Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 175,142  $ —  $ —  $ 175,142 
Cash equivalents $ 175,142  $ —  $ —  $ 175,142 
Term deposits $ —  $ 30,612  $ —  $ 30,612 
Asset backed securities —  120,472  —  120,472 
Government debt securities —  183,383  —  183,383 
Corporate debt securities —  435,288  —  435,288 
Available-for-sale investments —  769,755  —  769,755 
Total fair value of assets $ 175,142  $ 769,755  $ —  $ 944,897 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 86,208  $ —  $ —  $ 86,208 
Common stock warrant liabilities (Delta) —  —  53,338  53,338 
Warrant liability 86,208  —  53,338  139,546 
Earnout Shares Liability —  —  200,925  200,925 
EBITDA Earnout Liability —  —  7,631  7,631 
Total fair value of liabilities $ 86,208  $ —  $ 261,894  $ 348,102 

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):
September 30, 2025
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,612  $ —  $ —  $ —  $ 30,612 
Asset backed securities 120,247  225  —  —  120,472 
Government debt securities 183,135  248  —  —  183,383 
Corporate debt securities 434,619  677  (8) —  435,288 
Total $ 768,613  $ 1,150  $ (8) $ —  $ 769,755 
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 EBITDA Earnout Liability
Fair value as of January 1, 2025 $ 117,416  $ 37,271  $ — 
Change in fair value 83,509  16,067  7,631 
Fair value as of September 30, 2025 $ 200,925  $ 53,338  $ 7,631