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Fair Value Measurements - (Tables)
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Summary of Company's Liabilities at Fair Value and its Fair Value Hierarchy

The following table presents the Company’s liabilities at fair value and its fair value hierarchy.

 

Description

 

Level

 

As of
September 30, 2026

 

As of
December 31, 2025

 

Liabilities:

 

 

 

 

 

 

 

Sponsor Warrants

 

3

 

$

42,829,943

 

$

41,279,681

 

SPARs

 

3

 

 

—

 

 

—

 

Forward Purchase Agreements

 

3

 

 

—

 

 

—

 

Summary of Fair Value, Liabilities Measured on Recurring Basis and Unobservable Input Reconciliation

 

 

Sponsor Warrants

 

 

SPARs

 

 

Forward Purchase Agreements

 

Fair Value at December 31, 2025

 

$

41,279,681

 

 

$

—

 

 

$

—

 

Change in Fair Value

 

 

1,550,262

 

 

 

—

 

 

 

—

 

Fair Value at September 30, 2026

 

$

42,829,943

 

 

$

—

 

 

$

—

 

Summary of Fair Value of the Sponsor Warrants Associated with the Liability

The significant unobservable inputs used in determining the fair value of the Sponsor Warrants associated with the liability are listed below.

 

Sponsor Warrants

 

As of
September 30, 2026

As of
December 31, 2025

Volatility

 

25%

25%

Probability of Not Completing a Deal

 

30%

30%

Expected Time to Complete a Deal (in years)

 

3.5

3.9

Probability of Warrant Renegotiation

 

30%

30%

Estimated Target Equity Value

 

$4.5 billion

$4.5 billion