v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:
•Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
•Level 2 - Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
•Level 3 - Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.
The Company classifies its cash equivalents and marketable debt securities within Level 1 or Level 2 because they are valued using either quoted market prices or inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded. The Company’s fixed income available-for-sale securities consist of high-quality, investment-grade securities from diverse issuers. The valuation techniques used to measure the fair value of the Company’s marketable debt securities were derived from non-binding market consensus prices that are corroborated by observable market data and quoted market prices for similar instruments.
The Company’s financial liabilities measured at fair value on a recurring basis consist of Level 1 and Level 3 liabilities. The Company’s Public Warrants (as defined in Note 7) were classified within Level 1 because their fair value was determined using quoted market prices. All remaining Public Warrants expired unexercised on August 10, 2026, and no Public Warrant liability remained as of September 30, 2026. The Company classifies the Delta Warrant and Earnout Shares Liability (as defined in Note 7) within Level 3, because they are valued using unobservable inputs that are significant to the fair value measurement. The Delta Warrant and Earnout Shares Liability are measured at fair value on a recurring basis. The EBITDA Earnout liability (as defined in Note 4) was measured at fair value within Level 3 until the performance contingency was resolved on September 1, 2026. The liability was settled on September 8, 2026 (see Note 4). Changes in fair value are recorded in total other income (loss), net in the condensed consolidated statements of operations.
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 September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026
Level 1Level 2Level 3Total
Assets measured at fair value
Money market funds$471,798 $— $— $471,798 
Municipal securities12,013 12,013 
Cash equivalents$471,798 $12,013 $— $483,811 
Term deposits$— $30,580 $— $30,580 
Asset-backed securities— 24,442 — 24,442 
Government debt securities— 1,229,101 — 1,229,101 
Municipal securities— 236,011 — 236,011 
Corporate debt securities— 156,205 — 156,205 
Available-for-sale investments— 1,676,339 — 1,676,339 
Total fair value of assets$471,798 $1,688,352 $— $2,160,150 
Liabilities measured at fair value
Common stock warrant liabilities (Delta)$— $— $12,139 $12,139 
Warrant liability— — 12,139 12,139 
Earnout Shares Liability— — 56,138 56,138 
Total fair value of liabilities$— $— $68,277 $68,277 

December 31, 2025
Level 1Level 2Level 3Total
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 liability56,392 — 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 
The following is a summary of the Company’s available-for-sale securities (in thousands):
September 30, 2026
Cost or Amortized CostUnrealized
Gains
Unrealized
Losses
Allowance for credit lossesFair value
Assets measured at fair value
Term deposits$30,580 $— $— $— $30,580 
Asset-backed securities24,447 — (5)— 24,442 
Government debt securities1,238,761 — (9,660)— 1,229,101 
Municipal securities237,514 2 (1,505)— 236,011
Corporate debt securities156,513 — (308)— 156,205 
Total$1,687,815 $2 $(11,478)$— $1,676,339 
December 31, 2025
Cost or Amortized CostUnrealized
Gains
Unrealized
Losses
Allowance for credit lossesFair value
Assets measured at fair value
Term deposits$30,937 $— $— $— $30,937 
Asset-backed securities93,990 193 — — 94,183 
Government debt securities640,270 902 — — 641,172 
Corporate debt securities400,231 592 (9)— 400,814 
Total$1,165,428 $1,687 $(9)$— $1,167,106 
The weighted-average remaining maturity of the Company’s investment portfolio was less than one year as of the periods presented. No individual security was in a continuous significant unrealized loss position for greater than 12 months. There were no transfers between Level 1, Level 2 or Level 3 financial instruments in the nine months ended September 30, 2026 and 2025.

The following table presents a reconciliation of the beginning and ending balances of the Company’s Level 3 financial liabilities (in thousands). Changes in fair value are recognized within total other income (loss), net in the condensed consolidated statements of operations:
Earnout Shares Liability
Common Stock Warrant Liability (Delta)EBITDA Earnout Liability
Fair value as of January 1, 2026$156,692 $48,486 $13,424 
Change in fair value(100,554)1,523 3,127 
Issuance (Settlement) of liability— (37,870)(16,551)
Balance subject to recurring fair value measurement as of September 30, 2026$56,138 $12,139 $—