v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets, Current    
Cash and cash equivalents $ 5.5 $ 114.6
Prepaid expenses and other current assets 3.5 5.5
Income taxes receivable 12.6 0.0
Total current assets 21.6 120.1
Deferred income tax assets 275.8 271.7
Equity method investment 3,246.1 125.5
Total assets 3,543.5 517.3
Liabilities, Current    
Accounts payable 2.4 0.9
Accrued expenses 2.0 1.8
Current portion of tax receivable agreement liability 18.5 16.2
Total current liabilities 22.9 18.9
Tax receivable agreement liability 266.4 255.2
Total liabilities 289.3 274.1
Stockholders’ Equity:    
Preferred stock, $0.0001 par value; 10.0 shares authorized; no shares issued and outstanding 0.0 0.0
Treasury stock (12.2) (12.2)
Additional paid-in-capital 3,828.4 706.7
Accumulated other comprehensive loss 0.0 (0.2)
Accumulated deficit (562.0) (451.1)
Total stockholders' equity (deficit) 3,254.2 243.2
Total liabilities and stockholders' equity (deficit) 3,543.5 517.3
Class A Common Stock    
Stockholders’ Equity:    
Class A common stock, $0.0001 par value; 1,000.0 shares were authorized as of September 30, 2026 and December 31, 2025, and 289.9 and 127.0 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively $ 0.0 $ 0.0