Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021, by level within the fair value hierarchy:


	Fair Value Measured as of June 30, 2022
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)

Assets:
Investments held in Trust Account— U.S. Treasury Securities (1)	$	576,162,659	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public warrants	$	630,580	$	—	$	—
Derivative warrant liabilities—Private warrants	$	—	$	—	$	352,050


	Fair Value Measured as of December 31, 2021
Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Investments held in Trust Account Money Market Funds (1)	$	575,487,805	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public warrants	$	23,812,670	$	—	$	—
Derivative warrant liabilities—Private warrants	$	—	$	—	$	28,660,780

Summary of fair value of the derivative warrant liabilities

The change in the fair value of the derivative warrant liabilities, measured using level 3 inputs June 30, 2022 and 2021 is summarized as follows:


Derivative warrant liabilities—Level 3, at December 31, 2021	$	28,660,780
Change in fair value of derivative warrant liabilities		(611,310	)

Derivative warrant liabilities—Level 3, at March 31, 2022		28,049,470
Change in fair value of derivative warrant liabilities		(27,697,420	)

Derivative warrant liabilities—Level 3, at June 30, 2022	$	352,050


Derivative warrant liabilities—Level 3, at December 31, 2020	$	22,003,330
Change in fair value of derivative warrant liabilities		(8,514,330	)

Derivative warrant liabilities—Level 3, at March 31, 2021	$	13,489,000
Change in fair value of derivative warrant liabilities		(3,061,330	)

Derivative warrant liabilities—Level 3, at June 30, 2021	$	10,427,670

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs for the Company’s Private Placement Warrants at their measurement dates:


	As of June 30, 2022			As of December 31, 2021
Exercise price	$	11.50		$	11.50
Volatility		2.0	%		17.6	%
Stock price	$	9.96		$	9.92
Time to M&A		0.13			0.25
Risk-free rate		1.41	%		1.28	%
Dividend yield		0.0	%		0.0	%