Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities at Fair Value

The following tables provide the fair value measurement hierarchy of our assets and liabilities:


As of June 30, 2026	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
OS equity investment	$	—	$	14,952	$	—
Liabilities
$8.63 Warrants liability	$	10,647	$	—	$	—
PIPE Warrant liability	—		—		1,133
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		21,757
Total Warrant Liabilities	$	10,647	$	—	$	22,890
Sponsor Earnout liability	$	—	$	—	$	3,663
Secured Convertible Notes	$	—	$	—	$	89,730


As of December 31, 2025	Fair value measurement using
Financial instruments	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Liabilities
$8.63 Warrants liability	$	2,105	$	—	$	—
PIPE Warrant liability	—		—		186
Liberty Warrants and Liberty Advisory Fee Warrant liability	—		—		3,527
Total Warrant Liabilities	$	2,105	$	—	$	3,713
Sponsor Earnout Liability	$	—	$	—	$	554
Secured Convertible Notes	$	—	$	—	$	56,110

Summary of Changes in the Fair Value of Level 3 Assets

Changes in the fair value of Level 3 assets during the six months ended June 30, 2025 were as follows:


	OS warrants
At December 31, 2024	$	322
Remeasurement gain/(loss)(1)	236
Foreign currency translation adjustment	$	91
At June 30, 2025	$	649

(1) Recognized in the Condensed Consolidated Statements of Operations and Comprehensive Loss as change in fair value of financial instruments for the three months ended June 30, 2025.

Summary of Changes in the Fair Value of Level 3 Liabilities

Changes in the fair value of Level 3 liabilities during the six months ended June 30, 2026 and 2025 were as follows:


	Liberty Warrants and Liberty Advisory Fee Warrant			PIPE Warrant			Sponsor Earnout			Secured Convertible Notes
At December 31, 2024	$	8,012		$	471		$	1,501		$	79,070

Interest payments	—			—			—			(1,670)
Remeasurement (gain)/loss(1)	1,675			50			353			20,310


At June 30, 2025	$	9,687		$	521		$	1,854		97,710

At December 31, 2025	$	3,527		$	186		$	554		$	56,110

Interest payments	—			—			—			(1,490)
Partial conversion to Class A common stock	—		—	—		—	—		—	(78,450)		—
Remeasurement (gain)/loss(1)	18,230			947			3,109			113,560


At June 30, 2026	$	21,757		$	1,133		$	3,663		$	89,730

(1) Recognized in Change in fair value of financial instruments of the Condensed Consolidated Statements of Operations and Comprehensive Loss as change in fair value of financial instruments for the six months ended June 30, 2026 and 2025, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details