Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

	Fair Value Measured as of December 31, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market funds included in cash and cash equivalents	$	1,191,079	$	—	$	—	$	1,191,079
Total fair value	$	1,191,079	$	—	$	—	$	1,191,079
Liabilities included in:
Derivative liabilities – public and private warrants	$	—	$	—	$	—	$	—
Total fair value	$	—	$	—	$	—	$	—

	Fair Value Measured as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market funds included in cash and cash equivalents	$	987,728	$	—	$	—	$	987,728
Total fair value	$	987,728	$	—	$	—	$	987,728
Liabilities included in:
Derivative liabilities – public and private warrants	$	90,487	$	—	$	47,615	$	138,102
Total fair value	$	90,487	$	—	$	47,615	$	138,102

Schedule of Quantitative Information Regarding Fair Value Measurements

The significant assumptions in the option pricing simulation of a Black Scholes valuation model which the Company used to determine the fair value of the private warrants are:

	December 31, 2020			October 29 2020
Stock price	$	14.65		$	8.96
Exercise price	$	11.50		$	11.50
Expected warrant term	4.8			5.0
Volatility	32.00		%	40.75		%
Risk-free interest rate	0.36		%	0.38		%
Dividend yield	0.00		%	0.00		%
Monte Carlo simulation number of iterations	100,000			100,000
Negotiated discount (1)	7.00		%	7.00		%

(1)"Negotiated discount" is an estimated marketability discount assuming a market participant would negotiate a discount by referring to the quoted price for a public warrant.

Schedule of Changes in Level 3 Liability Measured at Fair Value

The reconciliation of changes in Level 3 measurements of the private warrants is as follows:

Balance as of December 31, 2020	$	47,615
Change in fair value	63,526
Cashless exercise of warrants	(111,141)
Balance as of December 31, 2021	$	—

The following table presents changes in Level 3 liabilities measured at fair value for the year ended December 31, 2020 (in thousands):

	Private warrants derivative liability		Convertible Equity Security		Embedded derivative in bridge notes		Total
Balance, December 31, 2019	$	—	$	—	$	1,325	$	1,325
Merger recapitalization	21,715		—		—		21,715
Issuance of bridge notes	—		—		1,934		1,934
Issuance of convertible equity security	—		50,000		—		50,000
Change in fair value	25,900		9,647		406		35,953
Settlement of bridge notes and convertible equity security	—		(59,647)		(3,665)		(63,312)
Balance, December 31, 2020	$	47,615	$	—	$	—	$	47,615