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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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