Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Warrants [Abstract]

Schedule of Activities of Warrants Issued

A summary of the activities of the Warrants issued in the Private Placement is presented in the following table:

	As of December 31,		As of June 30,
	2025		2026
Balance at beginning of the year/period	$	—	$	22,383,800
Warrants issued		15,654,091		—
Fair value change in the warrant liabilities		6,729,709		11,811,648
Warrants cashless exercised		—		(34,195,448	)
Total	$	22,383,800	$	—

Schedule of Assumptions Used in Valuing the Warrant Liabilities

The following are the assumptions used in valuing the warrant liabilities by Black-Scholes model as of December 31, 2025 and exercise date (in percentages, except as noted):

	As of
	December 31, 2025		Exercise date
Liquidity discount		21.80		21.85
Volatility		27.99		28.16
Risk-free rate		3.71		3.81
Expected life (years)		4.87		4.78
Dividend yield		0.00		0.00
Exercise price	$	2.16	$	2.16
Market price	$	4.88	$	6.36