Registration of securities issued in business combination transactions

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of assets that are measured at fair value on a recurring basis
Description
   
Quoted Prices in
Active Markets
(Level 1)
     
Significant
Other
Observable
Inputs
(Level 2)
     
Significant
Other
Unobservable
Inputs
(Level 3)
  
Assets:
                           
Investments held in Trust Account – U.S. Treasury Securities Money Market Fund
    $ 977,543,775      $ —        $ —    
Liabilities:
                           
Derivative warrant liabilities – public warrants
    $ 22,008,700      $ —        $ —  
Derivative warrant liabilities – private warrants
    $ —        $ —        $ 16,905,970  
Summary of fair value measurement inputs and valuation techniques
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of
June 30,
2021
  
Stock price
    $ 9.89  
Volatility
      22.8 % 
Expected life of the options to convert
      6.21  
Risk-free rate
      1.07 % 
Dividend yield
      —    
Summary of fair value of the derivative warrant liabilities
The change in the fair value of the Level 3 derivative warrant liabilities for three months ended June 30, 2021 is summarized as follows:
 
    
Public
Warrants
     
Private
Warrants
     
Total
  
Derivative warrant liabilities at December 31, 2020
    $ —        $ —        $ —    
Issuance of derivative warrant liabilities
      19,769,110        15,391,590        35,160,700  
Transfer of Public Warrants to Level 1
      (22,008,700 )       —          (22,008,700 ) 
Change in fair value of derivative warrant liabilities
      2,239,590        1,514,380        3,753,970  
    
 
 
     
 
 
     
 
 
  
Derivative warrant liabilities at June 30, 2021
    $ —        $ 16,905,970      $ 16,905,970