v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of March 31, 2026
As of December 31, 2025
DescriptionLevel 1Level 2Level 3Level 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$790.2 $— $— $883.3 $— $— 
Short-term investments:
U.S. Treasuries
601.3 — — 703.8 — — 
Corporate debt securities
— 223.5 — — 239.4 — 
Other current assets
Option to acquire FBO
— — 44.8 — — 44.8 
Total assets measured at fair value
$1,391.5 $223.5 $44.8 $1,587.1 $239.4 $44.8 
Liabilities:
Warrant liabilities
Public warrants
$4.9 $— $— $19.9 $— $— 
Private placement warrants
— — 2.2 — — 10.0 
Total liabilities measured at fair value
$4.9 $— $2.2 $19.9 $— $10.0 
Schedule of Cash, Cash Equivalents and Short-term Investments
The following table presents a summary of the Company’s cash equivalents and short-term investments as of March 31, 2026 (in millions):
As of March 31, 2026
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$790.2 $— $— $790.2 
Short-term investment
U.S. Treasuries
603.4 — (2.1)601.3 
Corporate debt securities
224.5 — (1.0)223.5 
Total$1,618.1 $— $(3.1)$1,615.0 
The following table presents a summary of the Company’s cash equivalents and short-term investments as of December 31, 2025 (in millions):
As of December 31, 2025
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash and cash equivalents:
Money market funds$883.3 $— $— $883.3 
Short-term investment
U.S. Treasuries
704.6 — (0.8)703.8 
Corporate debt securities
239.9 — (0.5)239.4 
Total$1,827.8 $— $(1.3)$1,826.5 
Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows:
InputMarch 31,
2026		December 31,
2025
Stock price$5.17$7.52 
Strike price$11.50$11.50
Term (in years)0.460.71
Risk-free rate3.7 %3.5 %
Volatility97.1 %89.1 %
Dividend yield0.0 %0.0 %
The key inputs into the Black-Scholes model for the option to acquire FBO business are as follows:
As of
InputMarch 31,
2026		December 8,
2025
Strike price (in millions)
$25.0 $25.0 
Term (in years)0.01
0.2
Risk-free rate3.7 %3.8 %
Volatility64.0 %50.0 %
Dividend yield0.0 %0.0 %
Schedule of Change in Fair Value of Private Placement Warrants
The following table presents the change in fair value of the Company’s Level 3 private placement warrants liability during the three months ended March 31, 2026 (in millions):

Balance as of December 31, 2025
10.0 
Change in fair value(7.8)
Balance as of March 31, 2026
$2.2