Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present financial assets and liabilities remeasured on a recurring basis by level within the fair value hierarchy (dollars in thousands):

	December 31, 2022
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	26,008
Private warrants	—		—		52
Bridge warrants	—		—		95,130

	December 31, 2021
	Level 1		Level 2		Level 3
Liabilities:
Notes payable	$	—	$	—	$	161,282
Private warrants	—		—		642
Obligation to issue registered shares of Class A Common Stock	—		—		12,635

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes financial instruments carried at fair value for the year ended December 31, 2022 (dollars in thousands):

	Bridge Warrants		Notes Payable, Ares		Notes Payable, Bridge		Notes Payable, ATW NPA		Private Warrants		Obligation to issue Registered Shares of Class A Common Stock
Balance as of December 31, 2021	$	—	$	87,619	$	—	$	73,663	$	642	$	12,635
Additions (1)	9,938		—		82,000		—		—		—
Payment of transaction costs	—		—		(3,834)		—		—		—
Changes in fair value measurements	85,192		(554)		(20,874)		(5,466)		(326)		—
Payments of notes payable	—		(87,065)		—		—		—		—
Conversions of notes to Common Stock	—		—		(31,284)		(68,197)		—		—
Reclassification of Private Warrants to Public Warrants	—		—		—		—		(264)		—
Reclassification of obligation to issue registered shares upon adoption of ASC 2020-06	—		—		—				—		(12,635)
Balance as of December 31, 2022	$	95,130	$	—	$	26,008	$	—	$	52	$	—

(1) Additions during the year ended December 31, 2022 included non-cash conversion of $9.9 million Bridge warrants, which was charged to Change in fair value measurements in the Consolidated Statements of Operations for the year ended December 31, 2022, and cash contribution of $82.0 million to note payable, which was reduced by the original issuance discount of $8.2 million, resulting in a net cash contribution of $73.8 million.

The following table summarizes financial instruments carried at fair value (dollars in thousands) for the year ended December 31, 2021:

	Related Party Notes Payable at Fair Value		Notes Payable at Fair Value		The9 Conditional Obligation		Private Warrants		Obligation to issue Registered Shares of Class A Common Stock
Balance as of December 31, 2020	$	32,949	$	59,742	$	1,128	$	—	$	—
Proceeds, net of original issuance discount	—		171,929		—		—		—
Original issue discount (1)	—		11,860		—		—		—
Proceeds allocated to equity classified warrants	—		(17,596)		—		—		—
Issuance of warrant liabilities	—		—		—		290		—
Transaction costs and consent fees charged to interest expense	—		5,022		—		—		—
Private warrant liability and obligation to issue registered shares assumed in Business Combination	—		—		—		2,152		32,900
Changes in fair value measurements	163		31,008		1,735		(1,800)		(20,265)
Repayment of principal and liquidation premium	(27,593)		(48,210)		—		—		—
Conversion of principal and liquidation premium to equity	(5,519)		(52,473)		(2,863)		—		—
Reclassification of warrant liability to equity	—		—		—		—		—
Balance as of December 31, 2021	$	—	$	161,282	$	—	$	642	$	12,635

(1) Original issue discount represents the amount withheld by the note payable holder upon issuance of the note which will be paid, in addition to the full note payable principal, to the lender upon maturity of the notes payable. The original issue discount is included in Change in Fair Value Measurements on the Consolidated Statements of Operations and Comprehensive Loss.