Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets and Laibilities Measured at Fair Value

The following table presents the Company’s fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:

As of June 30, 2021

	Level 1		Level 2		Level 3		Total
Assets held in trust account U.S. Treasury Securities	$	500,014,112	$	—	$	—	$	500,014,112
Liabilities:
Warrant liabilities
Public Warrants	$	33,335,500	$	—	$	—	$	33,335,500
Private Placement Warrants		—		—		44,945,849		44,945,849
Total warrant liabilities	$	33,335,500	$	—	$	44,945,849	$	78,281,349
FPA liability	$	—	$	—	$	43,723,743	$	43,723,743

As of December 31, 2020

	Level 1		Level 2		Level 3		Total
Liabilities:
Warrant liabilities
Public Warrants	$	54,202,500	$	—	$	—	$	54,202,500
Private Placement Warrants	$	—		—		48,677,457		48,677,457
Total warrant liabilities	$	54,202,500	$	—	$	48,677,457	$	102,879,957
FPA liability	$	54,310,054	$	—	$	—	$	54,310,054

Summary of Reconciliation of Warrant Liabilities Measured at Fair Value

Input	June 30, 2021 (Unaudited)			December 31, 2020
Risk-free interest rate		0.87	%		0.36	%
Expected term (years)		5.00			5.00
Expected volatility		36.4	%		35.0	%
Exercise price	$	11.50		$	11.50
Fair value of Class A ordinary shares	$	11.70		$	12.86

The following table presents a summary of the changes in the fair value of the Private Placement Warrants, a Level 3 liability, measured on a recurring basis.

	Private Placement
Fair value as of December 31, 2020	$	48,677,457
Change in valuation inputs or other assumptions(1)		(3,731,608	)
Fair value as of June 30, 2021	$	44,945,849

(1) Represents the non-cash gain on the change in valuation of the Private Placement Warrants and is included in Gain on change in fair value of warrant liability in the unaudited condensed statement of operations.

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

FPA Liability

The liability for the FPAs were valued using a discounted cash flows method, which is considered to be a Level 3 fair value measurement. Under the discounted cash flow method utilized, the aggregate commitment of $200 million pursuant to the FPAs is discounted to present value and compared to the fair value of the ordinary shares and warrants to be issued pursuant to the FPAs. The fair value of the ordinary shares and warrants to be issued under the FPAs are based on the public trading price of the Units issued in the Company’s IPO. The excess (liability) or deficit (asset) of the fair value of the ordinary shares and warrants to be issued compared to the $200 million fixed commitment is then reduced to account for the probability of consummation of the Business Combination. The primary unobservable input utilized in determining the fair value of the FPAs is the probability of consummation of the Business Combination. As of June 30, 2021, the probability assigned to the consummation of the Business Combination was 95% which was determined based on an observed success rates of business combinations for special purpose acquisition companies.

FPA Liability [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Reconciliation of Warrant Liabilities Measured at Fair Value

The following table presents a summary of the changes in the fair value of the FPA liability, a Level 3 liability, measured on a recurring basis.

	FPA Liability
Fair value as of December 31, 2020	$	54,310,054
Change in valuation inputs or other assumptions(1)		(10,586,311	)
Fair value as of June 30, 2021	$	43,723,743

(1) Represents the non-cash gain on the change in valuation of the FPA liability and is included in Gain on change in fair value of FPA liability in the unaudited condensed statement of operations