STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Shares Awards and RSU Awards Activity

The following table is a summary of the restricted share and RSU awards activity under the 2023 Plan on a post-conversion basis and related information for the six months ended June 30, 2026:


	RSUs			Restricted Shares
	Number of Shares	Weighted-Average Grant-Date Fair Value		Number of Shares	Weighted-Average Grant-Date Fair Value
Outstanding and unvested—January 1	189,453	$	11.04	659,867	$	16.13
Granted	416,799	49.23		1,665,525	47.10
Vested	(568,362)	39.05		(1,744,726)	39.21
Forfeited	—	—		(41,702)	11.04
Outstanding and unvested—June 30	37,890	$	11.04	538,964	$	37.51

The following table is a summary of the RSU awards activity under the 2026 Plan and related information for the six months ended June 30, 2026:


	RSUs
	Number of Shares	Weighted-Average Grant-Date Fair Value
Outstanding and unvested—January 1	—	$	—
Granted	8,800,759	61.79
Vested	(3,098,250)	60.00
Forfeited	—	—
Outstanding and unvested—June 30	5,702,509	$	62.77

The following table is a summary of the stock option activity under the IPO Equity Awards and related information for the six months ended June 30, 2026:


	Options
	Number of Options	Weighted-Average Grant-Date Fair Value
Outstanding and unvested—January 1	—	$	—
Granted	122,791	38.28
Vested	—	—
Forfeited	—	—
Outstanding and unvested—June 30	122,791	$	38.28

The Hazra IPO Equity Awards, issued in the form of options, were granted on June 3, 2026, and represent the only options outstanding as of June 30, 2026. The assumptions used for the Black-Scholes option-pricing model were as follows:


Assumptions:
Expected volatility	65.00		%
Risk-free interest rate	4.33		%
Expected dividend yield	—		%
Expected life (in years)	6.25
Exercise price	$	60.00

Summary of the Total Stock Compensation Expense

The following table is a summary of the total Stock compensation expense for the 2023 Plan and 2026 Plan awards, which is included in the Condensed Consolidated Financial Statements as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	6,331	$	—	$	6,331	$	—
Research and development expenses—net	294,901		—		294,901		—
Sales and marketing expenses	17,217		—		17,217		—
General and administrative expenses	129,011		—		129,011		—
Total Stock compensation expense	$	447,460	$	—	$	447,460	$	—