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Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables) - Rigetti Computing, Inc [Member]
3 Months Ended
Mar. 31, 2022
Summary of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis
The fair value measurements of financial assets and liabilities that are measured at fair value at March 31, 2022 are as follows:
 
    
Fair Value Hierarchy
 
    
Level 1
    
Level 2
    
Level 3
 
    
(in thousands)
 
Assets:
        
Forward Warrant Agreement
   $ —        $ —        $ 2,740  
  
 
 
    
 
 
    
 
 
 
Total Assets
   $ —        $ —        $ 2,740  
  
 
 
    
 
 
    
 
 
 
Liabilities:
        
Derivative warrant liability - Trinity Warrants
   $ —        $ —        $ 6,203  
Derivative warrant liability-Private Placement Warrants
     —          —          6,586  
Derivative warrant liability-Public Warrants
     11,212        —          —    
Earn-out
Liability
     —          —          16,949  
  
 
 
    
 
 
    
 
 
 
Total Liabilities
   $ 11,212      $ —        $ 29,738  
  
 
 
    
 
 
    
 
 
 
Change in Fair Value of Derivative Liabilities
A summary of the changes in the fair value of the Company’s Level 3 financial instruments as of March 31, 2022 and December 31, 2021 are as follows:
 
    
Derivative warrant
liability - Trinity
Warrants
    
Derivative warrant
liability-Private
Placement Warrants
   
Derivative
warrant liability-
Public Warrants
   
Forward
Warrant
Agreement
   
Earn-out

Liability
 
Balance - December 31, 2021
   $ 4,355      $ —       $ —       $ 230     $ —    
  
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Initial measurement on March 2, 2022 upon Business Combination (Note 3)
        9,167       16,301         26,583  
Change in fair values
     1,848        (2,581     (5,089     (2,970     (9,634
  
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Balance - March 31, 2022
   $ 6,203        6,586     $ 11,212     $ (2,740   $ 16,949