Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Assets that are Measured at Fair Value on a Recurring Basis
The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 by level within the fair value hierarchy:
 
   
As of March 31, 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—U.S. Treasury Securities
  $324,188,394   $—   $— 
Liabilities:
               
Derivative warrant liabilities—Public warrants
  $8,858,299   $—     $—   
Derivative warrant liabilities—Private placement warrants
  $—     $—     $4,748,531 
  
   
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:
               
Investments held in Trust Account - U.S. Treasury Securities
(1)
  $324,167,758   $—     $—   
Liabilities:
               
Derivative warrant liabilities - Public warrants
  $16,528,290   $—     $—   
Derivative warrant liabilities - Private placement warrants
  $—     $—     $9,096,584 
 
(1)
Excludes $2,903 of investments in an open-ended money market fund, in which the Company uses NAV as a practical expedient to fair value
Summary of the Table Provides Quantitative Information Regarding Level 3 Fair Value Measurements Inputs at their Measurement Dates
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
   
March 31,
2021
  
December 31,
2020
 
Exercise price
  $11.50  $11.50 
Stock price
  $9.73  $10.10 
Volatility
   13.9%   21.8% 
Term
   6.00   6.25 
Risk-free rate
   1.16%   0.54% 
Dividend yield
   0.0%   0.0% 
Probability of business combination
   88%   88% 
Summary of Change in Fair Value of the Derivative Warrant Liabilities
The change in the fair value of the derivative warrant liabilities measured with Level 3 inputs for the three months ended March 31, 2021 is summarized as follows:
 
Level 3 derivative warrant liabilities at January 1, 2021
  $9,096,584 
Change in fair value of derivative warrant liabilities
   (4,348,053) 
   
 
 
 
Level 3 derivative warrant liabilities at March 31, 2021
  $4,748,531