Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities (Tables)

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Derivative Liabilities (Tables)
3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis
The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions):
As of
Fair value level March 31,
2024
December 31,
2023
Public warrants
Level 1 $ $
Private placement warrants
Level 2
Common stock warrants 10 
Earnout share liabilities Level 3 14 
Total derivative liabilities
$ 12  $ 24 
Schedule of Valuation Inputs of the Earnout Share Liability
The valuation inputs utilized in determining the earnout share liability were as follows:
As of
March 31,
2024
December 31,
2023
Risk-free interest rates
4.1  % 3.9  %
Expected term (in years)
7.6  7.8 
Expected volatility 53.0  % 53.0  %
Schedule of Fair Value of Derivative Liabilities
The components of change in fair value of derivative liabilities were as follows (in millions):
Three Months Ended
March 31,
2024 2023
Common stock warrants
$ $ (1)
Earnout share liabilities
(1)
Change in fair value of derivative liabilities
$ 12  $ (2)