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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Sep. 27, 2025
Current assets      
Cash and cash equivalents $ 452,411   $ 0
Prepaid and other current assets 47,191   0
Total current assets 982,824   6,655
Property and equipment, net 5,930   0
Restricted cash 6,148   0
Intangible assets, net 435,736   0
Goodwill 2,614,161   1,296,000
Right-of-use assets 33,782   0
Other non-current assets 16,432   0
Total assets 4,095,013   1,302,655
Current liabilities      
Accounts payable 56,089   0
Deferred revenue 94,088   0
Convertible notes, net - current portion 144,765   0
Long-term borrowings - current portion 588   0
Current portion of lease liabilities 2,821   0
Total current liabilities 1,163,725   387,329
Convertible notes, net 234,329   0
Deferred tax liabilities 1,397 $ 0  
Lease liabilities 31,021   0
Other long-term liabilities 13,504   0
Total liabilities 1,443,976   387,329
COMMITMENTS AND CONTINGENCIES (Note 13)  
Redeemable non-controlling interest 2,375,551   0
Shareholders’ equity:      
Additional paid-in capital 281,494   915,326
Accumulated deficit (5,976)   0
Accumulated other comprehensive loss (162)   0
Total shareholders’ equity 275,486   915,326
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY 4,095,013   1,302,655
Common Class A      
Shareholders’ equity:      
Class A common stock par value $0.0001: 5,000,000,000 shares and 0 shares authorized at December 31, 2025 and September 27, 2025, respectively; 351,921,075 and 0 shares issued and outstanding at December 31, 2025 and September 27, 2025, respectively 35   0
Common Class B      
Shareholders’ equity:      
Class A common stock par value $0.0001: 5,000,000,000 shares and 0 shares authorized at December 31, 2025 and September 27, 2025, respectively; 351,921,075 and 0 shares issued and outstanding at December 31, 2025 and September 27, 2025, respectively 95   0
Nonrelated Party      
Current assets      
Accounts receivable, net 111,279   6,655
Current liabilities      
Accrued expenses and other current liabilities 639,601   370,933
Related party      
Current assets      
Accounts receivable, net 371,943   0
Current liabilities      
Related party current liabilities $ 225,773   $ 16,396