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Derivative Liabilities
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Liabilities Derivative Liabilities
The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions):
As of
Fair value levelJune 30,
2025		December 31,
2024
Public warrants
Level 1$11 $13 
Private placement warrants
Level 27 9 
Common stock warrants18 22 
Earnout share liabilitiesLevel 323 26 
Total derivative liabilities
$41 $48 
The public and private placement warrants are measured at fair value on a recurring basis. The public warrants were valued based on the closing price of the publicly traded instrument. The private placement warrants were valued using observable inputs for similar publicly traded instruments. Public warrants outstanding were 12 million as of June 30, 2025 and December 31, 2024. Private placement warrants outstanding were 9 million as of June 30, 2025 and December 31, 2024.
The earnout share liabilities are measured at fair value on a recurring basis utilizing a Monte Carlo simulation analysis. The expected volatility is determined based on our historical equity volatility as well as the historical equity volatility of comparable companies over a period that matches the expected term of the instrument. The risk-free interest rate is based on relevant U.S. treasury rates for a period that matches the expected term of the instrument. Earnout shares outstanding were 5 million as of June 30, 2025 and December 31, 2024.
The valuation inputs utilized in determining the earnout share liability were as follows:
As of
June 30,
2025		December 31,
2024
Risk-free interest rates
3.9 %4.5 %
Expected term (in years)
6.3 6.8 
Expected volatility88.0 %64.0 %
The components of change in fair value of derivative liabilities were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Common stock warrants
$11 $1 $4 $6 
Earnout share liabilities
5 — 3 7 
Change in fair value of derivative liabilities
$16 $1 $7 $13