Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
 6 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of assets that are measured at fair value on a recurring basis
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
 
    
Quoted Prices in
Active Markets
     
Significant Other
Observable Inputs
     
Significant Other
Unobservable Inputs
  
Description
   
(Level 1)
     
(Level 2)
     
(Level 3)
  
Assets:
                           
Investments held in Trust Account(1)
    $ 690,167,879      $ —        $ —    
Liabilities:
                           
Derivative warrant liabilities – Public Warrants
    $ 56,112,680      $ —        $ —    
Derivative warrant liabilities - Private Warrants
    $ —        $ —        $ 43,825,360  
(1)
Excludes $3,487 in cash.
Summary of Fair Value Measurement Inputs and Valuation Techniques
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of
September 18, 2020
    
As of
September 30, 2020
    
As of
December 31, 2020
  
Stock price
    $ 9.67     $ 11.01     $ 11.56  
Volatility
      22.8 %      22.9 %      40.4 % 
Expected life of the options to convert
      5.75       5.71       5.46  
Risk-free rate
      0.35 %      0.35 %      0.43 % 
Dividend yield
      —         —         —    
Summary of fair value of the derivative warrant liabilities
The change in the fair value of the derivative warrant liabilities for the period from July 3, 2020 (inception) through December 31, 2020 is summarized as follows:
 
Derivative warrant liabilities at July 3, 2020 (inception)
   
$
—  
 
Issuance of Public and Private Warrants
      38,257,890  
Change in fair value of derivative warrant liabilities
      61,680,150  
Derivative warrant liabilities at December 31, 2020
      99,938,040