Quarterly report pursuant to Section 13 or 15(d)

Derivative Liabilities (Tables)

v3.24.3
Derivative Liabilities (Tables)
 9 Months Ended
Sep. 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 September 30,
2024		 December 31,
2023
Public warrants
 Level 1 $ 10  $ 6 
Private placement warrants
 Level 2 7  4 
Common stock warrants 17  10 
Earnout share liabilities Level 3 22  14 
Total derivative liabilities
 $ 39  $ 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
September 30,
2024		 December 31,
2023
Risk-free interest rates
 3.7  % 3.9  %
Expected term (in years)
 7.1  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
September 30,		 Nine Months Ended
September 30,
2024 2023 2024 2023
Common stock warrants
 $ (13) $ 3  $ (7) $ (4)
Earnout share liabilities
 (15) 2  (8) (3)
Change in fair value of derivative liabilities
 $ (28) $ 5  $ (15) $ (7)