Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of fair value measurements on a recurring basis and the level of inputs

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


		Fair Value Measured as of
		June 30, 2025
		Level 1				Level 2				Level 3				Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)		$	143,512			$	—			$	—			$	143,512
Total cash, cash equivalents and restricted cash		$	143,512			$	—			$	—			$	143,512
Short-term investments:
Corporate notes and bonds			—				3,467				—				3,467
US government and agency			—				403,317				—				403,317
Total short-term investments		$	—			$	406,784			$	—			$	406,784
Long-term investments:
US government and agency			—				109,902				—				109,902
Total long-term investments		$	—			$	109,902			$	—			$	109,902
Total assets		$	143,512			$	516,686			$	—			$	660,198
Liabilities
Public warrants		$	58,042			$	—			$	—			$	58,042


		Fair Value Measured as of
		December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets
Cash, cash equivalents and restricted cash:
Cash and money market funds(1)		$	33,204			$	—			$	—			$	33,204
US government and agency			—				23,636				—				23,636
Total cash, cash equivalents and restricted cash		$	33,204			$	23,636			$	—			$	56,840
Short-term investments:
Corporate notes and bonds			—				43,868				—				43,868
US government and agency			—				242,028				—				242,028
Total short-term investments		$	—			$	285,896			$	—			$	285,896
Long-term investments:
Corporate notes and bonds			—				1,924				—				1,924
US government and agency			—				21,621				—				21,621
Total long-term investments		$	—			$	23,545			$	—			$	23,545
Total assets		$	33,204			$	333,077			$	—			$	366,281
Liabilities
Public warrants		$	70,688			$	—			$	—			$	70,688

(1)

Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.