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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities

The table below summarizes the fair values of certain liabilities that are included within the Company's accompanying Consolidated Balance Sheets, and their designations among the three fair value measurement categories:

			December 31, 2025																		December 31, 2024
			Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Liabilities
SPA Warrant (a)			$	—					$	—					$	470,715					$	—					$	—					$	188,857
Contingent warrants (a)			—						—						—						—						$	—					77,773
IPO, April, May and December 2023 Warrants (b)			—						—						313,253						—						269						189,322
Delayed Draw Term Loan			—						—						150,427						—						—						76,188
Embedded derivatives(c)			—						—						228,719						—						—						44,396
Total liabilities			$	—					$	—					$	1,163,114					$	—					$	269					$	576,536

(a) Included in Warrants liability - Related party on the Consolidated Balance Sheets.

(b) All these instruments are Level 3, except for the IPO warrants (Level 2). These are included in Warrants liability on the Consolidated Balance Sheets.

(c) Included in Long-term debt for the year ended December 31, 2025, and Notes Payable - Related Party for the year ended December 31, 2024 on the Consolidated Balance Sheets.

Schedule of Assumptions Used to Determine Fair Value of Embedded Conversion Feature

The inputs used to determine the fair value of the April 2023 warrants, May 2023 warrants and the December 2023 warrants are as follows:

April 2023 warrants			December 31, 2025						December 31, 2024
Time to expiration			2.79 years						3.79 years
Common stock price			$	11.46					$	4.86
Risk-free interest rate			3.5		%				4.3		%
Volatility			105.0		%				90.0		%
May 2023 warrants			December 31, 2025						December 31, 2024
Time to expiration			2.54 years						3.54 years
Common stock price			$	11.46					$	4.86
Risk-free interest rate			3.5		%				4.3		%
Volatility			105.0		%				90.0		%
December 2023 warrants			December 31, 2025						December 31, 2024
Time to expiration			2.96 years						3.96 years
Common stock price			$	11.46					$	4.86
Risk-free interest rate			3.5		%				4.3		%
Volatility			105.0		%				90.0		%

The inputs used to determine the fair value of the embedded derivative liabilities are as follows:

2021 Convertible Note			June 03, 2025						December 31, 2024
Term			1.08 Years						1.50 Years
Dividend yield			—		%				—		%
Risk-free interest rate			4.1		%				4.2		%
Volatility			60.0		%				65.0		%
Effective debt yield			24.0		%				30.0		%

AFG Convertible Note			October 16, 2025						July 28, 2025						December 31, 2024
Term			8.96 Years						0.93 Years						1.50 years
Dividend yield			—		%				—		%				—		%
Risk-free interest rate			3.9		%				4.1		%				4.2		%
Volatility			60.0		%				60.0		%				65.0		%
Effective debt yield			14.5		%				23.2		%				30.0		%

May 2025 Convertible Note			November 24, 2025						November 19, 2025
Term			4.56 Years						4.57 Years
Dividend yield			—		%				—		%
Risk-free interest rate			3.6		%				3.7		%
Volatility			60.0		%				60.0		%
Effective debt yield			10.5		%				11.5		%

November 2025 Convertible Note			December 31, 2025						November 24, 2025
Term			5.92 Years						6.02 Years
Dividend yield			—		%				—		%
Risk-free interest rate			3.8		%				3.7		%
Volatility			60.0		%				60.0		%
Effective debt yield			11.7		%				12.8		%

Quantitative information about all significant unobservable inputs used in the fair value measurement for non-recurring level 3 measurements:

Loan Commitment Assets:						June 21, 2024
Milestones achievement expectations						Very high probability
Debt yield						47.5		%

Quantitative information about all significant unobservable inputs used in the fair value measurement for recurring level 3 measurements:

Delayed Draw Term Loan Initial Tranche						December 31, 2025						December 31, 2024						June 21, 2024
Debt yield						11.9		%				30.0		%				47.5		%

Contingent Warrants- all tranches						December 31, 2024						June 21, 2024
Milestones achievement expectations						Very high probability						Very high probability
Volatility						65.0		%				70.0		%
Discount for lack of marketability (“DLOM”)						10.0		%				10.0		%

SPA Warrant						December 31, 2025						December 31, 2024						June 21, 2024
Discount for lack of marketability (“DLOM”)						5.0		%				10.0		%				10.0		%

Delayed Draw Term Loan August 2024 Draw						December 31, 2025						December 31, 2024						August 31, 2024
Debt yield						11.9		%				30.0		%				42.5		%

Delayed Draw Term Loan October 2024 Draw						December 31, 2025						December 31, 2024						October 31, 2024
Debt yield						11.9		%				30.0		%				42.5		%

Delayed Draw Term Loan January 2025 Draw			December 31, 2025												January 24, 2025
Debt yield			11.9		%										30.0		%

Delayed Draw Term Loan Prepayment						June 4, 2025
Debt yield						25.0		%

Schedule of Instruments Initially and Subsequently Measured at Fair Value

The following table summarizes instruments that were initially and subsequently measured at fair value. (see Note 3, Credit and Securities Purchase Transaction):

Instrument						Initial measurement date						Initial Fair Value
Initial Draw of the Delayed Draw Term Loan						6/21/2024						$	25,653
SPA Warrant						6/21/2024						$	32,903
Contingent Warrants						6/21/2024						$	62,191
August 2024 Draw of the Delayed Draw Term Loan						8/29/2024						$	12,528
October 2024 Draw of the Delayed Draw Term Loan						10/31/2024						$	28,340
January 2025 Draw of the Delayed Draw Term Loan						1/24/2025						$	17,312

Schedule of Liabilities Measured at Fair Value

The following table summarizes the changes in the fair value of liabilities that are included within the Company’s accompanying Consolidated Balance Sheets and are designated as Level 3:

			For the Years Ended December 31,
			2025						2024
Delayed Draw Term Loan
Balance at beginning of the period			$	76,188					$	—
Additions- Initial Draw			—						25,653
Additions- August 2024 Draw			—						12,528
Additions- October 2024 Draw			—						28,340
Additions - January 2025 Draw			17,312						—
Prepayment of the Term Loan			(28,582)						—
Change in fair value of Term Loan			85,509						9,667
Balance at end of the period			$	150,427					$	76,188
SPA Warrant and Contingent Warrants
Balance at beginning of the period			$	266,630					$	—
Additions			—						95,094
Conversion to preferred stock			(102,186)						(193,920)
Change in fair value of warrants			306,271						365,456
Balance at end of the period			$	470,715					$	266,630
Embedded derivatives
Balance at beginning of the period			$	44,396					$	4,423
Extinguishment of the 2021 Convertible Notes embedded derivatives			(87)						—
Extinguishment of the AFG Convertible Notes embedded derivatives			(121,313)						—
Additions			282,054						41
Change in fair value of derivatives - related party			77,004						39,932
Change in fair value of derivatives			(76,467)						—
Settlement of non-option embedded derivative for May 2025 Convertible notes			23,132						—
Balance at end of the period			$	228,719					$	44,396
April, May and December 2023 Warrants
Balance at beginning of the period			$	189,322					$	27,406
Exercised warrants			(155,008)						(9,096)
Change in fair value of warrants			278,939						171,012
Balance at end of the period			$	313,253					$	189,322

Schedule of Estimated Fair Value of Financial Instruments Not Carried at Fair Value

The estimated fair value of financial instruments not carried at fair value in the Consolidated Balance Sheets was as follows:

			Level in fair value hierarchy			December 31, 2025												December 31, 2024
						Carrying Value						Fair Value						Carrying Value						Fair Value
Notes receivable			3			$	—					$	—					$	847					$	740
Loan commitment assets			3			—						—						21,731						21,051
2021 Convertible Notes*			3			—						—						109,838						91,951
May 2025 Convertible Notes			3			48,044						123,000						—						—
November 2025 Convertible Notes			3			530,096						586,237						—						—
Senior Secured Term Loan			3			—						—						—						—
AFG Convertible Notes*			3			—						—						63,033						65,053
Equipment financing facility			3			372						375						2,385						2,097
Preferred Stock			3			1,361,542						1,292,216						488,696						454,581
DOE Loan Facility			3			84,327						95,427						65,452						67,740
Total						$	2,024,381					$	2,097,255					$	751,982					$	703,213

*Includes the embedded derivative liabilities.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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