Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Computation of basic and diluted net loss per share attributable to common shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


		For the Year Ended				For the Period From June 13, 2025 (Inception) Through
		June 30, 2026				June 30, 2025
Basic and diluted net income (loss) per share:
Numerator
Net income (loss)		$	305,542			$	(597	)
Less: Net income allocated to preferred stockholders			(49,358	)			-
Net income (loss) attributable to common stockholders - basic and diluted		$	256,184			$	(597	)
Denominator
Basic weighted-average shares outstanding			79,774,081				-
Dilutive effect of service based restricted stock units			24,457				-
Diluted weighted-average shares outstanding			79,798,538				-

Net Income (Loss) Per Share
Basic		$	3.21			$	-
Diluted		$	3.21			$	-

Summary of antidilutive securities excluded from computation of diluted net income (loss) per share

The Company’s potentially dilutive securities, which were excluded from the computation of diluted net income (loss) per share because the exercise prices of the related warrants exceeded the average market price of the Company's common stock during the period, were as follows:


		For the Year Ended				For the Period From June 13, 2025 (Inception) Through
		June 30, 2026				June 30, 2025
Advisor Warrants			27,394,800				-
Warrants issued to former Sonnet stockholders			1,263,814				-
Total			28,658,614				-