. 31, 2025 $ 561,500                        
Beginning balance (in shares) at Dec. 31, 2024 0                        
Beginning balance at Dec. 31, 2024 $ 0                        
Ending balance at Mar. 31, 2025 $ 0                        
Ending balance (in shares) at Mar. 31, 2025 0                        
Beginning balance (in shares) at Dec. 31, 2024 [1]           8,971              
Beginning balance at Dec. 31, 2024 $ (177,195)         $ 1       $ 0 $ 2,582   $ (179,778)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 [1]                   0      
Stockholders' Deficit                          
Stock-based compensation 489                   489    
Repurchase of shares (in shares) [1]                   265      
Repurchase of shares (1,945)                 $ (1,945)      
Exercise of stock-based awards by employees and directors (in shares) [1]           105              
Exercise of stock-based awards by employees and directors 89                   89    
Net loss (9,146)                       (9,146)
Ending balance (in shares) at Mar. 31, 2025 [1]           9,076              
Ending balance at Mar. 31, 2025 $ (187,708)         $ 1       $ (1,945) 3,160   (188,924)
Treasury stock, ending balance (in shares) at Mar. 31, 2025 [1]                   265      
Beginning balance (in shares) at Dec. 31, 2024 223,458                        
Beginning balance at Dec. 31, 2024 $ 561,500                        
Ending balance (in shares) at Jun. 30, 2025 223,458                        
Ending balance at Jun. 30, 2025 $ 561,500                        
Beginning balance (in shares) at Dec. 31, 2024 0                        
Beginning balance at Dec. 31, 2024 $ 0                        
Redeemable noncontrolling interests                          
Remeasurement of noncontrolling interests 0                        
Ending balance at Jun. 30, 2025 $ 81,238                        
Ending balance (in shares) at Jun. 30, 2025 5                        
Beginning balance (in shares) at Dec. 31, 2024 [1]           8,971              
Beginning balance at Dec. 31, 2024 $ (177,195)         $ 1       $ 0 2,582   (179,778)
Treasury stock, beginning balance (in shares) at Dec. 31, 2024 [1]                   0      
Stockholders' Deficit                          
Retirement of treasury shares 0                        
Net loss (20,584)                        
Ending balance (in shares) at Jun. 30, 2025 [1]           9,155              
Ending balance at Jun. 30, 2025 $ (198,482)         $ 1       $ (1,960) 3,839   (200,362)
Treasury stock, ending balance (in shares) at Jun. 30, 2025 [1]                   270      
Beginning balance (in shares) at Mar. 31, 2025 223,458                        
Beginning balance at Mar. 31, 2025 $ 561,500                        
Ending balance (in shares) at Jun. 30, 2025 223,458                        
Ending balance at Jun. 30, 2025 $ 561,500                        
Beginning balance (in shares) at Mar. 31, 2025 0                        
Beginning balance at Mar. 31, 2025 $ 0                        
Redeemable noncontrolling interests                          
Issuance of shares in subsidiaries (in shares) 5                        
Issuance of shares in subsidiaries $ 81,238                        
Ending balance at Jun. 30, 2025 $ 81,238                        
Ending balance (in shares) at Jun. 30, 2025 5                        
Beginning balance (in shares) at Mar. 31, 2025 [1]           9,076              
Beginning balance at Mar. 31, 2025 $ (187,708)         $ 1       $ (1,945) 3,160   (188,924)
Treasury stock, beginning balance (in shares) at Mar. 31, 2025 [1]                   265      
Stockholders' Deficit                          
Stock-based compensation 613                   613    
Repurchase of shares (in shares) [1]                   5      
Repurchase of shares (15)                 $ (15)      
Exercise of stock-based awards by employees and directors (in shares) [1]           79              
Exercise of stock-based awards by employees and directors 66                   66    
Net loss (11,438)                       (11,438)
Ending balance (in shares) at Jun. 30, 2025 [1]           9,155              
Ending balance at Jun. 30, 2025 $ (198,482)         $ 1       $ (1,960) 3,839   (200,362)
Treasury stock, ending balance (in shares) at Jun. 30, 2025 [1]                   270      
Beginning balance (in shares) at Dec. 31, 2025 279,995                        
Beginning balance at Dec. 31, 2025 $ 1,022,942                        
Redeemable convertible preferred stock                          
Other $ (56)                        
Ending balance (in shares) at Mar. 31, 2026 279,995                        
Ending balance at Mar. 31, 2026 $ 1,022,886                        
Beginning balance (in shares) at Dec. 31, 2025 12                        
Beginning balance at Dec. 31, 2025 $ 179,930                        
Redeemable noncontrolling interests                          
Remeasurement of noncontrolling interests 3,434                        
Ending balance at Mar. 31, 2026 $ 183,364                        
Ending balance (in shares) at Mar. 31, 2026 12                        
Beginning balance (in shares) at Dec. 31, 2025   9,457 0 0   9,457 [3] 0 0          
Beginning balance at Dec. 31, 2025 $ (246,498)         $ 1 $ 0 $ 0   $ (1,960) 0   (244,539)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 270 [2]                 270 [3]      
Stockholders' Deficit                          
Remeasurement of noncontrolling interests $ (3,434)                   (3,441)   7
Stock-based compensation 2,615                   2,615    
Exercise of stock-based awards by employees and directors (in shares) [3]           416              
Exercise of stock-based awards by employees and directors 826                   826    
Net loss (31,830)                       (31,830)
Ending balance (in shares) at Mar. 31, 2026           9,873 [3] 0 0          
Ending balance at Mar. 31, 2026 $ (278,321)         $ 1 $ 0 $ 0   $ (1,960) 0   (276,362)
Treasury stock, ending balance (in shares) at Mar. 31, 2026 [3]                   270      
Beginning balance (in shares) at Dec. 31, 2025 279,995                        
Beginning balance at Dec. 31, 2025 $ 1,022,942                        
Ending balance (in shares) at Jun. 30, 2026 0                        
Ending balance at Jun. 30, 2026 $ 0                        
Beginning balance (in shares) at Dec. 31, 2025 12                        
Beginning balance at Dec. 31, 2025 $ 179,930                        
Redeemable noncontrolling interests                          
Remeasurement of noncontrolling interests 7,046                        
Ending balance at Jun. 30, 2026 $ 186,976                        
Ending balance (in shares) at Jun. 30, 2026 12                        
Beginning balance (in shares) at Dec. 31, 2025   9,457 0 0   9,457 [3] 0 0          
Beginning balance at Dec. 31, 2025 $ (246,498)         $ 1 $ 0 $ 0   $ (1,960) 0   (244,539)
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 270 [2]                 270 [3]      
Stockholders' Deficit                          
Retirement of treasury shares $ (1,960)                        
Net loss (87,745)                        
Ending balance (in shares) at Jun. 30, 2026   0 286,869 7,785   0 [3] 286,869 7,785          
Ending balance at Jun. 30, 2026 $ 2,793,837         $ 0 $ 29 $ 1   $ 0 3,126,084   (332,277)
Treasury stock, ending balance (in shares) at Jun. 30, 2026 0 [2]                 0 [3]      
Beginning balance (in shares) at Mar. 31, 2026 279,995                        
Beginning balance at Mar. 31, 2026 $ 1,022,886                        
Redeemable convertible preferred stock                          
Exercise of warrants (in shares) 3,550                        
Exercise of warrants $ 68,961                        
Conversion of redeemable convertible preferred stock (in shares) (283,545)                        
Conversion of redeemable convertible preferred stock $ (1,091,847)                        
Ending balance (in shares) at Jun. 30, 2026 0                        
Ending balance at Jun. 30, 2026 $ 0                        
Beginning balance (in shares) at Mar. 31, 2026 12                        
Beginning balance at Mar. 31, 2026 $ 183,364                        
Redeemable noncontrolling interests                          
Remeasurement of noncontrolling interests 3,612                        
Ending balance at Jun. 30, 2026 $ 186,976                        
Ending balance (in shares) at Jun. 30, 2026 12                        
Beginning balance (in shares) at Mar. 31, 2026           9,873 [3] 0 0          
Beginning balance at Mar. 31, 2026 $ (278,321)         $ 1 $ 0 $ 0   $ (1,960) 0   (276,362)
Treasury stock, beginning balance (in shares) at Mar. 31, 2026 [3]                   270      
Stockholders' Deficit                          
Remeasurement of noncontrolling interests (3,612)                   (3,612)    
Exercise of warrants and conversion of shares (in shares)             (7,785) 7,785 203,983        
Exercise of warrants and conversion of shares       $ 0 $ 1,091,847   $ (1) $ 1 $ 20     $ 1,091,827  
Retirement of treasury shares (in shares) [3]                   270      
Retirement of treasury shares 0                 $ 1,960 (1,960)    
Stock-based compensation 8,230                   8,230    
Exercise of stock-based awards by employees and directors (in shares)           560 [3] 8            
Exercise of stock-based awards by employees and directors 374                   374    
Issuance of Class A and Class B Common Stock in Initial Public Offering, net of underwriters’ discounts and commissions (in shares)           (10,433) [3] 90,663            
Issuance of Class A common stock in Initial Public Offering, net of underwriters’ discounts and commissions of $130,410 and offering costs of $11,855 2,031,234         $ (1) $ 10       2,031,225    
Net loss (55,915)                       (55,915)
Ending balance (in shares) at Jun. 30, 2026   0 286,869 7,785   0 [3] 286,869 7,785          
Ending balance at Jun. 30, 2026 $ 2,793,837         $ 0 $ 29 $ 1   $ 0 $ 3,126,084   $ (332,277)
Treasury stock, ending balance (in shares) at Jun. 30, 2026 0 [2]                 0 [3]      
[1] Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.
[2] Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s initial public offering (“IPO”). See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.
[3] Shares for periods presented have been retroactively adjusted to reflect the 0.7194-for-1 reverse stock split effected on May 14, 2026 in connection with the Company’s IPO. See Note 1 – Nature of Business and Note 2 – Significant Accounting Policies for details.