Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026
Level 1 Level 2 Level 3 Total
Assets measured at fair value
Money market funds $ 471,798  $ —  $ —  $ 471,798 
Municipal securities 12,013  12,013 
Cash equivalents $ 471,798  $ 12,013  $ —  $ 483,811 
Term deposits $ —  $ 30,580  $ —  $ 30,580 
Asset-backed securities —  24,442  —  24,442 
Government debt securities —  1,229,101  —  1,229,101 
Municipal securities —  236,011  —  236,011 
Corporate debt securities —  156,205  —  156,205 
Available-for-sale investments —  1,676,339  —  1,676,339 
Total fair value of assets $ 471,798  $ 1,688,352  $ —  $ 2,160,150 
Liabilities measured at fair value
Common stock warrant liabilities (Delta) $ —  $ —  $ 12,139  $ 12,139 
Warrant liability —  —  12,139  12,139 
Earnout Shares Liability —  —  56,138  56,138 
Total fair value of liabilities $ —  $ —  $ 68,277  $ 68,277 

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):
September 30, 2026
Cost or Amortized Cost Unrealized
Gains
Unrealized
Losses
Allowance for credit losses Fair value
Assets measured at fair value
Term deposits $ 30,580  $ —  $ —  $ —  $ 30,580 
Asset-backed securities 24,447  —  (5) —  24,442 
Government debt securities 1,238,761  —  (9,660) —  1,229,101 
Municipal securities 237,514  2  (1,505) —  236,011
Corporate debt securities 156,513  —  (308) —  156,205 
Total $ 1,687,815  $ 2  $ (11,478) $ —  $ 1,676,339 
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 presents a reconciliation of the beginning and ending balances of the Company’s Level 3 financial liabilities (in thousands). Changes in fair value are recognized within total other income (loss), net in the condensed consolidated statements of operations:
Earnout Shares Liability
Common Stock Warrant Liability (Delta) EBITDA Earnout Liability
Fair value as of January 1, 2026 $ 156,692  $ 48,486  $ 13,424 
Change in fair value (100,554) 1,523  3,127 
Issuance (Settlement) of liability —  (37,870) (16,551)
Balance subject to recurring fair value measurement as of September 30, 2026 $ 56,138  $ 12,139  $ —