| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables set forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets measured at fair value | | | | | | | | | Money market funds | $ | 607,092 | | | $ | — | | | $ | — | | | $ | 607,092 | | | Cash equivalents | $ | 607,092 | | | $ | — | | | $ | — | | | $ | 607,092 | | | Term deposits | $ | — | | | $ | 30,268 | | | $ | — | | | $ | 30,268 | | | Asset-backed securities | — | | | 42,608 | | | — | | | 42,608 | | | Government debt securities | — | | | 1,291,229 | | | — | | | 1,291,229 | | | Corporate debt securities | — | | | 269,860 | | | — | | | 269,860 | | | Available-for-sale investments | — | | | 1,633,965 | | | — | | | 1,633,965 | | | Total fair value of assets | $ | 607,092 | | | $ | 1,633,965 | | | $ | — | | | $ | 2,241,057 | | | | | | | | | | | Liabilities measured at fair value | | | | | | | | | Common stock warrant liabilities (Public) | $ | 5,126 | | | $ | — | | | $ | — | | | $ | 5,126 | | | Common stock warrant liabilities (Delta) | — | | | — | | | 16,379 | | | 16,379 | | | Warrant liability | 5,126 | | | — | | | 16,379 | | | 21,505 | | | Earnout Shares Liability | — | | | — | | | 95,565 | | | 95,565 | | | EBITDA Earnout liability | — | | | — | | | 17,500 | | | 17,500 | | | Total fair value of liabilities | $ | 5,126 | | | $ | — | | | $ | 129,444 | | | $ | 134,570 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets measured at fair value | | | | | | | | | Money market funds | $ | 218,080 | | | $ | — | | | $ | — | | | $ | 218,080 | | | Cash equivalents | $ | 218,080 | | | $ | — | | | $ | — | | | $ | 218,080 | | | Term deposits | $ | — | | | $ | 30,937 | | | $ | — | | | $ | 30,937 | | | Asset-backed securities | — | | | 94,183 | | | — | | | 94,183 | | | Government debt securities | — | | | 641,172 | | | — | | | 641,172 | | | Corporate debt securities | — | | | 400,814 | | | — | | | 400,814 | | | Available-for-sale investments | — | | | 1,167,106 | | | — | | | 1,167,106 | | | Total fair value of assets | $ | 218,080 | | | $ | 1,167,106 | | | $ | — | | | $ | 1,385,186 | | | | | | | | | | | Liabilities measured at fair value | | | | | | | | | Common stock warrant liabilities (Public) | $ | 56,392 | | | $ | — | | | $ | — | | | $ | 56,392 | | | Common stock warrant liabilities (Delta) | — | | | — | | | 48,486 | | | 48,486 | | | Warrant liability | 56,392 | | | — | | | 48,486 | | | 104,878 | | | Earnout Shares Liability | — | | | — | | | 156,692 | | | 156,692 | | | EBITDA Earnout liability | — | | | — | | | 13,424 | | | 13,424 | | | Total fair value of liabilities | $ | 56,392 | | | $ | — | | | $ | 218,602 | | | $ | 274,994 | |
|
| Summary of Debt Securities, Available-for-sale |
The following is a summary of the Company’s available-for-sale securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Cost or Amortized Cost | | Unrealized
Gains | | Unrealized Losses | | Allowance for credit losses | | Fair value | | Assets measured at fair value | | | | | | | | | | | Term deposits | $ | 30,268 | | | $ | — | | | $ | — | | | $ | — | | | $ | 30,268 | | | Asset-backed securities | 42,605 | | | 13 | | | (10) | | | — | | | 42,608 | | | Government debt securities | 1,297,337 | | | 10 | | | (6,118) | | | — | | | 1,291,229 | | | Corporate debt securities | 269,956 | | | 37 | | | (133) | | | — | | | 269,860 | | | Total | $ | 1,640,166 | | | $ | 60 | | | $ | (6,261) | | | $ | — | | | $ | 1,633,965 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Cost or Amortized Cost | | Unrealized
Gains | | Unrealized Losses | | Allowance for credit losses | | Fair value | | Assets measured at fair value | | | | | | | | | | | Term deposits | $ | 30,937 | | | $ | — | | | $ | — | | | $ | — | | | $ | 30,937 | | | Asset-backed securities | 93,990 | | | 193 | | | — | | | — | | | 94,183 | | | Government debt securities | 640,270 | | | 902 | | | — | | | — | | | 641,172 | | | Corporate debt securities | 400,231 | | | 592 | | | (9) | | | — | | | 400,814 | | | Total | $ | 1,165,428 | | | $ | 1,687 | | | $ | (9) | | | $ | — | | | $ | 1,167,106 | |
|
| Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table sets forth a summary of the change in the fair value, which is recognized as a component of total other income (loss), net within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands): | | | | | | | | | | | | | | | | | | | Earnout Shares Liability | | Common Stock Warrant Liability (Delta) | | EBITDA Earnout Liability | | Fair value as of January 1, 2026 | $ | 156,692 | | | $ | 48,486 | | | $ | 13,424 | | | Issuance (Settlement) of liability | — | | | (37,870) | | | — | | | Change in fair value | (61,127) | | | 5,763 | | | 4,076 | | | Fair value as of June 30, 2026 | $ | 95,565 | | | $ | 16,379 | | | $ | 17,500 | | | | | | | |
|