v3.26.1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Warrant Liability Balances The warrants were net exercised upon the IPO transaction date and converted to equity.
2026
Warrant liability—January 1$38,400 
Warrants issued
— 
Warrants exercised
(150,215)
Fair market evaluation
111,815 
Warrant liability—June 30$— 
Summary of Assumptions used in Estimating Fair Value of Warrant Liability
The following table summarizes the assumptions used in estimating the fair value of the Warrant liability as of December 31, 2025 (dollars in thousands):
December 31,
2025
Probability of completing an initial public offering70 %
Probability of completing a merger and acquisition transaction30 %
Term (in years)0.5
Volatility65 %
Dividend yield
— %
Risk-free rate3.59 %
Fair value of warrants$38,400
The following table summarizes the assumptions used in estimating the fair value of the Warrant liability prior to the Transactions (dollars in thousands, except per share data):
Exercise typeNet (cashless)
Quantinuum Inc. Class A shares issued upon net exercise 2,503,576 
IPO share price$60.00 
Fair value upon net exercise$150,215