CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 213,192	$ 34,766
Accounts receivable, net		18,000	0
Prepaid expenses and other current assets		5,463	38
Total current assets		236,655	34,804
Property and equipment, net		846	0
Operating lease right-of-use assets		1,469	0
Restricted cash		107	0
Other assets		1,216	813
Total assets		240,293	35,617
Current liabilities
Deposit liability		5,000	0
Deferred revenue		4,156	0
Operating lease liability, current		435	0
Warrant liability, related party		0	61
Total current liabilities		36,072	9,614
Long term liabilities
Operating lease liability, noncurrent		1,209	0
Notes payable, noncurrent	[1]	0	37,482
Total liabilities		37,281	47,096
Commitments and contingencies (Note 13)
Shareholders’ equity (deficit):
Ordinary shares, $0.001 par value; [x] shares and 40,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; [x] and [x] shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		28	1
Additional paid-in capital		370,793	2,387
Accumulated deficit		(171,809)	(17,867)
Total shareholders' equity (deficit)		203,012	(15,479)
Total liabilities, convertible preferred shares, and shareholders’ equity (deficit)		240,293	35,617
Series Seed Convertible Preferred Stock
Convertible preferred shares:
Series Seed convertible preferred stock, $0.0001 par value; no shares and 20,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 20,000,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; liquidation preference of $0 and $4,000 as of December 31, 2025 and December 31, 2024, respectively		0	4,000
Series A Preferred Stock
Shareholders’ equity (deficit):
Series A non-voting convertible preferred shares, $0.001 par value; 2,890 shares and no shares authorized as of December 31, 2025 and December 31, 2024, respectively; 2,890 shares and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		4,000	0
Nonrelated Party
Current liabilities
Accounts payable		9,997	107
Accrued expenses and other current liabilities	[2]	16,344	2,225
Related Party
Current liabilities
Accrued expenses and other current liabilities		0	341
Related party accounts payable and other current liabilities		140	7,221
Long term liabilities
Notes payable, noncurrent		$ 0	$ 14,993

[1] Includes related party amount of $0 and $14,993 as of December 31, 2025 and December 31, 2024, respectively

[2] Includes related party amount of $0 and $341 as of December 31, 2025 and December 31, 2024, respectively.