QuantumScape (QS) 10-Q26 Apr 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 19, 2024
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	QUANTUMSCAPE CORPORATION
Entity Central Index Key	0001811414
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39345
Entity Tax Identification Number	85-0796578
Entity Address, Address Line One	1730 Technology Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address Postal Zip Code	95110
City Area Code	408
Local Phone Number	452-2000
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	QS
Security Exchange Name	NYSE
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		444,866,620
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,665,633

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents ($3,564 and $3,522 as of March 31, 2024 and December 31, 2023, respectively, for joint venture)	$ 192,321	$ 142,524
Marketable securities	817,314	928,284
Prepaid expenses and other current assets	35,400	12,709
Total current assets	1,045,035	1,083,517
Property and equipment, net	315,644	313,164
Right-of-use assets - finance lease	24,422	25,140
Right-of-use assets - operating lease	54,596	55,863
Other assets	24,281	24,294
Total assets	1,463,978	1,501,978
Current liabilities
Accounts payable	11,508	12,959
Accrued liabilities	72,331	10,180
Accrued compensation and benefits	8,738	26,043
Operating lease liability, short-term	5,110	5,006
Finance lease liability, short-term	2,986	2,907
Total current liabilities	100,673	57,095
Operating lease liability, long-term	56,256	57,622
Finance lease liability, long-term	34,314	35,098
Other liabilities	13,073	11,986
Total liabilities	204,316	161,801
Commitments and contingencies (see Note 7)
Redeemable non-controlling interest	1,790	1,770
Stockholders’ equity
Preferred stock- $0.0001 par value; 100,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023
Common stock - $0.0001 par value; 1,250,000 shares authorized (1,000,000 Class A and 250,000 Class B); 444,821 Class A and 54,666 Class B shares issued and outstanding as of March 31, 2024; 433,157 Class A and 59,874 Class B shares issued and outstanding as of December 31, 2023	50	49
Additional paid-in-capital	4,260,514	4,221,892
Accumulated other comprehensive loss	(1,387)	(2,877)
Accumulated deficit	(3,001,305)	(2,880,657)
Total stockholders’ equity	1,257,872	1,338,407
Total liabilities, redeemable non-controlling interest and stockholders’ equity	$ 1,463,978	$ 1,501,978

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 192,321	$ 142,524
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, outstanding	0	0
Common stock, authorized	1,250,000,000	1,250,000,000
Joint Venture
Cash and cash equivalents	$ 3,564	$ 3,522
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock, issued	444,821,000	433,157,000
Common stock, outstanding	444,821,000	433,157,000
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	54,666,000	59,874,000
Common stock, outstanding	54,666,000	59,874,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 83,847	$ 76,941
General and administrative	48,054	33,037
Total operating expenses	131,901	109,978
Loss from operations	(131,901)	(109,978)
Other income (loss):
Interest expense	(572)	(600)
Interest income	12,065	6,277
Other expense	(220)	(330)
Total other income	11,273	5,347
Net loss	(120,628)	(104,631)
Less: Net income attributable to non-controlling interest, net of tax of $0	20	16
Net loss attributable to common stockholders	(120,648)	(104,647)
Net loss	(120,628)	(104,631)
Other comprehensive income (loss):
Unrealized gain on marketable securities	1,490	5,518
Total comprehensive loss	(119,138)	(99,113)
Less: Comprehensive income attributable to non-controlling interest	20	16
Comprehensive loss attributable to common stockholders	$ (119,158)	$ (99,129)
Net loss per share - Basic	$ (0.24)	$ (0.24)
Net loss per share - Diluted	$ (0.24)	$ (0.24)
Weighted-average common shares outstanding - Basic	496,145	440,085
Weighted-average common shares outstanding - Diluted	496,145	440,085

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net income (loss) attributable to non-controlling interest, tax	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 1,317,840	$ 44	$ 3,771,181	$ (2,435,512)	$ (17,873)
Redeemable Non-Controlling, Beginning balance at Dec. 31, 2022	1,704
Beginning balance, Shares at Dec. 31, 2022		437,959
Exercise of stock options	4,050		4,050
Exercise of stock options, Shares		4,081
Shares issued upon vesting of restricted stock units ,shares		1,590
Stock-based compensation	34,228		34,228
Net income (loss)	(104,647)			(104,647)
Net income (loss), Redeemable Non-Controlling interest	16
Unrealized gain on marketable securities	5,518				5,518
Ending balance at Mar. 31, 2023	1,256,989	$ 44	3,809,459	(2,540,159)	(12,355)
Redeemable Non-Controlling, Ending balance at Mar. 31, 2023	1,720
Ending balance, Shares at Mar. 31, 2023		443,630
Beginning balance at Dec. 31, 2023	1,338,407	$ 49	4,221,892	(2,880,657)	(2,877)
Redeemable Non-Controlling, Beginning balance at Dec. 31, 2023	1,770
Beginning balance, Shares at Dec. 31, 2023		493,031
Exercise of stock options	$ 1,948		1,948
Exercise of stock options, Shares	1,201	1,201
Shares issued upon vesting of restricted stock units ,value	$ 20,217	$ 1	20,216
Shares issued upon vesting of restricted stock units ,shares		5,255
Stock-based compensation	16,458		16,458
Net income (loss)	(120,648)			(120,648)
Net income (loss), Redeemable Non-Controlling interest	20
Unrealized gain on marketable securities	1,490				1,490
Ending balance at Mar. 31, 2024	1,257,872	$ 50	$ 4,260,514	$ (3,001,305)	$ (1,387)
Redeemable Non-Controlling, Ending balance at Mar. 31, 2024	$ 1,790
Ending balance, Shares at Mar. 31, 2024		499,487

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (120,628)	$ (104,631)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11,983	9,505
Amortization of right-of-use assets and non-cash lease expense	1,985	1,933
Amortization of premiums and accretion of discounts on marketable securities	(8,159)	(2,176)
Stock-based compensation expense	19,287	37,990
Other	107	599
Changes in operating assets and liabilities:
Prepaid expenses and other current assets and other assets	(22,679)	(862)
Accounts payable, accrued liabilities and accrued compensation and benefits	61,564	(4,108)
Operating lease liability	(1,261)	(569)
Other long-term liabilities	(144)
Net cash used in operating activities	(57,945)	(62,319)
Investing activities
Purchases of property and equipment	(14,120)	(28,012)
Proceeds from maturities of marketable securities	384,639	191,043
Proceeds from sales of marketable securities	1,245	1,477
Purchases of marketable securities	(265,265)	(100,422)
Net cash provided by investing activities	106,499	64,086
Financing activities
Proceeds from exercise of stock options	1,948	4,050
Principal payment for finance lease	(705)
Net cash provided by financing activities	1,243	4,050
Net increase in cash, cash equivalents and restricted cash	49,797	5,817
Cash, cash equivalents and restricted cash at beginning of period	160,572	252,916
Cash, cash equivalents and restricted cash at end of period	210,369	258,733
Supplemental disclosure:
Cash paid for interest	572
Purchases of property and equipment, not yet paid	$ 9,772	$ 13,437

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash by Category - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 192,321	$ 241,210
Other assets	18,048	17,523
Total cash, cash equivalents and restricted cash	$ 210,369	$ 258,733

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (120,648)	$ (104,647)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers During our last fiscal quarter, the following directors and officers, as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows: On March 1, 2024 , Jagdeep Singh , Chairman of the Board , and his affiliated trusts, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 3,249,520 shares of our Class A Common Stock, of which approximately 77% consists of shares underlying vested stock options expiring in the next two years. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until May 15, 2025 , or earlier if all transactions under the trading arrangement are completed. On March 4, 2024 , Prof. Dr. Fritz Prinz , Director and Chief Scientific Advisor , and his affiliated trusts, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2,297,175 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until July 3, 2025 , or earlier if all transactions under the trading arrangement are completed. On March 14, 2024 , Dr. Tim Holme , our Chief Technology Officer , and his affiliated trust, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 2,544,600 shares of our Class A Common Stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until July 7, 2025 , or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the last fiscal quarter.
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
Jagdeep Singh [Member]
Trading Arrangements, by Individual
Name	Jagdeep Singh
Title	Chairman of the Board
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 1, 2024
Aggregate Available	3,249,520
Expiration Date	May 15, 2025
Dr. Fritz Prinz [Member]
Trading Arrangements, by Individual
Name	Dr. Fritz Prinz
Title	Director and Chief Scientific Advisor
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 4, 2024
Aggregate Available	2,297,175
Expiration Date	Jul. 03, 2025
Dr. Tim Holme [Member]
Trading Arrangements, by Individual
Name	Dr. Tim Holme
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Aggregate Available	2,544,600
Expiration Date	Jul. 07, 2025

Nature of Business

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Note 1. Nature of Business Organization The original QuantumScape Corporation, now named QuantumScape Battery, Inc. (“Legacy QuantumScape”), a wholly owned subsidiary of the Company (as defined below), was founded in 2010 with the mission to revolutionize energy storage to enable a sustainable future. In 2020, QuantumScape became a publicly traded company (NYSE: QS) through a business combination with a special purpose acquisition company named Kensington Capital Acquisition Corp. (“Kensington”) which changed its name to QuantumScape Corporation upon closing in November 2020 (the “Business Combination”). As a result of the Business Combination, QuantumScape Battery Inc. survived and became a wholly owned subsidiary of QuantumScape Corporation (the “Company”). The Company is focused on the development and commercialization of its solid-state lithium-metal batteries. Planned principal operations have not yet commenced. As of March 31, 2024 , the Company had not derived revenue from its principal business activities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. The Company’s policy is to consolidate all entities that it controls by ownership of a majority of the outstanding voting stock. In addition, the Company consolidates entities that meet the definition of a variable interest entity (“VIE”) for which the Company is the related party most closely associated with and is the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third party’s holding of an equity interest is presented as redeemable non-controlling interests in the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity. The portion of net earnings (loss) attributable to the redeemable non-controlling interests is presented as net income (loss) attributable to non-controlling interests in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Legacy QuantumScape was a single-legal entity prior to becoming a partner with Volkswagen in QSV Operations LLC (“QSV”). As noted in the section titled “ Joint Venture and Redeemable Non-Controlling Interest ” below, Legacy QuantumScape determined QSV was a VIE for which it was required to consolidate the operations upon its formation in 2018. Following the closing of the Business Combination, the Company made the same determination and the Company continued to consolidate the operations of QSV in the three months ended March 31, 2024 as the determination of the VIE has not changed. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination and valuation of awards under the Extraordinary Performance Award Program (the “EPA Program”), among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim Condensed Consolidated Balance Sheets as of March 31, 2024, the interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the interim Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity for the three months ended March 31, 2024 and 2023, and the interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in management’s opinion, include adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2024 and its results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The financial data and the other financial information disclosed in the notes to these condensed consolidated financial statements related to the three-month period are also unaudited. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 , filed on February 27, 2024 (the “Annual Report”). Joint Venture and Redeemable Non-Controlling Interest QSV was incorporated as a limited liability company in 2018. Volkswagen Group of America, Inc. (“VWGoA”), Volkswagen Group of America Investments, LLC (“VGA”) and Legacy QuantumScape executed a Joint Venture Agreement (“JVA”), effective September 2018, with the goal of jointly establishing a manufacturing facility to produce the pilot line of the Company’s product through QSV. In connection with this agreement, the parties also have entered into two operating agreements: (i) the Limited Liability Company Agreement of QSV to govern the respective rights and obligations as members of QSV and (ii) the Common IP License Agreement for the Company to license certain intellectual property pertaining to automotive battery cells as defined in the JVA to VWGoA, VGA and QSV. Volkswagen is a related party stockholder (approximately 25.0 % and 24.0 % voting interest holder of the Company as of March 31, 2024 and December 31, 2023 , respectively). Upon the effectiveness of the JVA, each party contributed $ 1.7 million in cash to capitalize QSV in exchange for 50 % equity interests. The joint venture is considered a VIE with a related party and therefore the related party whose business is more closely related to the planned operations of the joint venture is required to consolidate the operations. The Company determined its operations were most closely aligned with the operations of the joint venture and therefore has consolidated the results of QSV’s operations in its Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity. QSV had minimal operations through March 31, 2024. The Company classifies non-controlling interests with redemption features that are not solely within the control of the Company within temporary equity on the Company’s Condensed Consolidated Balance Sheets in accordance with ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities (“ASC 480-10-S99-3A”). The non-controlling interest was recorded outside of stockholders’ equity because the non-controlling interest provides the holder with put rights in the event of, amongst others, (i) the failure by the Company to meet specified development milestones within certain timeframes, (ii) the parties to the JVA cannot agree to certain commercial terms within certain timeframes, or (iii) a change of control of the Company, which such events are considered not solely within the Company’s control. The Company adjusts redeemable non-controlling interests for the portion of net loss attributable to the redeemable non-controlling interests. As of March 31, 2024, the redeemable non-controlling interest is equivalent to the value of Volkswagen’s interest in the joint venture. The commercialization timeline originally contemplated in 2018 by the joint venture agreements, and by subsequent amendments, has changed, and at the time of filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, certain milestones contemplated by the joint venture agreements had not been met. As a result, Volkswagen’s right to exercise its put rights has been triggered. If Volkswagen exercises such rights, the joint venture with Volkswagen and Volkswagen’s commitments to purchase output capacity from the joint venture would terminate, and we would be obligated to purchase Volkswagen’s interest in the joint venture for its book value. As of March 31, 2024 , the book value of this interest was approximately $ 1.8 million and is recorded as a redeemable non-controlling interest in our Condensed Consolidated Balance Sheets. To date, Volkswagen has not informed us of any intention to exercise its put rights. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and marketable securities. As of March 31, 2024 and December 31, 2023 , approximately $ 114.6 million and $ 115.8 million of our total cash and cash equivalents and marketable securities, are held in U.S. money market funds, and $ 711.6 million and $ 723.9 million are invested in U.S. government and agency securities, respectively. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents and marketable securities by making deposits with what we believe to be large, reputable financial institutions and investing in high credit rated shorter-term instruments. Cash and Cash Equivalents and Restricted Cash Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Restricted cash is maintained under an agreement that legally restricts the use of such funds and is reported within other assets as the date of availability or disbursement for all restricted cash is more than one year from March 31, 2024. Restricted cash is comprised of $ 18.0 million as of both March 31, 2024 and December 31, 2023, all of which is pledged as a form of security for the Company’s lease agreements for its headquarters and pre-pilot manufacturing facilities. The restricted cash is maintained in certificate of deposits as of March 31, 2024 . Marketable Securities The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are generally not to generate profits on short-term differences in price. These securities are carried at estimated fair value with unrealized gains and losses included in other comprehensive gain/loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as 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 at the measurement date. 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 a liability. The accounting guidance established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Property and Equipment Property and equipment are recorded at historical cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset. Improvements that increase functionality of the fixed asset are capitalized and depreciated over the asset’s remaining useful life. Deposits for purchases of property and equipment are included in construction-in-progress. Construction-in-progress is not depreciated until the asset is placed in service. Fully depreciated assets are retained in property and equipment, net, until removed from service. The estimated useful lives of assets are generally as follows: Computer equipment, hardware, and software 3 - 5 years Furniture and fixtures 7 - 10 years Machinery and equipment 3 - 10 years Leasehold improvements Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets when indicators of impairment exist. The carrying value of a long-lived asset is considered impaired when the estimated separately identifiable, undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. There was no material impairment charge in the three months ended March 31, 2024 and 2023 . Leases The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the Condensed Consolidated Balance Sheets as both a right-of-use (“ROU”) asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate which is the rate incurred to borrow on a collateralized basis over a similar term. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is reduced over the lease term. For operating leases, interest on the lease liability and the non-cash lease expense result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the ROU asset results in front-loaded expense over the lease term. Variable lease expenses, including common maintenance fees, insurance and property tax, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets, and elects to exclude short-term leases having terms of 12 months or less. 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 (the “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 in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Research and Development Cost Costs related to research and development are expensed as incurred. General and Administrative Expenses General and administrative expenses represent costs incurred by the Company in managing the business, including salary, benefits, incentive compensation, marketing, insurance, professional fees and other operating costs associated with the Company’s non-research and development activities. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees, directors, and non-employees, including stock options, restricted stock units and restricted shares, based on estimated fair values recognized over the requisite service period. The Company accounts for forfeitures when they occur. The fair values of options granted with only service conditions are estimated on the grant date using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company recognizes compensation expense for all options with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of four years . The fair values of options granted with performance (e.g., business milestone) and market conditions (e.g., stock price target) are estimated at the grant date using a Monte Carlo simulation model. The model determined the grant date fair value of each vesting tranche and the future date when the market condition for such tranche is expected to be achieved. The Monte Carlo valuation requires the Company to make assumptions and judgements about the variables used in the calculation including the expected term, volatility of the Company’s common stock, an assumed risk-free interest rate, and cost of equity. For performance-based options with a vesting schedule based on the attainment of both performance and market conditions, along with service conditions, each quarter the Company assesses whether it is probable that it will achieve each performance condition that has not previously been achieved or deemed probable of achievement and if so, the future time when the Company expects to achieve that business milestone, or its “expected business milestone achievement time.” When the Company first determines that a business milestone has become probable of being achieved, the Company allocates the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected vesting date,” which represents the requisite service period. The requisite service period at any given time is generally the period between the grant date and the later of (i) the expected time when the performance condition will be achieved (if the related performance condition has not yet been achieved) and (ii) the expected time when the market condition will be achieved (if the related market condition has not yet been achieved). The Company immediately recognizes a cumulative catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the performance condition was first deemed probable of being achieved. Each quarter thereafter, the Company recognizes the then-remaining expense for the tranche through the end of the requisite service period except that upon vesting of a tranche, all remaining expense for that tranche is immediately recognized. The fair values of restricted stock units granted with service conditions only are based on the closing price of the Company’s Class A Common Stock on the date of grant. The Company recognizes compensation expense for restricted stock units with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the award vesting term of four years . The fair values of restricted stock units granted with service and performance conditions are based on the closing price of the Company’s Class A Common Stock on the grant date. The vesting schedule of such awards is based entirely on the attainment of both service and performance conditions. Each quarter the Company assesses whether it is probable that it will achieve each performance condition and if so, the future time when the Company expects to achieve that performance condition, the “expected vesting date”. When the Company first determines that a performance condition has become probable of being achieved, the Company allocates the entire expense for the related tranche over the number of quarters between the grant date and expected vesting date, which represents the requisite service period. The requisite service period at any given time is generally the period between the grant date and the expected time when the performance condition will be achieved with the service condition also being met. The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”) is compensatory in accordance with ASC 718-50-25. The Company measures and recognizes compensation expense for shares to be issued under the ESPP based on estimated grant date fair value recognized on a straight-line basis over the offering period. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s Class A Common Stock at a discount through payroll deductions. There were no shares purchased under the ESPP during the three months ended March 31, 2024. As of March 31, 2024 , 10.5 million shares of Class A Common Stock were reserved for future issuance under the ESPP. The Company established the 2024 corporate bonus plan (the “2024 Bonus Plan”) to be settled in the form of restricted stock units to eligible employees upon the achievement of certain service and performance conditions. The awards under the 2024 Bonus Plan are classified as a liability prior to the settlement of vested RSUs, upon which the liability is reclassified into equity. The 2024 Bonus Plan awards are measured as the grant date fair value, i.e., the closing price of the Company’s Class A Common Stock on the grant date. The Company recognizes compensation expense for the 2024 Bonus Plan to be settled in restricted stock units on a straight-line basis over the requisite service period of approximately a year. Income Taxes The Company accounts for income taxes under an asset and liability approach. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss carryforwards, measured by applying currently enacted tax laws. Valuation allowances are provided when necessary to reduce net deferred tax assets to an amount that is more likely than not to be realized. The Company recognizes tax liabilities based upon its estimate of whether, and the extent to which, additional taxes will be due when such estimates are more likely than not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company has no provision for income taxes for the three months ended March 31, 2024 and 2023 . The Company has no current tax expense from losses and no deferred expense from the valuation allowance. The Company’s effective tax rate differs from the U.S. statutory rate primarily due to a valuation allowance against its net deferred tax assets as it is more likely than not that some or all of the deferred tax assets will not be realized.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Note 3. Recent Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Agreements, which clarifies the accounting for leasehold improvements associated with common control leases. The ASU is effective for all entities in fiscal years beginning after December 15, 2023. The Company adopted the guidance in the three months ended March 31, 2024. The adoption of such guidance had no impact on the Company’s condensed consolidated financial statements as of March 31, 2024. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The ASU is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Additionally, a joint venture that was formed before January 1, 2025 may elect to apply the amendments retrospectively. Early adoption is permitted, either prospectively or retrospectively. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for all entities in fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and public entities should apply the amendments retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU is effective for all public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which provides illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of FASB Accounting Standards Codification (FASB ASC) 718, Compensation-Stock Compensation. The ASU is effective for all public business entities for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Note 4. Fair Value Measurement The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands): Fair Value Measured as of March 31, 2024 Level 1 Level 2 Total Assets included in: Money market funds (1) $ 114,592 $ — $ 114,592 Commercial paper (2) — 74,065 74,065 U.S. government and agency securities (2) — 711,593 711,593 Corporate notes and bonds (2) — 108,078 108,078 Total fair value $ 114,592 $ 893,736 $ 1,008,328 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Total Assets included in: Money market funds (1) $ 115,848 $ — $ 115,848 Commercial paper (2) — 80,913 80,913 U.S. government and agency securities (2) — 723,888 723,888 Corporate notes and bonds (2) — 147,923 147,923 Total fair value $ 115,848 $ 952,724 $ 1,068,572 (1) Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. (2) Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2024 and December 31, 2023 , marketable securities with original maturities of three months or less of $ 76.4 million and $ 24.4 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. Level 1 assets: Money market funds are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets. Level 2 assets: Investments in commercial paper, U.S. government and agency securities, and corporate notes and bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The Company had no financial liabilities subject to fair value measurements on a recurring basis as of March 31, 2024 and December 31, 2023. There have been no changes to the valuation methods utilized during the three months ended March 31, 2024. As of March 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, accounts payable and accrued liabilities approximate their respective fair values due to their short-term nature. Marketable Securities The following table summarizes, by major security type, the Company’s assets that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. Amortized cost net of unrealized gain (loss) is equal to fair value as of March 31, 2024 and December 31, 2023 . The fair value as of March 31, 2024 and December 31, 2023 are as follows (amounts in thousands): March 31, 2024 Amortized Gross Unrealized Gross Unrealized Fair Value Level 1 securities Money market funds $ 114,592 $ — $ — $ 114,592 Level 2 securities Commercial paper 74,065 — — 74,065 U.S. government and agency securities 712,564 23 ( 994 ) 711,593 Corporate notes and bonds 108,494 20 ( 436 ) 108,078 Total $ 1,009,715 $ 43 $ ( 1,430 ) $ 1,008,328 December 31, 2023 Amortized Gross Unrealized Gross Unrealized Fair Value Level 1 securities Money market funds $ 115,848 $ — $ — $ 115,848 Level 2 securities Commercial paper 80,913 — — 80,913 U.S. government and agency securities 725,301 334 ( 1,747 ) 723,888 Corporate notes and bonds 149,387 40 ( 1,504 ) 147,923 Total $ 1,071,449 $ 374 $ ( 3,251 ) $ 1,068,572 Realized gains and losses and interest income from the investment are included in interest income. The Company regularly reviews its available-for-sale marketable securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 61 and 51 marketable securities in unrealized loss positions as of March 31, 2024 and December 31, 2023, respectively (amounts in thousands): March 31, 2024 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value U.S. government and agency securities $ ( 159 ) $ 509,139 $ ( 835 ) $ 71,088 $ ( 994 ) $ 580,227 Corporate notes and bonds ( 32 ) 23,223 ( 404 ) 75,975 ( 436 ) 99,198 Total $ ( 191 ) $ 532,362 $ ( 1,239 ) $ 147,063 $ ( 1,430 ) $ 679,425 December 31, 2023 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value U.S. government and agency securities $ ( 10 ) $ 31,741 $ ( 1,737 ) $ 87,257 $ ( 1,747 ) $ 118,998 Corporate notes and bonds ( 5 ) 13,338 ( 1,499 ) 125,524 ( 1,504 ) 138,862 Total $ ( 15 ) $ 45,079 $ ( 3,236 ) $ 212,781 $ ( 3,251 ) $ 257,860 The unrealized losses were attributable to changes in interest rates that impacted the value of the investments, and not increased credit risk. During the three months ended March 31, 2024 and 2023, t he Company received proceeds of $ 1.2 million and $ 1.5 million , including interest, from the sale of available-for-sale marketable securities, respectively. The Company realized immaterial gains as a result of such sales for the three months ended March 31, 2024 and 2023. The Company does not intend to sell the investments that are in an unrealized loss position, nor is it more likely than not that the Company will be required to sell the investments before the recovery of the amortized cost basis, which may be its maturity. Accordingly, the Company did no t record an allowance for credit losses associated with these investments. The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2024 are as follows (amounts in thousands): March 31, 2024 Amortized Cost Fair Value Due within one year $ 1,007,725 $ 1,006,329 Due after one year and through five years 1,990 1,999 Total $ 1,009,715 $ 1,008,328

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	Note 5. Balance Sheet Components Prepaid expenses and other current assets Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023, consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Insurance receivable $ 23,433 $ — Prepaid expenses and other 11,967 12,709 Prepaid expenses and other current assets $ 35,400 $ 12,709 Property and Equipment Property and equipment as of March 31, 2024 and December 31, 2023 consisted of the following (amounts in thousands): March 31, December 31 2024 2023 Computer equipment, hardware, and software $ 7,110 $ 7,191 Furniture and fixtures 103,924 77,813 Leasehold improvements 101,102 99,524 Machinery and equipment 148,517 146,730 Construction-in-progress 74,407 89,664 Property and equipment, gross 435,060 420,922 Accumulated depreciation and amortization ( 119,416 ) ( 107,758 ) Property and equipment, net $ 315,644 $ 313,164 Depreciation and amortization expense related to property and equipment was $ 11.8 million and $ 9.2 million for the three months ended March 31, 2024 and 2023, respectively. Accrued Liabilities Accrued liabilities as of March 31, 2024 and December 31, 2023, consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Litigation-related accrual $ 59,200 $ 4,000 Accrued property and equipment 5,270 3,203 Other 7,861 2,977 Accrued liabilities $ 72,331 $ 10,180 Other Liabilities Other liabilities a s of March 31, 2024 and December 31, 2023 consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Long-term advance payments $ 2,515 $ 2,515 Asset retirement obligation 10,558 9,471 Other liabilities $ 13,073 $ 11,986

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	Note 6. Leases The Company leases its headquarters, pre-pilot manufacturing facilities and certain equipment, with current lease terms running through 2032 . The Company did not include in the calculation of the lease liability and right-of use asset at the lease inception as the exercise of the options was not reasonably certain for these leases. Fixed rent generally escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance and common area maintenance. The Company’s leases include various operating leases expiring at various dates through September 2032 and a finance lease expiring September 2032 for the consolidated pre-pilot line. Many leases include one or more options to renew . The Company does not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably certain. The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees. The components of lease related expense are as follows (amounts in thousands): Three Months Ended March 31, Lease costs 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 718 $ 718 Interest on lease liabilities 572 600 Operating lease costs 2,249 2,285 Variable lease costs 856 579 Total lease expense $ 4,395 $ 4,182 The components of supplemental cash and non-cash information related to leases are as follows (amounts in thousands): Three Months Ended March 31, 2024 2023 Operating outgoing cash flows - finance lease $ 572 $ — Financing outgoing cash flows - finance lease 705 — Operating outgoing cash flows - operating lease 2,188 1,599 The table below displays additional information for leases as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Finance lease Weighted-average remaining lease term - finance lease (in years) 8.5 8.8 Weighted-average discount rate - finance lease 6.06 % 6.06 % Operating lease Weighted-average remaining lease term - operating lease (in years) 8.3 8.6 Weighted-average discount rate - operating lease 6.36 % 6.36 % As of March 31, 2024, future minimum payments during the next five years and thereafter are as follows (amounts in thousands): Fiscal Year Operating Leases Finance Lease 2024 (remaining nine months) $ 6,641 $ 3,855 2025 9,041 5,272 2026 9,019 5,417 2027 9,135 5,566 2028 9,404 5,719 2029 9,686 5,876 Thereafter 27,279 16,469 Total 80,205 48,174 Less present value discount ( 18,839 ) ( 10,874 ) Lease liabilities $ 61,366 $ 37,300 As the Company’s lease agreements do not provide an implicit rate, the Company used an estimated incremental borrowing rate that will be incurred to borrow on a collateralized basis over a similar term at the lease commencement date or modification date in determining the present value of lease payments. Asset Retirement Obligations The Company establishes assets and liabilities for the present value of estimated future costs to return certain of our leased facilities to their original condition upon the termination or expiration of a lease. The recognition of an asset retirement obligation requires the Company to make assumptions and judgments including the actions required to satisfy the liability, inflation rates and the credit-adjusted risk-free rate. The initially recognized asset retirement cost is amortized using the same method and useful life as the long-lived asset to which it relates. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7. Commit ments and Contingencies From time to time, and in the ordinary course of business, the Company is subject to certain claims, charges and litigation concerning matters arising in connection with the conduct of the Company’s business activities. Warrants Litigation Purported Company warrantholders filed actions against the Company in the United States District Court for the Southern District of New York alleging, among other things, that they were entitled to exercise their warrants within 30 days of the closing of the Business Combination and that the preliminary and final versions of the proxy statement/prospectus/information statement dated September 21, 2020, and November 12, 2020, were misleading and/or omitted material information concerning the exercise of the warrants. The actions have been consolidated for the purposes of discovery and motion practice. The operative consolidated complaint, filed January 21, 2022, seeks monetary damages for alleged breach of contract, securities law violations, and fraud. On September 28, 2023, the court granted in part and denied in part the parties’ respective motions for partial summary judgment. A jury trial was held in April 2024. In April 2024, the parties agreed to settle these actions. The Company accrued the settlement amount as of March 31, 2024, and included within accrued liabilities on our condensed consolidated balance sheet. Securities Class Action Litigation Beginning in January 2021 class action lawsuits were filed in the United States District Court for the Northern District of California by purported purchasers of Company securities. The lead plaintiff filed a consolidated complaint on June 21, 2021, which alleges a purported class that includes all persons who purchased or acquired our securities between November 27, 2020 and April 14, 2021. The consolidated complaint names the Company, its Chief Executive Officer, its Chief Financial Officer, and its Chief Technology Officer as defendants. The consolidated complaint alleges that the defendants purportedly made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects, including information regarding the Company’s battery technology. On January 14, 2022, defendants’ motion to dismiss the consolidated complaint was substantially denied. On December 19, 2022, the court granted plaintiffs’ motion to certify the class. In April 2024, the parties reached an agreement in principle to settle these consolidated actions. We recorded for the three months ended March 31,2024 a net charge of $ 24.5 million for the potential settlement of these actions. This net charge represents the gross settlement amount of $ 47.5 million and $ 0.4 million of related legal fees, offset by a receivable of $ 23.4 million for amounts recoverable under our applicable insurance policies. On our condensed consolidated balance sheet as of March 31, 2024, the gross settlement amount and the related legal fees are included within accrued liabilities, and the insurance receivable is included within prepaid expenses and other current assets. This pending settlement is subject to final documentation, notice to class members, and preliminary and final approval of the court. Shareholder Derivative Litigation Two shareholder derivative suits were filed in February 2021 in the United States District Court for the Northern District of California against 11 officers and directors of the Company and have been consolidated into one action, with the first-filed complaint being designated the operative one. The Company is the nominal defendant. The complaint alleges that the individual defendants breached various duties to the Company and contains additional similar allegations based on the same general allegations in the class action described immediately above. VGA is also named as a defendant in the derivative litigation. The action is currently stayed. Four shareholder deriv ative suits were filed beginning in June 2022 in the Court of Chancery of the State of Delaware against current and former directors and officers of the Company. The Company is the nominal defendant. The complaints allege that the individual defendants breached various duties to the Company. VGA is also named as a defendant in two of those actions. The suits were consolidated and are currently stayed. A shareholder derivative action was filed in the United States District Court for the District of Delaware on February 22, 2024, against current and former directors and officers of the Company. The Company is the nominal defendant. The complaint alleges that the individual defendants breached various duties to the Company and includes a claim for contribution related to the class action. The complaint alleges that plaintiff previously sent a litigation demand to the Board and alleges that the demand has effectively been rejected. The action is currently stayed. Delaware Class Action A shareholder derivative suit was filed in the Court of Chancery of the State of Delaware on August 16, 2022, against former and current directors and officers of the Company and of Kensington. Defendants moved to dismiss the complaint. Plaintiff filed an amended complaint on March 3, 2023, this time seeking relief on behalf of a putative class of holders of Kensington Class A Common Stock who held such stock prior to the November 23, 2020 redemption deadline and were allegedly entitled to redeem their shares but did not. The amended class action complaint alleges that the defendants breached various duties to Kensington stockholders or aided and abetted such breaches. Defendants moved to dismiss the amended complaint on May 8, 2023, and a hearing was held on February 21, 2024. The Kensington Defendants’ motion to dismiss was denied. The Legacy QuantumScape Defendants’ motion to dismiss was denied as to two defendants and granted as to the others. For many legal matters, particularly those in early stages, the Company cannot reasonably estimate the possible loss (or range of loss), if any. The Company records an accrual for legal matters at the time or times it determines that a loss is both probable and reasonably estimable. As of March 31, 2024, other than amounts accrued for the Securities Class Action Litigation, the amount accrued for each of the other matters was individually not material, and the aggregate amount accrued for such matters was approximately $ 12 million. The amounts accrued as of December 31, 2023 for legal matters were not material. Regarding matters for which no accrual has been made (including the potential for losses in excess of amounts accrued), the Company currently believes, based on its own investigations, that any losses (or ranges of losses) that are reasonably possible and estimable will not, in the aggregate, have a material adverse effect on its financial position, results of operations, or cash flows. However, the ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and cannot be predicted with certainty. Should the ultimate outcome of any legal matter be unfavorable, the Company ’s business, financial condition, results of operations, or cash flows could be materially and adversely affected. The Company may also incur substantial legal fees, which are expensed as incurred, in defending against legal claims. Other commitments The Company’s minimum purcha se commitments consist of non-cancellable agreements to purchase goods and services, primarily for materials, and licenses and hosting services, entered into in the ordinary course of business. As of March 31, 2024, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands): Fiscal Year Minimum Purchase Commitments 2024 (remaining nine months) $ 2,828 2025 4,309 2026 2,142 2027 1,418 Thereafter — Total $ 10,697

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity As of March 31, 2024 and December 31, 2023 , 1,350,000,000 shares, $ 0.0001 par value per share are authorized, of which, 1,000,000,000 shares are designated as Class A Common Stock, 250,000,000 shares are designated as Class B Common Stock, and 100,000,000 shares are designated as Preferred Stock. Common Stock Holders of common stock are entitled to dividends when, as, and if, declared by the Company’s Board of Directors (the “Board”), subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of March 31, 2024 , the Company had not declared any dividends. The holder of each share of Class A Common Stock is entitled to one vote, and the holder of each share of Class B Common Stock is entitled to ten votes. In March 2021, the Company completed an underwritten public offering of shares of its Class A Common Stock and issued 11,960,000 shares for an aggregate purchase price of $ 462.9 million, net of issuance costs of $ 15.5 million (the “March 2021 Public Offering”). On February 28, 2023, the Company entered into separate Distribution Agreements with J.P. Morgan Securities LLC, Cowen and Company, LLC, Deutsche Bank Securities Inc. and UBS Securities LLC, as sales agents, pursuant to which the Company is able to, from time to time, issue and sell common stock with an aggregate offering price of up to $ 400 million (the “At-the-Market Offering”, or the “ATM offering” ) under the prospectus supplement to the Form S-3 filed on February 28, 2023 (File No. 333-266419). No shares of the Company’s Class A Common Stock were sold pursuant to the ATM offering during the three months ended March 31, 2024. In August 2023, the Company completed an underwritten public offering of 37.5 million shares of its Class A Common Stock for an aggregate purchase price of $ 288.2 million, net of issuance costs of $ 11.8 million (the “August 2023 Public Offering”). Equity Incentive Plans Prior to the Business Combination, the Company maintained its 2010 Equity Incentive Plan (the “2010 Plan”), under which the Company granted options and restricted stock units to purchase or directly issue shares of common stock to employees, directors, and non-employees. Upon the closing of the Business Combination, awards under the 2010 Plan were converted at an exchange ratio of 4.02175014920 , and assumed into the 2020 Equity Incentive Award Plan (the “2020 Plan”, and together with the 2010 Plan, the “Plans”). The 2020 Plan permits the granting of awards in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted shares, restricted stock units and performance awards to employees, directors, and non-employees. As of March 31, 2024 , 109,465,480 shares of Class A Common Stock are authorized for issuance pursuant to awards under the 2020 Plan, plus any shares of Class A Common Stock subject to stock options, restricted stock units or other awards that were assumed in the Business Combination and terminate as a result of being unexercised or are forfeited or repurchased by the Company, with the maximum number of shares to be added to the 2020 Plan equal to 69,846,580 shares of Class A Common Stock. Stock Options Stock option activity under the Plans, including the EPA Program discussed below, is as follows: Number of Weighted Weighted Intrinsic value Balance as of December 31, 2023 (1) 42,141 $ 9.60 5.48 Cancelled and forfeited (2) ( 8,399 ) 23.04 — Exercised ( 1,201 ) 1.62 — Balance as of March 31, 2024 32,541 $ 6.43 4.68 $ 108,004 Vested and expected to vest as of March 31, 2024 (3) 28,510 $ 4.08 4.26 $ 108,004 Vested and exercisable as of March 31, 2024 25,083 $ 2.02 3.83 $ 107,134 (1) This includes 15.1 million options granted and outstanding as of December 31, 2023 pursuant to the EPA Program. (2) This represents 8.4 million options forfeited under the EPA Program. (3) This includes 2.7 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of March 31, 2024 . There were no options granted during the three months ended March 31, 2024 or March 31, 2023. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $ 6.3 million and $ 31.2 million, respectively. Excluding options granted pursuant to the EPA Program, as of March 31, 2024 , the Company had stock-based compensation of $ 1.9 million related to unvested stock options not yet recognized that are expected to be recognized over an estimated weighted average period of 1.1 years. EPA Program In December 2021, the Company granted stock options for the purchase of an aggregate of approximately 14.7 million shares of the Company’s Class A Common Stock to the Company’s Chief Executive Officer at the time and other members of the Company’s management team pursuant to the EPA Program that was approved by the Company’s stockholders in December 2021. In December 2022, the remaining 2.1 million stock options under the EPA Program were granted to members of the Company’s management team under the same terms as those in the initial grant in 2021, representing the final grant pursuant to the EPA Program approved in December 2021. The EPA Program consists of five equal tranches (each a “Tranche”) that vest if the Company meets certain business milestones (performance conditions) and stock price targets (market conditions). Business Milestones The compensation committee of the Board selected the following 11 business milestones for the EPA Program, of which one new business milestone must be achieved for each Tranche. • Delivery of an A-sample battery cell that meets specifications agreed upon with an automaker • The validation by an auto maker of a completed B-sample battery cell (a B-sample battery cell is a functional, complete battery cell prototype produced from our pre-pilot or sample production line) • Delivery of at least 1-gigawatt hour (GWh) of battery cells to a single customer • Delivery of at least 3-gigawatt hour (GWh) of battery cells to each of three or more customers, with at least one of such customer being an auto maker • $5 billion in GAAP revenue over a period of trailing four quarters • $10 billion in GAAP revenue over a period of trailing four quarters • Total cumulative battery cell production of 500 GWh • Total cumulative battery cell production of 1,000 GWh • Adjusted EBITDA margin of at least 25% over four consecutive quarters • 10% of worldwide market share in automotive battery cells (excluding China) • 20% of worldwide market share in automotive battery cells (excluding China) Once a business milestone has been achieved, that business milestone will be considered achieved, even if later the Company does not maintain performance at that level. Stock Price Targets The stock price targets of the five Tranches of the EPA Program are $ 60 , $ 120 , $ 180 , $ 240 and $ 300 . To meet the stock price targets, the stock price must be sustained and not merely momentarily achieved. Except in the case of a change in control, the Company’s stock price for the purposes of assessing the stock price target will be the 120-day trailing average closing price (based on trading days), but a stock price target will not be achieved unless the trailing average closing price of the last 30 trading days of such 120-trading day period also meets or exceeds the applicable stock price target. For a stock price target for any given Tranche to be achieved, the last day of the 120-day measurement period must occur on or after the date that the requisite number of business milestones have been achieved for such Tranche. Vesting Tranches Each of the five Tranches vest only if the Company first achieves a new business milestones from the 11 identified business milestones, and then achieves the next applicable stock price target within 10 years of the initial grants. Additionally, in order to vest in any Tranche, the participant generally must continue to provide service through the date of vesting in the same position, or a similar or higher role, as when the EPA Program awards are granted. Tranche Business Milestone Requirement Stock Price Target 1 Achievement of 1 business milestone $ 60 2 Achievement of 2 business milestones (inclusive of the business milestone applicable to Tranche 1) $ 120 3 Achievement of 3 business milestones (inclusive of the business milestone applicable to Tranche 2) $ 180 4 Achievement of 4 business milestones (inclusive of the business milestone applicable to Tranche 3) $ 240 5 Achievement of 5 business milestones (inclusive of the business milestone applicable to Tranche 4) $ 300 Change in Control In the event of a change in control of the Company, a portion of the EPA Program awards may also be eligible to vest; in such event, the business milestone requirement will not be applicable and the Company’s stock price for the purposes of the stock price targets will be the price per share paid in such change in control. In the event that the Company’s stock price by this measure falls between two stock price targets, linear interpolation between the two applicable stock price targets will be used to determine an additional portion of the EPA Program awards that will vest. Any portion of an EPA Program award that is not vested upon and after giving effect to a change in control will terminate. The Company accounts for the compensation expense associated with each Tranche when it determines that achievement of a related business milestone is considered probable. As of March 31, 2024 , the business milestone for one Tranche had been achieved; however, because the related stock price target has not yet been achieved, no shares have vested to date. As of March 31, 2024 , one other Tranche was considered probable. In February 2024, the 8.4 million stock options granted to Mr. Jagdeep Singh under the Company’s EPA Program forfeited in accordance with the contractual terms upon the termination of his employment. For the three months ended March 31, 2024, the Company recorded a credit in stock-based compensation expense of $ 14.9 million for the EPA Program, primarily due to the reversal of the previously recognized expense of $ 16.0 million for the options where the requisite service period had not been completed at the time of forfeiture. For the three months ended March 31, 2023, the Company recorded stock-based compensation expense of $ 7.7 million related to the EPA Program. As of March 31, 2024 , the Company had approximately $ 12.4 million of total unrecognized stock-based compensation expense for the business milestones currently achieved or considered probable of achievement, which will be recognized over an estimated weighted-average period of 2.8 years. As of March 31, 2024 , the Company had approximately $ 63.5 million of total unrecognized stock-based compensation expense for the business milestones currently considered not probable of achievement. Restricted Stock Units Activities In 2023, the Company granted 4.4 million shares of restricted stock units with service and performance conditions (“PSU”) to members of the Company’s management team and certain other employees under the Company’s 2020 Plan. The performance conditions for these PSUs are related to the Company’s product development milestones through May 2026. These PSUs will expire in May 2026 if performance conditions are not met. During the three months ended March 31, 2024 , the Company granted 1.5 million shares of PSUs to Dr. Siva Sivaram in connection with his appointment as Chief Executive Officer (“CEO”). The performance conditions for these PSUs are related to the Company’s product development milestones through May 2027. These PSUs will expire in May 2027 if performance conditions are not met. For the three months ended March 31, 2024 and 2023 , the Company recorded stock-based compensation expense of $ 5.2 million and $ 2.9 million, respectively, related to these PSUs, for the product development milestones currently considered probable of achievement. The Company’s 2023 Bonus Plan was settled in the form of restricted stock units to employees upon the achievement of certain service and performance conditions. These performance conditions are related to the Company’s product development, operational, and business milestones for 2023. The stock-based compensation expense related to the 2023 Bonus Plan were recorded as liabilities under Accrued compensation and benefits prior to the payout. In February 2024, approximately 3.1 million restricted stock units were granted and vested under the 2023 Bonus Plan for the final payout, resulting in $ 20.2 million in additional paid in capital. For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense of $ 2.6 million and $ 3.8 million, respectively, related to the 2023 Bonus Plan. A portion of the Company’s 2024 Bonus Plan will be settled in the form of restricted stock units to eligible employees upon the achievement of certain service and performance conditions. For the three months ended March 31, 2024 , the Company recorded an immaterial stock-based compensation expense related to the 2024 Bonus Plan for the performance conditions currently considered probable of achievement, which is under Accrued compensation and benefits in the condensed consolidated balance sheet as of March 31, 2024, and will be reclassified to additional paid-in capital upon issuance of the restricted stock units. No shares have been granted under the 2024 Bonus Plan as of March 31, 2024. Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows: RSUs Outstanding PSUs Outstanding Number of Weighted Number of Weighted Balance as of December 31, 2023 23,003 $ 9.99 4,319 $ 7.65 Granted 1,689 7.21 4,599 6.70 Vested ( 2,121 ) 11.20 ( 3,134 ) 6.45 Forfeited ( 293 ) 10.12 ( 46 ) 7.87 Balance as of March 31, 2024 22,278 $ 9.75 5,738 $ 7.56 The fair value of RSUs which vested during the three months ended March 31, 2024 and March 31, 2023 was $ 15.3 million and $ 18.8 million, respectively. The fair value of PSUs which vested during the three months ended March 31, 2024 was $ 20.2 million, which was the final payout under the 2023 Bonus Plan. No PSUs vested during the three months ended March 31, 2023. As of March 31, 2024 , unrecognized compensation costs related to unvested RSUs and PSUs were $ 199.4 million and $ 22.4 million, respectively, and are expected to be recognized over a weighted average period of 2.4 years and 1.1 years, respectively. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 20,648 $ 19,236 General and administrative ( 1,361 ) 18,754 Total stock-based compensation expense $ 19,287 $ 37,990

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
Earnings (Loss) Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 9. Earnings (Loss) Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options and warrants. As the Company has reported a loss for the three months ended March 31, 2024 and 2023, potentially dilutive securities including stock options and warrants, are antidilutive and accordingly, basic net loss per share equals diluted net loss per share. The following table sets forth the computation of basic and diluted loss per Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 120,648 ) $ ( 104,647 ) Denominator: Weighted average Class A and Class B Common Stock outstanding - Basic and Diluted 496,145 440,085 Net loss per share attributable to Class A and Class B Common stockholders - Basic and Diluted $ ( 0.24 ) $ ( 0.24 ) Basic and diluted earnings per share was the same for each period presented as the inclusion of all potential Class A Common Stock and Class B Common Stock outstanding would have been anti-dilutive. The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amounts in thousands): As of March 31, 2024 2023 Options 32,541 45,179 RSUs 22,278 19,440 PSUs 9,704 6,179 Total 64,523 70,798

Joint Venture and Redeemable No

Joint Venture and Redeemable Non-Controlling Interest	3 Months Ended
Joint Venture and Redeemable Non-Controlling Interest	Mar. 31, 2024
Joint Venture And Non Controlling Interest [Abstract]
Joint Venture and Redeemable Non-Controlling Interest	Note 10. Joint Venture and Redeemable Non-Controlling Interest As described in Note 2, Summary of Significant Accounting Policies, in September 2018, Legacy QuantumScape entered into a JVA, which was amended in 2020, with VWGoA and VGA and formed QSV. The Company has determined that the entity was a VIE with a related party, and the Company’s operations were more closely associated with QSV. As such, the Company consolidates QSV for financial reporting purposes, and a non-controlling interest is recorded for VGA’s interest in the net assets and operations of QSV’s operations to the extent of the VGA investment. The Company’s Condensed Consolidated Balance Sheets includes $ 3.6 million and $ 3.5 million cash and cash equivalents of QSV as of March 31, 2024 and December 31, 2023, respectively. Although the Company has consolidated the net assets of QSV, it has no right to the use of those assets for its standalone operations. The following table sets forth the change in redeemable non-controlling interest for the three months ended March 31, 2024 and 2023 (amounts in thousands): Redeemable Balance as of December 31, 2023 $ 1,770 Net income attributable to redeemable non-controlling interest in QSV 20 Balance as of March 31, 2024 $ 1,790 Redeemable Balance as of December 31, 2022 $ 1,704 Net income attributable to redeemable non-controlling interest in QSV 16 Balance as of March 31, 2023 $ 1,720 Pursuant to the agreement with VWGoA, the Company has reserved $ 134.0 million to fund its expected equity contributions to QSV, which amounts are included in cash and cash equivalents and marketable securities in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes. The Company’s policy is to consolidate all entities that it controls by ownership of a majority of the outstanding voting stock. In addition, the Company consolidates entities that meet the definition of a variable interest entity (“VIE”) for which the Company is the related party most closely associated with and is the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third party’s holding of an equity interest is presented as redeemable non-controlling interests in the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity. The portion of net earnings (loss) attributable to the redeemable non-controlling interests is presented as net income (loss) attributable to non-controlling interests in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Legacy QuantumScape was a single-legal entity prior to becoming a partner with Volkswagen in QSV Operations LLC (“QSV”). As noted in the section titled “ Joint Venture and Redeemable Non-Controlling Interest ” below, Legacy QuantumScape determined QSV was a VIE for which it was required to consolidate the operations upon its formation in 2018. Following the closing of the Business Combination, the Company made the same determination and the Company continued to consolidate the operations of QSV in the three months ended March 31, 2024 as the determination of the VIE has not changed. All intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination and valuation of awards under the Extraordinary Performance Award Program (the “EPA Program”), among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The accompanying interim Condensed Consolidated Balance Sheets as of March 31, 2024, the interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the interim Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity for the three months ended March 31, 2024 and 2023, and the interim Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in management’s opinion, include adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of March 31, 2024 and its results of operations for the three months ended March 31, 2024 and 2023, and cash flows for the three months ended March 31, 2024 and 2023. The financial data and the other financial information disclosed in the notes to these condensed consolidated financial statements related to the three-month period are also unaudited. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full fiscal year or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s audited annual consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 , filed on February 27, 2024 (the “Annual Report”).
Joint Venture and Redeemable Non-Controlling Interest	Joint Venture and Redeemable Non-Controlling Interest QSV was incorporated as a limited liability company in 2018. Volkswagen Group of America, Inc. (“VWGoA”), Volkswagen Group of America Investments, LLC (“VGA”) and Legacy QuantumScape executed a Joint Venture Agreement (“JVA”), effective September 2018, with the goal of jointly establishing a manufacturing facility to produce the pilot line of the Company’s product through QSV. In connection with this agreement, the parties also have entered into two operating agreements: (i) the Limited Liability Company Agreement of QSV to govern the respective rights and obligations as members of QSV and (ii) the Common IP License Agreement for the Company to license certain intellectual property pertaining to automotive battery cells as defined in the JVA to VWGoA, VGA and QSV. Volkswagen is a related party stockholder (approximately 25.0 % and 24.0 % voting interest holder of the Company as of March 31, 2024 and December 31, 2023 , respectively). Upon the effectiveness of the JVA, each party contributed $ 1.7 million in cash to capitalize QSV in exchange for 50 % equity interests. The joint venture is considered a VIE with a related party and therefore the related party whose business is more closely related to the planned operations of the joint venture is required to consolidate the operations. The Company determined its operations were most closely aligned with the operations of the joint venture and therefore has consolidated the results of QSV’s operations in its Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and Condensed Consolidated Statements of Redeemable Non-Controlling Interest and Stockholders’ Equity. QSV had minimal operations through March 31, 2024. The Company classifies non-controlling interests with redemption features that are not solely within the control of the Company within temporary equity on the Company’s Condensed Consolidated Balance Sheets in accordance with ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities (“ASC 480-10-S99-3A”). The non-controlling interest was recorded outside of stockholders’ equity because the non-controlling interest provides the holder with put rights in the event of, amongst others, (i) the failure by the Company to meet specified development milestones within certain timeframes, (ii) the parties to the JVA cannot agree to certain commercial terms within certain timeframes, or (iii) a change of control of the Company, which such events are considered not solely within the Company’s control. The Company adjusts redeemable non-controlling interests for the portion of net loss attributable to the redeemable non-controlling interests. As of March 31, 2024, the redeemable non-controlling interest is equivalent to the value of Volkswagen’s interest in the joint venture. The commercialization timeline originally contemplated in 2018 by the joint venture agreements, and by subsequent amendments, has changed, and at the time of filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, certain milestones contemplated by the joint venture agreements had not been met. As a result, Volkswagen’s right to exercise its put rights has been triggered. If Volkswagen exercises such rights, the joint venture with Volkswagen and Volkswagen’s commitments to purchase output capacity from the joint venture would terminate, and we would be obligated to purchase Volkswagen’s interest in the joint venture for its book value. As of March 31, 2024 , the book value of this interest was approximately $ 1.8 million and is recorded as a redeemable non-controlling interest in our Condensed Consolidated Balance Sheets. To date, Volkswagen has not informed us of any intention to exercise its put rights.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents and marketable securities. As of March 31, 2024 and December 31, 2023 , approximately $ 114.6 million and $ 115.8 million of our total cash and cash equivalents and marketable securities, are held in U.S. money market funds, and $ 711.6 million and $ 723.9 million are invested in U.S. government and agency securities, respectively. The Company seeks to mitigate its credit risk with respect to cash and cash equivalents and marketable securities by making deposits with what we believe to be large, reputable financial institutions and investing in high credit rated shorter-term instruments.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Management considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Restricted cash is maintained under an agreement that legally restricts the use of such funds and is reported within other assets as the date of availability or disbursement for all restricted cash is more than one year from March 31, 2024. Restricted cash is comprised of $ 18.0 million as of both March 31, 2024 and December 31, 2023, all of which is pledged as a form of security for the Company’s lease agreements for its headquarters and pre-pilot manufacturing facilities. The restricted cash is maintained in certificate of deposits as of March 31, 2024 .
Marketable Securities	Marketable Securities The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are generally not to generate profits on short-term differences in price. These securities are carried at estimated fair value with unrealized gains and losses included in other comprehensive gain/loss in stockholders’ equity until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned.
Fair Value Measurement	Fair Value Measurement The Company applies fair value accounting for all financial assets and liabilities measured on a recurring and nonrecurring basis. Fair value is defined as 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 at the measurement date. 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 a liability. The accounting guidance established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, used to determine the fair value of its financial instruments. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. • Level 1 – Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities.
Property and Equipment	Property and Equipment Property and equipment are recorded at historical cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the related asset. Improvements that increase functionality of the fixed asset are capitalized and depreciated over the asset’s remaining useful life. Deposits for purchases of property and equipment are included in construction-in-progress. Construction-in-progress is not depreciated until the asset is placed in service. Fully depreciated assets are retained in property and equipment, net, until removed from service. The estimated useful lives of assets are generally as follows: Computer equipment, hardware, and software 3 - 5 years Furniture and fixtures 7 - 10 years Machinery and equipment 3 - 10 years Leasehold improvements Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets when indicators of impairment exist. The carrying value of a long-lived asset is considered impaired when the estimated separately identifiable, undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. There was no material impairment charge in the three months ended March 31, 2024 and 2023 .
Leases	Leases The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the Condensed Consolidated Balance Sheets as both a right-of-use (“ROU”) asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate which is the rate incurred to borrow on a collateralized basis over a similar term. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is reduced over the lease term. For operating leases, interest on the lease liability and the non-cash lease expense result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the ROU asset results in front-loaded expense over the lease term. Variable lease expenses, including common maintenance fees, insurance and property tax, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets, and elects to exclude short-term leases having terms of 12 months or less.
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 (the “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 in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.
Research and Development Cost	Research and Development Cost Costs related to research and development are expensed as incurred.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses represent costs incurred by the Company in managing the business, including salary, benefits, incentive compensation, marketing, insurance, professional fees and other operating costs associated with the Company’s non-research and development activities.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees, directors, and non-employees, including stock options, restricted stock units and restricted shares, based on estimated fair values recognized over the requisite service period. The Company accounts for forfeitures when they occur. The fair values of options granted with only service conditions are estimated on the grant date using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted-average period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, and an assumed risk-free interest rate. The Company recognizes compensation expense for all options with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the option vesting term of four years . The fair values of options granted with performance (e.g., business milestone) and market conditions (e.g., stock price target) are estimated at the grant date using a Monte Carlo simulation model. The model determined the grant date fair value of each vesting tranche and the future date when the market condition for such tranche is expected to be achieved. The Monte Carlo valuation requires the Company to make assumptions and judgements about the variables used in the calculation including the expected term, volatility of the Company’s common stock, an assumed risk-free interest rate, and cost of equity. For performance-based options with a vesting schedule based on the attainment of both performance and market conditions, along with service conditions, each quarter the Company assesses whether it is probable that it will achieve each performance condition that has not previously been achieved or deemed probable of achievement and if so, the future time when the Company expects to achieve that business milestone, or its “expected business milestone achievement time.” When the Company first determines that a business milestone has become probable of being achieved, the Company allocates the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected vesting date,” which represents the requisite service period. The requisite service period at any given time is generally the period between the grant date and the later of (i) the expected time when the performance condition will be achieved (if the related performance condition has not yet been achieved) and (ii) the expected time when the market condition will be achieved (if the related market condition has not yet been achieved). The Company immediately recognizes a cumulative catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the performance condition was first deemed probable of being achieved. Each quarter thereafter, the Company recognizes the then-remaining expense for the tranche through the end of the requisite service period except that upon vesting of a tranche, all remaining expense for that tranche is immediately recognized. The fair values of restricted stock units granted with service conditions only are based on the closing price of the Company’s Class A Common Stock on the date of grant. The Company recognizes compensation expense for restricted stock units with only service conditions on a straight-line basis over the requisite service period of the awards, which is generally the award vesting term of four years . The fair values of restricted stock units granted with service and performance conditions are based on the closing price of the Company’s Class A Common Stock on the grant date. The vesting schedule of such awards is based entirely on the attainment of both service and performance conditions. Each quarter the Company assesses whether it is probable that it will achieve each performance condition and if so, the future time when the Company expects to achieve that performance condition, the “expected vesting date”. When the Company first determines that a performance condition has become probable of being achieved, the Company allocates the entire expense for the related tranche over the number of quarters between the grant date and expected vesting date, which represents the requisite service period. The requisite service period at any given time is generally the period between the grant date and the expected time when the performance condition will be achieved with the service condition also being met. The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”) is compensatory in accordance with ASC 718-50-25. The Company measures and recognizes compensation expense for shares to be issued under the ESPP based on estimated grant date fair value recognized on a straight-line basis over the offering period. The ESPP provides eligible employees with the opportunity to purchase shares of the Company’s Class A Common Stock at a discount through payroll deductions. There were no shares purchased under the ESPP during the three months ended March 31, 2024. As of March 31, 2024 , 10.5 million shares of Class A Common Stock were reserved for future issuance under the ESPP. The Company established the 2024 corporate bonus plan (the “2024 Bonus Plan”) to be settled in the form of restricted stock units to eligible employees upon the achievement of certain service and performance conditions. The awards under the 2024 Bonus Plan are classified as a liability prior to the settlement of vested RSUs, upon which the liability is reclassified into equity. The 2024 Bonus Plan awards are measured as the grant date fair value, i.e., the closing price of the Company’s Class A Common Stock on the grant date. The Company recognizes compensation expense for the 2024 Bonus Plan to be settled in restricted stock units on a straight-line basis over the requisite service period of approximately a year.
Income Taxes	Income Taxes The Company accounts for income taxes under an asset and liability approach. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss carryforwards, measured by applying currently enacted tax laws. Valuation allowances are provided when necessary to reduce net deferred tax assets to an amount that is more likely than not to be realized. The Company recognizes tax liabilities based upon its estimate of whether, and the extent to which, additional taxes will be due when such estimates are more likely than not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company has no provision for income taxes for the three months ended March 31, 2024 and 2023 . The Company has no current tax expense from losses and no deferred expense from the valuation allowance. The Company’s effective tax rate differs from the U.S. statutory rate primarily due to a valuation allowance against its net deferred tax assets as it is more likely than not that some or all of the deferred tax assets will not be realized.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Property and Equipment and Their Estimated Useful Lives of Assets	The estimated useful lives of assets are generally as follows: Computer equipment, hardware, and software 3 - 5 years Furniture and fixtures 7 - 10 years Machinery and equipment 3 - 10 years Leasehold improvements Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis	The Company’s financial assets subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (amounts in thousands): Fair Value Measured as of March 31, 2024 Level 1 Level 2 Total Assets included in: Money market funds (1) $ 114,592 $ — $ 114,592 Commercial paper (2) — 74,065 74,065 U.S. government and agency securities (2) — 711,593 711,593 Corporate notes and bonds (2) — 108,078 108,078 Total fair value $ 114,592 $ 893,736 $ 1,008,328 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Total Assets included in: Money market funds (1) $ 115,848 $ — $ 115,848 Commercial paper (2) — 80,913 80,913 U.S. government and agency securities (2) — 723,888 723,888 Corporate notes and bonds (2) — 147,923 147,923 Total fair value $ 115,848 $ 952,724 $ 1,068,572 (1) Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. (2) Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2024 and December 31, 2023 , marketable securities with original maturities of three months or less of $ 76.4 million and $ 24.4 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.
Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis	The fair value as of March 31, 2024 and December 31, 2023 are as follows (amounts in thousands): March 31, 2024 Amortized Gross Unrealized Gross Unrealized Fair Value Level 1 securities Money market funds $ 114,592 $ — $ — $ 114,592 Level 2 securities Commercial paper 74,065 — — 74,065 U.S. government and agency securities 712,564 23 ( 994 ) 711,593 Corporate notes and bonds 108,494 20 ( 436 ) 108,078 Total $ 1,009,715 $ 43 $ ( 1,430 ) $ 1,008,328 December 31, 2023 Amortized Gross Unrealized Gross Unrealized Fair Value Level 1 securities Money market funds $ 115,848 $ — $ — $ 115,848 Level 2 securities Commercial paper 80,913 — — 80,913 U.S. government and agency securities 725,301 334 ( 1,747 ) 723,888 Corporate notes and bonds 149,387 40 ( 1,504 ) 147,923 Total $ 1,071,449 $ 374 $ ( 3,251 ) $ 1,068,572
Summary of Additional Information Gross Unrealized Losses and Fair Value By Major Security For Marketable Securities	The following tables display additional information regarding gross unrealized losses and fair value by major security type for the 61 and 51 marketable securities in unrealized loss positions as of March 31, 2024 and December 31, 2023, respectively (amounts in thousands): March 31, 2024 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value U.S. government and agency securities $ ( 159 ) $ 509,139 $ ( 835 ) $ 71,088 $ ( 994 ) $ 580,227 Corporate notes and bonds ( 32 ) 23,223 ( 404 ) 75,975 ( 436 ) 99,198 Total $ ( 191 ) $ 532,362 $ ( 1,239 ) $ 147,063 $ ( 1,430 ) $ 679,425 December 31, 2023 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value U.S. government and agency securities $ ( 10 ) $ 31,741 $ ( 1,737 ) $ 87,257 $ ( 1,747 ) $ 118,998 Corporate notes and bonds ( 5 ) 13,338 ( 1,499 ) 125,524 ( 1,504 ) 138,862 Total $ ( 15 ) $ 45,079 $ ( 3,236 ) $ 212,781 $ ( 3,251 ) $ 257,860
Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity	The estimated amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2024 are as follows (amounts in thousands): March 31, 2024 Amortized Cost Fair Value Due within one year $ 1,007,725 $ 1,006,329 Due after one year and through five years 1,990 1,999 Total $ 1,009,715 $ 1,008,328

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
Balance Sheet Components (Tables)	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023, consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Insurance receivable $ 23,433 $ — Prepaid expenses and other 11,967 12,709 Prepaid expenses and other current assets $ 35,400 $ 12,709
Schedule of Property and Equipment	Property and equipment as of March 31, 2024 and December 31, 2023 consisted of the following (amounts in thousands): March 31, December 31 2024 2023 Computer equipment, hardware, and software $ 7,110 $ 7,191 Furniture and fixtures 103,924 77,813 Leasehold improvements 101,102 99,524 Machinery and equipment 148,517 146,730 Construction-in-progress 74,407 89,664 Property and equipment, gross 435,060 420,922 Accumulated depreciation and amortization ( 119,416 ) ( 107,758 ) Property and equipment, net $ 315,644 $ 313,164
Schedule of Accrued Liabilities	Accrued liabilities as of March 31, 2024 and December 31, 2023, consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Litigation-related accrual $ 59,200 $ 4,000 Accrued property and equipment 5,270 3,203 Other 7,861 2,977 Accrued liabilities $ 72,331 $ 10,180
Schedule Of Other Liabilities	Other liabilities a s of March 31, 2024 and December 31, 2023 consisted of the following (amounts in thousands): March 31, December 31, 2024 2023 Long-term advance payments $ 2,515 $ 2,515 Asset retirement obligation 10,558 9,471 Other liabilities $ 13,073 $ 11,986

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Related Expense	The components of lease related expense are as follows (amounts in thousands): Three Months Ended March 31, Lease costs 2024 2023 Finance lease costs: Amortization of right-of-use assets $ 718 $ 718 Interest on lease liabilities 572 600 Operating lease costs 2,249 2,285 Variable lease costs 856 579 Total lease expense $ 4,395 $ 4,182
Summary of Supplemental Cash Flow Information Related to Leases	The components of supplemental cash and non-cash information related to leases are as follows (amounts in thousands): Three Months Ended March 31, 2024 2023 Operating outgoing cash flows - finance lease $ 572 $ — Financing outgoing cash flows - finance lease 705 — Operating outgoing cash flows - operating lease 2,188 1,599
Summary of Additional Information for Leases	The table below displays additional information for leases as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Finance lease Weighted-average remaining lease term - finance lease (in years) 8.5 8.8 Weighted-average discount rate - finance lease 6.06 % 6.06 % Operating lease Weighted-average remaining lease term - operating lease (in years) 8.3 8.6 Weighted-average discount rate - operating lease 6.36 % 6.36 %
Summary of Future Minimum Payments	As of March 31, 2024, future minimum payments during the next five years and thereafter are as follows (amounts in thousands): Fiscal Year Operating Leases Finance Lease 2024 (remaining nine months) $ 6,641 $ 3,855 2025 9,041 5,272 2026 9,019 5,417 2027 9,135 5,566 2028 9,404 5,719 2029 9,686 5,876 Thereafter 27,279 16,469 Total 80,205 48,174 Less present value discount ( 18,839 ) ( 10,874 ) Lease liabilities $ 61,366 $ 37,300

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Purchase Commitments	As of March 31, 2024, future minimum purchase commitments in aggregate during the next five years and thereafter are as follows (amounts in thousands): Fiscal Year Minimum Purchase Commitments 2024 (remaining nine months) $ 2,828 2025 4,309 2026 2,142 2027 1,418 Thereafter — Total $ 10,697

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stock Option Activity	Stock option activity under the Plans, including the EPA Program discussed below, is as follows: Number of Weighted Weighted Intrinsic value Balance as of December 31, 2023 (1) 42,141 $ 9.60 5.48 Cancelled and forfeited (2) ( 8,399 ) 23.04 — Exercised ( 1,201 ) 1.62 — Balance as of March 31, 2024 32,541 $ 6.43 4.68 $ 108,004 Vested and expected to vest as of March 31, 2024 (3) 28,510 $ 4.08 4.26 $ 108,004 Vested and exercisable as of March 31, 2024 25,083 $ 2.02 3.83 $ 107,134 (1) This includes 15.1 million options granted and outstanding as of December 31, 2023 pursuant to the EPA Program. (2) This represents 8.4 million options forfeited under the EPA Program. (3) This includes 2.7 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of March 31, 2024 .
Summary of Vesting Tranches	Each of the five Tranches vest only if the Company first achieves a new business milestones from the 11 identified business milestones, and then achieves the next applicable stock price target within 10 years of the initial grants. Additionally, in order to vest in any Tranche, the participant generally must continue to provide service through the date of vesting in the same position, or a similar or higher role, as when the EPA Program awards are granted. Tranche Business Milestone Requirement Stock Price Target 1 Achievement of 1 business milestone $ 60 2 Achievement of 2 business milestones (inclusive of the business milestone applicable to Tranche 1) $ 120 3 Achievement of 3 business milestones (inclusive of the business milestone applicable to Tranche 2) $ 180 4 Achievement of 4 business milestones (inclusive of the business milestone applicable to Tranche 3) $ 240 5 Achievement of 5 business milestones (inclusive of the business milestone applicable to Tranche 4) $ 300
Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities	Restricted stock units with service conditions only (“RSU”) and PSU activities under the Plans are as follows: RSUs Outstanding PSUs Outstanding Number of Weighted Number of Weighted Balance as of December 31, 2023 23,003 $ 9.99 4,319 $ 7.65 Granted 1,689 7.21 4,599 6.70 Vested ( 2,121 ) 11.20 ( 3,134 ) 6.45 Forfeited ( 293 ) 10.12 ( 46 ) 7.87 Balance as of March 31, 2024 22,278 $ 9.75 5,738 $ 7.56
Schedule of Stock-based Compensation Expense	Total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss for all awards is as follows (amounts in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 20,648 $ 19,236 General and administrative ( 1,361 ) 18,754 Total stock-based compensation expense $ 19,287 $ 37,990

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
Earnings (Loss) Per Share (Tables)	Mar. 31, 2024
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Summary of Basic and Diluted Earnings (Loss) per Share of Common Stock	The following table sets forth the computation of basic and diluted loss per Class A Common Stock and Class B Common Stock (amounts in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net loss attributable to common stockholders $ ( 120,648 ) $ ( 104,647 ) Denominator: Weighted average Class A and Class B Common Stock outstanding - Basic and Diluted 496,145 440,085 Net loss per share attributable to Class A and Class B Common stockholders - Basic and Diluted $ ( 0.24 ) $ ( 0.24 )
Summary of Potential Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share	The following table presents the potential common stock outstanding that was excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive (amounts in thousands): As of March 31, 2024 2023 Options 32,541 45,179 RSUs 22,278 19,440 PSUs 9,704 6,179 Total 64,523 70,798

Joint Venture and Redeemable _2

Joint Venture and Redeemable Non-Controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2024
Joint Venture And Non Controlling Interest [Abstract]
Schedule of Change in Redeemable Non-Controlling Interest	The following table sets forth the change in redeemable non-controlling interest for the three months ended March 31, 2024 and 2023 (amounts in thousands): Redeemable Balance as of December 31, 2023 $ 1,770 Net income attributable to redeemable non-controlling interest in QSV 20 Balance as of March 31, 2024 $ 1,790 Redeemable Balance as of December 31, 2022 $ 1,704 Net income attributable to redeemable non-controlling interest in QSV 16 Balance as of March 31, 2023 $ 1,720

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) Segment shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2018 Agreement
Summary Of Significant Accounting Policies [Line Items]
Number of operating agreements of joint venture parties \| Agreement					2
Redeemable non-controlling interest	$ 1,790,000	$ 1,720,000	$ 1,770,000	$ 1,704,000
Restricted cash	$ 18,000,000		18,000,000
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
Vesting period	4 years
Provision for income taxes	$ 0	0
Current income tax expense (benefit)	0	0
Deferred income tax expense (benefit)	$ 0	$ 0
Restricted Stock Unit \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Vesting period	4 years
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Number of shares purchased \| shares	0
Class A Common Stock \| 2020 Equity Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Common stock reserved for future issuance \| shares	10,500,000
US Government Money Market Fund and Marketable Securities
Summary Of Significant Accounting Policies [Line Items]
Investment securities	$ 114,600,000		115,800,000
U.S. Government and Agency Securities
Summary Of Significant Accounting Policies [Line Items]
Investment securities	$ 711,600,000		$ 723,900,000
JVA
Summary Of Significant Accounting Policies [Line Items]
Percentage of joint venture holders voting interest	25%		24%
Contribution in exchange for equity interests	$ 1,700,000
Equity interests percentage	50%
Redeemable non-controlling interest	$ 1,800,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Property and Equipment and Their Estimated Useful Lives (Details)	3 Months Ended
	Mar. 31, 2024
Computer Equipment, Hardware, and Software \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	3 years
Computer Equipment, Hardware, and Software \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	5 years
Furniture and Fixtures \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	7 years
Furniture and Fixtures \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	10 years
Machinery and Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	3 years
Machinery and Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	10 years
Leasehold Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets	Shorter of the lease term (including estimated renewals) or the estimated useful lives of the improvements
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets		$ 1,008,328	$ 1,068,572
Money Market Funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[1]	114,592	115,848
Commercial Paper
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	74,065	80,913
U.S. Government and Agency Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	711,593	723,888
Corporate Notes and Bonds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	108,078	147,923
Level 1
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets		114,592	115,848
Level 1 \| Money Market Funds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[1]	114,592	115,848
Level 2
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets		893,736	952,724
Level 2 \| Commercial Paper
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	74,065	80,913
Level 2 \| U.S. Government and Agency Securities
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	711,593	723,888
Level 2 \| Corporate Notes and Bonds
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value assets	[2]	$ 108,078	$ 147,923

[1] Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. Marketable securities consist of commercial paper, U.S. government and agency securities, corporate notes and bonds. As of March 31, 2024 and December 31, 2023 , marketable securities with original maturities of three months or less of $ 76.4 million and $ 24.4 million, respectively, are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets.

Fair Value Measurement - Summ_2

Fair Value Measurement - Summary of Financial Assets Subject to Fair Value Measurements on Recurring Basis (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Marketable securities	$ 76.4	$ 24.4

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details)	3 Months Ended	12 Months Ended
Fair Value Measurement - Additional Information (Details)	Mar. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Class of Stock [Line Items]
Financial liabilities subject to fair value measurements on recurring basis	$ 0	$ 0
Proceeds from sale of available-for sale marketable securities	1,200,000	1,500,000
Allowance for credit losses	$ 0	$ 0
Number of marketable securities in an unrealized loss position \| Security	61	51

Fair Value Measurement - Summ_3

Fair Value Measurement - Summary of Major Security Type Assets That Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	$ 1,009,715	$ 1,071,449
Gross Unrealized Gain	43	374
Gross Unrealized Loss	(1,430)	(3,251)
Fair Value	1,008,328	1,068,572
Level 1 \| Money Market Funds
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	114,592	115,848
Fair Value	114,592	115,848
Level 2 \| Commercial Paper
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	74,065	80,913
Fair Value	74,065	80,913
Level 2 \| U.S. Government and Agency Securities
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	712,564	725,301
Gross Unrealized Gain	23	334
Gross Unrealized Loss	(994)	(1,747)
Fair Value	711,593	723,888
Level 2 \| Corporate Notes and Bonds
Schedule of Available for Sale Securities [Line Items]
Amortized Cost	108,494	149,387
Gross Unrealized Gain	20	40
Gross Unrealized Loss	(436)	(1,504)
Fair Value	$ 108,078	$ 147,923

Fair Value Measurement - Summ_4

Fair Value Measurement - Summary of Gross Unrealized Losses and Fair Value for Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	$ (191)	$ (15)
Fair value less than 12 consecutive months	532,362	45,079
Gross unrealized loss 12 consecutive months or longer	(1,239)	(3,236)
Fair value 12 consecutive months or longer	147,063	212,781
Total gross unrealized loss	(1,430)	(3,251)
Total fair value	679,425	257,860
US Government and Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	(159)	(10)
Fair value less than 12 consecutive months	509,139	31,741
Gross unrealized loss 12 consecutive months or longer	(835)	(1,737)
Fair value 12 consecutive months or longer	71,088	87,257
Total gross unrealized loss	(994)	(1,747)
Total fair value	580,227	118,998
Corporate Notes and Bonds
Debt Securities, Available-for-Sale [Line Items]
Gross unrealized loss less than 12 consecutive months	(32)	(5)
Fair value less than 12 consecutive months	23,223	13,338
Gross unrealized loss 12 consecutive months or longer	(404)	(1,499)
Fair value 12 consecutive months or longer	75,975	125,524
Total gross unrealized loss	(436)	(1,504)
Total fair value	$ 99,198	$ 138,862

Fair Value Measurement - Summ_5

Fair Value Measurement - Summary of Estimated Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due within one year	$ 1,007,725
Amortized Cost, Due after one year and through five years	1,990
Total Amortized Cost	1,009,715
Fair Value, Due within one year	1,006,329
Fair Value, Due after one year and through five years	1,999
Total Fair Value	$ 1,008,328

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Insurance receivable	$ 23,433
Prepaid expenses and other	11,967	$ 12,709
Prepaid expenses and other current assets	$ 35,400	$ 12,709

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 435,060	$ 420,922
Accumulated depreciation and amortization	(119,416)	(107,758)
Property and equipment, net	315,644	313,164
Computer Equipment, Hardware, and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,110	7,191
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	103,924	77,813
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	101,102	99,524
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	148,517	146,730
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 74,407	$ 89,664

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense related to property and equipment	$ 11.8	$ 9.2

Balance Sheet Components - Sc_3

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Litigation-related accrual	$ 59,200	$ 4,000
Accrued property and equipment	5,270	3,203
Other	7,861	2,977
Accrued liabilities	$ 72,331	$ 10,180

Balance Sheet Components - Sc_4

Balance Sheet Components - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Long-term advance payments	$ 2,515	$ 2,515
Asset retirement obligation	10,558	9,471
Other liabilities	$ 13,073	$ 11,986

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2024
Leases [Abstract]
Operating lease expiration, year	2032
Operating lease extension expiration, month and year	2032-09
Finance lease extension expiration, month and year	2032-09
Finance lease, existence of option to extend	true
Lessee, operating lease, lease not yet commenced, description	The Company did not include in the calculation of the lease liability and right-of use asset at the lease inception as the exercise of the options was not reasonably certain for these leases.

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance lease costs:
Amortization of right-of-use assets- finance lease	$ 718	$ 718
Interest on lease liabilities	572	600
Operating lease costs	2,249	2,285
Variable lease costs	856	579
Total lease expense	$ 4,395	$ 4,182

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating outgoing cash flows - finance lease	$ 572
Financing outgoing cash flows - finance lease	705
Operating outgoing cash flows - operating lease	$ 2,188	$ 1,599

Leases - Summary of Additional

Leases - Summary of Additional Information for Lease (Details)	Mar. 31, 2024	Dec. 31, 2023
Finance lease
Weighted-average remaining lease term - finance lease (in years)	8 years 6 months	8 years 9 months 18 days
Weighted-average discount rate - finance lease	6.06%	6.06%
Operating lease
Weighted-average remaining lease term - operating lease (in years)	8 years 3 months 18 days	8 years 7 months 6 days
Weighted-average discount rate - operating lease	6.36%	6.36%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining nine months)	$ 6,641
2025	9,041
2026	9,019
2027	9,135
2028	9,404
2029	9,686
Thereafter	27,279
Total	80,205
Less present value discount	(18,839)
Lease liabilities	61,366
2024 (remaining nine months)	3,855
2025	5,272
2026	5,417
2027	5,566
2028	5,719
2029	5,876
Thereafter	16,469
Total	48,174
Less present value discount	(10,874)
Lease liabilities	$ 37,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions		1 Months Ended	3 Months Ended
	Jun. 07, 2022 Suit	Feb. 28, 2021 OfficerDirector Suit	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation potential settlement amount			$ 24.5
Gross settlement amount			47.5
Litigation settlement legal fees			0.4
Insurance receivable			23.4
Number of shareholder derivative suit filed \| Suit	4	2
Number of officers and directors in shareholder derivative suit \| OfficerDirector		11
Securities class action litigation settlement amount accrued for other matters			$ 12
Other commitments, description			The Company’s minimum purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily for materials, and licenses and hosting services, entered into in the ordinary course of business.

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Purchase Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum purchase commitments, 2024 (remaining nine months)	$ 2,828
Minimum purchase commitments, 2025	4,309
Minimum purchase commitments, 2026	2,142
Minimum purchase commitments, 2027	1,418
Minimum purchase commitments, Total	$ 10,697

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	1 Months Ended			3 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Details)	Feb. 29, 2024 USD ($) shares	Aug. 31, 2023 USD ($) shares	Mar. 31, 2021 USD ($) shares	Mar. 31, 2024 USD ($) Tranche BusinessMilestones $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 Tranche shares	Feb. 28, 2023 USD ($)
Class of Stock [Line Items]
Shares authorized \| shares				1,350,000,000		1,350,000,000
Common stock, authorized \| shares				1,250,000,000		1,250,000,000
Preferred stock, authorized \| shares				100,000,000		100,000,000
Common stock voting rights, description				The holder of each share of Class A Common Stock is entitled to one vote, and the holder of each share of Class B Common Stock is entitled to ten votes.
Options vesting period				4 years
Granted stock option \| shares	8,400,000			0	0
Aggregate intrinsic value				$ 6,300,000	$ 31,200,000
Stock-based compensation unvested stock options not yet recognized				$ 1,900,000
Expected to be recognized estimated weighted average period				1 year 1 month 6 days
Stock-based compensation expense				$ 19,287,000	37,990,000
Additional paid-in-capital				$ 4,260,514,000		$ 4,221,892,000
Number of identified business milestones \| BusinessMilestones				11
Chief Executive Officer
Class of Stock [Line Items]
Stock units granted \| shares				1,500,000
EPA
Class of Stock [Line Items]
Options vesting period				10 years
Granted stock option \| shares						15,100,000
Expected to be recognized estimated weighted average period				2 years 9 months 18 days
Unrecognized compensation costs				$ 12,400,000
Previously recognized expense for the stock option				$ 16,000,000
Number of tranches \| Tranche				5				5
Business milestones description				The compensation committee of the Board selected the following 11 business milestones for the EPA Program, of which one new business milestone must be achieved for each Tranche.•Delivery of an A-sample battery cell that meets specifications agreed upon with an automaker•The validation by an auto maker of a completed B-sample battery cell (a B-sample battery cell is a functional, complete battery cell prototype produced from our pre-pilot or sample production line)•Delivery of at least 1-gigawatt hour (GWh) of battery cells to a single customer•Delivery of at least 3-gigawatt hour (GWh) of battery cells to each of three or more customers, with at least one of such customer being an auto maker•$5 billion in GAAP revenue over a period of trailing four quarters•$10 billion in GAAP revenue over a period of trailing four quarters•Total cumulative battery cell production of 500 GWh•Total cumulative battery cell production of 1,000 GWh•Adjusted EBITDA margin of at least 25% over four consecutive quarters•10% of worldwide market share in automotive battery cells (excluding China)•20% of worldwide market share in automotive battery cells (excluding China)
Stock price targets description				To meet the stock price targets, the stock price must be sustained and not merely momentarily achieved. Except in the case of a change in control, the Company’s stock price for the purposes of assessing the stock price target will be the 120-day trailing average closing price (based on trading days), but a stock price target will not be achieved unless the trailing average closing price of the last 30 trading days of such 120-trading day period also meets or exceeds the applicable stock price target. For a stock price target for any given Tranche to be achieved, the last day of the 120-day measurement period must occur on or after the date that the requisite number of business milestones have been achieved for such Tranche.
Number of tranches achieved business milestone. \| Tranche				1
Number of tranches considered probable \| Tranche				1
Stock-based compensation expense				$ 14,900,000	7,700,000
EPA \| Tranche 1
Class of Stock [Line Items]
Stock price targets				60
EPA \| Tranche 2
Class of Stock [Line Items]
Stock price targets				120
EPA \| Tranche 3
Class of Stock [Line Items]
Stock price targets				180
EPA \| Tranche 4
Class of Stock [Line Items]
Stock price targets				240
EPA \| Tranche 5
Class of Stock [Line Items]
Stock price targets				300
EPA \| Milestones Currently, Not Probable of Achievement
Class of Stock [Line Items]
Unrecognized compensation costs				$ 63,500,000
RSUs
Class of Stock [Line Items]
Expected to be recognized estimated weighted average period				2 years 4 months 24 days
Fair value of stock units vested				$ 15,300,000	18,800,000
Unrecognized compensation costs				$ 199,400,000
Stock units granted \| shares				1,689,000
PSUs
Class of Stock [Line Items]
Expected to be recognized estimated weighted average period				1 year 1 month 6 days
Fair value of stock units vested					0
Unrecognized compensation costs				$ 22,400,000
Stock units granted \| shares				4,599,000		4,400,000
Stock-based compensation expense				$ 5,200,000	2,900,000
2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Business combination exchange ratio				4.0217501492
2023 Bonus Plan
Class of Stock [Line Items]
Restricted stock units granted and vested \| shares	3,100,000
Stock-based compensation expense				$ 2,600,000	$ 3,800,000
Additional paid-in-capital	$ 20,200,000
2023 Bonus Plan \| PSUs
Class of Stock [Line Items]
Fair value of stock units vested				$ 20,200,000
2024 Bonus Plan
Class of Stock [Line Items]
Stock units granted \| shares				0
Maximum \| RSUs
Class of Stock [Line Items]
Options vesting period				4 years
ATM offering
Class of Stock [Line Items]
Aggregate offering price									$ 400,000,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized \| shares				1,000,000,000		1,000,000,000
Common stock, par value \| $ / shares				$ 0.0001		$ 0.0001
Common stock, issued \| shares				444,821,000		433,157,000
Class A Common Stock \| EPA
Class of Stock [Line Items]
Granted stock option \| shares							2,100,000	14,700,000
Class A Common Stock \| 2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Common stock authorized for issuance \| shares				109,465,480
Class A Common Stock \| Maximum \| 2020 Equity Incentive Award Plan
Class of Stock [Line Items]
Common stock authorized for issuance \| shares				69,846,580
Class A Common Stock \| March 2021 Public Offering
Class of Stock [Line Items]
Stock issuance costs			$ 15,500,000
Common stock, issued \| shares			11,960,000
Proceeds from common stock			$ 462,900,000
Class A Common Stock \| ATM offering
Class of Stock [Line Items]
Number of shares sold during period \| shares				0
Class A Common Stock \| August 2023 Public Offering
Class of Stock [Line Items]
Stock issuance costs		$ 11,800,000
Common stock, issued \| shares		37,500,000
Proceeds from common stock		$ 288,200,000
Class B Common Stock
Class of Stock [Line Items]
Common stock, authorized \| shares				250,000,000		250,000,000
Common stock, par value \| $ / shares				$ 0.0001		$ 0.0001
Common stock, issued \| shares				54,666,000		59,874,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023	[1]
Stockholders' Equity Note [Abstract]
Outstanding at the beginning of the period (in shares)	[1]	42,141
Cancelled and forfeited (in shares)	[2]	(8,399)
Exercised (in shares)		(1,201)
Outstanding at the end of the period (in shares)		32,541	42,141
Vested and expected to vest at the end of the period (in shares)	[3]	28,510
Vested and exercisable at the end of the period (in shares)		25,083
Outstanding at the beginning of the period (in dollars per share)	[1]	$ 9.6
Cancelled and forfeited (in dollars per share)	[2]	23.04
Exercised (in dollars per share)		1.62
Outstanding at the end of the period (in dollars per share)		6.43	$ 9.6
Vested and expected to vest (in dollars per share)	[3]	4.08
Vested and exercisable (in dollars per share)		$ 2.02
Weighted Average Remaining Contractual Term (Years)		4 years 8 months 4 days	5 years 5 months 23 days
Weighted Average Remaining Contractual Term (Years), vested and expected to vest	[3]	4 years 3 months 3 days
Weighted Average Remaining Contractual Term (Years), vested and exercisable		3 years 9 months 29 days
Intrinsic value, balance at end of period		$ 108,004
Intrinsic value, vested and expected to vest at end of period	[3]	108,004
Intrinsic value, vested and exercisable at end of period		$ 107,134

[1] This includes 15.1 million options granted and outstanding as of December 31, 2023 pursuant to the EPA Program. This represents 8.4 million options forfeited under the EPA Program. This includes 2.7 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of March 31, 2024 .

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Stock Option Activity (Parenthetical) (Details) - shares		1 Months Ended	3 Months Ended		12 Months Ended
		Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Granted stock option		8,400,000	0	0
Options forfeited	[1]		8,399,000
Vested and expected to vest at the end of the period (in shares)	[2]		28,510,000
EPA
Class of Stock [Line Items]
Granted stock option					15,100,000
Options forfeited			8,400,000
Vested and expected to vest at the end of the period (in shares)			2,700,000

[1] This represents 8.4 million options forfeited under the EPA Program. This includes 2.7 million options granted pursuant to the EPA Program that are currently expected to vest. None of the options granted pursuant to the EPA Program were vested and exercisable as of March 31, 2024 .

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Vesting Tranches (Details) - EPA	3 Months Ended
	Mar. 31, 2024 USD ($)
Tranche 1
Class of Stock [Line Items]
Stock Price Target	$ 60
Tranche 2
Class of Stock [Line Items]
Stock Price Target	120
Tranche 3
Class of Stock [Line Items]
Stock Price Target	180
Tranche 4
Class of Stock [Line Items]
Stock Price Target	240
Tranche 5
Class of Stock [Line Items]
Stock Price Target	$ 300

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Restricted Stock Units with Service Condition and Performance Stock Unit Activities (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning Balance	23,003
Number of Units, Granted	1,689
Number of Units, Vested	(2,121)
Number of Units, Forfeited	(293)
Number of Units, Ending Balance	22,278	23,003
Weighted Average grant date fair value, Beginning Balance	$ 9.99
Weighted Average grant date fair value, Granted	7.21
Weighted Average grant date fair value, Vested	11.2
Weighted Average grant date fair value, Forfeited	10.12
Weighted Average grant date fair value, Ending Balance	$ 9.75	$ 9.99
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Beginning Balance	4,319
Number of Units, Granted	4,599	4,400
Number of Units, Vested	(3,134)
Number of Units, Forfeited	(46)
Number of Units, Ending Balance	5,738	4,319
Weighted Average grant date fair value, Beginning Balance	$ 7.65
Weighted Average grant date fair value, Granted	6.7
Weighted Average grant date fair value, Vested	6.45
Weighted Average grant date fair value, Forfeited	7.87
Weighted Average grant date fair value, Ending Balance	$ 7.56	$ 7.65

Stockholders Equity - Schedule

Stockholders Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 19,287	$ 37,990
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	20,648	19,236
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ (1,361)	$ 18,754

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of Basic and Diluted Loss per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss attributable to common stockholders	$ (120,648)	$ (104,647)
Denominator:
Weighted average Class A and Class B Common Stock outstanding - Basic	496,145	440,085
Weighted average Class A and Class B Common Stock outstanding - Diluted	496,145	440,085
Net loss per share attributable to Class A and Class B Common stockholders - Basic	$ (0.24)	$ (0.24)
Net loss per share attributable to Class A and Class B Common stockholders - Diluted	$ (0.24)	$ (0.24)
Common Class A and Class B Shares
Denominator:
Weighted average Class A and Class B Common Stock outstanding - Basic	496,145	440,085
Weighted average Class A and Class B Common Stock outstanding - Diluted	496,145	440,085
Net loss per share attributable to Class A and Class B Common stockholders - Basic	$ (0.24)	$ (0.24)
Net loss per share attributable to Class A and Class B Common stockholders - Diluted	$ (0.24)	$ (0.24)

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Summary of Potential Common Stock Outstanding Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	64,523	70,798
Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	32,541	45,179
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	22,278	19,440
PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive	9,704	6,179

Joint Venture and Redeemable _3

Joint Venture and Redeemable Non-Controlling Interest - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Joint Venture And Non Controlling Interest [Line Items]
Cash and cash equivalents	$ 192,321	$ 142,524	$ 241,210
QSV
Joint Venture And Non Controlling Interest [Line Items]
Cash and cash equivalents	3,564	$ 3,522
VWGoA
Joint Venture And Non Controlling Interest [Line Items]
Proceed from Series F preferred stock financings and business combination	$ 134,000

Joint Venture and Redeemable _4

Joint Venture and Redeemable Non-Controlling Interest - Schedule of Change in Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Joint Venture And Non Controlling Interest [Abstract]
Redeemable Non-Controlling, Beginning balance	$ 1,770	$ 1,704
Net income attributable to redeemable non-controlling interest in QSV	20	16
Redeemable Non-Controlling, Ending balance	$ 1,790	$ 1,720