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Intangible Assets, net
 12 Months Ended
Dec. 31, 2025
Intangible Assets, net [Abstract]  
Intangible Assets, net
10.
Intangible Assets, net
 
The following table shows the Company’s intangible assets by major asset classes as of December 31, 2024 and 2025:
 
 
  
Year Ended
  
 
  
December 31,
2024
    
December 31,
2025
  
Brand
  
$
279,173
    
$
290,959
  
Customer relationship
    
10,304,898
      
11,656,130
  
Order backlog
    
8,409,416
      
8,366,621
  
Favorable contract
    
270,467
      
839,535
  
Licenses, software
    
41,791
      
—
  
Concessions
    
17,858
      
20,158
  
Intangible assets, net
  
$
19,323,603
    
$
21,173,403
  

The gross carrying amounts of intangible assets developed as follows during the years ended December 31, 2024 and 2025:

   


Brand
    

Customer
relationship
    

Order
backlog
    

Favorable
contract
    
Licenses,
software &
Concessions
    


Total
  
December 31, 2023   $ —     $ —     $ —     $ —     $ —     $ —  
Assets acquired on December 16, 2024
     282,372       10,406,934       8,536,907       274,981       73,566       19,574,760  
Dispositions
     —       —       —       —       (13,327 )     (13,327 )
Foreign exchange translation
     (2,301 )     (84,832 )     (69,578 )     (2,241 )     (600 )     (159,552 )
December 31, 2024
  
$
280,071
    
$
10,322,102
    
$
8,467,329
    
$
272,740
    
$
59,639
    
$
19,401,881
  
Reclassified from assets held for sale
    
—
      
—
      
—
      
640,136
      
—
      
640,136
  
Adjustment for finalization of acquisition price allocation
    
—
      
486,080
      
444,371
      
—
      
—
      
930,451
  
Dispositions
    
—
      
—
      
—
      
—
      
(35,218
)
    
(35,218
)
Foreign exchange translation
    
36,233
      
1,393,815
      
1,148,843
      
35,285
      
7,342
      
2,621,508
  
December 31, 2025
  
$
316,304
    
$
12,201,997
    
$
10,060,533
    
$
948,161
    
$
31,763
    
$
23,558,758
  

The accumulated amortization of intangible assets developed as follows during the years ended December 31, 2024 and 2025:

   


Brand
    

Customer
relationship
    

Order
backlog
    

Favorable
contract
    
Licenses,
software &
Concessions
    


Total
  
December 31, 2023   $ —     $ —     $ —     $ —     $ —     $ —  
Amortization for the year
     (898 )     (17,217 )     (57,946 )     (2,275 )     —       (78,336 )
Foreign exchange translation
     —       13       43       2       —       58  
December 31, 2024
  
$
(898
)
  
$
(17,204
)
  
$
(57,903
)
  
$
(2,273
)
  
$
—
    
$
(78,278
)
Reclassified from assets held for sale
    
—
      
—
      
—
      
(43,989
)
    
—
      
(43,989
)
Adjustment for finalization of acquisition price allocation
    
—
      
(59,509
)
    
(58,451
)
    
—
      
—
      
(117,960
)
Amortization for the year
    
(23,361
)
    
(447,708
)
    
(1,506,871
)
    
(59,149
)
    
(11,299
)
    
(2,048,388
)
Foreign exchange translation
    
(1,086
)
    
(21,446
)
    
(70,687
)
    
(3,215
)
    
(306
)
    
(96,740
)
December 31, 2025
  
$
(25,345
)
  
$
(545,867
)
  
$
(1,693,912
)
  
$
(108,626
)
  
$
(11,605
)
  
$
(2,385,355
)

Upon reclassification from asset held for sale to held and used, the favorable contract was measured at the lower of carrying amount and fair value. The amortization was recalculated for the period from when the asset was first classified as held for sale and when the held for sale classification ended. For further information regarding the reclassification of the assets held for sale see Note 7.

In December 2025, the acquisition price allocation was finalized and resulted in adjustments to the fair values of the customer relationships and order backlogs. For these assets, the amortization was adjusted accordingly. For further information regarding the finalization of the acquisition price allocation see Note 8.

For the year ended December 31, 2025 and for the period December 16, 2024 to December 31, 2024, total amortization of $2,210,337 and $78,336 was recorded, respectively. The estimated aggregate annual amortization expense for the five succeeding fiscal years is $2.19 million. The weighted-average amortization period in total is 15.5 years. The weighted-average amortization periods for major classes of the intangible assets are presented in Note 8.