v3.25.2
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
2 Months Ended 3 Months Ended
Mar. 31, 2024
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value as of December 31, 2024 $ 821,176 $ 1,002,788 $ 960,483 $ 839,497
Additions 20,084 21,009 21,010 19,175
Change in valuation inputs or other assumptions (1,763) (27,146) 21,295 81,178
Fair Value as of March 31, 2025 839,497 996,651 1,002,788 939,850
Level 1 | Public Warrants        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value as of December 31, 2024 39,962 0 0 37,087
Additions 0 0 0 0
Change in valuation inputs or other assumptions (2,875) 0 0 24,294
Fair Value as of March 31, 2025 37,087 0 0 61,381
Level 2 | Senior Secured Term Loan        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value as of December 31, 2024 761,401 854,552 833,542 771,202
Additions 9,801 21,009 21,010 19,175
Change in valuation inputs or other assumptions 0 0 0 0
Fair Value as of March 31, 2025 771,202 875,561 854,552 790,377
Level 3 | Private Placement Warrants        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value as of December 31, 2024 19,813 92,755 79,263 20,363
Additions 0 0 0 0
Change in valuation inputs or other assumptions 550 (17,325) 13,492 37,839
Fair Value as of March 31, 2025 20,363 75,430 92,755 58,202
Level 3 | Working Capital Warrants        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Fair Value as of December 31, 2024 0 55,481 47,678 10,845
Additions 10,283 0 0 0
Change in valuation inputs or other assumptions 562 (9,821) 7,803 19,045
Fair Value as of March 31, 2025 $ 10,845 $ 45,660 $ 55,481 $ 29,890