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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | As of December 31, 2021 and 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:
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market accounts |  | $ | 635,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 635,269 |
Total |  | $ | 635,269 |  |  | $ | — |  |  | $ | — |  |  | $ | 635,269 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Public and Private Warrants (Note 11) |  | $ | 58,227 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,227 |
Total |  | $ | 58,227 |  |  | $ | — |  |  | $ | — |  |  | $ | 58,227 |
|  | 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 |
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 years ended December 31, 2021 and 2020:
Balance, at January 1, 2020 |  | $ | 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 |
Cost of warrants vesting during the period |  |  | 352 |
Change in fair value included in earnings |  |  | 5,238 |
Exercise of warrants to purchase Legacy Rocket Lab Series C and D preferred stock |  |  | (6,514 | )
Exchange of warrants to purchase Legacy Rocket Lab Series B preferred stock to common stock warrants |  |  | (2,975 | )
Balance, at December 31, 2021 |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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