Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities (Tables)

v3.24.2
Derivative Liabilities (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
2024		 December 31,
2023
Public warrants
 Level 1 $ 2  $ 6 
Private placement warrants
 Level 2 2  4 
Common stock warrants 4  10 
Earnout share liabilities Level 3 7  14 
Total derivative liabilities
 $ 11  $ 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
June 30,
2024		 December 31,
2023
Risk-free interest rates
 4.3  % 3.9  %
Expected term (in years)
 7.3  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
June 30,		 Six Months Ended
June 30,
2024 2023 2024 2023
Common stock warrants
 $ 1  $ (6) $ 6  $ (7)
Earnout share liabilities
 —  (4) 7  (5)
Change in fair value of derivative liabilities
 $ 1  $ (10) $ 13  $ (12)