Quarterly report [Sections 13 or 15(d)]

Derivative Liabilities (Tables)

v3.25.1
Derivative Liabilities (Tables)
3 Months Ended
Mar. 31, 2025
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,
2025
December 31,
2024
Public warrants
Level 1 $ 17  $ 13 
Private placement warrants
Level 2 12 
Common stock warrants 29  22 
Earnout share liabilities Level 3 28  26 
Total derivative liabilities
$ 57  $ 48 
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,
2025
December 31,
2024
Risk-free interest rates
4.1  % 4.5  %
Expected term (in years)
6.6  6.8 
Expected volatility 64.0  % 64.0  %
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,
2025 2024
Common stock warrants
$ (7) $
Earnout share liabilities
(2)
Change in fair value of derivative liabilities
$ (9) $ 12