v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jul. 05, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table details the fair value measurements of assets and liabilities that were measured at fair value on a recurring basis based on the following three-tiered fair value hierarchy per ASC 820, Fair Value Measurement, as of July 5, 2026 and December 28, 2025 (in thousands).
Fair Value Measurement using
Level 1Level 2Level 3Total
As of July 5, 2026
Assets:
Cash equivalents:
Money Market Funds$12,853 $— $— $12,853 
Short-term investments:
U.S. Treasuries— 238,346 — 238,346 
Corporate Notes and Debt Securities— 178,392 — 178,392 
U.S. Government Agency Debt Securities— 25,302 — 25,302 
Long-term investments:
U.S. Treasuries— 54,982 — 54,982 
Corporate Notes and Debt Securities— 9,511 — 9,511 
U.S. Government Agency Debt Securities— 9,937 — 9,937 
Total assets measured at fair value$12,853 $516,470 $— $529,323 
Fair Value Measurement using
Level 1Level 2Level 3Total
As of December 28, 2025
Assets:
Cash equivalents:
Money Market Funds$44,279 $— $— $44,279 
Short-term investments:
U.S. Treasuries— 315,581 — 315,581 
Corporate Notes and Debt Securities— 67,134 — 67,134 
U.S. Government Agency Debt Securities— 23,311 — 23,311 
Long-term investments:
U.S. Treasuries— 92,905 — 92,905 
Corporate Notes and Debt Securities— 8,044 — 8,044 
U.S. Government Agency Debt Securities— 5,861 — 5,861 
Total assets measured at fair value$44,279 $512,836 $— $557,115 
Liabilities:
Private Placement Warrants$— $— $6,578 $6,578 
Schedule of Cash Equivalents and Short-term Investments
The following is a summary of cash equivalents and short-term investments (in thousands).
Reported as
Amortized CostUnrealized GainUnrealized LossEstimated Fair ValueCash EquivalentsShort-term InvestmentsLong-term Investments
As of July 5, 2026
Money Market Funds$12,853 $— $— $12,853 $12,853 $— $— 
U.S. Treasuries293,879 — (551)293,328 — 238,346 54,982 
Corporate Notes and Debt Securities188,119 — (216)187,903 — 178,392 9,511 
U.S. Government Agency Debt Securities35,320 — (81)35,239 — 25,302 9,937 
Total$530,171 $— $(848)$529,323 $12,853 $442,040 $74,430 
As of December 28, 2025
Money Market Funds$44,279 $— $— $44,279 $44,279 $— $— 
U.S. Treasuries408,344 142 — 408,486 — 315,581 92,905 
Corporate Notes and Debt Securities75,199 — (21)75,178 — 67,134 8,044 
U.S. Government Agency Debt Securities29,144 28 — 29,172 — 23,311 5,861 
Total$556,966 $170 $(21)$557,115 $44,279 $406,026 $106,810 
Schedule of Changes in Fair Value for Level 3 The following tables summarize the changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs (in thousands).
Private Placement Warrants
Fair value as of December 28, 2025
$6,578 
Change in fair value(6,578)
Fair value as of July 5, 2026
$— 
Private Placement Warrants
Fair value as of December 29, 2024
$28,380 
Change in fair value(9,911)
Fair value as of June 29, 2025
$18,469 
Schedule of Key Assumptions used for determining Fair Value of Private Placement Warrants
The following table summarizes the key assumptions used for determining the fair value of the Private Placement warrants.
Private Placement Warrants Outstanding as of July 5, 2026Private Placement Warrants Outstanding as of December 28, 2025
Expected term (in years)0.00.5
Expected volatility76.3%90.8%
Risk-free interest rate3.7%3.6%
Expected dividend rate0.0%0.0%