SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
10 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
Dec. 31, 2025 |
| Redeemable preferred shares |
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| Schedule of reconciliation of Class A ordinary shares subject to possible redemption |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class A | | Class B | | Class C | | Class D | | Class E | | Class F | | Total | Balance at December 31, 2024 | | 22,397,515 | | 37,324,661 | | 7,946,281 | | 22,602,822 | | 77,760,008 | | 12,796,134 | | 180,827,421 | Issuances | | — | | — | | — | | — | | — | | — | | — | Balance at August 6, 2025 | | 22,397,515 | | 37,324,661 | | 7,946,281 | | 22,602,822 | | 77,760,008 | | 12,796,134 | | 180,827,421 | Balance post Rights Offering | | | | | | | | | | | | | | | Class A Series 1 | | 7,558,992 | | — | | — | | — | | — | | — | | 7,558,992 | Class A Series 2 | | — | | 6,737,332 | | — | | — | | — | | — | | 6,737,332 | Class A Series 3 | | — | | — | | 1,886,380 | | — | | — | | — | | 1,886,380 | Class A Series 4 | | — | | — | | — | | 3,003,862 | | — | | — | | 3,003,862 | Class A Series 5 | | — | | — | | — | | — | | 32,857,618 | | — | | 32,857,618 | Class A Series 6 | | — | | — | | — | | — | | 3,872,438 | | — | | 3,872,438 | Class A Series 7 | | — | | — | | — | | — | | — | | 93,637 | | 93,637 | New Class A Total | | | | | | | | | | | | | | 56,010,259 | Converted to Common A shares | | 1,483,852 | | 3,058,733 | | 605,990 | | 1,959,896 | | 4,102,995 | | 749,117 | | 11,960,583 |
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| Schedule of calculation of basic and diluted net income per ordinary share |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | | 2026 | | 2025(1) | | 2026 | | 2025(1) | Net loss for the period | | $ | 83,692 | | $ | 4,022 | | $ | 122,504 | | $ | 9,710 | F1 preferred shares deemed dividend | | | — | | | — | | | — | | | 1,694 | Loss attributable to common shareholders | | | 83,692 | | | 4,022 | | | 122,504 | | | 11,404 | Basic and diluted weighted average number of shares outstanding | | | 14,440,768 | | | 1,317,732 | | | 14,435,062 | | | 1,317,220 | Net loss per share attributable to common shareholders, basic and diluted | | $ | 5.80 | | $ | 3.05 | | $ | 8.49 | | $ | 8.66 |
| (1) | The weighted average shares outstanding for the three and six month periods ended June 30, 2025 have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 14 for details. |
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| | | | | | | | | | | | | | | | Year-ended December 31 | | | 2025 | | 2024 | Net loss for the year | | $ | 31,370 | | $ | 57,770 | F1 preferred shares deemed dividend | | | 1,694 | | | 3,384 | Rights offering deemed dividend | | | 459 | | | | Loss attributable to common shareholders | | $ | 33,523 | | $ | 61,154 | Basic and diluted weighted average number of shares outstanding | | | 6,209,121 | | | 1,307,771 | Net loss per share attributable to common shareholders, basic and diluted | | $ | 5.40 | | $ | 46.76 |
(1) | Share amounts have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 12 for details. |
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| Spring Valley Acquisition III |
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| Redeemable preferred shares |
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| Schedule of reconciliation of Class A ordinary shares subject to possible redemption |
| | | | | | | | Gross proceeds | | $ | 230,000,000 | Less: | | | | Proceeds allocated to public warrants | | | (1,855,333) | Class A ordinary shares issuance cost | | | (14,190,584) | Plus: | | | | Remeasurement of carrying value to redemption value | | | 18,715,081 | Class A ordinary shares subject to possible redemption, December 31, 2025 | | | 232,669,164 | Plus: | | | | Remeasurement of carrying value to redemption value | | | 1,944,194 | Class A ordinary shares subject to possible redemption, March 31, 2026 | | | 234,613,358 | Plus: | | | | Remeasurement of carrying value to redemption value | | | 1,973,142 | Class A ordinary shares subject to possible redemption, June 30, 2026 | | $ | 236,586,500 |
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As of December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table: | | | | | | | | Gross proceeds | | $ | 230,000,000 | Less: | | | | Proceeds allocated to public warrants | | | (1,855,333) | Class A ordinary shares issuance cost | | | (14,190,584) | Plus: | | | | Remeasurement of carrying value to redemption value | | | 18,715,081 | Class A ordinary shares subject to possible redemption, December 31, 2025 | | $ | 232,669,164 |
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| Schedule of calculation of basic and diluted net income per ordinary share |
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| | | | | | | | | | | | | | | | For the Period from | | | March 12, 2025 (Inception) Through | | | December 31, 2025 | | | Class A ordinary | | | | | | shares | | Class B ordinary | | | subject to | | shares not | | | possible | | subject to | | | redemption | | redemption | Basic net income per share: | | | | | | | Numerator: | | | | | | | Allocation of net income | | $ | 1,331,560 | | $ | 1,027,740 | Denominator: | | | | | | | Basic weighted-average shares outstanding | | | 9,153,061 | | | 7,064,626 | Basic net income per ordinary share | | $ | 0.15 | | $ | 0.15 |
| | | | | | | | | | | | | | | | For the Period from | | | March 12, 2025 (Inception) Through | | | December 31, 2025 | | | | | Non- | | | Class A | | Redeemable | | | Redeemable | | Class A and B | | | Ordinary | | Ordinary | | | Shares | | Shares | Diluted net income per share: | | | | | | | Numerator: | | | | | | | Allocation of net income | | $ | 1,313,380 | | $ | 1,045,920 | Denominator: | | | | | | | Diluted weighted-average shares outstanding | | | 9,153,061 | | | 7,289,116 | Diluted net income per ordinary share | | $ | 0.14 | | $ | 0.14 |
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