CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’/ MEMBER’S EQUITY - USD ($)
$ in Thousands |
Total |
Common Stock |
Member’s Equity |
Additional Paid in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
| Beginning balance (in shares) at Dec. 31, 2023 |
|
|
0
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
|
|
$ 0
|
|
$ 0
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
$ (218,914)
|
|
|
|
|
$ (218,914)
|
| Other comprehensive income (loss) |
|
(52)
|
|
|
|
$ (52)
|
|
| Ending balance (in shares) at Mar. 31, 2024 |
|
|
0
|
|
|
|
|
| Ending balance at Mar. 31, 2024 |
|
|
$ 0
|
|
0
|
|
|
| Members' equity, beginning balance at Dec. 31, 2023 |
|
3,646,187
|
|
$ 11,421,446
|
|
1,066
|
(7,776,325)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(218,914)
|
|
|
|
|
(218,914)
|
| Stock-based compensation expense |
|
170
|
|
170
|
|
|
|
| Contribution from member, net |
|
312,000
|
|
312,000
|
|
|
|
| Members' equity, ending balance at Mar. 31, 2024 |
|
3,739,391
|
|
11,733,616
|
|
1,014
|
(7,995,239)
|
| Beginning balance (in shares) at Dec. 31, 2023 |
|
|
0
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
|
|
$ 0
|
|
0
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(1,929,939)
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
33,203,744,000
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
2,587,636
|
$ 33
|
|
12,291,681
|
2,186
|
(9,706,264)
|
| Members' equity, beginning balance at Dec. 31, 2023 |
|
3,646,187
|
|
11,421,446
|
|
1,066
|
(7,776,325)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(1,929,939)
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2024 |
|
|
0
|
|
|
|
|
| Beginning balance at Mar. 31, 2024 |
|
|
$ 0
|
|
0
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(1,585,337)
|
|
|
|
|
(1,585,337)
|
| Stock-based compensation expense |
|
|
|
|
640
|
|
|
| Other comprehensive income (loss) |
|
372
|
|
|
|
372
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
|
|
31,049,148,000
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
|
|
$ 31
|
|
12,274,286
|
|
|
| Members' equity, beginning balance at Mar. 31, 2024 |
|
3,739,391
|
|
11,733,616
|
|
1,014
|
(7,995,239)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(1,585,337)
|
|
|
|
|
(1,585,337)
|
| Stock-based compensation expense |
|
796
|
|
156
|
|
|
|
| Recognition of deferred tax liability in connection with the Spin-Off |
[1] |
(447,190)
|
|
(447,190)
|
|
|
|
| Reclassification of incentive plan liabilities to additional paid-in capital |
|
54,795
|
|
|
54,795
|
|
|
| Disposal funding received in connection with the Spin-Off |
[1] |
932,300
|
|
932,300
|
|
|
|
| Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net (in shares) |
[1] |
|
31,049,148,000
|
|
|
|
|
| Issuance of common stock in connection with the Spin-Off and reclassification of contribution from member, net |
[1] |
0
|
$ 31
|
(12,218,882)
|
12,218,851
|
|
|
| Members' equity, ending balance at Jun. 30, 2024 |
|
2,695,127
|
|
$ 0
|
|
1,386
|
(9,580,576)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(125,688)
|
|
|
|
|
(125,688)
|
| Stock-based compensation expense |
|
17,397
|
|
|
17,397
|
|
|
| Other comprehensive income (loss) |
|
800
|
|
|
|
800
|
|
| Release of restricted stock units (in shares) |
|
|
2,154,596,000
|
|
|
|
|
| Release of restricted stock units |
|
0
|
$ 2
|
|
(2)
|
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
33,203,744,000
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
|
2,587,636
|
$ 33
|
|
12,291,681
|
2,186
|
(9,706,264)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
$ (125,688)
|
|
|
|
|
(125,688)
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
33,893,409
|
33,893,409,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
|
$ 2,503,405
|
$ 34
|
|
12,305,250
|
1,451
|
(9,803,330)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(106,213)
|
|
|
|
|
(106,213)
|
| Stock-based compensation expense |
|
16,261
|
|
|
16,261
|
|
|
| Other comprehensive income (loss) |
|
215
|
|
|
|
215
|
|
| Release of restricted stock units (in shares) |
|
|
1,403,449,000
|
|
|
|
|
| Release of restricted stock units |
|
0
|
$ 1
|
|
(1)
|
|
|
| Ending balance (in shares) at Mar. 31, 2025 |
|
|
35,296,858,000
|
|
|
|
|
| Ending balance at Mar. 31, 2025 |
|
2,413,668
|
$ 35
|
|
12,321,510
|
1,666
|
(9,909,543)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
$ (106,213)
|
|
|
|
|
(106,213)
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
33,893,409
|
33,893,409,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
|
$ 2,503,405
|
$ 34
|
|
12,305,250
|
1,451
|
(9,803,330)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
$ (309,175)
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
36,160,998
|
36,160,998,000
|
|
|
|
|
| Ending balance at Sep. 30, 2025 |
|
$ 2,239,963
|
$ 36
|
|
12,349,976
|
2,456
|
(10,112,505)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(309,175)
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
35,296,858,000
|
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
|
2,413,668
|
$ 35
|
|
12,321,510
|
1,666
|
(9,909,543)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(113,985)
|
|
|
|
|
(113,985)
|
| Stock-based compensation expense |
|
14,323
|
|
|
14,323
|
|
|
| Other comprehensive income (loss) |
|
637
|
|
|
|
637
|
|
| Release of restricted stock units (in shares) |
|
|
750,941,000
|
|
|
|
|
| Release of restricted stock units |
|
0
|
$ 1
|
|
(1)
|
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
36,047,799,000
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
|
2,314,643
|
$ 36
|
|
12,335,832
|
2,303
|
(10,023,528)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
(113,985)
|
|
|
|
|
(113,985)
|
| Net loss |
|
(88,977)
|
|
|
|
|
(88,977)
|
| Stock-based compensation expense |
|
14,144
|
|
|
14,144
|
|
|
| Other comprehensive income (loss) |
|
153
|
|
|
|
153
|
|
| Release of restricted stock units (in shares) |
|
|
113,199,000
|
|
|
|
|
| Release of restricted stock units |
|
$ 0
|
$ 0
|
|
0
|
|
|
| Ending balance (in shares) at Sep. 30, 2025 |
|
36,160,998
|
36,160,998,000
|
|
|
|
|
| Ending balance at Sep. 30, 2025 |
|
$ 2,239,963
|
$ 36
|
|
$ 12,349,976
|
$ 2,456
|
(10,112,505)
|
| Increase (Decrease) In Member's Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net loss |
|
$ (88,977)
|
|
|
|
|
$ (88,977)
|
|
|