FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following table presents information about the Company’s financial assets and financial liabilities that are measured at fair value as of December 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets, at fair value
Investments held in Trust Account:	$	1,000,284,779	$	—	$	—
Liabilities, at fair value
Public Warrants	$	17,822,000	$	—	$	—
Private Placement Warrants	$	—	$	—	$	13,882,522

Fair Value Measurement Inputs and Valuation Techniques

The key inputs into the modified Black-Scholes model for the Public Warrants were as follows at initial measurement:

	As of February 4, 2021
Exercise price	$	11.50
Stock price	$	9.69
Term (in years)	5.00
Volatility	25.00		%
Risk-free interest rate	0.75		%
Dividend yield	—		%

The fair value of the Private Placement Warrants was estimated at initial measurement and at December 31, 2021 using the Black-Scholes option pricing model and the following assumptions:

	As of December 31, 2021			As of February 4, 2021
Exercise price	$	11.50		$	11.50
Stock price	$	9.74		$	9.69
Term (in years)	5.00			5.00
Volatility	15.00		%	25.00		%
Risk-free interest rate	1.26		%	0.75		%
Dividend yield	—		%	—		%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The change in the fair value of the Level 3 warrant liabilities for the year ended December 31, 2021 is summarized as follows:

Warrant liabilities at January 1, 2021	$	—
Issuance of Public and Private Placement Warrants	55,407,948
Transfer of Public Warrants to Level 1	(17,500,000)
Change in fair value recognized in earnings	(24,025,426)
Warrant liabilities, December 31, 2021	$	13,882,522