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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Service-Based Incentive Units Activity | The following table summarizes Service-Based Incentive Units activity for the nine months ended September 30, 2025 (in thousands):
| Number of Service-Based Incentive Units |  | Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024 | 2,729 |  |  | $ | 1.82 |
Granted | 18,731 |  |  | 0.45 |
Vested | (5,276) |  |  | 0.77 |
Forfeited | (1,769) |  |  | 0.56 |
Unvested at September 10, 2025 | 14,415 |  |  | $ | 0.58 |
Schedule of Phantom Units Activity | The following table summarizes Phantom Units activity for the nine months ended September 30, 2025 (in thousands):
| Number of Phantom Units |  | Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024 | 376 |  |  | $ | 0.94 |
Granted | 2,508 |  |  | 0.45 |
Vested | (629) |  |  | 0.57 |
Forfeited | (154) |  |  | 0.45 |
Unvested at September 10, 2025 | 2,101 |  |  | $ | 0.50 |
Schedule of Restricted Stock Unit Activity | The following table summarizes RSU activity for the nine months ended September 30, 2025 (in thousands):
| Number of RSUs |  | Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024 | — |  |  | $ | — |
Granted | 5,270 |  |  | 28.00 |
Vested | (1,382) |  |  | 28.00 |
Forfeited | — |  |  | — |
Unvested at September 30, 2025 | 3,888 |  |  | $ | 28.00 |
Schedule of Restricted Stock Award Activity | The following table summarizes RSA activity for the nine months ended September 30, 2025 (in thousands):
| Number of RSA |  | Weighted-Average Grant Date Fair Value per Unit
Unvested at December 31, 2024 | — |  |  | $ | — |
Conversion of awards in connection with IPO | 4,400 |  |  | 28.00 |
Vested | (200) |  |  | 28.00 |
Forfeited | — |  |  | — |
Unvested at September 30, 2025 | 4,200 |  |  | $ | 28.00 |
Schedule of Stock Option Activity | The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):
| Number of Stock Options |  | Weighted-Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Ou t stan ding at December 31, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 482 |  |  | 28.00 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Out standing at September 30, 2025 | 482 |  |  | $ | 28.00 |  |  | 3.9 |  | $ | — |
Exercisable at September 30, 2025 | — |  |  | — |  |  | — |  |  | $ | — |
The following table summarizes stock options activity for the nine months ended September 30, 2025 (in thousands):
| Number of Stock Options |  | Weighted-Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Outstanding at December 31, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | — |
Granted | 6,365 |  |  | 28.00 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Expired | — |  |  | — |  |  |  |  |
Outstanding at September 30, 2025 | 6,365 |  |  | $ | 28.00 |  |  | 6.9 |  | $ | — |
Exercisable at September 30, 2025 | — |  |  |  |  | — |  |  | $ | — |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The Company used an option pricing model to estimate the fair value of the time-based stock options with the following assumptions as of September 30, 2025:
| September 30, |  |
Assumptions | 2025 |  |
Expected term in years | 6.1 |  |
Volatility | 70 | % |  |
Risk-free rate | 3.7 | % |  |
Dividend Yield | 0.0 | % |  |
The Company used an option pricing model to estimate the fair value of the market-based stock options with the following assumptions as of September 30, 2025:
| September 30, |  |
Assumptions | 2025 |  |
Expected term in years | 10.0 |  |
Volatility | 70 | % |  |
Risk-free rate | 4.0 | % |  |
Dividend Yield | 0.0 | % |  |

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- Definition Share-Based Payment Arrangement, Phantom Units, Outstanding Activity + References No definition available. + Details
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- Definition Share-Based Payment Arrangement, Service-Based Incentive Units, Activity + References No definition available. + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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