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Fair Value Measurements (Tables) | 4 Months Ended | 6 Months Ended
--- | --- | ---
Dec. 31, 2020 | Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Summary of Information About Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
Description |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments held in Trust Account |  | $ | 402,578,522 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities warrant |  | $ | 27,504,170 |  |  | $ | — |  |  | $ | 14,070,000 |
Deriviative liabilities - Forward purchase agreements |  | $ | — |  |  | $ | — |  |  | $ | 8,100,000 |
| The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. June 30, 2021
Description |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments held in Trust Account |  | $ | 402,685,072 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities—Public Warrants |  | $ | 20,661,670 |  |  | $ | — |  |  | $ | — |
Derivative liabilities—Private Placement Warrants |  | $ | — |  |  | $ | — |  |  | $ | 10,452,000 |
Derivative liabilities—Forward Purchase Agreements |  | $ | — |  |  | $ | — |  |  | $ | 2,150,000 |
December 31, 2020
Description |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Other Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments held in Trust Account |  | $ | 402,578,522 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities—Public Warrants |  | $ | 27,504,170 |  |  | $ | — |  |  | $ | — |
Derivative liabilities—Private Placement Warrants |  |  |  |  |  |  |  |  |  | $ | 14,070,000 |
Derivative liabilities—Forward Purchase Agreements |  | $ | — |  |  | $ | — |  |  | $ | 8,100,000 |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants:
|  | As of October 23, 2020 |  |  | As of December 31, 2020 |
Volatility |  |  | 21.00 | % |  |  | 21.75 | %
Stock price |  | $ | 10.00 |  |  | $ | 11.00 |
Expected life of the options to convert |  |  | 5.833 |  |  |  | 5.647 |
Risk-free rate |  |  | 0.460 | % |  |  | 0.469 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
| The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates for the warrants:
|  | As of December 31, 2020 |  |  | As of March 31, 2021 |  |  | As of June 30, 2021 |
Volatility |  |  | 21.75 | % |  |  | 24.25 | % |  |  | 22.13 | %
Stock price |  | $ | 11.00 |  |  | $ | 10.11 |  |  | $ | 9.93 |
Expected life of the options to convert |  |  | 5.647 |  |  |  | 5.297 |  |  |  | 5.047 |
Risk-free rate |  |  | 0.469 | % |  |  | 0.980 | % |  |  | 0.870 | %
Dividend yield |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Fair Value of the Derivative Liabilities Utilizing Level 3 Measurements | The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the period from August 31, 2020 (inception) through December 31, 2020 is summarized as follows:
Derivative liabilities at August 31, 2020 (inception) |  | $ | — |
Issuance of Public and Private Warrants and forward purchase agreements - Level 3 |  |  | 25,481,000 |
Transfer of Public Warrants to Level 1 measurement |  |  | (16,905,000 | )
Change in fair value of derivative liabilities - Level 3 |  |  | 13,594,000 |
Derivative liabilities at Level 3, December 31, 2020 |  | $ | 22,170,000 |
| The change in the fair value of the derivative liabilities utilizing Level 3 measurements for the three and six months ended June 30, 2021 is summarized as follows:
Derivative liabilities at Level 3 at December 31, 2020 |  | $ | 22,170,000 |
Change in fair value of Private Placement Warrants |  |  | (1,139,000 | )
Change in fair value of Forward Purchase Agreements |  |  | (4,600,000 | )
Derivative liabilities at Level 3 at March 31, 2021 |  | $ | 16,431,000 |
Change in fair value of Private Placement Warrants |  |  | (2,479,000 | )
Change in fair value of Forward Purchase Agreements |  |  | (1,350,000 | )
Derivative liabilities at Level 3 at June 30, 2021 |  | $ | 12,602,000 |
Forward Purchase Agreements |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Summary of Fair Value Measurement Inputs and Valuation Techniques | The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreement:
|  | As of October 23, 2020 |  |  | As of December 31, 2020 |
Risk-free rate |  |  | 0.117 | % |  |  | 0.93 | %
Term |  |  | 0.833 |  |  |  | 0.647 |
| The following table provides quantitative Level 3 fair value measurement inputs at their measurement dates for the forward purchase agreements:
|  | As of December 31, 2020 |  |  | As of March 31, 2021 |  |  | As of June 30, 2021 |
Risk-free rate |  |  | 0.093 | % |  |  | 0.037 | % |  |  | 0.050 | %
Term |  |  | 0.647 |  |  |  | 0.297 |  |  |  | 0.047 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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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