All share and per-share amounts, including option and restricted stock quantities and exercise prices, have been retrospectively adjusted to reflect the stock split described in Note 1, Basis of Presentation and Principles of Consolidation.

In May 2025, the Company adopted the 2025 Stock Plan which authorized the issuance of incentive stock options, non-statutory stock options, and restricted stock to employees and consultants. Under the 2025 Stock Plan, the Company granted awards that are subject to annual, cliff-based vesting. The awards typically vest throughout four years of service. Share-based awards are payable in common stock at the discretion of the Board of Directors. Share-based awards are accounted for as compensation costs and are amortized on a straight-line basis over the vesting period. Additional information regarding the Company share-based compensation under the 2025 Stock Plan is included in Note 11, Share-Based Compensation, in the Company’s

On July 1, 2026, the Company's Board of Directors adopted, and on July 6, 2026 the Company's stockholders approved, the 2026 Plan, which became effective immediately prior to the closing of the IPO. The 2026 Plan authorizes the grant of incentive stock options, non-statutory stock options, stock appreciation rights, RSAs, RSUs, and stock bonuses to employees, directors, and independent contractors. In connection with the effectiveness of the 2026 Plan, the Company's 2025 Stock Plan was terminated; awards previously granted under the 2025 Stock Plan remain outstanding in accordance with their terms. The Company reserved 18,125,474 shares of Class A common stock for issuance under the 2026 Plan, including 9,134,602 shares subject to awards granted in connection with the IPO.


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025		Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025

Cost of revenue	$	569,145	$	361,367	$	1,519,780	$	441,671
Research and development costs	249,151		$	—	249,151		$	—
General and administrative costs	9,457,291		429,290		12,164,158		524,688
Total share-based compensation expense	$	10,275,587	$	790,657	$	13,933,089	$	966,359

In addition, share-based compensation of $0.2 million was capitalized to property and equipment during each of the three and nine months ended September 30, 2026. No share-based compensation was capitalized during the three and nine months ended September 30, 2025.

In connection with the closing of the IPO, the Company approved the issuance of RSUs covering an aggregate of 9,134,602 shares of Class A common stock under its 2026 Plan to certain directors and officers, with a grant-date fair value of $15.00 per share. The RSUs generally vest over periods ranging from one to three years, subject to continued service.

In May 2026, the Company issued restricted stock purchase rights to an officer under the 2025 Stock Plan to purchase 941,222 shares of Class B common stock at $1.635 per share and stock options for an aggregate of 305,790 shares of Class B common stock, generally at an exercise price of $1.635 per share. The restricted stock awards generally vest over four years, subject to continued service. The stock options generally vest over four years, with certain awards, subject to alternative vesting terms and/or certain acceleration provisions.

The summary of stock options and restricted stock under the Company’s 2025 Stock Plan and 2026 Plan as of September 30, 2026, and changes for the nine months then ended are presented as follows:


	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Stock Options	Number of Options	Weighted Average Exercise Price	Number of Options	Weighted Average Exercise Price
Outstanding at the beginning of the period	6,459,000	$0.21	—	$—
Granted	7,060,972	$0.96	6,534,000	$0.21
Exercised	161,248	$0.39	—	$—
Forfeited/expired	1,094,418	$0.61	—	$—
Outstanding at the end of the period	12,264,306	$0.60	6,534,000	$0.21
Exercisable at the end of the period	3,308,844	$0.30	—	$—


	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Restricted Stock	Number of Shares	Weighted Average Grant Date Fair Value	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period	5,585,000	$0.76	—	$—
Granted	10,157,710	$10.04	5,585,000	$0.97
Vested	2,989,122	$0.91	—	$—
Forfeited/expired	22,000	$11.55	—	$—
Outstanding at the end of the period	12,731,588	$8.11	5,585,000	$0.97

As of September 30, 2026, 3,577,100 shares of restricted stock purchased by officers with promissory notes remained unvested and subject to repurchase by the Company at the original purchase price. These shares are included in restricted stock outstanding in the table above. See Note 9, Related Party Transactions.


	Amount		Weighted Average Remaining Recognition Period (Years)
Stock options	$	16,076,327	3.05
Restricted stock	95,931,683		2.85
Total compensation cost	$	112,008,010	2.88


Assumption	Three Months Ended September 30, 2026	Three Months Ended September 30, 2025
Expected volatility	N/A	N/A
Expected term (years)	N/A	N/A
Risk-free interest rate	N/A	N/A
Expected dividend yield	N/A	N/A
Weighted Average Grant-Date Fair Value	N/A	N/A


Assumption	Nine Months Ended September 30, 2026			Nine Months Ended September 30, 2025
Expected volatility	110.0%			110.0%
Expected term (years)	7			7
Risk-free interest rate	4.29% - 4.50%			4.17%
Expected dividend yield	—		%	—%
Weighted Average Grant-Date Fair Value	$	2.590		$	0.921