Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 850,608  $ —  $ —  $ 850,608 
Cash equivalents $ 850,608  $ —  $ —  $ 850,608 
Term deposits $ —  $ 31,254  $ —  $ 31,254 
Asset backed securities —  93,888  —  93,888 
Government debt securities —  1,152,967  —  1,152,967 
Corporate debt securities —  313,556  —  313,556 
Available-for-sale investments —  1,591,665  —  1,591,665 
Total fair value of assets $ 850,608  $ 1,591,665  $ —  $ 2,442,273 
Liabilities measured at fair value        
Common stock warrant liabilities (Public) $ 11,248  $ —  $ —  $ 11,248 
Common stock warrant liabilities (Delta) —  —  18,213  18,213 
Warrant liability 11,248  —  18,213  29,461 
Earnout Shares liability —  —  86,942  86,942 
EBITDA Earnout liability —  —  14,696  14,696 
Total fair value of liabilities $ 11,248  $ —  $ 119,851  $ 131,099 
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 
Summary of Debt Securities, Available-for-sale
The following is a summary of the Company’s available-for-sale securities (in thousands):
March 31, 2026
Cost or Amortized Cost Unrealized
Gains		 Unrealized
Losses		 Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 31,254  $ —  $ —  $ —  $ 31,254 
Asset backed securities 93,840  55  (7) —  93,888 
Government debt securities 1,155,927  96  (3,056) —  1,152,967 
Corporate debt securities 313,559  111  (114) —  313,556 
Total $ 1,594,580  $ 262  $ (3,177) $ —  $ 1,591,665 
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 
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 liability (Delta)     EBITDA Earnout liability
Fair value as of January 1, 2026 $ 156,692  $ 48,486  $ 13,424 
Issuance (Settlement) of liability —  (37,870) — 
Change in fair value (69,750) 7,597  1,272 
Fair value as of March 31, 2026 $ 86,942  $ 18,213  $ 14,696