Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 607,092  $ —  $ —  $ 607,092 
Cash equivalents $ 607,092  $ —  $ —  $ 607,092 
Term deposits $ —  $ 30,268  $ —  $ 30,268 
Asset-backed securities —  42,608  —  42,608 
Government debt securities —  1,291,229  —  1,291,229 
Corporate debt securities —  269,860  —  269,860 
Available-for-sale investments —  1,633,965  —  1,633,965 
Total fair value of assets $ 607,092  $ 1,633,965  $ —  $ 2,241,057 
Liabilities measured at fair value
Common stock warrant liabilities (Public) $ 5,126  $ —  $ —  $ 5,126 
Common stock warrant liabilities (Delta) —  —  16,379  16,379 
Warrant liability 5,126  —  16,379  21,505 
Earnout Shares Liability —  —  95,565  95,565 
EBITDA Earnout liability —  —  17,500  17,500 
Total fair value of liabilities $ 5,126  $ —  $ 129,444  $ 134,570 

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):
June 30, 2026
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,268  $ —  $ —  $ —  $ 30,268 
Asset-backed securities 42,605  13  (10) —  42,608 
Government debt securities 1,297,337  10  (6,118) —  1,291,229 
Corporate debt securities 269,956  37  (133) —  269,860 
Total $ 1,640,166  $ 60  $ (6,261) $ —  $ 1,633,965 
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 (61,127) 5,763  4,076 
Fair value as of June 30, 2026 $ 95,565  $ 16,379  $ 17,500