ARCHER AVIATION INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-39668    
Entity Registrant Name Archer Aviation Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 85-2730902    
Entity Address, Address Line One 190 West Tasman Drive    
Entity Address, City or Town San Jose    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 95134    
City Area Code 650    
Local Phone Number 272-3233    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1.1
Documents Incorporated by Reference
Part III of this Form 10-K (the “Annual Report”) incorporates by reference certain information from the Registrant's Definitive Proxy Statement (“Proxy Statement”) relating to the 2025 Annual Meeting of Stockholders or an amendment to this report under cover of Form 10-K/A to be filed within 120 days of the end of its fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001824502    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A      
Entity Information [Line Items]      
Title of 12(b) Security Class A common stock, par value $0.0001 per share    
Trading Symbol ACHR    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   542,470,264  
Warrants      
Entity Information [Line Items]      
Title of 12(b) Security Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share    
Trading Symbol ACHR WS    
Security Exchange Name NYSE    
Class B      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   0  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Firm ID 238
Auditor Location Irvine, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 834.5 $ 464.6
Restricted cash 6.8 6.9
Prepaid expenses 12.5 7.9
Other current assets 4.6 0.8
Total current assets 858.4 480.2
Property and equipment, net 126.8 57.6
Intangible assets, net 0.3 0.4
Right-of-use assets 8.1 8.9
Other long-term assets 7.6 7.2
Total assets 1,001.2 554.3
Current liabilities    
Accounts payable 14.6 14.3
Current portion of lease liabilities 3.7 2.8
Accrued expenses and other current liabilities 52.8 96.9
Total current liabilities 71.1 114.0
Notes payable 64.0 7.2
Lease liabilities, net of current portion 11.3 13.2
Warrant liabilities 89.4 39.9
Other long-term liabilities 12.8 12.9
Total liabilities 248.6 187.2
Commitments and contingencies (Note 7)
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023 0.0 0.0
Additional paid-in capital 2,438.4 1,515.9
Accumulated deficit (1,685.6) (1,148.8)
Accumulated other comprehensive loss (0.3) 0.0
Total stockholders’ equity 752.6 367.1
Total liabilities and stockholders’ equity 1,001.2 554.3
Class A    
Stockholders’ equity    
Common stock 0.1 0.0
Class B    
Stockholders’ equity    
Common stock $ 0.0 $ 0.0
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 10,000,000 10,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,400,000,000 700,000,000
Common stock, issued (in shares) 503,777,464 265,617,341
Common stock, outstanding (in shares) 503,777,464 265,617,341
Class B    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 300,000,000 300,000,000
Common stock, issued (in shares) 0 38,165,615
Common stock, outstanding (in shares) 0 38,165,615
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating expenses      
Research and development $ 357.7 $ 276.4 $ 171.5
General and administrative 152.0 168.4 165.1
Other warrant expense 0.0 2.1 10.8
Total operating expenses 509.7 446.9 347.4
Loss from operations (509.7) (446.9) (347.4)
Other income (expense), net (48.8) (26.9) 27.8
Interest income, net 21.9 16.4 2.3
Loss before income taxes (536.6) (457.4) (317.3)
Income tax expense (0.2) (0.5) 0.0
Net loss $ (536.8) $ (457.9) $ (317.3)
Net loss per share, basic (in dollars per share) $ (1.42) $ (1.69) $ (1.32)
Net loss per share, diluted (in dollars per share) $ (1.42) $ (1.69) $ (1.32)
Weighted-average common shares, basic (in shares) 376,734,395 270,408,132 240,476,894
Weighted-average common shares, diluted (in shares) 376,734,395 270,408,132 240,476,894
v3.25.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (536.8) $ (457.9) $ (317.3)
Other comprehensive income (loss):      
Unrealized gain (loss) on available-for-sale securities, net of tax 0.0 0.8 (0.8)
Foreign currency translation loss (0.3) 0.0 0.0
Total other comprehensive income (loss) (0.3) 0.8 (0.8)
Comprehensive loss $ (537.1) $ (457.1) $ (318.1)
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Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Millions
Total
Class A
Class B
Common Stock
Class A
Common Stock
Class B
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021       162,789,591 74,937,945      
Beginning balance at Dec. 31, 2021 $ 698.9     $ 0.0 $ 0.0 $ 1,072.5 $ (373.6) $ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Conversion of Class B common stock to Class A common stock (in shares)       8,406,170 (8,406,170)      
Issuance of restricted stock units and restricted stock expense (in shares)       5,269,553        
Issuance of restricted stock units and restricted stock expense 71.3         71.3    
Exercise of stock options (in shares)       1,435,424 2,208,728      
Exercise of stock options 0.4         0.4    
Issuance of warrants and warrant expense 14.1         14.1    
Cancellation of Class B common stock (in shares)         (5,002,306)      
Stock-based compensation 26.7         26.7    
Net loss (317.3)           (317.3)  
Other comprehensive (loss) income (0.8)             (0.8)
Ending balance (in shares) at Dec. 31, 2022       177,900,738 63,738,197      
Ending balance at Dec. 31, 2022 493.3     $ 0.0 $ 0.0 1,185.0 (690.9) (0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Conversion of Class B common stock to Class A common stock (in shares)       26,449,869 (26,449,869)      
Issuance of Class A common stock (in shares)       1,985,559        
Issuance of Class A common stock 11.6         11.6    
Issuance of restricted stock units and restricted stock expense (in shares)       7,405,542        
Issuance of restricted stock units and restricted stock expense (6.6)         (6.6)    
Exercise of stock options (in shares)       1,149,934 877,287      
Exercise of stock options 0.2         0.2    
Issuance of warrants and warrant expense 46.0         46.0    
Exercise of warrants (in shares)       2,942,778        
Exercise of warrants 0.0              
Common stock withheld related to net share settlement of equity awards (in shares)       (1,378,367)        
Common stock withheld related to net share settlement of equity awards (3.5)         (3.5)    
Common stock issued under employee stock purchase plan (in shares)       1,228,632        
Common stock issued under employee stock purchase plan 2.9         2.9    
Common stock issued under stock purchase agreement (in shares)       18,650,273        
Common stock issued under stock purchase agreement 89.6         89.6    
Common stock issued under at-the-market program (in shares)       3,109,097        
Common stock issued under at-the-market program 19.5         19.5    
PIPE financing (in shares)       26,173,286        
PIPE financing 139.0         139.0    
Stock-based compensation 32.2         32.2    
Net loss (457.9)           (457.9)  
Other comprehensive (loss) income 0.8             0.8
Ending balance (in shares) at Dec. 31, 2023   265,617,341 38,165,615 265,617,341 38,165,615      
Ending balance at Dec. 31, 2023 367.1     $ 0.0 $ 0.0 1,515.9 (1,148.8) 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Conversion of Class B common stock to Class A common stock (in shares)       43,434,962 (43,434,962)      
Issuance of Class A common stock (in shares)       1,685,994        
Issuance of Class A common stock 5.9         5.9    
Issuance of restricted stock units and restricted stock expense (in shares)       13,774,204 5,002,306      
Issuance of restricted stock units and restricted stock expense $ 46.5         46.5    
Exercise of stock options (in shares) 999,115     732,072 267,041      
Exercise of stock options $ 0.0              
Issuance of warrants and warrant expense 55.2         55.2    
Exercise of warrants (in shares)       13,242,767        
Exercise of warrants 0.0              
Common stock issued under employee stock purchase plan (in shares)       1,723,996        
Common stock issued under employee stock purchase plan 4.8         4.8    
Common stock issued under stock purchase agreement (in shares)       17,401,153        
Common stock issued under stock purchase agreement 53.5         53.5    
Common stock issued under at-the-market program (in shares)       32,971,617        
Common stock issued under at-the-market program 137.8         137.8    
PIPE financing (in shares)       113,193,358        
PIPE financing 565.8     $ 0.1   565.7    
Stock-based compensation 53.1         53.1    
Net loss (536.8)           (536.8)  
Other comprehensive (loss) income (0.3)             (0.3)
Ending balance (in shares) at Dec. 31, 2024   503,777,464 0 503,777,464 0      
Ending balance at Dec. 31, 2024 $ 752.6     $ 0.1 $ 0.0 $ 2,438.4 $ (1,685.6) $ (0.3)
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (536.8) $ (457.9) $ (317.3)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation, amortization and other 11.7 6.5 4.4
Debt discount and issuance cost amortization 0.0 0.7 0.5
Stock-based compensation 108.8 45.2 102.8
Change in fair value of warrant liabilities and other warrant costs 49.5 32.9 (22.9)
Gain on issuance of common stock (1.5) (3.6) 0.0
Non-cash lease expense 3.0 3.8 4.6
Research and development warrant expense 8.1 17.5 2.9
General and administrative warrant expense 0.2 0.0 0.0
Other warrant expense 0.0 2.1 10.8
Technology and dispute resolution agreements expense 5.6 70.3 0.0
Interest income on short-term investments 0.0 0.0 (0.5)
Accretion and amortization income of short-term investments 0.0 (2.3) (4.9)
Changes in operating assets and liabilities:      
Prepaid expenses (4.0) 1.9 (2.2)
Other current assets (4.1) 0.8 (1.2)
Other long-term assets (2.4) (5.0) 0.4
Accounts payable (0.1) 9.2 (0.1)
Accrued expenses and other current liabilities (4.3) 2.3 15.6
Operating lease right-of-use assets and lease liabilities, net (3.3) 2.4 (3.4)
Other long-term liabilities 1.0 1.6 10.1
Net cash used in operating activities (368.6) (271.6) (200.4)
Cash flows from investing activities      
Purchase of short-term investments 0.0 0.0 (487.4)
Proceeds from maturities of short-term investments 0.0 465.0 30.0
Purchase of property and equipment (82.0) (44.3) (6.9)
Net cash provided by (used in) investing activities (82.0) 420.7 (464.3)
Cash flows from financing activities      
Proceeds from issuance of debt 57.5 7.5 0.0
Repayment of long-term debt 0.0 (10.0) (10.0)
Payment of debt issuance costs (0.7) (0.3) 0.0
Payments for taxes related to net share settlement of equity awards 0.0 (3.5) 0.0
Proceeds from PIPE financing 590.1 145.0 0.0
Payment of offering costs in connection with PIPE financing (24.3) (6.0) 0.0
Proceeds from shares issued under at-the-market program 138.3 20.7 0.0
Payment of offering costs in connection with at-the-market offering (0.3) (1.2) 0.0
Proceeds from exercise of stock options 0.0 0.0 0.1
Proceeds from shares issued under employee stock purchase plan 4.8 2.9 0.0
Proceeds from issuance of common stock 55.0 95.0 0.0
Net cash provided by (used in) financing activities 820.4 250.1 (9.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash 369.8 399.2 (674.6)
Cash, cash equivalents, and restricted cash, beginning of period 471.5 72.3 746.9
Cash, cash equivalents, and restricted cash, end of period 841.3 471.5 72.3
Supplemental Cash Flow Information:      
Cash paid for interest 2.5 0.8 1.5
Non-cash investing and financing activities:      
Purchases of property and equipment included in accounts payable and accrued expenses $ 7.8 $ 10.8 $ 3.1
v3.25.0.1
Organization and Nature of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of Business Organization and Nature of Business
Organization and Nature of Business
Archer Aviation Inc. (the “Company”), a Delaware corporation, with its headquarters located in San Jose, California, is an aerospace company. The Company is developing technologies and aircraft that will power the future of advanced aviation. The Company’s primary product is an electric vertical take-off and landing (“eVTOL”) aircraft.
The Company’s Planned Lines of Business
The Company intends to operate the following lines of business:
Commercial
This is planned to consist of the sale of the Company’s commercial aircraft and related technologies and services (“Archer Direct”) and direct-to-consumer aerial ride share services in select metropolitan areas around the world (“Archer UAM”).
Defense
This is planned to consist of the sale of aircraft and related technologies for defense applications.
Business Combination
The Company went public through a de-SPAC transaction in September 2021 as a result of the merger agreement that was entered into in February 2021 (the “Business Combination Agreement”) by Archer Aviation Inc., a Delaware corporation (that existed prior to the closing of the Business Combination (as defined below), “Legacy Archer”), Atlas Crest Investment Corp., a Delaware Corporation (“Atlas”) and Artemis Acquisition Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Atlas (“Merger Sub”). Pursuant to the terms of the Business Combination Agreement, a business combination of Legacy Archer and Atlas was effected by the merger of Merger Sub with and into Legacy Archer, with Legacy Archer surviving the merger as a wholly-owned subsidiary of Atlas (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). Following the consummation of the Business Combination on September 16, 2021, Legacy Archer changed its name to Archer Aviation Operating Corp., and Atlas changed its name to Archer Aviation Inc. and it became the successor registrant with the Securities and Exchange Commission (“SEC”). The Company’s Class A common stock and public warrants are listed on the NYSE under the symbols “ACHR” and “ACHR WS,” respectively.
The financial statements included in this report reflect (i) the historical operating results of Legacy Archer prior to the Business Combination; (ii) the combined results of Atlas and Legacy Archer following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Archer at their historical cost; and (iv) the Company’s equity structure for all periods presented.
v3.25.0.1
Liquidity and Going Concern
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Liquidity and Going Concern Liquidity and Going Concern
Since the Company’s formation, the Company has devoted substantial effort and capital resources to the design and development of its planned aircraft, UAM network and business lines. Funding of these activities has primarily been through the net proceeds received from the issuance of related and third-party debt (Note 6 - Notes Payable), and the sale of preferred and common stock to related and third parties (Note 8 - Preferred and Common Stock). Through December 31, 2024, the Company has incurred cumulative losses from operations, negative cash flows from operating activities, and has an accumulated deficit of $1,685.6 million. As of December 31, 2024, the Company had cash and cash equivalents of $834.5 million, which management believes will be sufficient to fund the Company’s current operating plan for at least the next 12 months from the date these consolidated financial statements were issued.
There can be no assurance that the Company will be successful in achieving its business plans, that the Company’s current capital will be sufficient to support its ongoing business plans, or that any additional financing will be available in a timely manner or on acceptable terms, if at all. If the Company’s business plans require it to raise additional capital, but the Company is unable to do so, it may be required to alter, or scale back its aircraft design, development and certification programs, as well as its manufacturing capabilities, or be unable to fund capital expenditures. Any such events would have a material adverse effect on the Company’s financial position, results of operations, cash flows, and ability to achieve the Company’s intended business plans.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period.
On an ongoing basis, management evaluates its estimates, including those related to the: (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value of debt, (iii) fair value of share-based payments, (iv) valuation of leased assets and liabilities, and (v) estimated useful lives of long-lived assets. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances.
Cash, Cash Equivalents, and Restricted Cash
Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. As of December 31, 2024 and 2023, the Company’s cash and cash equivalents included money market funds of $729.9 million and $339.6 million, respectively.
Restricted cash consists primarily of cash held as security for the Company’s standby letters of credit. Refer to Note 7 - Commitments and Contingencies for additional information.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sum to amounts reported on the consolidated statements of cash flows (in millions):
As of December 31,
20242023
Cash and cash equivalents$834.5 $464.6 
Restricted cash6.8 6.9 
Total cash, cash equivalents, and restricted cash$841.3 $471.5 
Short-Term Investments
The Company had short-term investments in marketable securities with original maturities of less than one year, including United States Treasury securities, corporate debt securities and commercial paper. The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. These marketable securities are carried at fair value, and unrealized gains and losses are recorded in other comprehensive loss in the consolidated statements of comprehensive loss, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. If the impairment is deemed other than temporary, the security is written down to its fair value and a loss is recognized in other income (expense), net. Realized gains and losses from the sale of marketable securities and from declines in value deemed to be other than temporary are determined based on the specific identification method and recognized in other income (expense), net in the consolidated statements of operations. As of December 31, 2024 and 2023, the Company had no short-term investments.
Fair Value Measurements
The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value, and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
Level 2Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate their fair values due to the short-term nature of these instruments.
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of December 31, 2024
DescriptionLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Liabilities:
Warrant liability – public warrants
$56.0 $— $— $56.0 
Warrant liability – private placement warrants
$— $— $33.4 $33.4 
As of December 31, 2023
DescriptionLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$339.6 $— $— $339.6 
Liabilities:
Warrant liability – public warrants
$25.4 $— $— $25.4 
Warrant liability – private placement warrants
$— $— $14.5 $14.5 
Accrued technology and dispute resolutions agreements liability
$— $— $44.0 $44.0 
Cash Equivalents
The Company’s cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. The Company classifies its money market funds as Level 1, because they are valued based on quoted market prices in active markets.
The following tables present a summary of the Company’s cash equivalents as of December 31, 2024 and 2023 (in millions):
As of December 31, 2024
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Total$729.9 $— $— $729.9 

As of December 31, 2023
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$339.6 $— $— $339.6 
Total$339.6 $— $— $339.6 
Public Warrants
The measurement of the public warrants as of December 31, 2024 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS”. The quoted price of the public warrants was $3.22 and $1.46 per warrant as of December 31, 2024 and 2023, respectively.
Private Placement Warrants
The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the consolidated statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.
The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows:
InputDecember 31,
2024		December 31,
2023
Stock price$9.75 $6.14 
Strike price$11.50 $11.50 
Term (in years)1.72.7
Risk-free rate4.2 %4.0 %
Volatility92.1 %70.2 %
Dividend yield0.0 %0.0 %
Accrued Technology and Dispute Resolution Agreements Liability
Under the Technology and Dispute Resolution Agreements, the Company recognized an accrued technology and dispute resolution agreements liability related to the Wisk Warrant (as defined below). See Note 7 - Commitments and Contingencies for additional information. The Company utilizes a Monte Carlo simulation model for the accrued technology and dispute resolution agreements liability at each reporting period, with changes in fair value recognized in the consolidated statements of operations. The estimated fair value of the accrued technology and dispute resolution agreements liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.
The key inputs into the Monte Carlo simulation model for the accrued technology and dispute resolution agreements liability are as follows:
InputDecember 31,
2023
Stock price$6.14 
Strike price$0.01 
Term (in years)0.1
Risk-free rate5.4 %
Volatility60.0 %
Dividend yield0.0 %
The following table presents the change in fair value of the Company’s Level 3 private placement warrants and accrued technology and dispute resolution agreements liability during the years ended December 31, 2024 and 2023 (in millions):

Balance as of December 31, 2022
$2.5 
Additions: accrued technology and dispute resolution agreements liability
48.0 
Change in fair value8.0 
Balance as of December 31, 2023 (1)
58.5 
Less: settlement of accrued technology and dispute resolution agreements liability(54.3)
Change in fair value29.2 
Balance as of December 31, 2024
$33.4 
(1) As of December 31, 2023, $14.5 million and $44.0 million were recorded within warrant liabilities and accrued expenses and other current liabilities, respectively, in the consolidated balance sheets.
In connection with the change in fair value of the Company’s private placement warrants, the Company recognized a loss of $18.9 million and $12.0 million during the years ended December 31, 2024 and 2023, respectively, and a gain of $7.6 million during the year ended December 31, 2022, within other income (expense), net in the consolidated statements of operations. Refer to Note 11 - Liability Classified Warrants for additional information about the private placement warrants.
In connection with the change in fair value of the accrued technology and dispute resolution agreements liability, the Company recognized a loss of $10.3 million and a gain of $4.0 million within general and administrative expenses in the consolidated statements of operations during the years ended December 31, 2024 and 2023, respectively. Refer to Note 7 - Commitments and Contingencies for additional information about the accrued technology and dispute resolution agreements liability.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the consolidated balance sheets. The fair value of debt as of December 31, 2024 approximates its carrying value (Level 2). Refer to Note 6 - Notes Payable for additional information.
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review.
Intangible Assets, Net
Intangible assets consist solely of domain names and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. Amortization of domain names is provided over a 15-year estimated useful life on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, no event has occurred and indicated that it is more likely than not that an impairment loss has been incurred. Therefore, the Company did not record any impairment charges for its intangible assets for the years ended December 31, 2024, 2023 and 2022.
As of December 31, 2024 and 2023, the net carrying amounts for domain names were $0.3 million and $0.4 million, respectively, and were recorded in the Company’s consolidated balance sheets.
Property and Equipment, Net
Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterment are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations.
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building40
Furniture, fixtures, and equipment5
Vehicles
5
Computer hardware3
Computer software3
Website design2
Building and leasehold improvementsShorter of building useful life / lease term or the asset standard life
Impairment of Long-Lived Assets
The Company reviews its long-lived assets, consisting primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such triggering events or changes in circumstances may include: a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being or intended to be used, a significant adverse change in legal factors or in the business climate, the impact of competition or other factors that could affect the value of a long-lived asset, a significant adverse deterioration in the amount of revenue or cash flows expected to be generated from an asset group, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of a long-lived asset, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset, or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets including any cash flows upon their eventual disposition to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. The Company did not identify any events or changes in circumstances that would indicate that the Company’s long-lived assets may be impaired and therefore determined there was no impairment of long-lived assets during all periods presented.
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities and post-implementation activities are expensed as incurred. As of December 31, 2024 and 2023, the net carrying amounts of the Company’s capitalized cloud computing implementation costs were $5.9 million and $6.4 million, respectively.
Contract Liabilities
The Company records contract liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. Contract liabilities consisted of the following (in millions):
Year Ended December 31,
20242023
Current portion of contract liabilities
$0.9 $— 
Contract liabilities, net of current portion
11.8 10.8 
Total$12.7 $10.8 
Current portion of contract liabilities is recorded in accrued expenses and other current liabilities and contract liabilities, net of current portion is recorded in other long-term liabilities in the Company’s consolidated balance sheets. As of December 31, 2024 and 2023, the Company’s contract liabilities included a $10.0 million pre-delivery payment received from United Airlines, Inc. (“United”) under the terms of the Amended United Purchase Agreement (defined below) (see Note 9 - Stock-Based Compensation), and installment payments received under a contract order with the United States Air Force for the design, development, and ground test of the Company’s production aircraft, Midnight, of $1.8 million and $0.8 million, respectively. No revenues were recognized during the years ended December 31, 2024, 2023 and 2022.
Operating Expenses
Research and Development
Research and development (“R&D”) costs are expensed as incurred and are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation for employees focused on R&D activities, costs associated with building prototype aircraft, other related costs, depreciation, and an allocation of general overhead. R&D efforts focus on the design and development of the Company’s eVTOL aircraft, including certain of the systems that are used in it.
General and Administrative
General and administrative expenses are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation for employees associated with the Company’s administrative services such as finance, legal, human resources, and information technology, other related costs, depreciation, and an allocation of general overhead. General and administrative expenses include charges relating to the Technology and Dispute Resolution Agreements (defined below) for the years ended December 31, 2024 and 2023, and stock-based compensation expense related to restricted stock units (“RSUs”) granted to the Company’s founders pursuant to the terms and conditions of the Business Combination Agreement immediately prior to closing (each, a “Founder Grant” and collectively, the “Founder Grants”) for the years ended December 31, 2024, 2023 and 2022. Refer to Note 7 - Commitments and Contingencies and Note 9 - Stock-Based Compensation for additional information.
Other Warrant Expense
Other warrant expense consists entirely of non-cash expense related to the warrants issued in conjunction with the execution of the purchase agreement (“United Purchase Agreement”), collaboration agreement (“United Collaboration Agreement”), and warrant agreement (“United Warrant Agreement”) with United. Refer to Note 9 - Stock-Based Compensation for additional information.
Stock-Based Compensation
The Company’s stock-based compensation awards consist of options granted to employees and non-employees and RSUs granted to employees, directors, and non-employees that convert into shares of the Company’s Class A common stock upon vesting. The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation - Stock Compensation. ASC 718 requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees, directors, and non-employees to be based on the grant date fair values of the awards.
Fair Value of Common Stock
The fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock, as quoted on the NYSE, on the date of grant.
Leases
The Company accounts for leases in accordance with ASC 842, Leases, and determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. In addition, the Company has elected as an accounting policy, the practical expedient to not separate lease and non-lease components within a contract and instead treat it as a single lease component. Operating leases are included in ROU assets, current portion of lease liabilities, and lease liabilities, net of current portion in the Company’s consolidated balance sheets.
Income Taxes
The Company accounts for its income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more-likely-than-not that the Company will not realize those tax assets through future operations. Significant judgment is applied when assessing the need for valuation allowances and includes the evaluation of historical income (loss) adjusted for the effects of non-recurring items. Areas of estimation include consideration of future taxable income. The Company has placed a full valuation allowance against its federal and state deferred tax assets since the recovery of the assets is uncertain. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the adjustment related to valuation allowances would be reported as an increase to income.
The Company utilizes the guidance in ASC 740-10, Income Taxes, to account for uncertain tax positions. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the positions will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more-likely-than-not of being realized and effectively settled. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.
Net Loss Per Share
Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding. For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company also excludes unvested shares subject to repurchase in the number of shares outstanding in the consolidated balance sheets and statements of stockholders’ equity.
Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share.
Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in the computation of basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period.
Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights.
The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share:
Year Ended December 31,
202420232022
Options to purchase common stock2,118,011 3,174,114 5,335,974 
Unvested restricted stock units28,658,246 33,397,483 45,021,632 
Warrants38,347,301 52,011,560 30,558,565 
Shares issuable under the Employee Stock Purchase Plan (Note 9)
527,764 931,412 712,838 
Total69,651,322 89,514,569 81,629,009 
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as a single operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Given the Company’s pre-revenue operating stage, it currently has no concentration exposure to products, services, or customers. Segment asset information is not used by the CODM to allocate resources.
The following table presents significant expenses provided to the CODM (in millions):
Year Ended December 31,
202420232022
Operating expenses
Depreciation and amortization expense
$11.7 $6.5 $3.1 
Research and development warrant expense
8.1 17.5 2.9 
Stock-based compensation
108.8 45.2 102.8 
Technology and dispute resolution agreements
12.0 70.3 — 
General and administrative warrant expense
0.2 — — 
Other research and development expense
290.9 224.6 140.1 
Other general and administrative expense
78.0 80.7 87.7 
Other warrant expense— 2.1 10.8 
Total operating expenses509.7 446.9 347.4 
Loss from operations(509.7)(446.9)(347.4)
Other income (expense), net(48.8)(26.9)27.8 
Interest income, net21.9 16.4 2.3 
Loss before income taxes(536.6)(457.4)(317.3)
Income tax expense(0.2)(0.5)— 
Net loss$(536.8)$(457.9)$(317.3)
Comprehensive Loss
Comprehensive loss includes all changes in equity during the period from non-owner sources. The Company’s comprehensive loss consists of its net loss, its unrealized gains or losses on available-for-sale securities and foreign currency translation gains or losses.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses, interim segment profit or loss and assets, and how the CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. The Company adopted ASU 2023-07 effective January 1, 2024. Refer to Note 3 - Summary of Significant Accounting Policies for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information related to the income tax rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. The update is effective for annual periods beginning after December 15, 2024 on a prospective basis, and retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures within its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to the financial statements. The update is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The update can be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any of all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures within its consolidated financial statements.
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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
As of December 31,
20242023
Building$64.4 $— 
Furniture, fixtures, and equipment24.7 7.9 
Vehicles
0.1 0.1 
Computer hardware5.8 5.3 
Computer software1.9 1.5 
Website design0.8 0.8 
Building and leasehold improvements34.2 33.0 
Construction in progress13.3 18.4 
Total property and equipment145.2 67.0 
Less: Accumulated depreciation(18.4)(9.4)
Total property and equipment, net$126.8 $57.6 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202420232022
Research and development$9.8 $5.3 $2.3 
General and administrative0.5 0.5 0.8 
Total depreciation expense$10.3 $5.8 $3.1 
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Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of December 31,
20242023
Accrued professional fees$6.5 $9.5 
Accrued employee costs22.2 16.7 
Accrued parts and materials12.5 12.1 
Taxes payable1.1 1.4 
Accrued capital expenditures5.6 9.2 
Accrued cloud computing implementation costs0.1 0.3 
Accrued technology and dispute resolution agreements liability (Note 7)
— 44.0 
Current portion of contract liabilities
0.9 — 
Other current liabilities3.9 3.7 
Total$52.8 $96.9 
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Notes Payable
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
Notes payable consisted of the following (in millions):
As of December 31,
20242023
Synovus Bank Loan
$65.0 $7.5 
Loan unamortized discount and loan issuance costs
(1.0)(0.3)
Total debt, net of discount and loan issuance costs64.0 7.2 
Less current portion, net of discount and loan issuance costs— — 
Total long-term notes payable, net of discount and loan issuance costs$64.0 $7.2 
Synovus Bank Loan
On October 5, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with Synovus Bank, as administrative agent and lender, and the additional lenders (the “Lenders”) from time to time. The Company may request the Lenders to provide multiple term loan advances (together, the “Loan”) in an aggregate principal amount of up to $65.0 million for the construction and development of the Company’s manufacturing facility in Covington, Georgia.
The Company is required to make 120 monthly interest payments from November 14, 2023 until maturity, and 84 equal monthly principal installments from November 14, 2026 until maturity. The Credit Agreement matures on the earlier of October 5, 2033 or the date on which the outstanding Loan has been declared or automatically becomes due and payable pursuant to the terms of the Credit Agreement.
The interest rate on the Loan is a floating rate per annum equal to secured overnight financing rate (as defined in the Credit Agreement) plus the applicable margin of 2.0%, which increases by 5.0% per annum upon the occurrence of an event of default.
The Company’s obligations under the Credit Agreement are secured by funds in a collateral account and the Credit Agreement is guaranteed by the Company’s domestic subsidiaries. The Company may prepay with certain premium that links to the passage of time, and in certain circumstances would be required to prepay the Loan under the Credit Agreement without payment of a premium. The Credit Agreement contains customary representations and warranties, customary affirmative and negative covenants, and customary events of default. As of December 31, 2024, the Company was in compliance with all the covenants of the Credit Agreement.
The Company has drawn down $65.0 million of the Loan as of December 31, 2024. The effective interest rate for the draw downs ranged from 6.7% to 7.2% and 7.7% to 8.2% as of December 31, 2024 and 2023, respectively. The Company incurred issuance costs of $1.0 million related to the loan outstanding as of December 31, 2024. The loan issuance costs will be amortized to interest expense over the contractual term of the Loan. During the years ended December 31, 2024 and 2023, the Company recognized interest expense of $0.1 million and $0.1 million, respectively, including an immaterial amount related to the amortization of issuance costs within interest income, net in the consolidated statements of operations. The carrying value of the Loan, net of unamortized issuance costs of $1.0 million was $64.0 million as of December 31, 2024.
The future scheduled principal maturities of the Loan as of December 31, 2024 are as follows (in millions):

2025$— 
20260.4 
20272.6 
20282.6 
20292.6 
Thereafter56.8 
$65.0 
Silicon Valley Bank (“SVB”) Loan
On July 9, 2021, the Company, as the borrower, entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with SVB and SVB Innovation Credit Fund VIII, L.P. (“SVB Innovation”) as the lenders, and SVB as the collateral agent. The total principal amount of the loans is $20.0 million (the “Term Loans”), and all obligations due under the Term Loans are collateralized by all of the Company’s right, title, and interest in and to its specified personal property in favor of the collateral agent. The Term Loans include events of default and covenant provisions, whereby accelerated repayment may result if the Company were to default. On January 1, 2022, the Company began repaying the Term Loans, which are payable in 24 equal monthly installments, including principal and interest. The interest rate on the loans is a floating rate per annum equal to the greater of (i) 8.5% and (ii) the Prime Rate plus the Prime Rate Margin (each as defined in the Loan and Security Agreement), which increases by 2.0% per annum upon the occurrence of an event of default. The effective interest rate as of December 31, 2023 and 2022 were 10.2% and 9.4%, respectively. For the years ended December 31, 2023 and 2022, the Company recognized interest expense of $0.6 million and $1.5 million, respectively.
Additionally, in conjunction with the issuance of the Term Loans, the Company issued 366,140 warrants to SVB and 366,140 warrants to SVB Innovation, totaling 732,280 warrants. The Company issued the warrants to the lenders as consideration for entering into the Term Loans, representing a loan issuance fee. Each warrant provides SVB and SVB Innovation with the right to purchase one share of the Company’s Class A common stock. The Company recorded the warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized as a gain or loss in the Company’s consolidated statements of operations. The initial offsetting entry to the warrant liability was a debt discount recorded to reflect the loan issuance fee. See Note 11 - Liability Classified Warrants for further details. Effective March 27, 2023, the Term Loans and warrants were assigned to and assumed by First-Citizens Bank & Trust Company on the original terms and conditions of the financial instruments.
Upon the closing of the Business Combination, the SVB warrants became public warrants. The subsequent measurement of the SVB warrants is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS”. The quoted price of the public warrants was $3.22 as of December 31, 2024.
During the years ended December 31, 2023 and 2022, the Company recognized interest expense of $0.7 million and $0.5 million related to the amortization of the discount and loan issuance costs, respectively. As of December 31, 2023, the Term Loans were fully repaid and the discount and loan issuance costs were fully amortized.
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Commitment and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Operating Leases
The Company leases office, lab, hangar, and storage facilities under various operating lease agreements with lease periods expiring between 2025 and 2030 and generally containing periodic rent increases and various renewal and termination options.
The Company’s lease costs were as follows (in millions):
Year Ended December 31,
202420232022
Operating lease cost$5.0 $5.7 $5.8 
Short-term lease cost0.5 0.6 0.2 
Total lease cost$5.5 $6.3 $6.0 
The Company’s weighted-average remaining lease term and discount rate as of December 31, 2024 and 2023 were as follows:
20242023
Weighted-average remaining lease term (in months)4858
Weighted-average discount rate14.4 %14.7 %
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of December 31, 2024 were as follows (in millions):
2025$6.1 
20265.4 
20272.9 
20282.2 
20292.3 
Thereafter2.1 
Total future lease payments21.0 
Less: leasehold improvement allowance(0.5)
Total net future lease payments20.5 
Less: imputed interest(5.5)
Present value of future lease payments$15.0 
Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions):
Year Ended December 31,
202420232022
Operating cash outflows from operating leases$5.2 $5.0 $4.3 
Operating lease liabilities from obtaining right-of-use assets2.1 0.6 11.7 
Finance Lease
In February 2023, the Company entered into a lease arrangement with the Newton County Industrial Development Authority (the “Authority”) for the Company’s manufacturing facilities to be constructed in Covington, Georgia. In connection with the lease arrangement, the Authority issued a taxable revenue bond (the “Bond”), which was acquired by the Company. The arrangement is structured so that the Company’s lease payments to the Authority equal and offset the Authority’s bond payments to the Company. Accordingly, the Company offsets the finance lease obligation and the Bond on its consolidated balance sheets.
Letters of Credit
On February 28, 2023, in conjunction with a project agreement that the Company entered into with the City of Covington and the Authority for the Company’s manufacturing facilities to be constructed in Covington, Georgia, the Company entered into a standby letter of credit in the amount of $3.5 million in favor of the City of Covington, to guarantee certain performance obligations. The standby letter of credit expires on March 31, 2035.
As of December 31, 2024, the Company had standby letters of credit in the aggregate outstanding amount of $5.8 million, secured with restricted cash.
Litigation
During the ordinary course of the business, the Company may be subject to legal proceedings, various claims, and litigation. Such proceedings can be costly, time consuming, and unpredictable, and therefore, no assurance can be given that the final outcome of such proceedings will not materially impact the Company’s financial condition or results of operations.
Wisk Litigation and Technology and Dispute Resolution Agreements
On April 6, 2021, Wisk Aero LLC (“Wisk”) brought a lawsuit against the Company in the United States District Court for the Northern District of California alleging misappropriation of trade secrets and patent infringement. The Company filed certain counterclaims for defamation, tortious interference and unfair competition.
On August 10, 2023, the Company, the Boeing Company (“Boeing”) and Wisk entered into a series of agreements that provide for, among other things, certain investments by Boeing into the Company and an autonomous flight technology collaboration between Wisk and the Company, the issuance of certain warrants to Wisk and resolution of the federal and state court litigation between the parties (the “Technology and Dispute Resolution Agreements”).
Pursuant to the Technology and Dispute Resolution Agreements, the Company issued Wisk a warrant to purchase up to 13,176,895 shares of the Company’s Class A Common Stock with an exercise price of $0.01 per share (the “Wisk Warrant”).
The Company recorded the initial vested tranche of shares underlying the warrant within equity at its fair value and recognized technology and dispute resolution agreements expense for the initial vested tranche of shares upon the issuance of the Wisk Warrant. The Company recorded the unvested portion of shares underlying the Wisk Warrant (the “Second Tranche”) as liabilities at their fair value and adjusted the Wisk Warrant to fair value at each reporting period. This liability was subjected to remeasurement at each balance sheet date until exercised, and any change in fair value was recognized as a gain or loss in the Company’s consolidated statements of operations. The initial offsetting entry to the warrant liability was technology and dispute resolution agreements expense. Upon the issuance of shares underlying the the Second Tranche, the warrant liability was reclassed to equity at fair value. During the years ended December 31, 2024 and 2023, the Company recorded $10.3 million and $70.3 million, respectively, in general and administrative expenses.
On June 7, 2024, Wisk filed a motion in the United States District Court for the Northern District of California to enforce the Technology and Dispute Resolution Agreements in regards to a dispute between the parties with respect to the Second Tranche. The Company filed its opposition on July 10, 2024 and a hearing on Wisk’s motion occurred on August 14, 2024. On September 6, 2024, the Court entered an order determining that the shares underlying the Second Tranche were exercisable and that the Company was required to pay Wisk prejudgment interest for the period from March 21, 2024 through the date of the Court’s hearing on the issue, which has been paid by the Company. On November 5, 2024, the Court issued an order denying Wisk’s motion for partial reconsideration of certain aspects of the Court’s August order. The Wisk Warrant was fully vested and exercised in the year ended December 31, 2024.
Delaware Class Action Litigation
Singh. On May 17, 2024, two putative stockholders of the Company (and formerly, Atlas) filed class action lawsuits, on behalf of themselves and other similarly-situated stockholders, in the Delaware Court of Chancery against the directors and officers of Atlas, the Company, the Company’s co-founders, Moelis & Company Group LP and Moelis & Company LLC. The complaint asserts claims against the defendants for breaches of fiduciary duties, aiding and abetting breaches of fiduciary duties, and unjust enrichment, in connection with the merger between Atlas and the Company. The plaintiffs request damages in an amount to be determined at trial, as well as attorneys’ and experts’ fees. Relatedly, on June 19, 2024, another putative stockholder of the Company filed a class action lawsuit, on behalf of himself and other similarly-situated stockholders, in the Delaware Court of Chancery asserting similar claims as the aforementioned May 17, 2024 complaint against the same defendants named in that May complaint. The Delaware Court of Chancery subsequently consolidated the related class actions and appointed a lead plaintiff. The Company along with the other defendants filed a motion to dismiss on October 3, 2024. The plaintiffs filed an answer on January 13, 2025. The hearing on the motion to dismiss is scheduled for April 17, 2025.
Solak. On June 28, 2024, a stockholder of the Company filed a class action complaint in the Delaware Court of Chancery regarding the vote at the annual meeting of stockholders held on June 21, 2024 to approve the amendment to the Company’s Amended and Restated Certificate of Incorporation filed on September 16, 2021 (the “Amended and Restated Certificate of Incorporation”) to include a provision exculpating officers of the Company from certain types of duty of care claims. On July 5, 2024, the Company filed a Certificate of Correction to clarify that its Amended and Restated Certificate of Incorporation remains unchanged and the Delaware Court of Chancery subsequently dismissed the class action. On October 28, 2024, the parties entered into a settlement that releases all claims by the plaintiff and on November 7, 2024, the Company paid an immaterial amount as required under the settlement agreement.
v3.25.0.1
Preferred and Common Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Preferred and Common Stock Preferred and Common Stock
On December 26, 2024, the Company filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to increase the total number of authorized shares of capital stock from 1,010,000,000 to 1,710,000,000, consisting of 1,400,000,000 shares of Class A common stock, 300,000,000 shares of Class B common stock and 10,000,000 shares of preferred stock.
Effective December 31, 2024 (the “Final Conversion Date”), pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation providing for the automatic conversion of the Company’s Class B common stock on the last trading day of the year during which the number of outstanding shares of Class B common stock represents less than 10.0% of the total number of outstanding shares of the Company’s Class A common stock and Class B common stock, each outstanding share of Class B common stock automatically converted into the same number of shares of Class A common stock (the “Conversion”). No additional shares of Class B common stock have been or will be issued following the Final Conversion Date.
Preferred Stock
As of December 31, 2024, no shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock.
Voting
Holders of the Company’s Class A common stock are entitled to one vote per share on all matters to be voted upon by the stockholders and prior to the Conversion, holders of Class B common stock were entitled to ten votes per share on all matters to be voted upon by the stockholders. As a result of the Conversion during the year, all former holders of Class B common stock received an equal number of shares of Class A common stock. In addition, the provisions of the Certificate of Incorporation and DGCL that entitled the holders of shares of Class A common stock and Class B common stock, in certain circumstances, to separate class voting rights, are no longer applicable as a result of the Conversion.
Dividends
Holders of Class A common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion out of funds legally available therefor. No dividends on common stock have been declared by the Company’s Board of Directors through December 31, 2024, and the Company does not expect to pay dividends in the foreseeable future.
Preemptive Rights
Stockholders have no preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to Class A common stock.
Conversion
The Company’s Class B common stock was subject to “sunset” provisions of the Company’s Amended and Restated Certificate of Incorporation, pursuant to which all shares of Class B common stock would automatically convert into an equal number of shares of Class A common stock upon the earliest to occur of (i) the ten-year anniversary of the closing of the Business Combination, (ii) the date specified by the holders of two-thirds of the then outstanding Class B common stock, voting as a separate class, and (iii) when the number of Class B common stock represents less than 10% of the aggregate number of Class A common stock and Class B common stock then outstanding. During the year ended December 31, 2024, shares of the Company’s Class B common stock represented less than 10% of all outstanding shares of the Company’s common stock, and as such pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation, each outstanding share of Class B common stock automatically converted into an equal number of Class A common stock on December 31, 2024. Following the Final Conversion Date, the Company may no longer issue any additional shares of Class B common stock.
During the years ended December 31, 2024, 2023 and 2022, 43,434,962, 26,449,869 and 8,406,170 shares of Class B common stock were converted into Class A common stock, respectively.
Liquidation
In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied.
PIPE Financing
On August 10, 2023, the Company entered into subscription agreements with certain investors providing for the private placement of 26,173,286 shares of the Company’s Class A common stock for net proceeds of approximately $139.0 million, after deducting offering costs.
On August 8, 2024, the Company entered into subscription agreements with certain investors providing for the private placement of the Company’s Class A common stock at a purchase price of $3.35 per share (the “First 2024 PIPE Financing”), pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. A portion of the First 2024 PIPE Financing closed on August 12, 2024 for 49,283,582 shares of the Company’s Class A common stock for net proceeds of approximately $158.0 million, after deducting offering costs. The remaining portion of the First 2024 PIPE Financing covering an aggregate of 2,982,089 shares of the Company’s Class A common stock to be issued and sold to Stellantis N.V. (“Stellantis”) for gross proceeds of approximately $10.0 million closed on January 6, 2025.
On December 11, 2024, the Company entered into subscription agreements with certain investors providing for the private placement of the Company’s Class A common stock at a purchase price of $6.65 per share (the “Second 2024 PIPE Financing”), pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. A portion of the Second 2024 PIPE Financing closed on December 13, 2024 for 63,909,776 shares of the Company’s Class A common stock for net proceeds of approximately $407.7 million, after deducting offering costs. The remaining portion of the Second 2024 PIPE Financing covering an aggregate of 751,879 shares of the Company’s Class A common stock to be issued and sold to Stellantis for anticipated gross proceeds of approximately $5.0 million is subject to the satisfaction of certain closing conditions, including approval by the Company’s stockholders.
At-The-Market Program
In November 2023, the Company filed a shelf registration statement on Form S-3 with the SEC and a related prospectus supplement pursuant to which it may, from time to time, sell shares of its Class A common stock, having an aggregate value of up to $70.0 million, pursuant to a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with a placement agent (the “First ATM Program”). The First ATM Program was fully utilized in May 2024. During the years ended December 31, 2024 and 2023, the Company sold 10,275,033 and 3,109,097 shares of Class A common stock, respectively, under the First ATM Program, for net proceeds of $48.1 million and $19.5 million, respectively.
In May 2024, the Company filed a shelf registration statement on Form S-3 with the SEC that permits the offering of an aggregate of up to $95.0 million of shares of the Company’s Class A common stock or preferred stock, debt securities, warrants, and units (the “2024 Shelf Registration Statement”), including a prospectus for the sale under the Sales Agreement of shares of its Class A common stock, having an aggregate value of up to $70.0 million (the “Second ATM Program”). The Second ATM Program was fully utilized in November 2024. During the year ended December 31, 2024, the Company sold 20,644,100 shares of Class A common stock under the Second ATM Program for net proceeds of $68.0 million.
In November 2024, the Company filed a shelf registration statement on Form S-3ASR with the SEC and a related prospectus for the sale under the Sales Agreement of shares of its Class A common stock, having an aggregate value of up to $70.0 million (the “Third ATM Program”). During the year ended December 31, 2024, the Company sold 2,052,484 shares of Class A common stock under the Third ATM Program for net proceeds of $21.7 million. As of December 31, 2024, the Company had $47.5 million remaining eligible for sales under the Third ATM Program.
The Company pays the placement agent a commission rate of up to 3.0% of the gross proceeds from any shares of Class A common stock sold through the Sales Agreement.
v3.25.0.1
Stock-Based Compensation​
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation​ Stock-Based Compensation
Amended and Restated 2021 Plan
In August 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was approved by the stockholders of the Company in September 2021 and became effective immediately upon the closing of the Business Combination. In April 2022, the Company amended and restated the 2021 Plan (the “Amended and Restated 2021 Plan”), which was approved by the stockholders of the Company in June 2022. The aggregate number of shares of Class A common stock that may be issued under the plan increased to 34,175,708. In addition, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan will automatically increase on January 1st of each year following this amendment, starting on January 1, 2023 and ending on (and including) January 1, 2031, in an amount equal to the lesser of (i) 5.0% of the total number of shares of Class A and Class B common stock outstanding on December 31 of the preceding year, or (ii) a lesser number of shares of Class A common stock determined by the Board of Directors prior to the date of the increase (the “EIP Evergreen Provision”). The EIP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and includes shares, such as unvested shares pursuant to early exercised stock options, that are not considered outstanding for accounting purposes. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the Amended and Restated 2021 Plan increased by 15,320,111 shares on January 1, 2024. The Amended and Restated 2021 Plan provides for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and other awards to employees, directors, and non-employees.
In connection with the adoption of the 2021 Plan, the Company ceased issuing awards under its 2019 Equity Incentive Plan (the “2019 Plan”). Following the closing of the Business Combination, the Company assumed the outstanding stock options under the 2019 Plan and converted such stock options into options to purchase the Company’s common stock. Such stock options will continue to be governed by the terms of the 2019 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire.
Employee Stock Purchase Plan
In August 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately upon the closing of the Business Combination. The ESPP permits eligible employees to purchase shares of Class A common stock at a price equal to 85.0% of the lower of the fair market value of Class A common stock on the first day of an offering or on the date of purchase. Additionally, the number of shares of Class A common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by the lesser of (i) 1.0% of the total number of shares of Class A common stock outstanding on December 31 of the preceding year; (ii) 9,938,118 shares of Class A common stock; or (iii) a lesser number of shares of Class A common stock determined by the Board of Directors prior to the date of increase (the “ESPP Evergreen Provision”). The ESPP Evergreen Provision is calculated using the number of legally outstanding shares of common stock and includes shares, such as unvested shares pursuant to early exercised stock options, that are not considered outstanding for accounting purposes. In accordance therewith, the number of shares of Class A common stock reserved for issuance under the ESPP increased by 2,679,473 on January 1, 2024. As of December 31, 2024, the maximum number of shares authorized for issuance under the ESPP was 11,085,810, of which 8,133,182 shares remained available under the ESPP.
The Company currently offers six-month offering periods, and at the end of each offering period, which occurs every six months on May 31 and November 30, employees can elect to purchase shares of the Company’s Class A common stock with contributions of up to 15.0% of their base pay, accumulated via payroll deductions, subject to certain limitations.
During the year ended December 31, 2024, for the six-month ESPP offering periods that ended on May 31, 2024 and November 30, 2024, employees purchased 812,544 shares at a price of $2.78 per share and 911,452 shares at a price of $2.78 per share, respectively.
The Company uses the Black-Scholes option pricing model to calculate the grant date fair value of each award granted under the ESPP. The following table sets forth the key assumptions and fair value results for each award granted in the Company’s six-month offering period that started on December 1, 2024:
InputDecember 1, 2024
Stock price$9.57 
Term (in years)0.5
Risk-free interest rate4.4 %
Volatility85.0 %
Dividend yield0.0 %
Grant date fair value per share$3.67 
During the years ended December 31, 2024, 2023 and 2022, the Company recognized stock-based compensation expense of $2.6 million, $1.2 million and $0.1 million for the ESPP, respectively.
As of December 31, 2024, the total remaining stock-based compensation expense was $1.6 million for the ESPP, which is expected to be recognized over the current six-month offering period until May 31, 2025.
Annual Equity Awards
Subject to the achievement of certain performance goals established by the Company from time to time, the Company’s employees are eligible to receive an annual incentive bonus that will entitle them to an annual grant of RSUs that are fully vested on the date of grant. Furthermore, all the annual equity awards are contingent and issued only upon approval by the Company’s Board of Directors or the Compensation Committee. During the years ended December 31, 2024, 2023 and 2022, the Company recognized stock-based compensation expense of $17.8 million, $11.5 million and $9.5 million, respectively, related to these annual equity awards.
Stock Options
A summary of the Company’s stock option activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of January 1, 2024
3,174,114 $0.12 6.7$19.1 
Exercised(999,115)0.08 4.5 
Expired/forfeited(56,988)0.10 
Outstanding as of December 31, 2024
2,118,011 0.13 5.820.4 
Exercisable as of December 31, 2024
1,551,567 $0.13 5.8$14.9 
Vested and expected to vest as of December 31, 2024
2,118,011 0.13 5.820.4 
There were no options granted for the years ended December 31, 2024, 2023 and 2022.
The Company recognized stock-based compensation expense of $2.5 million, $2.8 million and $3.8 million for stock options for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, the total remaining stock-based compensation expense for unvested stock options was $2.2 million, which is expected to be recognized over a weighted-average period of 0.4 years.
Restricted Stock Units
A summary of the Company’s RSU activity is as follows:
Number of
Shares
Weighted
Average
Grant Fair Value
Outstanding as of January 1, 2024
31,522,483 $4.99 
Granted18,608,964 4.78 
Vested(18,837,707)4.87 
Forfeited (2,635,494)4.06 
Outstanding as of December 31, 2024
28,658,246 5.02 
During the year ended December 31, 2024, the Company granted 2,735,840 RSUs under the Amended and Restated 2021 Plan, representing the annual equity awards for 2023. The RSUs were fully vested on the date of grant and settled in Class A common stock on a one-for-one basis. In addition, the Company granted 14,254,746 RSUs under the Amended and Restated 2021 Plan, which generally vest over a three- or four-year period with a one-year cliff and remain subject to forfeiture if vesting conditions are not met. Upon vesting, RSUs are settled in Class A common stock on a one-for-one basis. The shares of Class A common stock underlying RSU grants are not issued and outstanding until the applicable vesting date.
During the year ended December 31, 2024, the Company granted 1,322,520 RSUs under the Amended and Restated 2021 Plan to certain executives, which vest over a three-year period with a payout based on the Company’s relative performance of total shareholder return (“TSR”) compared with the annualized TSR of certain peer companies for the service period (the “PSUs”). The award payout can range from 0.0% to 200.0% of the initial grant, and is measured on each anniversary of the grant date. Upon vesting, the PSUs are settled in Class A common stock on a one-for-one basis. If an executive’s employment ends due to disability, death, termination without cause or resignation for good reason, the executive (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of the PSUs based on active employment during the annual service periods. In all other cases, the award will not vest and all rights to the PSUs will terminate.
The Company also granted 295,858 RSUs under the Amended and Restated 2021 Plan to an employee that pays out based on attainment of predefined performance goals so long as the employee remains employed by the Company over the ten-year performance period. The award payout can range from 0.0% to 100.0% of the initial grant.
The Company determined the fair value of the PSUs using a Monte Carlo simulation model on the grant date. The Company will recognize compensation expense for the PSUs on a straight-line basis over the three-year performance period.
The following assumptions were used to estimate the fair value, using the Monte Carlo simulation, of the PSUs:
December 18, 2024March 26, 2024
Stock price$8.95 $4.79 
Term (in years)3.03.0
Risk-free interest rate4.3 %4.3 %
Volatility87.3 %87.1 %
Dividend yield0.0 %0.0 %
Immediately prior to closing of the Business Combination, each of the Company’s founders was granted 20,009,224 RSUs under the 2019 Plan pursuant to the terms and conditions of the Business Combination Agreement. One-quarter of each of the Founder Grants was intended to vest upon the achievement of the earlier to occur of (i) a price-based milestone or (ii) a performance-based milestone, with a different set of such price and performance-based milestones applying to each quarter of each of the Founder Grants and so long as the achievement occurs within seven years following the closing of the Business Combination.
The Company accounts for the Founder Grants as four separate tranches, with each tranche consisting of two award conditions, a performance award condition and market award condition. Each tranche vests when either the market condition or performance condition is satisfied (only one condition is satisfied). The Company determined the fair value of the performance award by utilizing the trading price on the Closing Date. When the applicable performance milestone is deemed probable of being achieved, the Company will recognize compensation expense for the portion earned to date over the requisite period. For the market award, the Company determined both the fair value and derived service period using a Monte Carlo simulation model on the Closing Date. The Company will recognize compensation expense for the market award on a straight-line basis over the derived service period. If the applicable performance condition is not probable of being achieved, compensation cost for the value of the award incorporating the market condition is recognized, so long as the requisite service is provided. If the performance milestone becomes probable of being achieved, the full fair value of the award will be recognized, and any remaining expense for the market award will be canceled.
One-quarter of each of the Founder Grants, totaling 10,004,612 shares of Class B common stock, vested immediately prior to the Closing Date pursuant to the terms and conditions of the Business Combination Agreement. On April 14, 2022, the vested 5,002,306 shares of Class B common stock of the Company’s former co-CEO were cancelled. On July 13, 2023, following the expiration of 15 months from the separation of the former co-CEO from the Company on April 13, 2022, the former officer’s unvested 15,006,918 shares of Class B common stock for the remaining three tranches were forfeited. The Company then reversed the previously recognized stock-compensation expense of $59.1 million associated with these shares. During the year ended December 31, 2024, the Company’s Board of Directors determined that the performance milestone for the second tranche of the outstanding Founder Grant, covering 5,002,306 shares of Class B common stock, was achieved. As of December 31, 2024, there were 10,004,612 RSUs outstanding, representing the remaining two tranches of the outstanding Founder Grant.
For the years ended December 31, 2024, 2023 and 2022, the Company recorded $33.1 million, $49.7 million and $64.9 million of stock-based compensation expense, respectively, for the remaining three tranches of the outstanding Founder Grant in general and administrative expenses in the consolidated statements of operations. Of the amounts recorded during the years ended December 31, 2023 and 2022, approximately $17.3 million and $32.4 million of stock-based compensation expense, respectively, associated with the forfeiture were reversed in July 2023 and recorded during the year ended December 31, 2023.
For the years ended December 31, 2024, 2023 and 2022, the Company recorded $47.4 million, $27.0 million and $22.8 million of stock-based compensation expense, respectively, related to RSUs (excluding the Founder Grants).
As of December 31, 2024, the total remaining stock-based compensation expense for unvested RSUs (including the remaining Founder Grant) was $114.5 million, which is expected to be recognized over a weighted-average period of 0.9 years.
Restricted Stock
In August 2023, the Company issued 1,985,559 shares of Class A common stock to an outside vendor to satisfy $11.0 million of the Company’s outstanding payable to that vendor. Accordingly, the Company reclassified $11.6 million, representing the grant date fair value of the award, of legal expense to stock-based compensation expense within general and administrative expenses in the consolidated statements of operations during the year ended December 31, 2023.
Issuance of Class A Common Stock
During the year ended December 31, 2024, the Company issued 1,685,994 shares of Class A common stock pursuant to its 2024 Shelf Registration Statement to certain service providers to satisfy $5.8 million of the Company’s outstanding amounts payable to those service providers.
The Company records stock-based compensation expense for stock-based compensation awards based on the fair value on the date of grant. The stock-based compensation expense is recognized ratably over the course of the requisite service period.
The Company has elected to account for forfeitures as they occur and will record stock-based compensation expense assuming all stockholders will complete the requisite service period. If an employee forfeits an award because they fail to complete the requisite service period, the Company will reverse stock-based compensation expense previously recognized in the period the award is forfeited.
The following table presents stock-based compensation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202420232022
Research and development$49.0 $28.9 $26.1 
General and administrative59.8 16.3 76.7 
Total stock-based compensation expense$108.8 $45.2 $102.8 
Warrants
A summary of the Company’s warrant activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of January 1, 2024
20,788,247 $0.01 4.5$127.4 
Issued57,050 0.01 
Exercised(91,667)0.01 0.8 
Outstanding as of December 31, 2024
20,753,630 0.01 3.5202.1 
Vested and exercisable as of December 31, 2024
7,805,276 $0.01 2.4$76.0 
United Airlines
On January 29, 2021, the Company entered into the United Purchase Agreement, United Collaboration Agreement, and United Warrant Agreement. Under the terms of the United Purchase Agreement, United has a conditional purchase order for up to 200 of the Company’s aircraft, with an option to purchase an additional 100 aircraft. Those purchases are conditioned upon the Company meeting certain conditions that include, but are not limited to, the certification of the Company’s aircraft by the Federal Aviation Administration (“FAA”) and further negotiation and reaching of mutual agreement on certain material terms related to the purchases. The Company issued 14,741,764 warrants to United to purchase shares of the Company’s Class A common stock. Each warrant provides United with the right to purchase one share of the Company’s Class A common stock at an exercise price of $0.01 per share. The warrants were initially expected to vest in four installments in accordance with the following milestones: the execution of the United Purchase Agreement and the United Collaboration Agreement, the completion of the Business Combination, the certification of the aircraft by the FAA, and the sale of aircraft to United.
On August 9, 2022, the Company entered into Amendment No. 1 to the United Purchase Agreement (the “Amended United Purchase Agreement”) and Amendment No. 1 to the United Warrant Agreement (the “Amended United Warrant Agreement”). In association with the Amended United Purchase Agreement, the Company received a $10.0 million pre-delivery payment from United for 100 of the Company’s aircraft (the “Pre-Delivery Payment”), which was recognized as a contract liability in other long-term liabilities in the Company’s consolidated balance sheets. Pursuant to the Amended United Warrant Agreement, the vesting condition of the fourth milestone of the United Warrant Agreement was modified, and the warrants now vest in four installments in accordance with the following sub-milestones: (i) 737,088 warrants vested upon receipt by the Company of the Pre-Delivery Payment on August 9, 2022; (ii) 2,211,264 warrants vested on February 9, 2023 upon the six-month anniversary of the amendment date; (iii) 3,685.45 warrants shall vest upon the acceptance and delivery of each of the Company’s 160 aircraft; and (iv) 22,112.65 warrants shall vest upon the acceptance and delivery of each of the Company’s 40 aircraft.
The Company accounts for the Amended United Purchase Agreement and the United Collaboration Agreement under ASC 606, Revenue from Contracts with Customers. The Company identified the sale of each aircraft ordered by United as a separate performance obligation in the contract. As the performance obligations have not been satisfied, the Company has not recognized any revenue as of December 31, 2024.
With respect to the warrant vesting milestones outlined above, the Company accounts for them as consideration payable to a customer under ASC 606 related to the future purchase of aircraft by United. The Company determined that the warrants are classified as equity awards based on the criteria of ASC 480, Distinguishing Liabilities from Equity and ASC 718. Pursuant to ASC 718, the Company measured the grant date fair value of the warrants to be recognized upon the achievement of each of the original four milestones and the vesting of the related warrants, which was determined to be $13.35, based on a valuation of the Company’s Class A common stock on January 29, 2021.
For the first milestone, issuance of warrants in conjunction with the execution of the United Purchase Agreement and the United Collaboration Agreement, the Company recorded the grant date fair value of the respective warrant tranche at the vesting date upon satisfaction of the milestone, and the related costs were recorded in other warrant expense due to the absence of historical or probable future revenue. For the second milestone, the completion of the Business Combination transaction, the related costs were also recorded in other warrant expense due to the absence of historical or probable future revenue. A total of 8,845,058 warrants vested from achievement of the first two milestones and were exercised. For the third milestone, the certification of the aircraft by the FAA, the Company will assess whether it is probable that the award will vest at the end of every reporting period. If and when the award is deemed probable of vesting, the Company will begin capitalizing the grant date fair value of the associated warrants as an asset through the vesting date and subsequently amortize the asset as a reduction to revenue as it sells the new aircraft to United.
For the original fourth milestone, the sale of aircraft to United, the Company was initially expected to record the cost associated with the vesting of each portion of warrants within this milestone as a reduction of the transaction price as revenue is recognized for each sale of the aircraft. In connection with the Amended United Warrant Agreement, the Company evaluated the accounting implications associated with the amendment to the fourth milestone in accordance with ASC 606 and ASC 718. For the first sub-milestone, the receipt of the Pre-Delivery Payment, the Company accounted for it as a modification under ASC 718 and recorded the modification date fair value of the associated warrants in other warrant expense upon satisfaction of the sub-milestone on August 9, 2022. For the second sub-milestone, the vesting of warrants on February 9, 2023, the Company accounted for it as a modification under ASC 718 and recorded the modification date fair value of the associated warrants in other warrant expense on a straight-line basis over six months following the amendment date. The modification date fair value of each warrant associated with the first and second sub-milestones was determined to be $4.37, which was the closing price of the Company’s Class A common stock on the modification date. For the third and fourth sub-milestones, the sale of 160 aircraft and 40 aircraft, respectively, the Company determined that the amendment does not represent a modification under ASC 718. The Company will record the cost associated with the vesting of each portion of the associated warrants as a reduction of the transaction price based on the original grant date fair value as revenue is recognized for each sale of the aircraft.
There was no other warrant expense recognized for the year ended December 31, 2024.
For the year ended December 31, 2023, the Company recorded $2.1 million in other warrant expense in the consolidated statements of operations related to the second sub-milestone under the fourth milestone, and a total of 2,211,264 warrants vested from achievement of this milestone.
For the year ended December 31, 2022, the Company recorded $10.8 million in other warrant expense in the consolidated statements of operations related to the first two sub-milestones under the fourth milestone, and a total of 737,088 warrants vested from achievement of the first sub-milestone under the fourth milestone.
In August 2023, the Company issued 2,942,778 shares of Class A common stock to United, who cashless net exercised 2,948,352 warrants related to the achievement of the first two sub-milestones under the fourth milestone.
Stellantis N.V.
On January 3, 2023, the Company entered into a manufacturing and collaboration agreement with Stellantis, pursuant to which the Company and Stellantis will collaborate on the development and implementation of the Company’s manufacturing operations for the production of its eVTOL aircraft products (the “Stellantis Collaboration Agreement”). In connection with the Stellantis Collaboration Agreement, the Company entered into a forward purchase agreement (as amended, the “Stellantis Forward Purchase Agreement”) and a warrant agreement (the “Stellantis Warrant Agreement”) with Stellantis on January 3, 2023.
Under the terms of the Stellantis Forward Purchase Agreement, the Company agreed to issue and sell to Stellantis up to $150.0 million of shares of the Company’s Class A common stock pursuant to terms and conditions of the Stellantis Forward Purchase Agreement. As further described below, the shares pursuant to the Stellantis Forward Purchase Agreement were fully issued in July 2024.
Under the terms of the Stellantis Warrant Agreement, Stellantis is entitled to purchase up to 15.0 million shares of the Company’s Class A common stock, at an exercise price of $0.01 per share (the “Stellantis Warrant”). The Stellantis Warrant will vest and become exercisable in three equal tranches upon 12, 24 and 36 months of the grant date, provided that (i) Stellantis has performed certain undertakings set forth in the Stellantis Collaboration Agreement and/or (ii) the VWAP (as defined in the Stellantis Warrant Agreement) for the Class A common stock exceeding certain specified amounts. Pursuant to the terms and conditions of the Stellantis Collaboration Agreement, Stellantis is deemed to have performed the undertakings if the Stellantis Collaboration Agreement has not been terminated by the Company as of the specified vesting date for each tranche.
As the Company is currently in pre-revenue stage and is not generating any revenue from the Stellantis Collaboration Agreement, all costs incurred with third parties are recorded based on the nature of the costs incurred. The Company accounts for the warrant in accordance with the provisions of ASC 718. The grant date fair value of each warrant was determined to be $1.93, which was the closing price of the Company’s Class A common stock on January 3, 2023. For each tranche of the warrant, the Company will recognize compensation costs as the related services are received from Stellantis on a straight-line basis over the associated service period. During the years ended December 31, 2024 and 2023, the Company recorded $8.1 million and $17.5 million of R&D expense, respectively, in the consolidated statements of operations in connection with the Stellantis Collaboration Agreement.
On June 23, 2023, the Company issued 6,337,039 shares of Class A common stock to Stellantis in connection with the first milestone under the Stellantis Forward Purchase Agreement and received approximately $25.0 million in gross proceeds. On August 10, 2023, Stellantis waived certain conditions provided for in the Stellantis Forward Purchase Agreement relating to the Company’s actual achievement pursuant to Milestone 2 (as defined in the Stellantis Forward Purchase Agreement). In connection with this waiver, the Company submitted an election notice to draw down upon the $70.0 million applicable to Milestone 2, which equals 12,313,234 shares of the Company’s Class A common stock. This drawdown was completed on October 16, 2023. On June 27, 2024, the Company elected to draw down the $55.0 million remaining available under the Stellantis Forward Purchase Agreement associated with Milestone 3 (as defined in the Stellantis Forward Purchase Agreement). In accordance therewith, on July 1, 2024, the Company issued 17,401,153 shares of Class A common stock to Stellantis for gross proceeds of approximately $55.0 million.
FCA US LLC
On November 6, 2020, the Company entered into a collaboration agreement with FCA US LLC (“FCA”) (the “FCA Collaboration Agreement”), in which both parties agreed to work together to complete a series of fixed duration collaboration projects related to the Company’s ongoing efforts to design, develop, and bring up production capabilities for its aircraft. In conjunction with the FCA Collaboration Agreement, the Company issued a warrant to FCA on November 6, 2020, in which FCA has the right to purchase up to 1,671,202 shares of the Company’s Class A common stock at an exercise price of $0.01 per share. The Company performed a valuation and determined each warrant had a fair value of $0.15 per share at the grant date. Shares under the warrant vest based on the completion of specific aircraft development milestones identified under the FCA Collaboration Agreement.
As the Company is currently in pre-revenue stage and is not generating any revenue from the FCA Collaboration Agreement, all costs incurred with third parties are recorded based on the nature of the cost incurred. The Company accounts for the warrant in accordance with ASC 718. The Company assessed whether it was probable that the award vested for each of the seven milestones at the end of every reporting period. If and when the award was deemed probable of vesting, the Company recognized compensation expense for the portion of the grant determined probable of vesting on a straight-line basis over the duration of each milestone. If services had been provided by FCA prior to management determining the milestone was probable of being achieved, a cumulative catch-up adjustment was recorded for services performed in prior periods. During the year ended December 31, 2022, the Company recorded $0.1 million of R&D expense in the consolidated statements of operations related to the completion of certain milestones. As of December 31, 2022, all seven milestones have been completed, amounting to 1,671,202 shares that have vested.
FCA Italy S.p.A.
On July 19, 2021, the Company entered into a manufacturing consulting agreement with an affiliate of FCA, FCA Italy S.p.A. (“FCA Italy”) (the “Manufacturing Consulting Agreement”), in which both parties agreed to work together to complete a series of fixed duration projects to develop manufacturing and production processes in connection with the Company’s ongoing efforts to bring up production capabilities for its aircraft. In conjunction with the Manufacturing Consulting Agreement, the Company issued a warrant to FCA Italy, in which FCA Italy has the right to purchase up to 1,077,024 shares of the Company’s Class A common stock at an exercise price of $0.01 per share. The Company performed a valuation and determined each warrant had a fair value of $8.98 per share at the grant date. The shares underlying the warrant vest in two equal installments in accordance with two time-based milestones.
The Company accounts for the warrant in accordance with ASC 718. The Company recognized compensation cost for half of the shares that were fully vested upon execution of the Manufacturing Consulting Agreement. The Company recognized compensation cost for the remaining half of the warrant as the related services were received from FCA Italy on a straight-line basis over the service period of 12 months. During the year ended December 31, 2022, the Company recorded $2.8 million of R&D expense in the consolidated statements of operations related to services received for the second milestone. As of December 31, 2022, both of the milestones have been completed, amounting to 1,077,024 shares that have vested.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's loss before income taxes consisted of the following (in millions):
Year Ended December 31,
202420232022
United States
$(537.6)$(458.7)$(317.3)
International
1.0 1.3 — 
Total
$(536.6)$(457.4)$(317.3)
The Company recognized foreign current income tax provision of $0.2 million and $0.5 million during the years ended December 31, 2024 and 2023, respectively. The Company did not recognize any current income tax provision during the year ended December 31, 2022. The Company did not record any deferred income tax provision for the years ended December 31, 2024, 2023 and 2022. The related increase in the deferred tax assets was offset by the increase in valuation allowance.
A reconciliation of the Company’s effective income tax rate to the expected income tax rate, computed by applying the federal statutory income tax rate of 21.0% to the Company’s loss before income taxes, is as follows:
Year Ended December 31,
202420232022
Federal income tax (benefit) at statutory tax rate
21.0 %21.0 %21.0 %
State and local income taxes (net of federal benefit)0.8 %(2.7)%2.5 %
Nondeductible expenses(1.0)%(0.1)%(0.2)%
Warrant expense(1.9)%(1.6)%0.8 %
Nondeductible officers’ compensation(0.7)%0.1 %(4.7)%
Other0.0 %0.0 %(0.7)%
Credits5.4 %4.4 %4.9 %
Change in valuation allowance(23.6)%(21.2)%(23.6)%
Effective tax rate0.0 %(0.1)%0.0 %
Differences between the state statutory rate and state effective tax rate for the years ended December 31, 2024 and 2023 primarily relate to the limitations imposed on certain share-based compensation under Section 162(m), R&D tax credits and an increase in the valuation allowance.
The Company’s significant components of its deferred tax assets and liabilities are as follows (in millions):
As of December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$133.0 $84.1 
Accrued expenses4.3 12.4 
Operating lease liabilities3.3 3.5 
Stock-based compensation2.1 1.9 
Warrants7.8 6.0 
Capitalized R&D expenses132.3 77.8 
Credits71.5 41.7 
Start-up costs3.7 3.8 
Other0.3 0.7 
Gross deferred tax assets358.3 231.9 
Less: valuation allowance(353.3)(226.3)
Deferred tax assets, net of valuation allowance5.0 5.6 
Deferred tax liabilities:
Depreciation and amortization(3.2)(3.7)
Right-of-use assets(1.8)(1.9)
Total deferred tax liabilities(5.0)(5.6)
Total net deferred tax assets$— $— 
In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Based upon the analysis of federal and state deferred tax balances and future tax projections and the Company’s lack of taxable income in the carryback period, the Company did not believe it is more-likely-than-not that the net deferred tax assets will be realizable. Accordingly, the Company had provided a full valuation allowance against the entire domestic and the majority of the foreign net deferred tax assets as of December 31, 2024 and 2023. The valuation allowance increased by $127.0 million, $96.6 million and $82.6 million during the years ended December 31, 2024, 2023 and 2022, respectively.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022. The Company does not currently expect the Inflation Reduction Act to impact its estimated effective tax rate due to a full valuation allowance against deferred tax assets.
As of December 31, 2024 and 2023, the Company has U.S. federal net operating loss (“NOL”) carryforwards of $616.5 million and $389.9 million, respectively, which can be carried forward indefinitely. As of December 31, 2024 and 2023, the Company has state NOL carryforwards of $58.2 million and $40.5 million, respectively, which will both begin to expire in 2038.
In the ordinary course of its business, the Company incurs costs that, for tax purposes, are determined to be qualified R&D expenditures within the meaning of Section 41 of the Internal Revenue Code of 1986, as amended (the “Code”) and are, therefore, eligible for the Increasing Research Activities credit under Section 41 of the Code. The U.S. federal R&D tax credit carryforward is $53.2 million and $31.4 million for December 31, 2024 and 2023, respectively. The U.S. federal R&D tax credit carryforward begins to expire in 2039. The state R&D tax credit carryforward is $27.9 million and $15.7 million for December 31, 2024 and 2023, respectively, which can be carried forward indefinitely.
The following table shows the changes in the gross amount of unrecognized tax benefits (in millions):

Balance as of December 31, 2021$0.3 
Increases related to prior year tax positions
1.2 
Balance as of December 31, 20221.5 
Increases related to current year tax positions0.5 
Balance as of December 31, 20232.0 
Increases related to current year tax positions2.0 
Balance as of December 31, 2024$4.0 
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of December 31, 2024 and 2023 is zero due to the valuation allowance that would otherwise be recorded on the deferred tax asset associated with the recognized position. During the years ended December 31, 2024, 2023 and 2022, the Company recognized no interest and penalties related to uncertain tax positions. It is not expected that there will be a significant change in uncertain tax positions in the next 12 months.
In accordance with Section 382 and Section 383 of the Code, a corporation that undergoes an “ownership change” (generally defined as a cumulative change of more than 50.0% in the equity ownership of certain stockholders over a rolling three-year period) is subject to limitations on its ability to utilize its pre-change NOLs and R&D tax credits to offset post-change taxable income and post-change tax liabilities, respectively. The Company’s existing NOLs and R&D credits may be subject to limitations arising from previous ownership changes, and the ability to utilize NOLs could be further limited by Section 382 and Section 383 of the Code. In addition, future changes in the Company’s stock ownership, some of which may be outside of the Company’s control, could result in an ownership change under Section 382 and Section 383 of the Code. The amount of such limitations, if any, has not been determined.
The Company is subject to taxation and files income tax returns with the U.S. federal government and various state jurisdictions. The tax years ended December 31, 2018 through December 31, 2024 remain open to examination for federal and state purposes. In addition, the utilization of NOL and R&D credit carryforwards is subject to federal and state review for the periods in which those net losses were incurred. The Company is not under audit by any tax jurisdictions at this time.
v3.25.0.1
Liability Classified Warrants
 12 Months Ended
Dec. 31, 2024
Warrants and Rights Note Disclosure [Abstract]  
Liability Classified Warrants Liability Classified Warrants
As of December 31, 2024, there were 17,398,947 public warrants outstanding. Public warrants may only be exercised for a whole number of shares. No fractional shares are issued upon exercise of the public warrants. The public warrants became exercisable on October 30, 2021, 12 months after the closing of the initial public offering of Atlas. The public warrants will expire five years from the consummation of the Business Combination or earlier upon redemption or liquidation.
Once the public warrants become exercisable, the Company may redeem the public warrants for redemption:
•in whole and not in part;
•at a price of $0.01 per public warrant;
•upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
•if, and only if, the closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing after the warrants become exercisable and ending three business days before the Company sends the notice of redemption to the warrant holders.
If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Each public warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share. The exercise price and number of Class A common stock issuable upon exercise of the public warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. The public warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the public warrants.
As of December 31, 2024, there were 8,000,000 private placement warrants outstanding. The private placement warrants are identical to the public warrants underlying the shares sold in the initial public offering of Atlas, except that the private placement warrants and the shares of Class A common stock issuable upon the exercise of the private placement warrants became transferable, assignable, and salable on October 16, 2021, 30 days after the completion of the Business Combination, subject to certain limited exceptions. Additionally, the private placement warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private placement warrants are held by someone other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 12, 2025, the Company closed a registered direct offering in which pursuant to the securities purchase agreement dated February 11, 2025, by and between the Company and certain institutional investors, the Company issued and sold 35,500,000 shares of the Company’s Class A common stock for aggregate gross proceeds of $301.8 million before deducting placement agent fees and other offering expenses.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss $ (536.8) $ (457.9) $ (317.3)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We understand the importance of maintaining an active cybersecurity risk management and strategy program. As an emerging technology company, we understand that we may face cyber threats that range from common cyberattacks, such as ransomware, to more advanced attacks such as advanced persistent threats perpetrated by nation-state actors and other highly organized actors. Our cybersecurity risk management program is guided by industry standards, such as the National Institute of Standards and Technology (“NIST”). We strategically partner with industry leading external vendors to perform cybersecurity assessments, as well as regular penetration testing to better understand our potential vulnerabilities, threat vectors, and impact on critical assets or operations. As part of these processes, our cybersecurity team identifies and prioritizes risks to devise our annual cybersecurity mitigation strategy and address operational risks. Our cybersecurity program is organized around the following key areas:
Risk Management and Strategy
Insider Risk Management. We recognize that not all threats are external. We have an insider risk management program and are working to improve our data loss protection technology to protect our critical data.
Security Awareness Education. Understanding the need for regular cybersecurity training, we have instituted a mandatory training program for all employees around information security and data privacy.
Technical Safeguards. We have improved our endpoint security postures through the implementation of an Enterprise Mobile Management system, and continue to increase our investment in strengthening email, DNS, and other network security services.
Threat Detection and Response. In addition to aligning our cybersecurity risk management program to NIST standards, we have also engaged with third party providers of security information and event management and cybersecurity services to provide continuous monitoring and operational threat detection and response. Our partners integrate threat intelligence into their platforms, providing us with a proactive view of possible threats.
Incident Response. We have implemented a holistic review of incident response, with workflows in place for cybersecurity incidents, including provisions for assessing materiality, and defined escalation procedures.
Third Party Risk Management. To manage third-party risks, our cybersecurity team evaluates our partners, to provide an additional layer of scrutiny, and supervises and identifies material risks associated with the use of third-party service providers. These processes include a review of security controls and supplier contractual obligations for security and data protection requirements.
Cybersecurity Service Providers and Third-party Consultants. We engage cybersecurity consultants and other third parties to assess and enhance our information security practices. These third parties conduct assessments, penetration testing, and vulnerability assessments to identify weaknesses and recommend improvements. We also utilize third-party tools and technologies to support our efforts to enhance our cybersecurity functions.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We understand the importance of maintaining an active cybersecurity risk management and strategy program. As an emerging technology company, we understand that we may face cyber threats that range from common cyberattacks, such as ransomware, to more advanced attacks such as advanced persistent threats perpetrated by nation-state actors and other highly organized actors. Our cybersecurity risk management program is guided by industry standards, such as the National Institute of Standards and Technology (“NIST”). We strategically partner with industry leading external vendors to perform cybersecurity assessments, as well as regular penetration testing to better understand our potential vulnerabilities, threat vectors, and impact on critical assets or operations. As part of these processes, our cybersecurity team identifies and prioritizes risks to devise our annual cybersecurity mitigation strategy and address operational risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Audit Committee is primarily responsible for assisting our Board of Directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and cyber governance. In that capacity, our Audit Committee conducts quarterly reviews of, and meets with our Chief Information Officer and other senior management to discuss technology and cybersecurity risks and the Company’s risk assessment and risk management policies, practices, programs and/or procedures that have been adopted to monitor, control, mitigate and manage such risks. In addition, the Audit Committee reviews management’s reports on topics, including risks and incidents relating to cybersecurity threats, compliance with disclosure requirements, cooperation with law enforcement, cybersecurity and other information securities policies and practices and related internal controls. The Audit Committee reports any findings and recommendations, as appropriate, to the full Board of Directors for consideration.
Our Board of Directors is committed to maintaining a well-informed and cybersecurity-aware posture, regularly engaging by receiving scheduled and requested updates on our strategy and evolving threat landscape as well as bolstering existing cybersecurity knowledge and continued education of recent cybersecurity trends.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee is primarily responsible for assisting our Board of Directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and cyber governance. In that capacity, our Audit Committee conducts quarterly reviews of, and meets with our Chief Information Officer and other senior management to discuss technology and cybersecurity risks and the Company’s risk assessment and risk management policies, practices, programs and/or procedures that have been adopted to monitor, control, mitigate and manage such risks. In addition, the Audit Committee reviews management’s reports on topics, including risks and incidents relating to cybersecurity threats, compliance with disclosure requirements, cooperation with law enforcement, cybersecurity and other information securities policies and practices and related internal controls.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Audit Committee is primarily responsible for assisting our Board of Directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and cyber governance. In that capacity, our Audit Committee conducts quarterly reviews of, and meets with our Chief Information Officer and other senior management to discuss technology and cybersecurity risks and the Company’s risk assessment and risk management policies, practices, programs and/or procedures that have been adopted to monitor, control, mitigate and manage such risks. In addition, the Audit Committee reviews management’s reports on topics, including risks and incidents relating to cybersecurity threats, compliance with disclosure requirements, cooperation with law enforcement, cybersecurity and other information securities policies and practices and related internal controls. The Audit Committee reports any findings and recommendations, as appropriate, to the full Board of Directors for consideration.
Cybersecurity Risk Role of Management [Text Block]
Risk Management and Strategy
Insider Risk Management. We recognize that not all threats are external. We have an insider risk management program and are working to improve our data loss protection technology to protect our critical data.
Security Awareness Education. Understanding the need for regular cybersecurity training, we have instituted a mandatory training program for all employees around information security and data privacy.
Technical Safeguards. We have improved our endpoint security postures through the implementation of an Enterprise Mobile Management system, and continue to increase our investment in strengthening email, DNS, and other network security services.
Threat Detection and Response. In addition to aligning our cybersecurity risk management program to NIST standards, we have also engaged with third party providers of security information and event management and cybersecurity services to provide continuous monitoring and operational threat detection and response. Our partners integrate threat intelligence into their platforms, providing us with a proactive view of possible threats.
Incident Response. We have implemented a holistic review of incident response, with workflows in place for cybersecurity incidents, including provisions for assessing materiality, and defined escalation procedures.
Third Party Risk Management. To manage third-party risks, our cybersecurity team evaluates our partners, to provide an additional layer of scrutiny, and supervises and identifies material risks associated with the use of third-party service providers. These processes include a review of security controls and supplier contractual obligations for security and data protection requirements.
Cybersecurity Service Providers and Third-party Consultants. We engage cybersecurity consultants and other third parties to assess and enhance our information security practices. These third parties conduct assessments, penetration testing, and vulnerability assessments to identify weaknesses and recommend improvements. We also utilize third-party tools and technologies to support our efforts to enhance our cybersecurity functions.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Audit Committee is primarily responsible for assisting our Board of Directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and cyber governance. In that capacity, our Audit Committee conducts quarterly reviews of, and meets with our Chief Information Officer and other senior management to discuss technology and cybersecurity risks and the Company’s risk assessment and risk management policies, practices, programs and/or procedures that have been adopted to monitor, control, mitigate and manage such risks. In addition, the Audit Committee reviews management’s reports on topics, including risks and incidents relating to cybersecurity threats, compliance with disclosure requirements, cooperation with law enforcement, cybersecurity and other information securities policies and practices and related internal controls.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Information Officer, who has served in various leadership roles in information technology for over 20 years, provides leadership for our cybersecurity team. He also leads our overall corporate technology team, which has over 20 years of combined information security experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our Audit Committee is primarily responsible for assisting our Board of Directors in fulfilling its ultimate oversight responsibilities relating to risk assessment and cyber governance. In that capacity, our Audit Committee conducts quarterly reviews of, and meets with our Chief Information Officer and other senior management to discuss technology and cybersecurity risks and the Company’s risk assessment and risk management policies, practices, programs and/or procedures that have been adopted to monitor, control, mitigate and manage such risks. In addition, the Audit Committee reviews management’s reports on topics, including risks and incidents relating to cybersecurity threats, compliance with disclosure requirements, cooperation with law enforcement, cybersecurity and other information securities policies and practices and related internal controls.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Business Combination
Business Combination
The Company went public through a de-SPAC transaction in September 2021 as a result of the merger agreement that was entered into in February 2021 (the “Business Combination Agreement”) by Archer Aviation Inc., a Delaware corporation (that existed prior to the closing of the Business Combination (as defined below), “Legacy Archer”), Atlas Crest Investment Corp., a Delaware Corporation (“Atlas”) and Artemis Acquisition Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Atlas (“Merger Sub”). Pursuant to the terms of the Business Combination Agreement, a business combination of Legacy Archer and Atlas was effected by the merger of Merger Sub with and into Legacy Archer, with Legacy Archer surviving the merger as a wholly-owned subsidiary of Atlas (collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). Following the consummation of the Business Combination on September 16, 2021, Legacy Archer changed its name to Archer Aviation Operating Corp., and Atlas changed its name to Archer Aviation Inc. and it became the successor registrant with the Securities and Exchange Commission (“SEC”). The Company’s Class A common stock and public warrants are listed on the NYSE under the symbols “ACHR” and “ACHR WS,” respectively.
The financial statements included in this report reflect (i) the historical operating results of Legacy Archer prior to the Business Combination; (ii) the combined results of Atlas and Legacy Archer following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Archer at their historical cost; and (iv) the Company’s equity structure for all periods presented.
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period.
On an ongoing basis, management evaluates its estimates, including those related to the: (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value of debt, (iii) fair value of share-based payments, (iv) valuation of leased assets and liabilities, and (v) estimated useful lives of long-lived assets. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances.
Cash, Cash Equivalents, and Restricted Cash Cash consists of cash on deposit with financial institutions. Cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase.
Cash and Cash Equivalents Restricted cash consists primarily of cash held as security for the Company’s standby letters of credit.
Short-Term Investments
Short-Term Investments
The Company had short-term investments in marketable securities with original maturities of less than one year, including United States Treasury securities, corporate debt securities and commercial paper. The Company classifies its marketable securities as available-for-sale at the time of purchase and reevaluates such classification at each balance sheet date. These marketable securities are carried at fair value, and unrealized gains and losses are recorded in other comprehensive loss in the consolidated statements of comprehensive loss, which is reflected as a component of stockholders’ equity. These marketable securities are assessed as to whether those with unrealized loss positions are other than temporarily impaired. The Company considers impairments to be other than temporary if they are related to deterioration in credit risk or if it is likely the securities will be sold before the recovery of their cost basis. If the impairment is deemed other than temporary, the security is written down to its fair value and a loss is recognized in other income (expense), net. Realized gains and losses from the sale of marketable securities and from declines in value deemed to be other than temporary are determined based on the specific identification method and recognized in other income (expense), net in the consolidated statements of operations. As of December 31, 2024 and 2023, the Company had no short-term investments.
Fair Value Measurements
Fair Value Measurements
The Company applies the provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, which defines a single authoritative definition of fair value, sets out a framework for measuring fair value, and expands on required disclosures about fair value measurements. The provisions of ASC 820 relate to financial assets and liabilities as well as other assets and liabilities carried at fair value on a recurring and nonrecurring basis. The standard clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the standard establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
Level 2Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
The carrying amounts of the Company’s cash, accounts payable, accrued compensation, and accrued liabilities approximate their fair values due to the short-term nature of these instruments.
Cash Equivalents
The Company’s cash equivalents consist of short-term, highly liquid financial instruments that are readily convertible to cash and have maturities of three months or less from the date of purchase. The Company classifies its money market funds as Level 1, because they are valued based on quoted market prices in active markets.
Public Warrants
The measurement of the public warrants as of December 31, 2024 is classified as Level 1 due to the use of an observable market quote in an active market under the ticker “ACHR WS”.
Private Placement Warrants
The Company utilizes a Monte Carlo simulation model for the private placement warrants at each reporting period, with changes in fair value recognized in the consolidated statements of operations. The estimated fair value of the private placement warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
Certain financial instruments, including debt, are not measured at fair value on a recurring basis in the consolidated balance sheets. The fair value of debt as of December 31, 2024 approximates its carrying value (Level 2). Refer to Note 6 - Notes Payable for additional information.
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis
Certain assets and liabilities are subject to measurement at fair value on a non-recurring basis if there are indicators of impairment or if they are deemed to be impaired as a result of an impairment review.
Intangible Assets, Net
Intangible Assets, Net
Intangible assets consist solely of domain names and are recorded at cost, net of accumulated amortization, and if applicable, impairment charges. Amortization of domain names is provided over a 15-year estimated useful life on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company has analyzed a variety of factors to determine if any circumstance could trigger an impairment loss, and, at this time and based on the information presently known, no event has occurred and indicated that it is more likely than not that an impairment loss has been incurred. Therefore, the Company did not record any impairment charges for its intangible assets for the years ended December 31, 2024, 2023 and 2022.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment are stated at historical cost less accumulated depreciation. Expenditures for major renewals and betterment are capitalized, while minor replacements, maintenance, and repairs, which do not extend the asset lives, are charged to operations as incurred. Upon sale or disposition, the cost and related accumulated depreciation is removed from the accounts, and any difference between the selling price and net carrying amount is recorded as a gain or loss in the consolidated statements of operations.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company reviews its long-lived assets, consisting primarily of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Such triggering events or changes in circumstances may include: a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being or intended to be used, a significant adverse change in legal factors or in the business climate, the impact of competition or other factors that could affect the value of a long-lived asset, a significant adverse deterioration in the amount of revenue or cash flows expected to be generated from an asset group, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of a long-lived asset, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset, or a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The Company performs impairment testing at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these assets is determined by comparing the forecasted undiscounted cash flows attributable to such assets including any cash flows upon their eventual disposition to their carrying value. If the carrying value of the assets exceeds the forecasted undiscounted cash flows, then the assets are written down to their fair value. The Company did not identify any events or changes in circumstances that would indicate that the Company’s long-lived assets may be impaired and therefore determined there was no impairment of long-lived assets during all periods presented.
Cloud Computing Arrangements
Cloud Computing Arrangements
The Company capitalizes certain implementation costs incurred in the application development stage of projects related to its cloud computing arrangements that are service contracts. Capitalized implementation costs are recognized in other long-term assets in the consolidated balance sheets and amortized on a straight-line basis over the fixed, noncancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Contract Liabilities
Contract Liabilities
The Company records contract liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. Contract liabilities consisted of the following (in millions):
Year Ended December 31,
20242023
Current portion of contract liabilities
$0.9 $— 
Contract liabilities, net of current portion
11.8 10.8 
Total$12.7 $10.8 
Current portion of contract liabilities is recorded in accrued expenses and other current liabilities and contract liabilities, net of current portion is recorded in other long-term liabilities in the Company’s consolidated balance sheets. As of December 31, 2024 and 2023, the Company’s contract liabilities included a $10.0 million pre-delivery payment received from United Airlines, Inc. (“United”) under the terms of the Amended United Purchase Agreement (defined below) (see Note 9 - Stock-Based Compensation), and installment payments received under a contract order with the United States Air Force for the design, development, and ground test of the Company’s production aircraft, Midnight, of $1.8 million and $0.8 million, respectively. No revenues were recognized during the years ended December 31, 2024, 2023 and 2022.
Research and Development
Research and Development
Research and development (“R&D”) costs are expensed as incurred and are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation for employees focused on R&D activities, costs associated with building prototype aircraft, other related costs, depreciation, and an allocation of general overhead. R&D efforts focus on the design and development of the Company’s eVTOL aircraft, including certain of the systems that are used in it.
General and Administrative
General and Administrative
General and administrative expenses are primarily comprised of personnel-related costs including salaries, bonuses, benefits, and stock-based compensation for employees associated with the Company’s administrative services such as finance, legal, human resources, and information technology, other related costs, depreciation, and an allocation of general overhead. General and administrative expenses include charges relating to the Technology and Dispute Resolution Agreements (defined below) for the years ended December 31, 2024 and 2023, and stock-based compensation expense related to restricted stock units (“RSUs”) granted to the Company’s founders pursuant to the terms and conditions of the Business Combination Agreement immediately prior to closing (each, a “Founder Grant” and collectively, the “Founder Grants”) for the years ended December 31, 2024, 2023 and 2022.
Other Warrant Expense
Other Warrant Expense
Other warrant expense consists entirely of non-cash expense related to the warrants issued in conjunction with the execution of the purchase agreement (“United Purchase Agreement”), collaboration agreement (“United Collaboration Agreement”), and warrant agreement (“United Warrant Agreement”) with United.
Stock-Based Compensation
Stock-Based Compensation
The Company’s stock-based compensation awards consist of options granted to employees and non-employees and RSUs granted to employees, directors, and non-employees that convert into shares of the Company’s Class A common stock upon vesting. The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation - Stock Compensation. ASC 718 requires the measurement and recognition of compensation expense for all stock-based compensation awards made to employees, directors, and non-employees to be based on the grant date fair values of the awards.
Fair Value of Common Stock
The fair value of the Company’s common stock is based on the closing price of the Company’s Class A common stock, as quoted on the NYSE, on the date of grant.
Leases
Leases
The Company accounts for leases in accordance with ASC 842, Leases, and determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate in determining the present value of lease payments considering the term of the lease, which is derived from information available at the lease commencement date. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments for a term similar to the lease term in a similar economic environment as the lease. The lease term includes renewal options when it is reasonably certain that the option will be exercised and excludes termination options. To the extent that the Company’s agreements have variable lease payments, the Company includes variable lease payments that depend on an index or a rate and excludes those that depend on facts or circumstances occurring after the commencement date, other than the passage of time.
Lease expense for leases is recognized on a straight-line basis over the lease term. The Company has elected not to recognize ROU assets and lease liabilities that arise from short-term (12 months or less) leases for any class of underlying asset. In addition, the Company has elected as an accounting policy, the practical expedient to not separate lease and non-lease components within a contract and instead treat it as a single lease component. Operating leases are included in ROU assets, current portion of lease liabilities, and lease liabilities, net of current portion in the Company’s consolidated balance sheets.
Income Taxes
Income Taxes
The Company accounts for its income taxes using the asset and liability method whereby deferred tax assets and liabilities are determined based on temporary differences between the basis used for financial reporting and income tax reporting purposes. Deferred income taxes are provided based on the enacted tax rates in effect at the time such temporary differences are expected to reverse. A valuation allowance is provided for deferred tax assets if it is more-likely-than-not that the Company will not realize those tax assets through future operations. Significant judgment is applied when assessing the need for valuation allowances and includes the evaluation of historical income (loss) adjusted for the effects of non-recurring items. Areas of estimation include consideration of future taxable income. The Company has placed a full valuation allowance against its federal and state deferred tax assets since the recovery of the assets is uncertain. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the adjustment related to valuation allowances would be reported as an increase to income.
The Company utilizes the guidance in ASC 740-10, Income Taxes, to account for uncertain tax positions. ASC 740-10 contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the positions will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more-likely-than-not of being realized and effectively settled. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions, if any, in the income tax provision.
Net Loss Per Share
Net Loss Per Share
Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding. For all periods presented, the calculation of basic net loss per share excludes shares issued upon the early exercise of stock options where the vesting conditions have not been satisfied. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company also excludes unvested shares subject to repurchase in the number of shares outstanding in the consolidated balance sheets and statements of stockholders’ equity.
Because the Company reported net losses for all periods presented, diluted loss per share is the same as basic loss per share.
Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in the computation of basic net loss per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in diluted net loss per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period.
Because the Company reported net losses for all periods presented, all potentially dilutive common stock equivalents are antidilutive and have been excluded from the calculation of net loss per share. The diluted net loss per common share was the same for Class A and Class B common shares because they are entitled to the same liquidation and dividend rights.
Segments
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates as a single operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis. The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Given the Company’s pre-revenue operating stage, it currently has no concentration exposure to products, services, or customers. Segment asset information is not used by the CODM to allocate resources.
Comprehensive Loss
Comprehensive Loss
Comprehensive loss includes all changes in equity during the period from non-owner sources. The Company’s comprehensive loss consists of its net loss, its unrealized gains or losses on available-for-sale securities and foreign currency translation gains or losses.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements through enhanced disclosures about significant segment expenses, interim segment profit or loss and assets, and how the CODM uses reported segment profit or loss information in assessing segment performance and allocating resources. The Company adopted ASU 2023-07 effective January 1, 2024. Refer to Note 3 - Summary of Significant Accounting Policies for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of incremental income tax information related to the income tax rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. The update is effective for annual periods beginning after December 15, 2024 on a prospective basis, and retrospective application is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures within its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to the financial statements. The update is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The update can be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any of all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its disclosures within its consolidated financial statements.
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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sum to amounts reported on the consolidated statements of cash flows (in millions):
As of December 31,
20242023
Cash and cash equivalents$834.5 $464.6 
Restricted cash6.8 6.9 
Total cash, cash equivalents, and restricted cash$841.3 $471.5 
Schedule of Assets and Liabilities Measured at Fair Value
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in millions):
As of December 31, 2024
DescriptionLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Liabilities:
Warrant liability – public warrants
$56.0 $— $— $56.0 
Warrant liability – private placement warrants
$— $— $33.4 $33.4 
As of December 31, 2023
DescriptionLevel 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$339.6 $— $— $339.6 
Liabilities:
Warrant liability – public warrants
$25.4 $— $— $25.4 
Warrant liability – private placement warrants
$— $— $14.5 $14.5 
Accrued technology and dispute resolutions agreements liability
$— $— $44.0 $44.0 
Schedule of Cash, Cash Equivalents and Short-term Investments
The following tables present a summary of the Company’s cash equivalents as of December 31, 2024 and 2023 (in millions):
As of December 31, 2024
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$729.9 $— $— $729.9 
Total$729.9 $— $— $729.9 

As of December 31, 2023
DescriptionAmortized CostUnrealized GainsUnrealized LossesFair Value
Cash equivalents:
Money market funds$339.6 $— $— $339.6 
Total$339.6 $— $— $339.6 
Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants
The key inputs into the Monte Carlo simulation model for the private placement warrants are as follows:
InputDecember 31,
2024		December 31,
2023
Stock price$9.75 $6.14 
Strike price$11.50 $11.50 
Term (in years)1.72.7
Risk-free rate4.2 %4.0 %
Volatility92.1 %70.2 %
Dividend yield0.0 %0.0 %
The key inputs into the Monte Carlo simulation model for the accrued technology and dispute resolution agreements liability are as follows:
InputDecember 31,
2023
Stock price$6.14 
Strike price$0.01 
Term (in years)0.1
Risk-free rate5.4 %
Volatility60.0 %
Dividend yield0.0 %
Schedule of Change in Fair Value of Private Placement Warrants
The following table presents the change in fair value of the Company’s Level 3 private placement warrants and accrued technology and dispute resolution agreements liability during the years ended December 31, 2024 and 2023 (in millions):

Balance as of December 31, 2022
$2.5 
Additions: accrued technology and dispute resolution agreements liability
48.0 
Change in fair value8.0 
Balance as of December 31, 2023 (1)
58.5 
Less: settlement of accrued technology and dispute resolution agreements liability(54.3)
Change in fair value29.2 
Balance as of December 31, 2024
$33.4 
(1) As of December 31, 2023, $14.5 million and $44.0 million were recorded within warrant liabilities and accrued expenses and other current liabilities, respectively, in the consolidated balance sheets.
Schedule of Useful Life for Property, Plant and Equipment
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building40
Furniture, fixtures, and equipment5
Vehicles
5
Computer hardware3
Computer software3
Website design2
Building and leasehold improvementsShorter of building useful life / lease term or the asset standard life
Property and equipment, net, consisted of the following (in millions):
As of December 31,
20242023
Building$64.4 $— 
Furniture, fixtures, and equipment24.7 7.9 
Vehicles
0.1 0.1 
Computer hardware5.8 5.3 
Computer software1.9 1.5 
Website design0.8 0.8 
Building and leasehold improvements34.2 33.0 
Construction in progress13.3 18.4 
Total property and equipment145.2 67.0 
Less: Accumulated depreciation(18.4)(9.4)
Total property and equipment, net$126.8 $57.6 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202420232022
Research and development$9.8 $5.3 $2.3 
General and administrative0.5 0.5 0.8 
Total depreciation expense$10.3 $5.8 $3.1 
Schedule of Contract Liabilities Contract liabilities consisted of the following (in millions):
Year Ended December 31,
20242023
Current portion of contract liabilities
$0.9 $— 
Contract liabilities, net of current portion
11.8 10.8 
Total$12.7 $10.8 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents the number of antidilutive shares excluded from the calculation of diluted net loss per share:
Year Ended December 31,
202420232022
Options to purchase common stock2,118,011 3,174,114 5,335,974 
Unvested restricted stock units28,658,246 33,397,483 45,021,632 
Warrants38,347,301 52,011,560 30,558,565 
Shares issuable under the Employee Stock Purchase Plan (Note 9)
527,764 931,412 712,838 
Total69,651,322 89,514,569 81,629,009 
Schedule of Financial Information Respect to the Company’s Single Operating Segment
The following table presents significant expenses provided to the CODM (in millions):
Year Ended December 31,
202420232022
Operating expenses
Depreciation and amortization expense
$11.7 $6.5 $3.1 
Research and development warrant expense
8.1 17.5 2.9 
Stock-based compensation
108.8 45.2 102.8 
Technology and dispute resolution agreements
12.0 70.3 — 
General and administrative warrant expense
0.2 — — 
Other research and development expense
290.9 224.6 140.1 
Other general and administrative expense
78.0 80.7 87.7 
Other warrant expense— 2.1 10.8 
Total operating expenses509.7 446.9 347.4 
Loss from operations(509.7)(446.9)(347.4)
Other income (expense), net(48.8)(26.9)27.8 
Interest income, net21.9 16.4 2.3 
Loss before income taxes(536.6)(457.4)(317.3)
Income tax expense(0.2)(0.5)— 
Net loss$(536.8)$(457.9)$(317.3)
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Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment Net
Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Useful Life
(In years)
Building40
Furniture, fixtures, and equipment5
Vehicles
5
Computer hardware3
Computer software3
Website design2
Building and leasehold improvementsShorter of building useful life / lease term or the asset standard life
Property and equipment, net, consisted of the following (in millions):
As of December 31,
20242023
Building$64.4 $— 
Furniture, fixtures, and equipment24.7 7.9 
Vehicles
0.1 0.1 
Computer hardware5.8 5.3 
Computer software1.9 1.5 
Website design0.8 0.8 
Building and leasehold improvements34.2 33.0 
Construction in progress13.3 18.4 
Total property and equipment145.2 67.0 
Less: Accumulated depreciation(18.4)(9.4)
Total property and equipment, net$126.8 $57.6 
The following table presents depreciation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202420232022
Research and development$9.8 $5.3 $2.3 
General and administrative0.5 0.5 0.8 
Total depreciation expense$10.3 $5.8 $3.1 
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Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of December 31,
20242023
Accrued professional fees$6.5 $9.5 
Accrued employee costs22.2 16.7 
Accrued parts and materials12.5 12.1 
Taxes payable1.1 1.4 
Accrued capital expenditures5.6 9.2 
Accrued cloud computing implementation costs0.1 0.3 
Accrued technology and dispute resolution agreements liability (Note 7)
— 44.0 
Current portion of contract liabilities
0.9 — 
Other current liabilities3.9 3.7 
Total$52.8 $96.9 
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Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Notes payable consisted of the following (in millions):
As of December 31,
20242023
Synovus Bank Loan
$65.0 $7.5 
Loan unamortized discount and loan issuance costs
(1.0)(0.3)
Total debt, net of discount and loan issuance costs64.0 7.2 
Less current portion, net of discount and loan issuance costs— — 
Total long-term notes payable, net of discount and loan issuance costs$64.0 $7.2 
Schedule of Maturities of Long-term Debt
The future scheduled principal maturities of the Loan as of December 31, 2024 are as follows (in millions):

2025$— 
20260.4 
20272.6 
20282.6 
20292.6 
Thereafter56.8 
$65.0 
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Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease Costs
The Company’s lease costs were as follows (in millions):
Year Ended December 31,
202420232022
Operating lease cost$5.0 $5.7 $5.8 
Short-term lease cost0.5 0.6 0.2 
Total lease cost$5.5 $6.3 $6.0 
The Company’s weighted-average remaining lease term and discount rate as of December 31, 2024 and 2023 were as follows:
20242023
Weighted-average remaining lease term (in months)4858
Weighted-average discount rate14.4 %14.7 %
Supplemental cash flow information and non-cash activities related to right-of-use assets and lease liabilities were as follows (in millions):
Year Ended December 31,
202420232022
Operating cash outflows from operating leases$5.2 $5.0 $4.3 
Operating lease liabilities from obtaining right-of-use assets2.1 0.6 11.7 
Schedule of Operating Lease Maturities
The minimum aggregate future obligations under the Company’s non-cancelable operating leases as of December 31, 2024 were as follows (in millions):
2025$6.1 
20265.4 
20272.9 
20282.2 
20292.3 
Thereafter2.1 
Total future lease payments21.0 
Less: leasehold improvement allowance(0.5)
Total net future lease payments20.5 
Less: imputed interest(5.5)
Present value of future lease payments$15.0 
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Stock-Based Compensation​ (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions The following table sets forth the key assumptions and fair value results for each award granted in the Company’s six-month offering period that started on December 1, 2024:
InputDecember 1, 2024
Stock price$9.57 
Term (in years)0.5
Risk-free interest rate4.4 %
Volatility85.0 %
Dividend yield0.0 %
Grant date fair value per share$3.67 
Schedule of Stock Option Activity
A summary of the Company’s stock option activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of January 1, 2024
3,174,114 $0.12 6.7$19.1 
Exercised(999,115)0.08 4.5 
Expired/forfeited(56,988)0.10 
Outstanding as of December 31, 2024
2,118,011 0.13 5.820.4 
Exercisable as of December 31, 2024
1,551,567 $0.13 5.8$14.9 
Vested and expected to vest as of December 31, 2024
2,118,011 0.13 5.820.4 
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity
A summary of the Company’s RSU activity is as follows:
Number of
Shares
Weighted
Average
Grant Fair Value
Outstanding as of January 1, 2024
31,522,483 $4.99 
Granted18,608,964 4.78 
Vested(18,837,707)4.87 
Forfeited (2,635,494)4.06 
Outstanding as of December 31, 2024
28,658,246 5.02 
Schedule of Share-Based Payment Award, Valuation Assumptions
The following assumptions were used to estimate the fair value, using the Monte Carlo simulation, of the PSUs:
December 18, 2024March 26, 2024
Stock price$8.95 $4.79 
Term (in years)3.03.0
Risk-free interest rate4.3 %4.3 %
Volatility87.3 %87.1 %
Dividend yield0.0 %0.0 %
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
The following table presents stock-based compensation expense included in each respective expense category in the consolidated statements of operations (in millions):
Year Ended December 31,
202420232022
Research and development$49.0 $28.9 $26.1 
General and administrative59.8 16.3 76.7 
Total stock-based compensation expense$108.8 $45.2 $102.8 
Schedule of Share-based Payment Arrangement, Warrant Activity
A summary of the Company’s warrant activity is as follows:
Number of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (Years)
Aggregate
Intrinsic
Value
(In millions)
Outstanding as of January 1, 2024
20,788,247 $0.01 4.5$127.4 
Issued57,050 0.01 
Exercised(91,667)0.01 0.8 
Outstanding as of December 31, 2024
20,753,630 0.01 3.5202.1 
Vested and exercisable as of December 31, 2024
7,805,276 $0.01 2.4$76.0 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The Company's loss before income taxes consisted of the following (in millions):
Year Ended December 31,
202420232022
United States
$(537.6)$(458.7)$(317.3)
International
1.0 1.3 — 
Total
$(536.6)$(457.4)$(317.3)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Company’s effective income tax rate to the expected income tax rate, computed by applying the federal statutory income tax rate of 21.0% to the Company’s loss before income taxes, is as follows:
Year Ended December 31,
202420232022
Federal income tax (benefit) at statutory tax rate
21.0 %21.0 %21.0 %
State and local income taxes (net of federal benefit)0.8 %(2.7)%2.5 %
Nondeductible expenses(1.0)%(0.1)%(0.2)%
Warrant expense(1.9)%(1.6)%0.8 %
Nondeductible officers’ compensation(0.7)%0.1 %(4.7)%
Other0.0 %0.0 %(0.7)%
Credits5.4 %4.4 %4.9 %
Change in valuation allowance(23.6)%(21.2)%(23.6)%
Effective tax rate0.0 %(0.1)%0.0 %
Schedule of Deferred Tax Assets and Liabilities
The Company’s significant components of its deferred tax assets and liabilities are as follows (in millions):
As of December 31,
20242023
Deferred tax assets:
Net operating loss carryforwards$133.0 $84.1 
Accrued expenses4.3 12.4 
Operating lease liabilities3.3 3.5 
Stock-based compensation2.1 1.9 
Warrants7.8 6.0 
Capitalized R&D expenses132.3 77.8 
Credits71.5 41.7 
Start-up costs3.7 3.8 
Other0.3 0.7 
Gross deferred tax assets358.3 231.9 
Less: valuation allowance(353.3)(226.3)
Deferred tax assets, net of valuation allowance5.0 5.6 
Deferred tax liabilities:
Depreciation and amortization(3.2)(3.7)
Right-of-use assets(1.8)(1.9)
Total deferred tax liabilities(5.0)(5.6)
Total net deferred tax assets$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table shows the changes in the gross amount of unrecognized tax benefits (in millions):

Balance as of December 31, 2021$0.3 
Increases related to prior year tax positions
1.2 
Balance as of December 31, 20221.5 
Increases related to current year tax positions0.5 
Balance as of December 31, 20232.0 
Increases related to current year tax positions2.0 
Balance as of December 31, 2024$4.0 
v3.25.0.1
Liquidity and Going Concern (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accumulated deficit $ 1,685.6 $ 1,148.8
Cash and cash equivalents $ 834.5 $ 464.6
v3.25.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
segment
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Aug. 09, 2022
USD ($)
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 834,500,000 $ 464,600,000    
Short-term investments 0 0    
Change in fair value of warrant liabilities and other warrant costs $ 18,900,000 12,000,000 $ (7,600,000)  
Finite-lived intangible asset, useful life 15 years      
Impairment of intangible assets $ 0 0 0  
Intangible assets, net 300,000 400,000    
Capitalized cloud computing implementation costs 5,900,000 6,400,000    
Contract liabilities $ 12,700,000 10,800,000    
Number of reportable segments | segment 1      
Number of operating segments | segment 1      
United Airlines Inc.        
Cash and Cash Equivalents [Line Items]        
Purchase agreement, pre delivery payment received $ 10,000,000 10,000,000   $ 10,000,000
Contract with liability, revenue recognized 0 0 $ 0  
United States Air Force        
Cash and Cash Equivalents [Line Items]        
Purchase agreement, installment payment received 1,800,000 800,000    
Accrued Technology and Dispute Resolution Agreement | General and administrative        
Cash and Cash Equivalents [Line Items]        
Agreements liability, fair value adjustment $ 10,300,000 $ (4,000,000)    
Stock price        
Cash and Cash Equivalents [Line Items]        
Warrant liability, measurement input | $ / shares 9.75 6.14    
Stock price | Public Warrants        
Cash and Cash Equivalents [Line Items]        
Warrant liability, measurement input | $ / shares 3.22 1.46    
Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 729,900,000 $ 339,600,000    
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 834.5 $ 464.6    
Restricted cash 6.8 6.9    
Total cash, cash equivalents, and restricted cash $ 841.3 $ 471.5 $ 72.3 $ 746.9
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Fair Value Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accrued technology and dispute resolutions agreements liability $ 0.0 $ 44.0
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accrued technology and dispute resolutions agreements liability   44.0
Recurring | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 56.0 25.4
Recurring | Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 33.4 14.5
Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accrued technology and dispute resolutions agreements liability   0.0
Level 1 | Recurring | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 56.0 25.4
Level 1 | Recurring | Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 0.0 0.0
Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accrued technology and dispute resolutions agreements liability   0.0
Level 2 | Recurring | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 0.0 0.0
Level 2 | Recurring | Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 0.0 0.0
Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Accrued technology and dispute resolutions agreements liability   44.0
Level 3 | Recurring | Public Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 0.0 0.0
Level 3 | Recurring | Private Placement Warrants    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Warrant liability, fair value 33.4 14.5
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value 729.9 339.6
Money market funds | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value 729.9 339.6
Money market funds | Level 1 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value 729.9 339.6
Money market funds | Level 2 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value 0.0 0.0
Money market funds | Level 3 | Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents, fair value $ 0.0 $ 0.0
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Short-Term Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Abstract]    
Unrealized Gains $ 0.0 $ 0.0
Unrealized Losses 0.0 0.0
Amortized Cost 729.9 339.6
Fair Value 729.9 339.6
Money market funds    
Cash equivalents:    
Cash equivalents: $ 729.9 $ 339.6
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Key Inputs into the Monte Carlo Simulation Model for the Private Placement Warrants (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants outstanding, term 1 year 8 months 12 days 2 years 8 months 12 days
Accrued technology and dispute resolution agreements liability, term   1 month 6 days
Stock price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrant liability, measurement input (in dollars per share) 9.75 6.14
Accrued technology and dispute resolution agreements liability, measurement input   6.14
Strike price    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrant liability, measurement input (in dollars per share) 11.50 11.50
Accrued technology and dispute resolution agreements liability, measurement input   0.01
Risk-free rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrant liability, measurement input (in dollars per share) 0.042 0.040
Accrued technology and dispute resolution agreements liability, measurement input   0.054
Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrant liability, measurement input (in dollars per share) 0.921 0.702
Accrued technology and dispute resolution agreements liability, measurement input   0.600
Dividend yield    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrant liability, measurement input (in dollars per share) 0.000 0.000
Accrued technology and dispute resolution agreements liability, measurement input   0.000
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Change in Fair Value of Private Placement Warrants (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant liabilities $ 89.4 $ 39.9
Accrued expenses and other current liabilities 52.8 96.9
Warrant Subject to Vesting Criteria    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Accrued expenses and other current liabilities   44.0
Private Placement Warrants and Accrued Technology and Dispute Resolution Agreement    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Warrant liabilities   14.5
Level 3 | Private Placement Warrants and Accrued Technology and Dispute Resolution Agreement    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 58.5 2.5
Accrued technology and dispute resolutions agreements liability during period   48.0
Settlement of accrued technology and dispute resolution agreements liability (54.3)  
Change in fair value 29.2 8.0
Ending balance $ 33.4 $ 58.5
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Property Plant and Equipment (Details)
Dec. 31, 2024
Building  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 40 years
Furniture, fixtures, and equipment  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 5 years
Vehicles  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 5 years
Computer hardware  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 3 years
Computer software  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 3 years
Website design  
Property, Plant and Equipment [Line Items]  
Useful Life (In years) 2 years
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Contract Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Current portion of contract liabilities $ 0.9 $ 0.0
Contract liabilities, net of current portion 11.8 10.8
Total $ 12.7 $ 10.8
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 69,651,322 89,514,569 81,629,009
Options to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 2,118,011 3,174,114 5,335,974
Unvested restricted stock units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 28,658,246 33,397,483 45,021,632
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 38,347,301 52,011,560 30,558,565
Shares issuable under the Employee Stock Purchase Plan (Note 9)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation (in shares) 527,764 931,412 712,838
v3.25.0.1
Summary of Significant Accounting Policies - Schedule of Financial Information Respect to the Company’s Single Operating Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Depreciation and amortization expense $ 11,700 $ 6,500 $ 3,100
Research and development warrant expense 8,100 17,500 2,900
Stock-based compensation 108,800 45,200 102,800
Technology and dispute resolution agreements expense 12,000 70,300 0
General and administrative warrant expense 200 0 0
Other research and development expense 290,900 224,600 140,100
Other general and administrative expense 78,000 80,700 87,700
Other warrant expense 0 2,100 10,800
Total operating expenses 509,700 446,900 347,400
Loss from operations (509,700) (446,900) (347,400)
Other income (expense), net (48,800) (26,900) 27,800
Interest income, net 21,900 16,400 2,300
Loss before income taxes (536,600) (457,400) (317,300)
Income tax expense (200) (500) 0
Net loss $ (536,800) $ (457,900) $ (317,300)
v3.25.0.1
Property and Equipment, Net - Schedule of Useful Life for Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 145.2 $ 67.0
Less: Accumulated depreciation (18.4) (9.4)
Total property and equipment, net 126.8 57.6
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment 64.4 0.0
Furniture, fixtures, and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 24.7 7.9
Vehicles    
Property, Plant and Equipment [Line Items]    
Total property and equipment 0.1 0.1
Computer hardware    
Property, Plant and Equipment [Line Items]    
Total property and equipment 5.8 5.3
Computer software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 1.9 1.5
Website design    
Property, Plant and Equipment [Line Items]    
Total property and equipment 0.8 0.8
Building and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 34.2 33.0
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 13.3 $ 18.4
v3.25.0.1
Property and Equipment, Net - Schedule of Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Depreciation      
Total depreciation expense $ 10.3 $ 5.8 $ 3.1
Research and development      
Depreciation      
Total depreciation expense 9.8 5.3 2.3
General and administrative      
Depreciation      
Total depreciation expense $ 0.5 $ 0.5 $ 0.8
v3.25.0.1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Accrued professional fees $ 6.5 $ 9.5
Accrued employee costs 22.2 16.7
Accrued parts and materials 12.5 12.1
Taxes payable 1.1 1.4
Accrued capital expenditures 5.6 9.2
Accrued cloud computing implementation costs 0.1 0.3
Accrued technology and dispute resolutions agreements liability 0.0 44.0
Current portion of contract liabilities 0.9 0.0
Other current liabilities 3.9 3.7
Total $ 52.8 $ 96.9
v3.25.0.1
Notes Payable - Schedule of Long-term Debt Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Synovus Bank Loan $ 65.0  
Total debt, net of discount and loan issuance costs 64.0 $ 7.2
Less current portion, net of discount and loan issuance costs 0.0 0.0
Total long-term notes payable, net of discount and loan issuance costs 64.0 7.2
Credit Facility | Synovus Bank Loan    
Debt Instrument [Line Items]    
Synovus Bank Loan 65.0 7.5
Loan unamortized discount and loan issuance costs $ (1.0) $ (0.3)
v3.25.0.1
Notes Payable - Narrative (Details)
 12 Months Ended 15 Months Ended
Oct. 05, 2023
USD ($)
Jul. 09, 2021
USD ($)
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Nov. 14, 2026
installment
Nov. 14, 2023
interest
Jan. 01, 2022
installment
Debt Instrument [Line Items]                  
Synovus Bank Loan     $ 65,000,000.0     $ 65,000,000.0      
Proceeds from issuance of common stock     700,000 $ 300,000 $ 0        
Total debt, net of discount and loan issuance costs     64,000,000.0 7,200,000   $ 64,000,000.0      
Debt discount and issuance cost amortization     $ 0 $ 700,000 $ 500,000        
Stock price                  
Debt Instrument [Line Items]                  
Warrant liability, measurement input | $ / shares     9.75 6.14   9.75      
Warrants for Consideration of Term Loan                  
Debt Instrument [Line Items]                  
Warrants, issued or issuable (in shares) | shares   732,280              
Number of securities called by each warrant or right (in shares) | shares   1              
Public Warrants                  
Debt Instrument [Line Items]                  
Number of securities called by each warrant or right (in shares) | shares     1     1      
Public Warrants | Stock price                  
Debt Instrument [Line Items]                  
Warrant liability, measurement input | $ / shares     3.22 1.46   3.22      
Silicon Valley Bank (“SVB”) | Warrants for Consideration of Term Loan                  
Debt Instrument [Line Items]                  
Warrants, issued or issuable (in shares) | shares   366,140              
SVB Innovation Credit Fund VIII, L.P. (“SVB Innovation”) | Warrants for Consideration of Term Loan                  
Debt Instrument [Line Items]                  
Warrants, issued or issuable (in shares) | shares   366,140              
Synovus Bank Loan | Credit Facility                  
Debt Instrument [Line Items]                  
Synovus Bank Loan     $ 65,000,000.0 $ 7,500,000   $ 65,000,000.0      
Proceeds from issuance of common stock           1,000,000      
Interest expense, debt     100,000 100,000          
Carrying value of the loan, net of unamortized issuance costs     $ 1,000,000.0 $ 300,000   $ 1,000,000.0      
Synovus Bank Loan | Credit Facility | Minimum                  
Debt Instrument [Line Items]                  
Effective rate     6.70% 7.70%   6.70%      
Synovus Bank Loan | Credit Facility | Maximum                  
Debt Instrument [Line Items]                  
Effective rate     7.20% 8.20%   7.20%      
Synovus Bank Loan | Secured Debt                  
Debt Instrument [Line Items]                  
Line of credit, borrowing capacity $ 65,000,000                
Number of monthly interest payment | interest               120  
Basis spread on variable rate 2.00%                
Increase in annual interest rate upon event of default 5.00%                
Synovus Bank Loan | Secured Debt | Forecast                  
Debt Instrument [Line Items]                  
Number of monthly installments | installment             84    
SVB Term Loans | Secured Debt                  
Debt Instrument [Line Items]                  
Number of monthly installments | installment                 24
Increase in annual interest rate upon event of default   2.00%              
Effective rate       10.20% 9.40%        
Interest expense, debt       $ 600,000 $ 1,500,000        
Debt instrument, face amount   $ 20,000,000.0              
Interest rate   8.50%              
Debt discount and issuance cost amortization       $ 700,000 $ 500,000        
v3.25.0.1
Notes Payable - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 0.0
2026 0.4
2027 2.6
2028 2.6
2029 2.6
Thereafter 56.8
Long-term debt $ 65.0
v3.25.0.1
Commitment and Contingencies - Schedule of Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]      
Operating lease cost $ 5.0 $ 5.7 $ 5.8
Short-term lease cost 0.5 0.6 0.2
Total lease cost $ 5.5 $ 6.3 $ 6.0
Weighted-average remaining lease term (in months) 48 months 58 months  
Weighted-average discount rate 14.40% 14.70%  
v3.25.0.1
Commitment and Contingencies - Schedule of Operating Lease Maturities (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 6.1
2026 5.4
2027 2.9
2028 2.2
2029 2.3
Thereafter 2.1
Total future lease payments 21.0
Less: leasehold improvement allowance (0.5)
Present value of future lease payments 20.5
Less: imputed interest (5.5)
Total net future lease payments $ 15.0
v3.25.0.1
Commitment and Contingencies - Schedule of Noncash Lease Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]      
Operating cash outflows from operating leases $ 5.2 $ 5.0 $ 4.3
Operating lease liabilities from obtaining right-of-use assets $ 2.1 $ 0.6 $ 11.7
v3.25.0.1
Commitment and Contingencies - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Nov. 07, 2024
USD ($)
May 17, 2024
lawsuit
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Aug. 10, 2023
$ / shares
shares
Feb. 28, 2023
USD ($)
Debt Instrument [Line Items]            
General and administrative expense, noncash charges     $ 10.3 $ 70.3    
Delaware Class Action Litigation            
Debt Instrument [Line Items]            
Number of putative stockholders lawsuit | lawsuit   2        
Payments for legal settlements $ 0.0          
Private Placement | Class A            
Debt Instrument [Line Items]            
Warrant outstanding (in shares) | shares         13,176,895  
Warrants price per share (in dollars per share) | $ / shares         $ 0.01  
Standby Letters of Credit | Line of Credit            
Debt Instrument [Line Items]            
Line of credit, borrowing capacity           $ 3.5
Line of credit     $ 5.8      
v3.25.0.1
Preferred and Common Stock (Details)
 1 Months Ended 12 Months Ended
Dec. 11, 2024
USD ($)
$ / shares
shares
Aug. 08, 2024
USD ($)
$ / shares
shares
Aug. 10, 2023
USD ($)
shares
Nov. 30, 2024
USD ($)
May 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
vote
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
shares
Dec. 26, 2024
shares
Dec. 25, 2024
shares
Class of Stock [Line Items]                      
Capital stock, shares authorized (in shares)                   1,710,000,000 1,010,000,000
Preferred stock, authorized (in shares)             10,000,000 10,000,000   10,000,000  
Preferred stock, outstanding (in shares)             0 0      
Dividends declared | $             $ 0        
Private Placement                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares)     26,173,286                
Consideration received on transaction | $     $ 139,000,000                
Private Placement | PIPE Financing                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares) 63,909,776 49,283,582                  
Consideration received on transaction | $ $ 407,700,000 $ 158,000,000                  
Price per share (in dollars per share) | $ / shares $ 6.65 $ 3.35                  
Private Placement | Stellantis PIPE Financing                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares) 751,879 2,982,089                  
Consideration received on transaction | $ $ 5,000,000 $ 10,000,000                  
Class A                      
Class of Stock [Line Items]                      
Common stock, authorized (in shares)             1,400,000,000 700,000,000   1,400,000,000  
Voting rights, votes per share | vote             1        
Class A | Common Stock                      
Class of Stock [Line Items]                      
Conversion of stock (in shares)             43,434,962 26,449,869 8,406,170    
Number of shares issued in transaction (in shares)             32,971,617 3,109,097      
Class A | Common Stock | First At-The-Market Program                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares)             10,275,033 3,109,097      
Proceeds from sale of stock | $             $ 48,100,000 $ 19,500,000      
Commission fee, percentage             3.00%        
Class A | Common Stock | First At-The-Market Program | Maximum                      
Class of Stock [Line Items]                      
Consideration received on transaction | $           $ 70,000,000          
Class A | Common Stock | 2024 Shelf Registration Statement | Maximum                      
Class of Stock [Line Items]                      
Consideration received on transaction | $         $ 95,000,000            
Class A | Common Stock | Second At-The-Market Program                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares)             20,644,100        
Proceeds from sale of stock | $             $ 68,000,000        
Commission fee, percentage             3.00%        
Class A | Common Stock | Second At-The-Market Program | Maximum                      
Class of Stock [Line Items]                      
Consideration received on transaction | $         $ 70,000,000            
Class A | Common Stock | Third At-The-Market Program                      
Class of Stock [Line Items]                      
Number of shares issued in transaction (in shares)             2,052,484        
Proceeds from sale of stock | $             $ 21,700,000        
Remaining amount | $             $ 47,500,000        
Commission fee, percentage             3.00%        
Class A | Common Stock | Third At-The-Market Program | Maximum                      
Class of Stock [Line Items]                      
Consideration received on transaction | $       $ 70,000,000              
Class B                      
Class of Stock [Line Items]                      
Common stock, authorized (in shares)             300,000,000 300,000,000   300,000,000  
Percentage of Class B represents the aggregate of Class A             0.10        
Voting rights, votes per share | vote             10        
Conversion period             10 years        
Class B | Common Stock                      
Class of Stock [Line Items]                      
Conversion of stock (in shares)             (43,434,962) (26,449,869) (8,406,170)    
Class B | Common Stock | Scenario, Plan                      
Class of Stock [Line Items]                      
Conversion of stock (in shares)             0        
v3.25.0.1
Stock-Based Compensation​ - Narrative (Details)
 1 Months Ended 6 Months Ended 12 Months Ended
Dec. 18, 2024
$ / shares
Dec. 01, 2024
$ / shares
Nov. 30, 2024
$ / shares
shares
Jul. 08, 2024
shares
Jul. 01, 2024
USD ($)
shares
Jun. 27, 2024
USD ($)
May 31, 2024
$ / shares
shares
Mar. 26, 2024
$ / shares
Jan. 01, 2024
shares
Aug. 10, 2023
USD ($)
shares
Jul. 13, 2023
USD ($)
tranche
shares
Jun. 23, 2023
USD ($)
shares
Jan. 03, 2023
USD ($)
$ / shares
shares
Aug. 09, 2022
USD ($)
installment
aircraft
$ / shares
shares
Apr. 14, 2022
shares
Sep. 16, 2021
tranche
shares
Sep. 15, 2021
shares
Jul. 19, 2021
installment
$ / shares
shares
Jan. 29, 2021
milestone
aircraft
installment
$ / shares
shares
Aug. 31, 2023
USD ($)
shares
Jun. 30, 2022
Aug. 31, 2021
shares
May 31, 2025
Dec. 31, 2024
USD ($)
tranche
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
milestone
shares
Jun. 10, 2022
shares
Nov. 06, 2020
milestone
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               $ 108,800,000 $ 45,200,000 $ 102,800,000    
Granted (in shares)                                               0 0 0    
Amount reclassified from legal expense to stock-based compensation expense | $                                               $ 11,600,000        
Number of conditional purchased aircraft | aircraft                                     200                  
Option to purchase of additional aircraft | aircraft                                     100                  
Other warrant expense | $                                               0 $ 2,100,000 $ 10,800,000    
Class of warrant or right, vested during the period (in shares)                                                   8,845,058    
Research and development | $                                               357,700,000 276,400,000 $ 171,500,000    
Proceeds from issuance of common stock | $                                               55,000,000.0 95,000,000.0 0    
Other research and development expense | $                                               290,900,000 224,600,000 140,100,000    
United                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Stock issued during period, shares, cashless exercised warrants (in shares) | $                                       $ 2,948,352                
Sub Milestone Two                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Other warrant expense | $                                                 $ 2,100,000      
Sub Milestone One and Two                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Class of warrant or right, fair value of each warrant (in dollars per share) | $ / shares                           $ 4.37                            
Other warrant expense | $                                                   $ 10,800,000    
Warrants For Collaboration Agreement With United Airlines Inc.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Class of warrant or right, vested during the period (in shares)                                                 2,211,264 737,088    
Vendor                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Accounts payable | $                                       $ 11,000,000       5,800,000        
United Airlines Inc.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of conditional purchased aircraft | aircraft                           100                            
Purchase agreement, pre delivery payment received | $                           $ 10,000,000                   10,000,000 $ 10,000,000      
United Airlines Inc. | Warrants For Collaboration Agreement With United Airlines Inc.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Warrants, issued or issuable (in shares)                                     14,741,764                  
Warrants price per share (in dollars per share) | $ / shares                                     $ 0.01                  
Number of vesting installments | installment                           4         4                  
Warrants, vesting period                           6 months                            
Number of vesting milestones | milestone                                     4                  
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone One                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Class of warrant or right, vested and expected to vest (in shares)                           737,088                            
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Two                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Class of warrant or right, vested and expected to vest (in shares)                           2,211,264                            
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Three                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of conditional purchased aircraft | aircraft                           160                            
Class of warrant or right, vested and expected to vest (in shares)                           3,685.45                            
United Airlines Inc. | Amended United Warrant Agreement | Sub Milestone Four                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of conditional purchased aircraft | aircraft                           40                            
Class of warrant or right, vested and expected to vest (in shares)                           22,112.65                            
Stellantis N.V.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Warrants price per share (in dollars per share) | $ / shares                         $ 0.01                              
Warrants, weighted average grant date fair value (in dollars per share) | $ / shares                         $ 1.93                              
Collaborative arrangement, amount applicable to milestone | $           $ 55,000,000                                            
Stellantis N.V. | Warrant Exercisable Period One                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                         12 months                              
Stellantis N.V. | Warrant Exercisable Period Two                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                         24 months                              
Stellantis N.V. | Warrant Exercisable Period Three                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                         36 months                              
Stellantis N.V. | Warrants For Collaboration Agreement With FCA US LLC                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Research and development | $                                               8,100,000 17,500,000      
FCA US LLC                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Valuation of common stock, per share (in dollars per share) | $ / shares                                                       $ 0.15
FCA US LLC | Warrants For Collaboration Agreement With FCA US LLC                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Warrants price per share (in dollars per share) | $ / shares                                                       $ 0.01
Number of vesting milestones | milestone                                                   7   7
Class of warrant or right, vested during the period (in shares)                                                   1,671,202    
Number of securities called by warrants or rights (in shares)                                                       1,671,202
Other research and development expense | $                                                   $ 100,000    
FCA Italy S.p.A.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of vesting installments | installment                                   2                    
Valuation price of warrants or rights (in dollars per share) | $ / shares                                   $ 8.98                    
FCA Italy S.p.A. | Warrants For Collaboration Agreement With FCA Italy S.p.A                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Warrants price per share (in dollars per share) | $ / shares                                   $ 0.01                    
Number of securities called by warrants or rights (in shares)                                   1,077,024                    
Related service period                                   12 months                    
Vesting of unvested shares (in shares)                                                   1,077,024    
Common Stock | Stellantis N.V.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Collaborative arrangement, amount applicable to milestone | $                   $ 70,000,000                                    
Collaborative arrangement, shares applicable to milestone (in shares)                   12,313,234                                    
General and administrative                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               59,800,000 16,300,000 $ 76,700,000    
Research and development                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               $ 49,000,000.0 28,900,000 26,100,000    
Research and development | Warrants For Collaboration Agreement With FCA Italy S.p.A                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Other research and development expense | $                                                   2,800,000    
Employee Stock                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Percentage of outstanding stock maximum                                           1.00%            
Purchase price of common stock, percent                                           85.00%            
Number of additional shares authorized (in shares)                                           9,938,118            
Offering period   6 months                                       6 months   6 months        
Offering period occurrence                                           6 months            
Total stock-based compensation expense | $                                               $ 2,600,000 1,200,000 100,000    
Unvested stock options | $                                               1,600,000        
Stock price (in dollars per share) | $ / shares   $ 9.57                                                    
Employee Stock | Forecast                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Offering period                                             6 months          
Options to purchase common stock                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               2,500,000 2,800,000 3,800,000    
Unvested stock options | $                                               $ 2,200,000        
Weighted-average period                                               4 months 24 days        
Unvested restricted stock units                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               $ 47,400,000 $ 27,000,000 22,800,000    
Weighted-average period                                               10 months 24 days        
Issued (in shares)                               20,009,224               18,608,964        
Milestone achievement period                               7 years                        
Founder grants, number of tranches | tranche                               4                        
Vested (in shares)                                               18,837,707        
Forfeited (in shares)                                               2,635,494        
Shares outstanding (in shares)                                               28,658,246 31,522,483      
Share-based payment arrangement, nonvested award, cost not yet recognized, amount | $                                               $ 114,500,000        
Unvested restricted stock units | General and administrative                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               $ 33,100,000 $ 49,700,000 64,900,000    
Number of tranches outstanding | tranche                                               3,000        
Unvested restricted stock units | Reversed in July 2023 | General and administrative                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                                 $ 17,300,000 $ 32,400,000    
Performance Stock Units                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Performance period 3 years             3 years                                        
Stock price (in dollars per share) | $ / shares $ 8.95             $ 4.79                                        
Class A                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Percent of employees' gross pay                                           15.00%            
Valuation of common stock, per share (in dollars per share) | $ / shares                                     $ 13.35                  
Class A | United Airlines Inc. | Warrants For Collaboration Agreement With United Airlines Inc.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of securities called by each warrant or right (in shares)                                     1                  
Class A | Stellantis N.V.                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Common stock attributable to PIPE Financing (in shares)         17,401,153             6,337,039                                
Sale of stock value | $                         $ 150,000,000                              
Number of securities called by warrants or rights (in shares)                         15,000,000                              
Stock price (in dollars per share) | $ / shares                         $ 1.93                              
Proceeds from issuance of common stock | $         $ 55,000,000             $ 25,000,000                                
Class A | Common Stock                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Common stock attributable to PIPE Financing (in shares)                                       1,985,559       1,685,994 1,985,559      
Exercise of warrants (in shares)                                       2,942,778       13,242,767 2,942,778      
Class B | Common Stock                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Forfeited (in shares)                                                   5,002,306    
Class B | Unvested restricted stock units                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                     15 months                                  
Vested (in shares)                                 10,004,612                      
Forfeited (in shares)       5,002,306                     5,002,306                          
Shares outstanding (in shares)                     15,006,918                                  
Number of tranches forfeited | tranche                     3                                  
Share-based payment arrangement, reversal of expense | $                     $ 59,100,000                                  
Outstanding number of shares (in shares)                                               10,004,612        
Class B | Unvested restricted stock units | General and administrative                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of tranches outstanding | tranche                                               2        
2021 Stock Plan | Unvested restricted stock units                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Issued (in shares)                                               14,254,746        
2021 Stock Plan | Class A                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Capital shares reserved for future issuance (in shares)                 15,320,111                                   34,175,708  
Percentage of outstanding stock maximum                                         5.00%              
2021 Employee Stock Purchase Plan                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Employees purchased (in shares)     911,452       812,544                                          
Repurchase option at the original per share (in dollars per shares) | $ / shares     $ 2.78       $ 2.78                                          
2021 Employee Stock Purchase Plan | Class A                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Number of additional shares authorized (in shares)                 2,679,473                                      
Number of shares authorized (in shares)                                               11,085,810        
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)                                               8,133,182        
Annual Equity Awards                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Total stock-based compensation expense | $                                               $ 17,800,000 $ 11,500,000 $ 9,500,000    
Amended and Restated 2021 Plan                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Conversion ratio                                               1        
Amended and Restated 2021 Plan | Share-based Payment Arrangement, Tranche One                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                                               1 year        
Amended and Restated 2021 Plan | Quarterly Equity Awards                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Conversion ratio                                               1        
Amended and Restated 2021 Plan | Unvested restricted stock units | Minimum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                                               3 years        
Amended and Restated 2021 Plan | Unvested restricted stock units | Maximum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Award vesting period (in years)                                               4 years        
Amended and Restated 2021 Plan | Unvested restricted stock units | Quarterly Equity Awards                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Issued (in shares)                                               2,735,840        
Amended and Restated 2021 Plan | Unvested restricted stock units | Based on Company’s Relative Performance of Total Shareholder Return                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Issued (in shares)                                               1,322,520        
Award vesting period (in years)                                               3 years        
Amended and Restated 2021 Plan | Unvested restricted stock units | Based on Attainment of Predefined Performance Goals                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Issued (in shares)         295,858                                              
Award vesting period (in years)         10 years                                              
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Conversion ratio                                               1        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return | Minimum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Payout range percentage                                               0.00%        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Company’s Relative Performance of Total Shareholder Return | Maximum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Payout range percentage                                               200.00%        
Amended and Restated 2021 Plan | Performance Stock Units | Based on Attainment of Predefined Performance Goals | Minimum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Payout range percentage         0.00%                                              
Amended and Restated 2021 Plan | Performance Stock Units | Based on Attainment of Predefined Performance Goals | Maximum                                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                                        
Payout range percentage         100.00%                                              
v3.25.0.1
Stock-Based Compensation​ - Schedule of Share-Based Payment Award, Valuation Assumptions (Details) - $ / shares
Dec. 18, 2024
Dec. 01, 2024
Mar. 26, 2024
Employee Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock price (in dollars per share)   $ 9.57  
Term (in years)   6 months  
Risk-free interest rate   4.40%  
Volatility   85.00%  
Dividend yield   0.00%  
Grant date fair value (in dollars per share)   $ 3.67  
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock price (in dollars per share) $ 8.95   $ 4.79
Term (in years) 3 years   3 years
Risk-free interest rate 4.30%   4.30%
Volatility 87.30%   87.10%
Dividend yield 0.00%   0.00%
v3.25.0.1
Stock-Based Compensation​ - Schedule of Employee and Non Employee Stock Option (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding beginning balance (in shares) 3,174,114  
Exercised (in shares) (999,115)  
Expired/forfeited (in shares) (56,988)  
Outstanding ending balance (in shares) 2,118,011 3,174,114
Exercisable (in shares) 1,551,567  
Vested and expected to vest (in shares) 2,118,011  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 0.12  
Exercise (in dollars per share) 0.08  
Expired/forfeited (in dollars per share) 0.10  
Ending balance (in dollars per share) 0.13 $ 0.12
Exercisable, Weighted average exercise price per share (in dollars per share) 0.13  
Vested and expected to vest (in dollars per share) $ 0.13  
Employee and Non Employee stock option Additional Disclosures    
Weighted average remaining contractual life (in years) 5 years 9 months 18 days 6 years 8 months 12 days
Exercisable, weighted average remaining contractual term (Years) 5 years 9 months 18 days  
Vested and expected, weighted average remaining contractual term (Years) 5 years 9 months 18 days  
Aggregate intrinsic value $ 20.4 $ 19.1
Exercised, aggregate intrinsic value 4.5  
Exercisable as of December 31, 2024 14.9  
Vested and expected, aggregate intrinsic value $ 20.4  
v3.25.0.1
Stock-Based Compensation​ - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock units - $ / shares
 12 Months Ended
Sep. 16, 2021
Dec. 31, 2024
Number of Shares [Abstract]    
Outstanding beginning balance (in shares)   31,522,483
Issued (in shares) 20,009,224 18,608,964
Vested (in shares)   (18,837,707)
Forfeited (in shares)   (2,635,494)
Outstanding ending balance (in shares)   28,658,246
Weighted Average Grant Price [Abstract]    
Outstanding beginning balance (in dollars per share)   $ 4.99
Granted (in dollars per share)   4.78
Vested (in dollars per share)   4.87
Forfeited (in dollars per share)   4.06
Outstanding ending balance (in dollars per share)   $ 5.02
v3.25.0.1
Stock-Based Compensation​ - Schedule of Stock-based Compensation Expense Included in Respective Expense Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 108.8 $ 45.2 $ 102.8
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 49.0 28.9 26.1
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 59.8 $ 16.3 $ 76.7
v3.25.0.1
Stock-Based Compensation​ - Schedule of Share-based Compensation, Warrant Activity (Details) - Warrants - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Shares    
Outstanding beginning balance (in shares) 20,788,247  
Issued (in shares) 57,050  
Exercised (in shares) (91,667)  
Outstanding ending balance (in shares) 20,753,630 20,788,247
Vested and exercisable (in shares) 7,805,276  
Weighted Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 0.01  
Issued (in dollars per share) 0.01  
Exercised (in dollars per share) 0.01  
Outstanding ending balance (in dollars per share) 0.01 $ 0.01
Vested and exercisable (in dollars per share) $ 0.01  
Weighted Average Remaining Contractual Life (Years)    
Outstanding (in years) 3 years 6 months 4 years 6 months
Vested and exercisable (in years) 2 years 4 months 24 days  
Aggregate Intrinsic Value (In millions)    
Outstanding at period start $ 127.4  
Exercised 0.8  
Outstanding at period end 202.1 $ 127.4
Vested and exercisable $ 76.0  
v3.25.0.1
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ (537.6) $ (458.7) $ (317.3)
International 1.0 1.3 0.0
Loss before income taxes $ (536.6) $ (457.4) $ (317.3)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Current foreign tax provision $ 200,000 $ 500,000  
Current income tax expense (benefit)     $ 0
Deferred income tax expense (benefit) 0 0 0
Less: valuation allowance (353,300,000) (226,300,000)  
Valuation allowance increased 127,000,000 96,600,000 82,600,000
Unrecognized tax benefits 0 0  
Income tax matters accrued interest or penalties 0 0 $ 0
Domestic Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 616,500,000 389,900,000  
Domestic Tax Jurisdiction | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount 53,200,000 31,400,000  
State and Local Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 58,200,000 40,500,000  
State and Local Jurisdiction | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount $ 27,900,000 $ 15,700,000  
v3.25.0.1
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal income tax (benefit) at statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes (net of federal benefit) 0.80% (2.70%) 2.50%
Nondeductible expenses (1.00%) (0.10%) (0.20%)
Warrant expense (1.90%) (1.60%) 0.80%
Nondeductible officers’ compensation (0.70%) 0.10% (4.70%)
Other 0.00% 0.00% (0.70%)
Credits 5.40% 4.40% 4.90%
Change in valuation allowance (23.60%) (21.20%) (23.60%)
Effective tax rate 0.00% (0.10%) 0.00%
v3.25.0.1
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 133.0 $ 84.1
Accrued expenses 4.3 12.4
Operating lease liabilities 3.3 3.5
Stock-based compensation 2.1 1.9
Warrants 7.8 6.0
Capitalized R&D expenses 132.3 77.8
Credits 71.5 41.7
Start-up costs 3.7 3.8
Other 0.3 0.7
Gross deferred tax assets 358.3 231.9
Less: valuation allowance (353.3) (226.3)
Deferred tax assets, net of valuation allowance 5.0 5.6
Deferred tax liabilities:    
Depreciation and amortization (3.2) (3.7)
Right-of-use assets (1.8) (1.9)
Total deferred tax liabilities (5.0) (5.6)
Total net deferred tax assets $ 0.0 $ 0.0
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in uncertain income tax positions      
Beginning balance $ 2.0 $ 1.5 $ 0.3
Increases related to prior year tax positions     1.2
Increases related to current year tax positions 2.0 0.5  
Ending balance $ 4.0 $ 2.0 $ 1.5
v3.25.0.1
Liability Classified Warrants (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Public Warrants  
Class of Warrant or Right [Line Items]  
Warrant outstanding (in shares) | shares 17,398,947
Exercisable term from closing of initial public offering 12 months
Warrants outstanding, term 5 years
Redemption price of warrants (in dollars per share) | $ / shares $ 0.01
Redemption period 30 days
Warrant redemption condition minimum share price (in dollars per share) | $ / shares $ 18.00
Threshold trading days 20 days
Threshold consecutive trading days 30 days
Threshold number of business days before sending notice of redemption to warrant holders 3 days
Number of securities called by each warrant or right (in shares) | shares 1
Public Warrants | Class A  
Class of Warrant or Right [Line Items]  
Redemption price of warrants (in dollars per share) | $ / shares $ 11.50
Private Placement Warrants  
Class of Warrant or Right [Line Items]  
Warrant outstanding (in shares) | shares 8,000,000
Exercisable term after business combination 30 days
v3.25.0.1
Subsequent Events (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 11, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subsequent Event [Line Items]        
Proceeds from issuance of common stock   $ 55.0 $ 95.0 $ 0.0
Subsequent Event | Class A | Registered Direct Offering        
Subsequent Event [Line Items]        
Number of shares issued in transaction (in shares) 35,500,000      
Proceeds from issuance of common stock $ 301.8