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Fair Value Measurements (Tables) | 6 Months Ended | 11 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis | The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. As of June 30, 2021
Description |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Other Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |
U. S. Treasury Securities |  | $ | 414,268,577 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |
Derivative warrant liabilities—Public Warrants |  | 33,741,000 |  |  | — |  |  | — |
Derivative warrant liabilities—Private Warrants |  | — |  |  | — |  |  | 16,756,400 |
Total fair value |  | $ | 448,009,577 |  |  | $ | — |  |  | $ | 16,756,400 |
As of December 31, 2020
Description |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Other Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |
U. S. Treasury funds |  | $ | 414,209,593 |  | (1) | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |
Derivative warrant liabilities—Public Warrants |  | 35,386,050 |  |  | — |  |  | — |
Derivative warrant liabilities—Private Warrants |  | — |  |  | — |  |  | 18,415,060 |
Total fair value |  | $ | 449,595,643 |  |  | $ | — |  |  | $ | 18,415,060 |
| The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy:
Description |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Other Unobservable Inputs (Level 3)
Investments held in Trust Account: |  |  |  |  |
U.S. Treasury securities | $ | 414,209,593 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |
Derivative public warrant liabilities | $ | 35,386,050 |  |  | $ | — |  |  | $ | — |
Derivative private warrant liabilities | $ | — |  |  | $ | — |  |  | $ | 18,415,060 |
Schedule of Fair Value Assumptions | The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
| June 30, 2021 |  | December 31, 2020
Volatility | 23.5 | % |  | 25.3 | %
Stock price | $ | 9.95 |  |  | $ | 10.26 |
Expected life of the options to convert | 5.05 |  | 5.42
Risk-free rate | 0.88 | % |  | 0.42 | %
Dividend yield | 0.0 | % |  | 0.0 | %
| The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
|  | As of July 28, 2020 |  | As of December 31, 2020
Volatility | 16.1% |  | 25.3%
Stock price | $9.59 |  | $10.26
Expected life of the options to convert | 6.00 |  | 5.42
Risk-free rate | 0.35% |  | 0.42%
Dividend yield | 0.0% |  | 0.0%
Schedule of Changes in Fair Value of Warrants | The change in the fair value of the derivative warrant liabilities measured using Level 3 inputs, for the three and six months ended June 30, 2021 is summarized as follows:
Warrant liabilities at January 1, 2021 | $ | 18,415,060 |
Change in fair value of derivative warrant liabilities | $ | (7,761,500) |
Derivative warrant liabilities at March 31, 2021 | $ | 10,653,560 |
Change in fair value of derivative warrant liabilities | 6,102,840 |
Derivative warrant liabilities at June 30, 2021 | $ | 16,756,400 |
| The change in the fair value of the derivative warrant liabilities for the period from February 11, 2020 (inception) through December 31, 2020 is summarized as follows:
Derivative warrant liabilities at February 11, 2020 (inception) | $ | — |
Issuance of Public and Private Warrants | 25,275,880 |
Change in fair value of derivative warrant liabilities | 28,525,230 |
Derivative warrant liabilities at December 31, 2020 | $ | 53,801,110 |
Marketwise, LLC |  |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |  |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:
| June 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Aggregate Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 101,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,503 |
Total assets | 101,503 |  |  | — |  |  | — |  |  | 101,503 |
Liabilities: |
Derivative liabilities, current | — |  |  | — |  |  | 662 |  |  | 662 |
Derivative liabilities, noncurrent | — |  |  | — |  |  | 1,955 |  |  | 1,955 |
Class B Units - related party | — |  |  | — |  |  | 1,235,648 |  |  | 1,235,648 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 1,238,265 |  |  | $ | 1,238,265 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Aggregate Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 25,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,016 |
Total assets | 25,016 |  |  | — |  |  | — |  |  | 25,016 |
Liabilities: |
Derivative liabilities, noncurrent | — |  |  | — |  |  | 4,343 |  |  | 4,343 |
Class B Units - related party | — |  |  | — |  |  | 593,235 |  |  | 593,235 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 597,578 |  |  | $ | 597,578 |
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the date indicated:
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Aggregate Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 25,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,016 |
Total assets | 25,016 |  |  | — |  |  | — |  |  | 25,016 |
Liabilities: |
Derivative liabilities, noncurrent | — |  |  | — |  |  | 4,343 |  |  | 4,343 |
Class B Units - related party | — |  |  | — |  |  | 593,235 |  |  | 593,235 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 597,578 |  |  | $ | 597,578 |
| December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Aggregate Fair Value
Assets: |  |  |  |  |  |  |
Money market funds | $ | 133,631 |  |  | $ | — |  |  | $ | — |  |  | $ | 133,631 |
Total assets | 133,631 |  |  | — |  |  | — |  |  | 133,631 |
Liabilities: |
Derivative liabilities, noncurrent | — |  |  | — |  |  | 1,274 |  |  | 1,274 |
Class B Units - related party | — |  |  | — |  |  | 118,033 |  |  | 118,033 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 119,307 |  |  | $ | 119,307 |
Schedule of Changes in Fair Value of Liabilities | The following table summarizes the change in fair value of the derivative liabilities during the six months ended June 30, 2021 and 2020:
Balance at January 1, 2021 | $ | 597,578 |
Change in fair value of derivative instruments | (1,726) |
Incremental Class B Units | 43,880 |
Change in fair value of Class B Units | 598,533 |
Balance at June 30, 2021 | $ | 1,238,265 |
Balance at January 1, 2020 | $ | 119,307 |
Change in fair value of derivative instruments | 997 |
Incremental Class B Units | 11,258 |
Change in fair value of Class B Units | 49,796 |
Balance at June 30, 2020 | $ | 181,358 |
The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2018, 2019 and 2020:
Balance – January 1, 2018 | $ | 104,504 |
Additions of derivative instruments at fair value | 580 |
Change in fair value of derivative instruments | 217 |
Redemptions of derivative instruments | (3,156) |
Incremental Class B Units | 5,343 |
Change in fair value of Class B Units | 5,733 |
Balance – December 31, 2018 | $ | 113,221 |
Change in fair value of derivative instruments | 478 |
Incremental Class B Units | 8,611 |
Change in fair value of Class B Units | (3,003) |
Balance – December 31, 2019 | $ | 119,307 |
Change in fair value of derivative instruments | 3,069 |
Incremental Class B Units | 18,745 |
Change in fair value of Class B Units | 456,457 |
Balance – December 31, 2020 | $ | 597,578 |
Schedule of Changes in Fair Value by Income Statement Location | The following table summarizes the change in fair value of the Class B Units by income statement line item during the three and six months ended June 30, 2021 and 2020:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Cost of revenue | $ | 10,446 |  |  | $ | 13,848 |  |  | $ | 112,389 |  |  | $ | 9,885 |
Sales and marketing | 840 |  |  | 1,022 |  |  | 8,263 |  |  | 1,022 |
General and administrative | 35,703 |  |  | 57,616 |  |  | 477,881 |  |  | 38,889 |
Total change in fair value of Class B Units | $ | 46,989 |  |  | $ | 72,486 |  |  | $ | 598,533 |  |  | $ | 49,796 |

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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=117815213&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=117815213&loc=d3e19207-110258 + Details
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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=117815213&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=117815213&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=117815213&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=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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