Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements [Abstract]

Schedule of Liabilities Subject to Fair Value Measurements

Liabilities subject to fair value measurements are as follows:

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Earnout Shares liability	$	—	$	—	$	24,524,000	$	24,524,000
True Up Shares liability		—		—		2,189,000		2,189,000
Subject Vesting Shares liability		—		—		7,819,000		7,819,000
Total liabilities	$	—	$	—	$	34,532,000	$	34,532,000

Schedule of Estimated Fair Value Earnout Shares

Assumptions such as risk-free rate, stock price, volatility, and discount rate were based on market data. See the following summary of key inputs:

	As of December 31, 2024			As of March 14, 2024
Stock Price (1)	$	7.97		$	10.00
Volatility		40	%		35	%
Risk free rate of return		4.30	%		4.24	%
Expected term (in years)		4.2			5.0

⁽¹⁾ At March 14, 2024, the $10.00 price represents the Business Combination price.

Schedule of Earnout Share Liability

The following table presents the changes in the fair value of the Earnout Shares liability: 

	Year Ended December 31, 2024
Earnout Shares Liability as of December 31, 2023	$	—
Expensed as transaction costs of business combination		53,721,000
Change in fair value		(29,197,000	)
Balance as of December 31, 2024	$	24,524,000

Schedule of True Up Shares liability

The following table presents the changes in the fair value of the True Up Shares liability:

	Year Ended December 31, 2024
True Up Share Liability as of December 31, 2023	$	—
Assumed in the Business Combination		555,000
Change in fair value		1,634,000
Balance as of December 31, 2024	$	2,189,000

Schedule of Vesting Shares Liability

The following table presents the changes in the fair value of the Subject Vesting Shares liability:

	Year Ended December 31, 2024
Subject Vesting Shares liability as of December 31, 2023	$	—
Assumed in the Business Combination		11,792,000
Change in fair value		(3,973,000	)
Balance as of December 31, 2024	$	7,819,000