v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Authorized, Issued and Outstanding Stock
The number of authorized, issued and outstanding stock, were as follows:
June 30, 2026
Authorized
Shares		Issued Shares
Preferred Stock22,915,032 — 
Series B Preferred Stock12,000,000 4,948,854 
Series C Preferred Stock11,502 11,502 (1)
Class A Common Stock448,384,199 2,401,275 (2)
Class B Common Stock4,429,688 45 
(1) As of June 30, 2026, all 11,502 issued shares of Series C Preferred Stock were held for the benefit of AIXC, a consolidated subsidiary, and are accounted for as the contra-equity, Series C Convertible Preferred Stock and additional paid-in capital in the Company’s consolidated financial statements. Accordingly, no shares of Series C Preferred Stock were outstanding for consolidated financial reporting purposes as of June 30, 2026.
(2) As of June 30, 2026, 2,401,275 Class A Common Stock was issued and 2,388,454 Class A Common Stock was outstanding for consolidated financial reporting purposes. Difference between the issued and outstanding shares was in relation to the Class A Common Stock held for the benefit of AIXC.
December 31, 2025
Authorized
Shares		Issued Shares
Preferred Stock5,931,000 1 
Series B Preferred Stock12,000,000 7,184,760 
Class A Common Stock228,041,297 1,327,538 
Class B Common Stock4,429,688 45 
Schedule of Stockholders' Equity Note, Warrants or Rights
The number of shares of Class A Common Stock issuable upon exercise of the Company’s outstanding warrants as of June 30, 2026 was as follows:
Shares of Class A Common Stock Issuable Upon ExerciseExercise PriceExpiration Date
Public Warrants⁽¹⁾
17 $16,560,000.00July 21, 2026
Private Warrants⁽¹⁾
1 $16,560,000.00July 21, 2026
Ares Warrants⁽¹⁾
43,963 $152.42August 5, 2027
SPA Warrants⁽¹⁾
53 
$32.01 or $58.23
Various through April 14, 2033
Junior SPA Warrants⁽¹⁾
3,499 $152.61Various through September 30, 2029
2024 Unsecured SPA Warrants⁽¹⁾
19,171 $157.20Various through January 21, 2030
2025 March Unsecured SPA Warrants(2)
46,659 
$219.60
Various through June 30, 2031
2025 July Unsecured SPA Warrants⁽¹⁾
27,621 $157.20August 22, 2030
140,984
1Classified as equity.
2
Classified as liability. See Note 15 — Fair Value of Financial Instruments.
The number of shares of Class A Common Stock issuable upon exercise of the Company’s outstanding warrants as of December 31, 2025 was as follows:
Shares of Class A Common Stock Issuable Upon ExerciseExercise PriceExpiration Date
Public Warrants(1)
17 $16,560,000.00July 21, 2026
Private Warrants(1)
1 $16,560,000.00July 21, 2026
SPA Warrants(1)
50 $174.00Various through November 25, 2032
Junior Secured SPA Warrants(1)
3,499$174.00Various through September 30, 2029
2024 Unsecured SPA Warrants(1)
41,240 $183.00Various through January 21, 2030
2025 March Unsecured SPA Warrants(2)
34,526 
 (a) 208.80 or (b) 219.00
Various through December 31, 2030
2025 July Unsecured SPA Warrants(1)
27,621$302.40August 22, 2030
Ares warrants(1)
38,512 $174.00August 5, 2027
145,466 
1Classified as equity.
2
Of the total 34,526 shares of Class A Common Stock issuable upon exercise of the 2025 March Unsecured SPA Warrants, approximately, 20,864 warrants were liability classified, pending formal closing and are measured at fair value. See Note 15 — Fair Value of Financial Instruments.
As a result of the business acquisition of AIXC, as described in Note 3 Goodwill Associated with Business Acquisition, the Company consolidates AIXC warrants, and the number of outstanding warrants to purchase AIXC’s Class A Common Stock as of June 30, 2026 was as follows:
Number of WarrantsExercise PriceExpiration Date
Preferred Warrants - AIXC(1)
107 $1,270.25Various through 2027
Other Warrants - AIXC(1)
72,004 
(a) $5.82 or (b) $6.50
Various in 2028-2029
2024 Pre-funded Warrants - AIXC(2)
51,199 $0.05Indefinite
2024 Placement Agent Warrants - AIXC(2)
16,019 $7.80September 2029
2025 Placement Agent Warrants - AIXC(1)
1,087,266 $2.47September 2030
1,226,595
1Classified as equity.
2 Liability classified and are measured at fair value. See Note 15
The number of outstanding warrants to purchase AIXC’s Class A Common Stock as of December 31, 2025 was as follows:

Number of WarrantsExercise PriceExpiration Date
Preferred Warrants - AIXC(1)
160 $1,270.25Various through 2027
Other Warrants - AIXC(1)
72,004 
(a) $5.82 or (b) $6.50
Various in 2028-2029
2024 Pre-funded Warrants - AIXC(2)
51,199 $0.05Indefinite
2024 Placement Agent Warrants - AIXC(2)
16,019 $7.80September 2029
2025 Placement Agent Warrants - AIXC(1)
1,087,266 $2.47September 2030
1,226,648
1Classified as equity.
2 Liability classified and are measured at fair value. See Note 15