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FAIR VALUE MEASUREMENTS (Tables) | 5 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
|  | Level |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |
Cash and marketable securities held in Trust Account |  |  | 1 |  |  | $ | 320,004,846 |
Liabilities: |  |  |  |  |  |  |  |
Warrant Liability — Public Warrants |  |  | 1 |  |  | $ | 16,106,667 |
Warrant Liability — Private Placement Warrants |  |  | 3 |  |  | $ | 8,456,000 |
Schedule of initial measurement | As of September 30, 2020, the aggregate value of the Private Placement Warrants and Public Warrants was $4.9 million and $9.3 million, respectively.
Input |  | September 30, 2020 |
Risk-free interest rate |  |  | 0.3 | %
Expected term to initial business combination (years) |  |  | 0.6 |
Expected volatility |  |  | 15.0 | %
Exercise price |  | $ | 11.50 |
Fair value of Units |  | $ | 10.14 |
Schedule of fair value on a recurring basis |  |
Description |  | Level |  |  | June 30, 2021 |  |  | December 31, 2020 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and marketable securities held in Trust Account |  |  | 1 |  |  | $ | 320,014,519 |  |  | $ | 320,004,846 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant Liabilities — Public Warrants |  |  | 1 |  |  | $ | 30,240,001 |  |  | $ | 16,106,667 |
Warrant Liabilities — Private Placement Warrants |  |  | 2 |  |  | $ | 15,876,000 |  |  | $ | 8,456,000 |
Schedule of changes in the fair value of warrant liabilities |
|  | Private Placement |  |  | Level |  |  | Public |  |  | Level |  |  | Warrant Liabilities |
Fair value as of July 28, 2020 (inception) |  | $ | — |  |  |  |  |  |  | $ | — |  |  |  |  |  |  | $ | — |
Initial measurement on September 29, 2020 |  |  | 4,373,333 |  |  |  | 3 |  |  |  | 8,200,000 |  |  |  | 3 |  |  |  | 12,573,333 |
Change in valuation inputs or other assumptions |  |  | 266,667 |  |  |  |  |  |  |  | 500,00 |  |  |  |  |  |  |  | 766,667 |
Fair value as of September 30, 2020 |  |  | 4,640,000 |  |  |  | 3 |  |  |  | 8,700,000 |  |  |  | 3 |  |  |  | 13,340,000 |
Change in valuation inputs or other assumptions |  |  | 3,816,000 |  |  |  |  |  |  |  | 7,406,667 |  |  |  |  |  |  |  | 11,222,667 |
Fair value as of December 31, 2020 |  | $ | 8,456,000 |  |  |  | 3 |  |  | $ | 16,106,667 |  |  |  | 1 |  |  | $ | 24,562,667 |
|  | Private Placement |  |  | Public |  |  | Warrant Liabilities |
January 1, 2021 |  | $ | 8,456,000 |  |  | $ | 16,106,667 |  |  | $ | 24,562,667 |
Change in fair value |  |  | 7,420,000 |  |  |  | 14,133,334 |  |  |  | 21,553,334 |
Fair value as of June 30, 2021 |  |  | 15,876,000 |  |  |  | 30,240,001 |  |  |  | 46,116,001 |
Rocket Lab USA, Inc. |  |  |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |  | As of June 30, 2021 and December 31, 2020 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
|  | June 30, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 24,888 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,888 |
Total |  | $ | 24,888 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,888 |
|  | June 30, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants-preferred stock (Note 11) |  | $ | — |  |  | $ | — |  |  | $ | 9,377 |  |  | $ | 9,377 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 9,377 |  |  | $ | 9,377 |
|  | December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 49,869 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,869 |
Total |  | $ | 49,869 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,869 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants-preferred stock (Note 11) |  | $ | — |  |  | $ | — |  |  | $ | 3,899 |  |  | $ | 3,899 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 3,899 |  |  | $ | 3,899 |
| As of December 31, the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
|  | 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 49,869 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,869 |
Total |  | $ | 49,869 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,869 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants-preferred stock (Note 11) |  | $ | — |  |  | $ | — |  |  | $ | 3,899 |  |  | $ | 3,899 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 3,899 |  |  | $ | 3,899 |
|  | 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 93,314 |  |  | $ | — |  |  | $ | — |  |  | $ | 93,314 |
Total |  | $ | 93,314 |  |  | $ | — |  |  | $ | — |  |  | $ | 93,314 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilties: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants-preferred stock (Note 11) |  | $ | — |  |  | $ | — |  |  | $ | 1,284 |  |  | $ | 1,284 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,284 |  |  | $ | 1,284 |
Summary of Warrant Liabilities Measured at Fair Value |  | The change in the warrant liabilities measured at fair value using level three unobservable inputs is as follows for the quarter ended June 30, 2021:
Balance, at December 31, 2020 |  | $ | 3,899 |
Cost of warrants vesting during the period |  |  | 352 |
Change in fair value included in earnings |  |  | 5,126 |
Balance, at June 30, 2021 |  | $ | 9,377 |
| The change in the warrant liabilities measured at fair value using level three unobservable inputs is as follows for the years ended December 31, 2020 and 2019:
Balance, at January 1, 2019 |  | $ | 1,197 |
Change in fair value included in earnings |  |  | 87 |
Balance, at December 31, 2019 |  | $ | 1,284 |
Cost of warrants vesting during the year |  |  | 198 |
Change in fair value included in earnings |  |  | 2,417 |
Balance, at December 31, 2020 |  | $ | 3,899 |
Monte Carlo [Member] |  |  |
Schedule of initial measurement | The key inputs into the Monte Carlo simulation model were as follows at their measurement dates:
Input |  | September 29, 2020 (Initial Measurement) |
Risk-free interest rate |  |  | 0.3 | %
Expected term to initial business combination (years) |  |  | 0.6 |
Expected volatility |  |  | 15.0 | %
Exercise price |  | $ | 11.50 |
Fair value of Units |  | $ | 10.12 |

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