Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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):

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market mutual funds included in cash and cash equivalents	$	192,921	$	—	$	—	$	192,921
Equity investment	1,350		—		—		1,350
Total fair value	$	194,271	$	—	$	—	$	194,271
Liabilities included in:
2025 senior secured convertible notes	$	—	$	—	$	564,386	$	564,386
Total fair value	$	—	$	—	$	564,386	$	564,386

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets included in:
Money market mutual funds included in cash and cash equivalents	$	601,045	$	—	$	—	$	601,045
Equity investment	3,140		—		—		3,140
Total fair value	$	604,185	$	—	$	—	$	604,185

Schedule of Financial Instruments Carried at Fair Value

The following table summarizes financial instruments carried at fair value for the year ended December 31, 2023 (in thousands):

	2025 Notes, at fair value
Fair value - December 31, 2022	$	—
Initial recognition of 2025 Notes	450,000
Conversion of 2025 Notes to Class A Common Stock	(213,437)
Fair value measurement adjustments	327,823
Fair value - December 31, 2023	$	564,386

A reconciliation of the beginning and ending balances for the 2025 Notes, which are measured at fair value is as follows for the year ended December 31, 2023 (in thousands):

	2025 Notes, at fair value
Fair value - December 31, 2022	$	—
Initial recognition of 2025 Notes	450,000
Conversion of 2025 Notes to Class A Common Stock	(213,437)
Fair value measurement adjustments	327,823
Fair value - December 31, 2023	$	564,386