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Stockholders Deficit and Redeemable Convertible Preferred Stock | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock | 11. Stockholders’ Equity (Deficit) and Redeemable Convertible Preferred Stock Preferred Stock Conversion On August 8, 2025, in connection with the Company's IPO, all of the then-outstanding shares of the Company’s redeemable convertible preferred stock (collectively, the “Preferred Stock”) were automatically converted into 105.8 million shares of common stock. At December 31, 2024, the Company’s Preferred Stock consisted of the following:
|  |  |  |  | December 31, 2024 |
|  | Par Value |  |  | Authorized Shares |  |  | Shares Issued and Outstanding |  |  | Carrying Amount |
Series Seed Preferred Stock |  | $ | 0.0001 |  |  |  | 2,023 |  |  |  | 2,023 |  |  | $ | 2,950 |
Series Seed-1 Preferred Stock |  | $ | 0.0001 |  |  |  | 3,273 |  |  |  | 3,273 |  |  |  | 204,454 |
Series A Preferred Stock |  | $ | 0.0001 |  |  |  | 6,005 |  |  |  | 6,005 |  |  |  | 74,913 |
Series B Preferred Stock |  | $ | 0.0001 |  |  |  | 5,869 |  |  |  | 5,869 |  |  |  | 72,096 |
Series C Preferred Stock |  | $ | 0.0001 |  |  |  | 11,159 |  |  |  | 11,159 |  |  |  | 213,871 |
Series M Preferred Stock |  | $ | 0.0001 |  |  |  | 2,812 |  |  |  | 2,812 |  |  |  | 10,990 |
Series J Preferred Stock |  | $ | 0.0001 |  |  |  | 922 |  |  |  | — |  |  |  | — |
Series D-1 Preferred Stock |  | $ | 0.0001 |  |  |  | 17,729 |  |  |  | 10,447 |  |  |  | 180,308 |
Series D-2 Preferred Stock |  | $ | 0.0001 |  |  |  | 1,241 |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  | 51,033 |  |  |  | 41,588 |  |  | $ | 759,582 |
Dividends On July 10, 2025, the Company’s Board of Directors declared a dividend (the “Preferred Stock Dividend”) payable in shares of the Company's common stock in respect of all accrued and unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock held as of July 11, 2025. The Company paid the Preferred Stock Dividend on July 16, 2025, upon receipt of consents that were required from certain third parties, and issued approximately 3.3 million shares of common stock to the then-existing holders of its Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock. On August 8, 2025, the Company’s Board of Directors declared a dividend (the “IPO Closing Preferred Stock Dividend”) payable in cash in respect of all unpaid dividends on the Company’s outstanding shares of Series C, Series D-1, Series D-2, and Series D-3 Preferred Stock that had accrued following July 11, 2025 through the conversion of such Preferred Stock into shares of common stock on August 8, 2025 in connection with the completion of the IPO. On August 28, 2025, the Company paid the IPO Closing Preferred Stock Dividend in an aggregate amount of $5.0 million in cash. Warrants to Purchase Common Stock On October 31, 2024, the Company entered into the Series D Purchase Agreement with certain investor parties and on the same date sold 10.4 million shares of its Series D-1 Preferred Stock at a purchase price of $16.9213 per share for aggregate gross proceeds of $175.5 million (the “Series D Initial Closing”), including $25.8 million principal and accrued interest from the conversion of the subordinated convertible promissory notes. On November 15, 2024, the Company completed a subsequent closing (the “Series D Second Closing”) and sold an additional 0.1 million shares of Series D-1 Preferred Stock at $16.9213 per share for aggregate gross proceeds of $1.3 million. In connection with the issuance of the Series D-1 Preferred Stock at the Series D Initial Closing, the Company issued investors the Common Warrants to purchase an aggregate of 1.0 million shares of common stock with a ten-year term and exercise price of $0.91 per share (subject to certain adjustments). The Common Warrants were classified as derivative liabilities as they contained a change of control provision that could result in the holders receiving a settlement amount exceeding the fair value of the Common Warrants at the time of settlement and such provision could have also resulted in the Common Warrants being redeemed outside of the Company’s control. The Common Warrants were measured at fair value both initially and subsequently with changes in fair value recognized through earnings. The fair value of the Common Warrants was $1.3 million upon issuance, which created a discount on the Series D-1 Preferred Stock that discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In connection with the IPO on August 8, 2025, all Common Warrants were exercised into the Company’s common stock. Tranche Obligations At the time of the Series D Initial Closing, the Company granted the RPM Investor (an investor in the Series D-1 Preferred Stock) the option but not obligation to purchase up to 1.8 million shares of Series D-1 Preferred Stock at a purchase price of $16.9213 per share (the “RPM Call Option”) at the final closing of the Series D Preferred Stock. On November 15, 2024, in connection with the Series D Second Closing, the number of the shares underlying the RPM Call Option was amended to 1.9 million shares. In addition, at the time of the Series D Initial Closing, the Company and the Majority Sponsor, an affiliate of AE Industrial, agreed that, if the total amount of the Series D Preferred Stock purchased was less than $250.0 million within six months of the Series D Initial Closing, the Majority Sponsor would purchase additional Series D Preferred Stock to make their total investment equal to $125.0 million (the “Majority Sponsor Top-Up,” and together with the RPM Call Option, the “Tranche Obligations”). The Tranche Obligations are classified as liabilities. The RPM Call Option represents an unconditional obligation to issue Series D-1 Preferred Stock, and the Majority Sponsor Top-Up represents a conditional obligation to issue Series D Preferred Stock. Because the Series D Preferred Stock may be redeemed upon events not within the Company’s control, the Tranche Obligations embody a conditional obligation for the Company to transfer assets to repurchase its equity under such a scenario. The Tranche Obligations are measured at fair value both initially and subsequently with changes in fair value recognized through earnings. Upon issuance, the aggregate value of the Tranche Obligations created a discount on the Series D-1 Preferred Stock and this discount was accreted to the redemption value of the Series D-1 Preferred Stock as part of the subsequent remeasurement of the Series D-1 Preferred Stock. In March 2025, the Majority Sponsor Top-Up expired unexercised when the total amount of Series D Preferred Stock purchased by investors exceeded $250.0 million. On March 24, 2025, the RPM Call Option was terminated via amendment of the Series D Purchase Agreement. As a result, the Majority Sponsor Top-Up and RPM Call Option were derecognized from the unaudited condensed consolidated balance sheet, with all related amounts recognized in other income, net.

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