Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 329,130  $ —  $ —  $ 329,130 
Cash equivalents $ 329,130  $ —  $ —  $ 329,130 
Term deposits $ —  $ 30,286  $ —  $ 30,286 
Asset backed securities —  100,338  —  100,338 
Government debt securities —  176,257  —  176,257 
Corporate debt securities —  347,790  —  347,790 
Available-for-sale investments —  654,671  —  654,671 
Total fair value of assets $ 329,130  $ 654,671  $ —  $ 983,801 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 41,399  $ —  $ —  $ 41,399 
Common stock warrant liabilities (Private) —  27,681  —  27,681 
Common stock warrant liabilities (Delta) —  —  39,781  39,781 
Warrant liability 41,399  27,681  39,781  108,861 
Earnout Shares Liability —  —  159,199  159,199 
Total fair value of liabilities $ 41,399  $ 27,681  $ 198,980  $ 268,060 
December 31, 2024
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 178,383  $ —  $ —  $ 178,383 
Cash equivalents $ 178,383  $ —  $ —  $ 178,383 
Term deposits $ —  $ 31,179  $ —  $ 31,179 
Asset backed securities —  98,412  —  98,412 
Government debt securities —  206,945  —  206,945 
Corporate debt securities —  396,688  —  396,688 
Available-for-sale investments —  733,224  —  733,224 
Total fair value of assets $ 178,383  $ 733,224  $ —  $ 911,607 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 34,843  $ —  $ —  $ 34,843 
Common stock warrant liabilities (Private) —  23,296  —  23,296 
Common stock warrant liabilities (Delta) —  —  37,271  37,271 
Warrant liability 34,843  23,296  37,271  95,410 
Earnout Shares Liability —  —  117,416  117,416 
Total fair value of liabilities $ 34,843  $ 23,296  $ 154,687  $ 212,826 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
June 30, 2025
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,286  $ —  $ —  $ —  $ 30,286 
Asset backed securities 100,296  42  —  —  100,338 
Government debt securities 176,230  43  (16) —  176,257 
Corporate debt securities 347,719  122  (51) —  347,790 
Total $ 654,531  $ 207  $ (67) $ —  $ 654,671 
December 31, 2024
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 31,179  $ —  $ —  $ —  $ 31,179 
Asset backed securities 98,277  135  —  —  98,412 
Government debt securities 206,779  166  —  —  206,945 
Corporate debt securities 396,410  352  (74) —  396,688 
Total $ 732,645  $ 653  $ (74) $ —  $ 733,224 
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
Earnout Shares Liability
Common Stock Warrant Liabilities Delta
Fair value as of January 1, 2025 $ 117,416  $ 37,271 
Change in fair value 41,783  2,510 
Fair value as of June 30, 2025 $ 159,199  $ 39,781