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Related Party Loans and Convertible Notes - Schedule of Term Loans (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 11, 2025
USD ($)
Sep. 30, 2025
USD ($)
crypto_unit
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
crypto_unit
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
crypto_unit
May 16, 2025
Jan. 23, 2025
USD ($)
May 16, 2024
USD ($)
Debt Instrument [Line Items]                  
Unrealized loss   $ 24,989 $ 0 $ 119,309 $ 0        
Conversion of convertible notes to common stock in connection with IPO       (804,297) $ 0        
Crypto assets held   $ 674,963   $ 674,963   $ 470,101      
Bitcoin                  
Debt Instrument [Line Items]                  
Number of crypto assets held (in units) | crypto_unit   5,302   5,302   4,414      
Ether                  
Debt Instrument [Line Items]                  
Number of crypto assets held (in units) | crypto_unit   11,134   11,134   5,301      
Secured Debt                  
Debt Instrument [Line Items]                  
Aggregate Principal Amount   $ 475,000   $ 475,000          
Fair value of Principal Outstanding           $ 230,704      
Amounts Drawn/Borrowed       212,758          
Principal outstanding   443,500   443,500          
Unrealized loss       119,309          
Change in fair value attributable to instrument-specific credit risk       (2,396)          
Conversion of convertible notes to common stock in connection with IPO $ (585,000)     (584,560)          
Interest Expense       17,680          
Interest Payable   0   0          
Cash received for issuance of long term debt       26,900          
Cash received for issuance of long term debt, utilized during the period       26,900          
Crypto assets held   $ 182,500   $ 182,500          
Secured Debt | Bitcoin                  
Debt Instrument [Line Items]                  
Crypto assets received in issuance of long-term debt (in units) | crypto_unit       4,841          
Crypto assets received for issuance of long term debt, utilized during the period (in units) | crypto_unit       3,241          
Number of crypto assets held (in units) | crypto_unit   1,600   1,600          
Secured Debt | Ether                  
Debt Instrument [Line Items]                  
Crypto assets received in issuance of long-term debt (in units) | crypto_unit       9,000          
Crypto assets received for issuance of long term debt, utilized during the period (in units) | crypto_unit       9,000          
Secured Debt | Minimum                  
Debt Instrument [Line Items]                  
Stated interest rate   4.00%   4.00%          
Secured Debt | Maximum                  
Debt Instrument [Line Items]                  
Stated interest rate   16.00%   16.00%          
Secured Debt | Term Loan 2024                  
Debt Instrument [Line Items]                  
Aggregate Principal Amount                 $ 275,000
Fair value of Principal Outstanding           230,704      
Amounts Drawn/Borrowed       $ 44,296   230,704      
Amount Repaid           0      
Principal outstanding           230,704      
Unrealized loss       76,424          
Change in fair value attributable to instrument-specific credit risk       (2,594)          
Conversion of convertible notes to common stock in connection with IPO       (369,146)          
Interest Expense       13,811   6,505      
Interest Payable   $ 0   $ 0   $ 6,505      
Blended interest rate   6.90%   6.90%   6.80%      
Cash received for issuance of long term debt           $ 11,800      
Cash received for issuance of long term debt, utilized during the period           11,800      
Crypto assets held           $ 149,400      
Secured Debt | Term Loan 2024 | Bitcoin                  
Debt Instrument [Line Items]                  
Crypto assets received in issuance of long-term debt (in units) | crypto_unit           2,834      
Crypto assets received for issuance of long term debt, utilized during the period (in units) | crypto_unit           1,234      
Number of crypto assets held (in units) | crypto_unit           1,600      
Secured Debt | Term Loan 2024 | Ether                  
Debt Instrument [Line Items]                  
Crypto assets received in issuance of long-term debt (in units) | crypto_unit           9,000      
Crypto assets received for issuance of long term debt, utilized during the period (in units) | crypto_unit           9,000      
Secured Debt | Term Loan 2024 | Minimum                  
Debt Instrument [Line Items]                  
Stated interest rate           4.00% 4.00%    
Secured Debt | Term Loan 2024 | Maximum                  
Debt Instrument [Line Items]                  
Stated interest rate           16.00% 16.00%    
Secured Debt | Term Loan 2025                  
Debt Instrument [Line Items]                  
Aggregate Principal Amount               $ 200,000  
Fair value of Principal Outstanding           $ 0      
Amounts Drawn/Borrowed       $ 168,462          
Unrealized loss       42,885          
Change in fair value attributable to instrument-specific credit risk       198          
Conversion of convertible notes to common stock in connection with IPO       (215,414)          
Interest Expense       3,869          
Interest Payable   $ 0   $ 0          
Blended interest rate   7.30%   7.30%          
Secured Debt | Term Loan 2025 | Minimum                  
Debt Instrument [Line Items]                  
Stated interest rate               4.00%  
Secured Debt | Term Loan 2025 | Maximum                  
Debt Instrument [Line Items]                  
Stated interest rate               16.00%