v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended 10 Months Ended
Jun. 30, 2026
Dec. 31, 2025
FAIR VALUE MEASUREMENTS    
Schedule of Fair value measurements

Convertible Notes Continuity

  ​ ​ ​

Total

Balance, January 1, 2025

$

21,412

Accrued interest

 

909

Gain on the change in fair value of Convertible Notes

 

508

Change in fair value attributable to changes in credit risk

 

(57)

Foreign currency translation adjustment

 

1,137

Balance, June 30, 2025

$

23,909

 
Spring Valley Acquisition III    
FAIR VALUE MEASUREMENTS    
Schedule of assumptions used for calculation of convertible note

  ​ ​ ​

September 5, 2025

 

Underlying stock price

$

9.92

Exercise price

$

11.50

Volatility

 

4.0

%

Remaining term (years)

 

7.01

Risk-free rate

 

3.73

%

Black-Scholes value

$

1.14

Pre-adjusted value per share

$

1.14

Implied market value adjustment

 

21.20

%

  ​ ​ ​

September 5, 2025

 

Underlying stock price

$

9.92

Exercise price

$

11.50

Volatility

 

4.0

%

Remaining term (years)

 

7.01

Risk-free rate

 

3.73

%

Black-Scholes value

$

1.14

Pre-adjusted value per share

$

1.14

Implied market value adjustment

 

21.20

%

Schedule of assets that are measured at fair value on a recurring basis

Description

  ​ ​ ​

Level

  ​ ​ ​

June 30, 2026

Assets:

  ​

  ​

Investments held in Trust Account – U.S. Treasury Securities Money Market Fund

 

1

$

236,690,350

Liability:

Subscription agreement liability

3

$

21,975,641

Description

  ​ ​ ​

Level

  ​ ​ ​

December 31, 2025

Assets:

 

  ​

 

  ​

Investments held in Trust Account – U.S. Treasury Securities Money Market Fund

 

1

$

232,809,646

Description

  ​ ​ ​

Level

  ​ ​ ​

December 31, 2025

Assets:

  ​

  ​

Investments held in Trust Account – U.S. Treasury Securities Money Market Fund

 

1

$

232,809,646

Schedule of subscription agreement liability

  ​ ​ ​

June 30,

 

2026

 

Estimated fair value of the post-Business Combination common shares

$

9.69

Term (years)

 

5.0

Risk-free rate

 

4.11

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%

  ​ ​ ​

March 31,

 

2026

 

Estimated fair value of the post-Business Combination common shares

$

8.57

Term (years)

 

5.3

Risk-free rate

 

3.88

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%

  ​ ​ ​

Initial

 

Recognition

 

Estimated fair value of the post-Business Combination common shares

$

7.52

Term (years)

 

5.7

Risk-free rate

 

3.83

%

Expected volatility

 

80.0

%

Expected yield

 

50.0

%

Implied market value adjustment

 

46.1

%

 
Schedule of Fair value measurements

Subscription agreement liability, December 31, 2025

  ​ ​ ​

$

Initial recognition

Change in fair value

$

13,854,870

Subscription agreement liability, March 31, 2026

$

13,854,870

Change in fair value

$

8,120,771

Subscription agreement liability, June 30, 2026

$

21,975,641