v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following table presents the components of the Company’s net loss before income tax:
Year Ended December 31,
$ in thousands20252024
United States$(1,677,718)$(175,032)
Foreign(14)(192)
Total net loss before income tax$(1,677,732)$(175,224)
Schedule of Components of Income Tax Expense (Benefit)
The following table presents the components of the Company’s current and deferred income taxes:
Year Ended December 31,
$ in thousands20252024
Federal
     Deferred tax benefit$4,306 $10,491 
Total federal4,306 10,491 
State and local
     Current tax expense (1)— 
     Deferred tax benefit— 89 
Total state and local(1)89 
Total$4,305 $10,580 
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the Company’s effective income tax rate:
Year Ended December 31,
20252024
U.S. federal statutory rate21.0 %21.0 %
Increase (decrease) due to:
     State income taxes, net of federal income tax benefit— %0.1 %
     Non-controlling interests(13.7)%(13.8)%
     Valuation allowance(8.2)%— %
Warrants0.9 %(3.0)%
R&D Credit0.1 %0.5 %
Other0.2 %1.2 %
Effective tax rate0.3 %6.0 %
Schedule of Deferred Tax Assets and Liabilities
The following table presents the effects of temporary differences arising from deferred income taxes:
December 31,
$ in thousands20252024
Deferred tax assets
     Federal net operating losses$12,896 $4,808 
     State net operating losses1,324 551 
     Investment in OpCo104,724 10,816 
R&D credit carryforward2,032 1,308 
Warrants4,429 — 
Other80 74 
Deferred tax assets, gross125,485 17,557 
Valuation allowance(125,485)(11,293)
Deferred tax assets, net— 6,264 
Deferred tax liabilities
Warrants— (10,570)
Deferred tax liabilities, gross— (10,570)
Deferred tax liabilities, net$— $(4,306)