Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

2022 LTIP [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of share options valuation assumptions

	2022
Expected term—years (1)	2.5 – 5.1
Current share value		1.23
Expected volatility (2)	59.6% - 63.5%
Risk-free interest rate (3)	3.8% - 4.2%
Dividend yield (4)		0	%

Schedule of share option activity

The Company’s share option activity for the year ended December 31, 2022 was as follows:

	Number of share options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual life (years)		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2021		—		—
Issued		15,750,000	£	0.0001
Exercised		—		—
Cancelled/Forfeited		—		—
Outstanding as of December 31, 2022		15,750,000	£	0.0001		6.5	$	19.2
Vested and exercisable		5,700,000	£	0.0001		5	$	7.0
Vested and expected to vest		15,750,000	£	0.0001		6.5	$	19.2

2023 LTIP [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of share options valuation assumptions

	2023
Expected term—years (1)	1 – 5.1
Current share value	$	0.10
Expected volatility (2)	59.6% - 63.5%
Risk-free interest rate (3)	3.8% - 4.2%
Dividend yield (4)		0	%

(1)The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the end of the vesting term and the contractual period to exercise.

(2)Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities.

(3)Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date.

The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future.

Schedule of share option activity

The Company’s share option activity for the year ended December 31, 2023 was as follows:

	Number of share options		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual life (years)		Aggregate Intrinsic Value (In millions)
Outstanding as of December 31, 2022		15,750,000	£	0.0001		6.5	$	19.2
Issued		49,305,537	£	0.0001		5.9		4.9
Exercised		—		—
Cancelled/Forfeited		—		—
Outstanding as of December 31, 2023		65,055,537	£	0.0001		5.5	$	24.1
Vested and exercisable		11,600,000	£	0.0001		5	$	13.9
Vested and expected to vest		65,055,537	£	0.0001		6.5	$	24.1