Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

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

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at September 30, 2021, including the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.

Description	Level	September 30, 2021
Assets:
Marketable securities held in Trust Account	1	$	416,354,760
Liabilities:
Derivative liability – Class K Founder Shares	3	$	10,300,000

Fair Value Measurement Inputs and Valuation Techniques

The key inputs into the Monte-Carlo simulation model for Class K common stock were as follows as of the issuance date and as of June 30, 2021:

Input	January 29, 2021 (Inception)			June 30, 2021
Risk-free interest rate	1.16		%	1.48		%
Term to business combination	0.9 years			0.5 years
Expected volatility	21.0		%	15.0		%
Stock Price	$	10.00		$	9.94

The key inputs into the Monte-Carlo simulation model for Class K Founder Shares derivative liabilities were as follows as of the issuance date and as of September 30, 2021:

Input	January 29, 2021 (Inception)			September 30, 2021
Risk-free interest rate	1.16		%	1.53		%
Term to business combination	0.9 years			0.3 years
Expected volatility	21.00		%	12.50		%
Stock price	$	10.00		$	10.18
Dividend yield	0.00		%	0.00		%

Summary of Changes in the Fair Value Of the Class K Founder Shares Liability

The following table presents a summary of the changes in the fair value of the Class K Founder Shares derivative liabilities, a Level 3 liability, measured on a recurring basis, as of September 30, 2021:

	Class K Founder Shares  Derivative Liabilities
Initial measurement on January 29, 2021	$	36,550,000
Change in fair value of Class K Founder Shares Derivative Liabilities	(22,950,000)
Fair Value, March 31, 2021 (unaudited)	$	13,600,000
Change in fair value of Class K Founder Shares Derivative Liabilities	2,950,000
Fair Value, June 30, 2021 (audited)	$	16,550,000
Change in fair value of Class K Founder Shares Derivative Liabilities	(6,250,000)
Fair Value, September 30, 2021 (unaudited)	$	10,300,000