Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):


	As of June 30, 2026						As of December 31, 2025
Description	Level 1		Level 2		Level 3			Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	712.6	$	—	$	—		$	883.3	$	—	$	—
Short-term investments:
U.S. Treasuries	499.9		—		—			703.8		—		—
Corporate debt securities	—		208.0		—			—		239.4		—
Other current assets
Option to acquire FBO	—		—		—			—		—		44.8
Total assets measured at fair value	$	1,212.5	$	208.0	$	—		$	1,587.1	$	239.4	$	44.8

Liabilities:
Warrant liabilities
Public warrants	$	2.1	$	—	$	—		$	19.9	$	—	$	—
Private placement warrants	—		—		0.9			—		—		10.0
Total liabilities measured at fair value	$	2.1	$	—	$	0.9		$	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 June 30, 2026 (in millions):


	As of June 30, 2026
Description	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Money market funds	$	712.6	$	—	$	—	$	712.6
Short-term investment
U.S. Treasuries	502.9		—		(3.0)		499.9
Corporate debt securities	209.3		—		(1.3)		208.0
Total	$	1,424.8	$	—	$	(4.3)	$	1,420.5

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
Description	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair 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:


Input	June 30, 2026			December 31, 2025
Stock price	$	4.73		$	7.52
Strike price	$	11.50		$	11.50
Term (in years)	0.21			0.71
Risk-free rate	3.8		%	3.5		%
Volatility	127.7		%	89.1		%
Dividend yield	0.0		%	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 six months ended June 30, 2026 (in millions):




Balance as of December 31, 2025	10.0
Change in fair value	(9.1)
Balance as of June 30, 2026	$	0.9