v3.26.1
Condensed Consolidated Statements of Stockholders’/Members’ Equity - USD ($)
$ in Thousands
Total
Related Party
Members’ Equity
Members’ Equity — Class A
Members’ Equity
Members’ Equity — Class A
Related Party
Members’ Equity
Members’ Equity — Class B
Members’ Equity
Members’ Equity — Class B
Related Party
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Beginning balance (in shares) at Jan. 10, 2025     0   0   0    
Beginning balance at Jan. 10, 2025 $ 0   $ 0   $ 0   $ 0 $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Capital contributions, net of deferred offering costs (in shares)     367,312,500            
Capital contributions, net of deferred offering costs 498   $ 498            
Net loss (78)   $ (78)            
Ending balance (in shares) at Mar. 31, 2025     367,312,500   0   0    
Ending balance at Mar. 31, 2025 420   $ 420   $ 0   $ 0 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation expense - related party   $ 3,616   $ 3,616          
Capital contributions, net of deferred offering costs (in shares)     (8,050,950)   58,764,264        
Capital contributions, net of deferred offering costs 424   $ 296   $ 128        
Deemed capital contribution from related party   $ 55   $ 53   $ 2      
Net loss (6,289)   $ (6,078)   $ (211)        
Ending balance (in shares) at Jun. 30, 2025     359,261,550   58,764,264   0    
Ending balance at Jun. 30, 2025 (1,774)   $ (1,693)   $ (81)   $ 0 0 0
Beginning balance (in shares) at Dec. 31, 2025     0   0   629,839,790    
Beginning balance at Dec. 31, 2025 1,095,872   $ 0   $ 0   $ 628 1,228,443 (133,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation expense - related party 165,098             165,098  
Net loss (188,693)               (188,693)
Ending balance (in shares) at Mar. 31, 2026     0   0   629,839,790    
Ending balance at Mar. 31, 2026 1,072,277   $ 0   $ 0   $ 628 1,393,541 (321,892)
Beginning balance (in shares) at Dec. 31, 2025     0   0   629,839,790    
Beginning balance at Dec. 31, 2025 1,095,872   $ 0   $ 0   $ 628 1,228,443 (133,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net loss (214,499)                
Ending balance (in shares) at Jun. 30, 2026     0   0   638,115,075    
Ending balance at Jun. 30, 2026 1,031,657   $ 0   $ 0   $ 638 1,378,717 (347,698)
Beginning balance (in shares) at Mar. 31, 2026     0   0   629,839,790    
Beginning balance at Mar. 31, 2026 1,072,277   $ 0   $ 0   $ 628 1,393,541 (321,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Share-based compensation (in shares)             8,243,569    
Share-based compensation expense - related party (15,257)           $ 10 (15,267)  
Other equity activity (in shares)             31,716    
Other equity activity 443             443  
Net loss (25,806)               (25,806)
Ending balance (in shares) at Jun. 30, 2026     0   0   638,115,075    
Ending balance at Jun. 30, 2026 $ 1,031,657   $ 0   $ 0   $ 638 $ 1,378,717 $ (347,698)