Segment Information

9 Months Ended

Sep. 30, 2025

Segment Information [Abstract]

Segment Information

Note 8—Segment Information

The Company has not yet commenced operations, thus all activity for the three and nine months ended September 30, 2025 and 2024 relates to the Company’s formation, the Initial Public Offering, and the Company’s efforts toward locating and completing a suitable Business Combination. The Company has identified its Chairman and Chief Executive Officer as the chief operating decision maker (the “CODM”). The Company consists of one reportable segment, because the resource allocation and assessment of performance of the entity’s business activities by the CODM are performed using the entity-wide operating results. The net income (loss) is the measure of segment profit (loss) most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess financial performance.

The Company does not have operating income and therefore, it does not have any operating revenues. The Company will not generate any operating revenues until after the completion of the Business Combination, at the earliest. During the three months ended September 30, 2025 and 2024, the Company earned approximately $2,149,000 and $0, respectively, of interest income on the investment held in the Trust Account. During the nine months ended September 30, 2025 and 2024, the Company earned approximately $5,465,000 and $0, respectively, of interest income on investments held in the Trust Account. The Company’s significant segment expenses were general and administrative expenses, which were approximately $358,000 and approximately $14,000 for the three months ended September 30, 2025 and 2024, respectively, and approximately $667,000 and approximately $57,000 for the nine months ended September 30, 2025 and 2024, respectively. The remaining segment expenses consisted of administrative expenses paid to the Sponsor and the loss as a result of the change in fair value of the forward sale securities, which amounted to approximately $600,000 and $0 for the three months ended September 30, 2025 and 2024, respectively, and approximately $658,000 and $0 for the nine months ended September 30, 2025 and 2024, respectively. Refer to the Company’s unaudited condensed consolidated statements of operations for additional information.

As of September 30, 2025 and December 31, 2024, the Company had total assets of approximately $205,749,000 and $218,000, respectively. See the Company’s condensed consolidated balance sheets for additional information.