Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 (in thousands):
December 31, 2025
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 218,080  $ —  $ —  $ 218,080 
Cash equivalents $ 218,080  $ —  $ —  $ 218,080 
Term deposits $ —  $ 30,937  $ —  $ 30,937 
Asset backed securities —  94,183  —  94,183 
Government debt securities —  641,172  —  641,172 
Corporate debt securities —  400,814  —  400,814 
Available-for-sale investments —  1,167,106  —  1,167,106 
Total fair value of assets $ 218,080  $ 1,167,106  $ —  $ 1,385,186 
Liabilities measured at fair value
Common stock warrant liabilities (Public) $ 56,392  $ —  $ —  $ 56,392 
Common stock warrant liabilities (Delta) —  —  48,486  48,486 
Warrant liability 56,392  —  48,486  104,878 
Earnout Shares Liability —  —  156,692  156,692 
EBITDA Earnout Liability $ —  $ —  $ 13,424  $ 13,424 
Total fair value of liabilities $ 56,392  $ —  $ 218,602  $ 274,994 
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):
December 31, 2025
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses 		Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,937  $ —  $ —  $ —  $ 30,937 
Asset backed securities 93,990  193  —  —  94,183 
Government debt securities 640,270  902  —  —  641,172 
Corporate debt securities 400,231  592  (9) —  400,814 
Total $ 1,165,428  $ 1,687  $ (9) $ —  $ 1,167,106 
December 31, 2024
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses 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 loss, net within the 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  $ — 
Issuance (Settlement) of liability (60,709) —  7,631 
Change in fair value 99,985  17,008  5,793 
Fair value as of December 31 2025 $ 156,692  $ 54,279  $ 13,424