Equity-based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 30, 2026 was as follows:


	Shares	Weighted Average Grant Date Fair Value
Unvested at beginning of period	16,327,640	$	12.32
Granted	9,135,031	3.94
Granted - performance-based	9,462,546	3.21

Added by performance factor	169,313	9.61
Vested	(7,005,619)	11.84
Forfeited	(2,403,207)	11.90
Unvested at end of period	25,685,704	6.14

Schedule of Estimated Fair Value of Purchase Rights

The initial offering period began on September 1, 2026. The fair value of the ESPP purchase rights was estimated using the Black-Scholes option pricing model with the following assumptions for the three and nine months ended September 30, 2026:




Volatility																								64.4% - 86.5%
Expected term																								0.5 - 2.0 years
Risk-free rate																								4.0% - 4.4%
Expected dividend yield																								—%
Weighted-average grant-date fair value per unit																								$1.88

Schedule of Unamortized Equity-Based Compensation Costs

As of September 30, 2026, unamortized equity-based compensation costs consist of the following:


(in millions)	Amount		Weighted Average Remaining Service Period (in years)
Restricted stock units	$	123.0	1.6





HSKB Phantom Units	1.7		1.1
Employee Stock Purchase Plan	2.2		1.3
CEO Premium-Priced Performance Option	28.3		5.2
Total unamortized equity-based compensation cost	$	155.2	2.2