| 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 September 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets measured at fair value | | | | | | | | | Money market funds | $ | 471,798 | | | $ | — | | | $ | — | | | $ | 471,798 | | | Municipal securities | | | 12,013 | | | | | 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 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 | |
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| Summary of Debt Securities, Available-for-sale |
The following is a summary of the Company’s available-for-sale securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Cost or Amortized Cost | | Unrealized
Gains | | Unrealized Losses | | Allowance for credit losses | | Fair value | | Assets measured at fair value | | | | | | | | | | | Term deposits | $ | 30,580 | | | $ | — | | | $ | — | | | $ | — | | | $ | 30,580 | | | Asset-backed securities | 24,447 | | | — | | | (5) | | | — | | | 24,442 | | | Government debt securities | 1,238,761 | | | — | | | (9,660) | | | — | | | 1,229,101 | | | Municipal securities | 237,514 | | | 2 | | | (1,505) | | | — | | | 236,011 | | Corporate debt securities | 156,513 | | | — | | | (308) | | | — | | | 156,205 | | | Total | $ | 1,687,815 | | | $ | 2 | | | $ | (11,478) | | | $ | — | | | $ | 1,676,339 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
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 | | | $ | — | | | | | | | |
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