Aurora Innovation (AUR) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40216
Entity Registrant Name	Aurora Innovation, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1562265
Entity Address, Address Line One	1654 Smallman St.
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222
City Area Code	888
Local Phone Number	583-9506
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001828108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	AUR
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,185,508,895
Warrant
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol	AUROW
Security Exchange Name	NASDAQ
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		366,869,709

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 454	$ 501
Short-term investments	662	699
Other current assets	26	17
Total current assets	1,142	1,217
Property and equipment, net	95	94
Operating lease right-of-use assets	118	122
Acquisition related intangible assets	617	617
Long-term investments	81	148
Other assets	36	37
Total assets	2,089	2,235
Current liabilities:
Operating lease liabilities, current	15	15
Other current liabilities	95	96
Total current liabilities	110	111
Operating lease liabilities, long-term	103	107
Derivative liabilities	12	24
Other liabilities	6	8
Total liabilities	231	250
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.00000 par value, 51,000 shares authorized, 1,545 and 1,529 shares issued and outstanding, respectively	0	0
Additional paid-in capital	5,633	5,594
Accumulated other comprehensive loss	0	1
Accumulated deficit	(3,775)	(3,610)
Total stockholders’ equity	1,858	1,985
Total liabilities and stockholders’ equity	$ 2,089	$ 2,235

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	51,000	51,000
Common stock, shares issued (in shares)	1,545	1,529
Common stock, shares outstanding (in shares)	1,545	1,529

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 166	$ 177
Selling, general and administrative	27	31
Total operating expenses	193	208
Loss from operations	(193)	(208)
Other income (expense):
Change in fair value of derivative liabilities	12	(2)
Other income, net	16	14
Loss before income taxes	(165)	(196)
Income tax expense	0	0
Net loss	$ (165)	$ (196)
Basic net loss per share (in usd per share)	$ (0.11)	$ (0.17)
Diluted net loss per share (in usd per share)	$ (0.11)	$ (0.17)
Basic weighted-average shares outstanding (in shares)	1,537	1,170
Diluted weighted-average shares outstanding (in shares)	1,537	1,170

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (165)	$ (196)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	(1)	1
Other comprehensive income (loss)	(1)	1
Comprehensive loss	$ (166)	$ (195)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		1,166
Beginning balance at Dec. 31, 2022	$ 1,784	$ 0	$ 4,600	$ (2)	$ (2,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity issued under incentive compensation plans (in shares)		9
Equity issued under incentive compensation plans	1		1
Stock-based compensation	39		39
Comprehensive loss	(195)			1	(196)
Ending balance (in shares) at Mar. 31, 2023		1,175
Ending balance at Mar. 31, 2023	$ 1,629	$ 0	4,640	(1)	(3,010)
Beginning balance (in shares) at Dec. 31, 2023	1,529	1,529
Beginning balance at Dec. 31, 2023	$ 1,985	$ 0	5,594	1	(3,610)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity issued under incentive compensation plans (in shares)		16
Equity issued under incentive compensation plans	3		3
Stock-based compensation	36		36
Comprehensive loss	$ (166)			(1)	(165)
Ending balance (in shares) at Mar. 31, 2024	1,545	1,545
Ending balance at Mar. 31, 2024	$ 1,858	$ 0	$ 5,633	$ 0	$ (3,775)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (165)	$ (196)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5	5
Reduction in the carrying amount of right-of-use assets	7	7
Stock-based compensation	36	39
Change in fair value of derivative liabilities	(12)	2
Accretion of discount on investments	(8)	(7)
Changes in operating assets and liabilities:
Other current and non-current assets	(8)	2
Operating lease liabilities	(6)	(6)
Other current and non-current liabilities	1	18
Net cash used in operating activities	(150)	(136)
Cash flows from investing activities
Purchases of property and equipment	(8)	(2)
Purchases of investments	(145)	(247)
Maturities of investments	254	303
Net cash provided by investing activities	101	54
Cash flows from financing activities
Proceeds from issuance of common stock	3	1
Other financing activities	(1)	(1)
Net cash provided by financing activities	2	0
Net decrease in cash, cash equivalents, and restricted cash	(47)	(82)
Cash, cash equivalents, and restricted cash at beginning of the period	518	277
Cash, cash equivalents, and restricted cash at end of the period	$ 471	$ 195

Overview of the Organization

Overview of the Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview of the Organization	Overview of the Organization Aurora Innovation, Inc. (the “Company” or “Aurora”) is headquartered in Pittsburgh, Pennsylvania and its mission is to deliver the benefits of self-driving technology safely, quickly, and broadly. The Company is developing the Aurora Driver, an advanced and scalable suite of self-driving hardware, software and data services designed as a platform to adapt and interoperate amongst vehicle types and applications.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Intercompany balances and transactions between the Company and its controlled subsidiaries have been eliminated. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period. Risks and Uncertainties The Company’s operations are principally funded by available liquidity from cash, cash equivalents and investments. Management expects to continue to incur operating losses and that the Company will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. Management believes that cash on hand and investments will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and investments. The Company primarily maintains its cash and cash equivalents at U.S. commercial banks, while its investments primarily consist of U.S. Treasury securities as well as corporate bonds and commercial paper. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit, though the Company has not experienced any credit losses on its deposits. The Company is dependent on its suppliers, some of which are single or limited source suppliers, to design, develop, industrialize and manufacture components, and these suppliers may not produce and deliver necessary and industrialized components at prices, volumes and on terms acceptable to the Company. For instance, the Company plans to rely on a single supplier, Continental Automotive Technologies GmbH, for the production, provision and full lifecycle support of its future generation of the Aurora Driver hardware system which will be integrated with OEM platform vehicles. In instances where the supplier fails to perform its obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products, if at all. Recent Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Segment Reporting, which expands disclosure requirements for reportable segments including enhanced disclosures about significant segment expenses. The updated standard is effective for the Company’s fiscal 2024 annual period and interim periods beginning in the first quarter of fiscal 2025. Early adoption is permitted. The Company is currently evaluating the impact of this guidance and the timing of adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The updated standard is effective for the Company’s fiscal 2025 annual period. The Company is currently evaluating the impact of this guidance.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, Cash Equivalents, and Investments	Cash, Cash Equivalents and Investments Cash, cash equivalents and restricted cash were as follows (in millions): As of March 31, December 31, Cash and cash equivalents $ 454 $ 501 Restricted cash, current (a) 1 1 Restricted cash, long-term (b) 16 16 Total cash, cash equivalents and restricted cash $ 471 $ 518 (a) Included in other current assets on the condensed consolidated balance sheets (b) Included in other assets on the condensed consolidated balance sheets The components of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis were as follows (in millions): As of Fair value level March 31, December 31, Cash and cash equivalents: Money market funds Level 1 $ 454 $ 220 U.S. Treasury securities Level 2 — 251 Commercial paper Level 2 — 30 Total cash and cash equivalents $ 454 $ 501 Short-term and long-term investments: U.S. Treasury securities Level 2 $ 647 $ 769 Commercial paper Level 2 61 54 Corporate bonds and notes Level 2 35 24 Total short-term and long-term investments $ 743 $ 847 Available-for-sale debt securities classified as long-term investments mature after one year and through two years. The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions): As of March 31, 2024 Amortized cost Unrealized gains Fair value U.S. Treasury securities $ 647 $ — $ 647 Commercial paper 61 — 61 Corporate bonds and notes 35 — 35 Total short-term and long-term investments $ 743 $ — $ 743 As of December 31, 2023 Amortized cost Unrealized gains Fair value U.S. Treasury securities $ 768 $ 1 $ 769 Commercial paper 54 — 54 Corporate bonds and notes 24 — 24 Total short-term and long-term investments $ 846 $ 1 $ 847

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders' Equity Preferred Stock The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at March 31, 2024 and December 31, 2023. Common Stock The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stock holders are entitled to one vote for each share and Class B common stock holders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers). The Company had 1,178 million and 1,162 million shares of Class A common stock issued and outstanding at March 31, 2024 and December 31, 2023, respectively. The Company had 367 million shares of Class B common stock issued and outstanding at March 31, 2024 and December 31, 2023.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans	Equity Incentive Plans The Company has outstanding awards granted under four equity compensation plans: the 2021 Equity Incentive Plan, as amended (the “Plan”), the Aurora Innovation, Inc. 2017 Equity Incentive Plan (the “2017 Plan”), the Blackmore Sensors & Analytics, Inc. 2016 Equity Incentive Plan (the “Blackmore Plan”), and the OURS Technology Inc 2017 Stock Incentive Plan, as amended (the “OURS Plan”). The Company assumed awards under the 2017 Plan, the Blackmore Plan and the OURS Plan to the extent such employees continued as employees of the Company. Under the Plan, equity-based compensation in the form of restricted stock units (“RSUs”), restricted stock awards, incentive stock options, non-qualified stock options, stock appreciation rights, and performance units may be granted to employees, officers, directors, consultants, and others. As of March 31, 2024, there were 208 million shares available for grant under the Plan. Stock-based Compensation Expense Stock-based compensation is allocated on a departmental basis, based on the classification of the option holder or grant recipient. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements and no stock-based compensation has been capitalized as of March 31, 2024. Total stock-based compensation expense by function was as follows (in millions): Three Months Ended 2024 2023 Research and development $ 31 $ 34 Selling, general, and administrative 5 5 Total $ 36 $ 39 Restricted Stock Units RSUs granted under the 2017 Plan generally are subject to two vesting requirements: (1) a time-based vesting requirement, and (2) a liquidity event. Generally, the time-based vesting requirement is quarterly over four years starting on the vesting commencement date, with a one-year cliff. The liquidity event vesting requirement was satisfied prior to the periods presented. RSUs granted under the Plan generally are subject to a time-based vesting requirement. Generally, the time-based vesting requirement is quarterly over one RSU activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted- Unvested at December 31, 2023 100 $ 2.76 Granted 33 2.24 Vested (13) 2.76 Forfeited (3) 2.82 Unvested at March 31, 2024 117 $ 2.61 The unrecognized stock-based compensation related to unvested RSUs was $270 million at March 31, 2024 and will be recognized over a weighted average period of 2.7 years. The fair value of RSUs as of their respective vesting dates was $36 million for the three months ended March 31, 2024. Stock Options The exercise price of stock options granted under the Plan and the 2017 Plan may not be less than 100% of the fair value of the Company’s common stock on the date of the grant. Stock options generally vest over one Stock options granted under the Plan and the 2017 Plan during the three months ended March 31, 2024 were as follows: Three Months Ended Stock options granted (in millions) 34 Weighted average grant date fair value $ 1.23 Weighted average grant date fair value assumptions: Expected term 6.0 years Risk-free interest rates 4.1 % Expected volatility 53.5 % Stock option activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2023 104 $ 1.78 Granted 34 2.24 Exercised (3) 1.06 Forfeited (2) 1.80 Expired — 3.28 Outstanding at March 31, 2024 133 $ 1.92 8.1 $ 131 Exercisable at March 31, 2024 57 $ 1.69 6.4 $ 71 The unrecognized stock-based compensation related to unvested stock options was $81 million as of March 31, 2024 and will be recognized over a weighted average period of 3.1 years. The intrinsic value of stock options exercised was $6 million for the three months ended March 31, 2024.

Derivative Liabilities

Derivative Liabilities	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	Derivative Liabilities The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions): As of Fair value level March 31, December 31, Public warrants Level 1 $ 3 $ 6 Private placement warrants Level 2 2 4 Common stock warrants 5 10 Earnout share liabilities Level 3 7 14 Total derivative liabilities $ 12 $ 24 The public and private placement warrants are measured at fair value on a recurring basis. The public warrants were valued based on the closing price of the publicly traded instrument. The private placement warrants were valued using observable inputs for similar publicly traded instruments. Public warrants outstanding were 12 million as of March 31, 2024 and December 31, 2023. Private placement warrants outstanding were 9 million as of March 31, 2024 and December 31, 2023. The earnout share liabilities are measured at fair value on a recurring basis utilizing a Monte Carlo simulation analysis. The expected volatility is determined based on the historical equity volatility of comparable companies over a period that matches the expected term of the instrument. The risk-free interest rate is based on relevant U.S. treasury rates for a period that matches the expected term of the instrument. Earnout shares outstanding were 5 million as of March 31, 2024 and December 31, 2023. The valuation inputs utilized in determining the earnout share liability were as follows: As of March 31, December 31, Risk-free interest rates 4.1 % 3.9 % Expected term (in years) 7.6 7.8 Expected volatility 53.0 % 53.0 % The components of change in fair value of derivative liabilities were as follows (in millions): Three Months Ended 2024 2023 Common stock warrants $ 5 $ (1) Earnout share liabilities 7 (1) Change in fair value of derivative liabilities $ 12 $ (2)

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases office facilities and warehouses under non-cancelable operating lease agreements that expire through 2042, including renewal options that are reasonably certain to be exercised. Rent expense under operating leases was $7 million in the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 8.1 years and a weighted average discount rate of 7.0%. Future lease payments for leases that have not yet commenced were $32 million as of March 31, 2024. Lease commencement will occur once the lessor substantially completes construction to make the underlying asset available for use.

Balance Sheet Details

Balance Sheet Details	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Property and Equipment, Net The components of property and equipment, net were as follows (in millions): As of March 31, December 31, Land $ 14 $ 14 Buildings and leasehold improvements 86 82 Equipment 25 25 Vehicles 18 16 Other 14 15 157 152 Less accumulated depreciation and amortization (62) (58) Total property and equipment, net $ 95 $ 94 Other Current Liabilities The components of other current liabilities were as follows (in millions): As of March 31, December 31, Accrued compensation $ 68 $ 65 Other accrued expenses 27 31 Total accrued expenses and other current liabilities $ 95 $ 96

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company computes earnings per share of common stock using the two-class method required for participating securities. The participating securities did not impact the computation of earnings per share in the periods presented as no dividends were declared and the participating securities are not contractually obligated to share in losses. The Company has two classes of common stock with identical liquidation and dividend rights, Class A and Class B. The net loss is allocated in a proportionate basis to each class of common stock and results in the same net loss per share. The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect (in millions): As of March 31, March 31, RSUs 117 129 Stock options 134 98 Public warrants 12 12 Private placement warrants 9 9 Earnout shares liability 5 5 Total 277 253

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time the Company may be party to various claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses the need to record a liability for litigation and loss contingencies. Reserve estimates are recorded when and if it is determined that a loss related to certain matters is both probable and reasonably estimable. No material loss contingencies were recorded in the three months ended March 31, 2024 and 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (165)	$ (196)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Intercompany balances and transactions between the Company and its controlled subsidiaries have been eliminated. The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.
Principles of Consolidation	The information included herein should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated balance sheet as of December 31, 2023 included herein was derived from the audited financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company, all adjustments of a normal, recurring nature necessary for a fair statement of our financial position, results of operations, and cash flows for the periods presented but are not necessarily indicative of the expected results for the full fiscal year or any future period.
Risks and Uncertainties	Risks and Uncertainties The Company’s operations are principally funded by available liquidity from cash, cash equivalents and investments. Management expects to continue to incur operating losses and that the Company will need to opportunistically raise additional capital to support the continued development and commercialization of the Aurora Driver. Management believes that cash on hand and investments will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of these financial statements. Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents and investments. The Company primarily maintains its cash and cash equivalents at U.S. commercial banks, while its investments primarily consist of U.S. Treasury securities as well as corporate bonds and commercial paper. Cash and cash equivalents deposited with domestic commercial banks generally exceed the Federal Deposit Insurance Corporation insurable limit, though the Company has not experienced any credit losses on its deposits. The Company is dependent on its suppliers, some of which are single or limited source suppliers, to design, develop, industrialize and manufacture components, and these suppliers may not produce and deliver necessary and industrialized components at prices, volumes and on terms acceptable to the Company. For instance, the Company plans to rely on a single supplier, Continental Automotive Technologies GmbH, for the production, provision and full lifecycle support of its future generation of the Aurora Driver hardware system which will be integrated with OEM platform vehicles. In instances where the supplier fails to perform its obligations, the Company may be unable to find alternative suppliers to satisfactorily deliver its products, if at all.
Recent Accounting Guidance	Recent Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, Segment Reporting, which expands disclosure requirements for reportable segments including enhanced disclosures about significant segment expenses. The updated standard is effective for the Company’s fiscal 2024 annual period and interim periods beginning in the first quarter of fiscal 2025. Early adoption is permitted. The Company is currently evaluating the impact of this guidance and the timing of adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. The updated standard is effective for the Company’s fiscal 2025 annual period. The Company is currently evaluating the impact of this guidance.

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash were as follows (in millions): As of March 31, December 31, Cash and cash equivalents $ 454 $ 501 Restricted cash, current (a) 1 1 Restricted cash, long-term (b) 16 16 Total cash, cash equivalents and restricted cash $ 471 $ 518 (a) Included in other current assets on the condensed consolidated balance sheets (b) Included in other assets on the condensed consolidated balance sheets
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash were as follows (in millions): As of March 31, December 31, Cash and cash equivalents $ 454 $ 501 Restricted cash, current (a) 1 1 Restricted cash, long-term (b) 16 16 Total cash, cash equivalents and restricted cash $ 471 $ 518 (a) Included in other current assets on the condensed consolidated balance sheets (b) Included in other assets on the condensed consolidated balance sheets
Schedule of Fair Value, Assets Measured on Recurring Basis	The components of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis were as follows (in millions): As of Fair value level March 31, December 31, Cash and cash equivalents: Money market funds Level 1 $ 454 $ 220 U.S. Treasury securities Level 2 — 251 Commercial paper Level 2 — 30 Total cash and cash equivalents $ 454 $ 501 Short-term and long-term investments: U.S. Treasury securities Level 2 $ 647 $ 769 Commercial paper Level 2 61 54 Corporate bonds and notes Level 2 35 24 Total short-term and long-term investments $ 743 $ 847
Schedule of Debt Securities, Available-for-Sale	The amortized cost, unrealized gains, and fair value of available-for-sale debt securities were as follows (in millions): As of March 31, 2024 Amortized cost Unrealized gains Fair value U.S. Treasury securities $ 647 $ — $ 647 Commercial paper 61 — 61 Corporate bonds and notes 35 — 35 Total short-term and long-term investments $ 743 $ — $ 743 As of December 31, 2023 Amortized cost Unrealized gains Fair value U.S. Treasury securities $ 768 $ 1 $ 769 Commercial paper 54 — 54 Corporate bonds and notes 24 — 24 Total short-term and long-term investments $ 846 $ 1 $ 847

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	Total stock-based compensation expense by function was as follows (in millions): Three Months Ended 2024 2023 Research and development $ 31 $ 34 Selling, general, and administrative 5 5 Total $ 36 $ 39
Schedule of Restricted Stock Unit Activity	RSU activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted- Unvested at December 31, 2023 100 $ 2.76 Granted 33 2.24 Vested (13) 2.76 Forfeited (3) 2.82 Unvested at March 31, 2024 117 $ 2.61
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	Stock options granted under the Plan and the 2017 Plan during the three months ended March 31, 2024 were as follows: Three Months Ended Stock options granted (in millions) 34 Weighted average grant date fair value $ 1.23 Weighted average grant date fair value assumptions: Expected term 6.0 years Risk-free interest rates 4.1 % Expected volatility 53.5 %
Schedule of Share-Based Payment Arrangement, Option, Activity	Stock option activity under the Plan and the 2017 Plan was as follows (in millions, except per share amounts): Number of Weighted Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2023 104 $ 1.78 Granted 34 2.24 Exercised (3) 1.06 Forfeited (2) 1.80 Expired — 3.28 Outstanding at March 31, 2024 133 $ 1.92 8.1 $ 131 Exercisable at March 31, 2024 57 $ 1.69 6.4 $ 71

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities Measured at Fair Value on Recurring Basis	The components of derivative liabilities measured at fair value on a recurring basis were as follows (in millions): As of Fair value level March 31, December 31, Public warrants Level 1 $ 3 $ 6 Private placement warrants Level 2 2 4 Common stock warrants 5 10 Earnout share liabilities Level 3 7 14 Total derivative liabilities $ 12 $ 24
Schedule of Valuation Inputs of the Earnout Share Liability	The valuation inputs utilized in determining the earnout share liability were as follows: As of March 31, December 31, Risk-free interest rates 4.1 % 3.9 % Expected term (in years) 7.6 7.8 Expected volatility 53.0 % 53.0 %
Schedule of Fair Value of Derivative Liabilities	The components of change in fair value of derivative liabilities were as follows (in millions): Three Months Ended 2024 2023 Common stock warrants $ 5 $ (1) Earnout share liabilities 7 (1) Change in fair value of derivative liabilities $ 12 $ (2)

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment, Net	The components of property and equipment, net were as follows (in millions): As of March 31, December 31, Land $ 14 $ 14 Buildings and leasehold improvements 86 82 Equipment 25 25 Vehicles 18 16 Other 14 15 157 152 Less accumulated depreciation and amortization (62) (58) Total property and equipment, net $ 95 $ 94
Schedule of Other Current Liabilities	The components of other current liabilities were as follows (in millions): As of March 31, December 31, Accrued compensation $ 68 $ 65 Other accrued expenses 27 31 Total accrued expenses and other current liabilities $ 95 $ 96

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Potential Common Stock Outstanding Excluded from Computation of Diluted Loss Per Share	The following table presents the potential common stock outstanding excluded from the computation of diluted loss per share because including them would have had an antidilutive effect (in millions): As of March 31, March 31, RSUs 117 129 Stock options 134 98 Public warrants 12 12 Private placement warrants 9 9 Earnout shares liability 5 5 Total 277 253

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 454	$ 501
Restricted cash, current	1	1
Restricted cash, long-term	16	16
Total cash, cash equivalents and restricted cash	$ 471	$ 518	$ 195	$ 277

Cash, Cash Equivalents and In_4

Cash, Cash Equivalents and Investments - Cash, Cash Equivalents, Short-term Investments and Long-term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 454	$ 501
Total short-term and long-term investments	743	847
U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	647	769
U.S. Treasury securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	647	769
Commercial paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	61	54
Commercial paper | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	61	54
Corporate bonds and notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	35	24
Corporate bonds and notes | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total short-term and long-term investments	35	24
Money market funds | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	454	220
U.S. Treasury securities | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	0	251
Commercial paper | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash and cash equivalents	$ 0	$ 30

Cash, Cash Equivalents and In_5

Cash, Cash Equivalents and Investments - Amortized Cost, Unrealized Gains and Losses and Fair Value of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized cost	$ 743	$ 846
Unrealized gains	0	1
Fair value	743	847
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	647	768
Unrealized gains	0	1
Fair value	647	769
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost	61	54
Unrealized gains	0	0
Fair value	61	54
Corporate bonds and notes
Debt Securities, Available-for-sale [Line Items]
Amortized cost	35	24
Unrealized gains	0	0
Fair value	$ 35	$ 24

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) shares in Millions	Mar. 31, 2024 votePerShare $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	1,000
Preferred stock, par value (in usd per share) | $ / shares	$ 0.00001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	51,000	51,000
Common stock, par value (in usd per share) | $ / shares	$ 0.00001	$ 0.00001
Common stock, shares issued (in shares)	1,545	1,529
Common stock, shares outstanding (in shares)	1,545	1,529
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	50,000
Number of votes per share stock holders are entitled to receive | votePerShare	1
Common stock, shares issued (in shares)	1,178	1,162
Common stock, shares outstanding (in shares)	1,178	1,162
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000
Number of votes per share stock holders are entitled to receive | votePerShare	10
Common stock, shares issued (in shares)	367	367
Common stock, shares outstanding (in shares)	367	367

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) vestingRequirement shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity compensation plans | vestingRequirement	4
Share based compensation income tax benefit	$ 0
Capitalized share based compensation	0
Option, costs not yet recognized	81,000,000
Intrinsic value of stock	$ 6,000,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting requirements | vestingRequirement	2
Cost not yet recognized	$ 270,000,000
Period for recognition	2 years 8 months 12 days
Stock based compensation expense	$ 36,000,000
RSUs | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
RSUs | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
RSUs | Share-Based Payment Arrangement, Tranche Three | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
RSUs | Share-Based Payment Arrangement, Tranche Three | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	3 years 1 month 6 days
Percentage of fair value common stock, threshold	100%
Expiration period	10 years
Expiration period, following termination	3 months
Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
2021 Incentive Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	208

Equity Incentive Plans - Schedu

Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 36	$ 39
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	31	34
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based compensation expense	$ 5	$ 5

Equity Incentive Plans - Sche_2

Equity Incentive Plans - Schedule of Restricted Stock Units (Details) - RSUs shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of shares
Unvested at beginning balance (in shares) | shares	100
Granted (in shares) | shares	33
Vested (in shares) | shares	(13)
Forfeited (in shares) | shares	(3)
Unvested at ending balance (in shares) | shares	117
Weighted average grant date fair value
Unvested beginning balance (in usd per share) | $ / shares	$ 2.76
Granted (in usd per share) | $ / shares	2.24
Vested (in usd per share) | $ / shares	2.76
Forfeited (in usd per share) | $ / shares	2.82
Unvested ending balance (in usd per share) | $ / shares	$ 2.61

Equity Incentive Plans - Sche_3

Equity Incentive Plans - Schedule of Stock Option Activity Granted (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares	34
Weighted average grant date fair value (in usd per share) | $ / shares	$ 1.23
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years
Risk free interest rates (as a percent)	4.10%
Expected volatility (as a percent)	53.50%

Equity Incentive Plans - Sche_4

Equity Incentive Plans - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Number of shares
Outstanding at beginning of period (in shares) | shares	104
Granted (in shares) | shares	34
Exercised (in shares) | shares	(3)
Forfeited (in shares) | shares	(2)
Expired (in shares) | shares	0
Outstanding at ending of period (in shares) | shares	133
Number of shares, Exercisable (in shares) | shares	57
Weighted average exercise  price
Outstanding at beginning of period (in usd per share) | $ / shares	$ 1.78
Granted (in usd per share) | $ / shares	2.24
Exercised (in usd per share) | $ / shares	1.06
Forfeited (in usd per share) | $ / shares	1.80
Expired (in usd per share) | $ / shares	3.28
Outstanding at end of period (in usd per share) | $ / shares	1.92
Weighted average exercise price, Exercisable (in usd per share) | $ / shares	$ 1.69
Weighted average remaining contractual term, Outstanding	8 years 1 month 6 days
Weighted average remaining contractual term, Exercisable	6 years 4 months 24 days
Aggregate intrinsic value, Outstanding | $	$ 131
Aggregate intrinsic value, Exercisable | $	$ 71

Derivative Liabilities - Fair V

Derivative Liabilities - Fair Value Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative liabilities	$ 12	$ 24
Common stock warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	5	10
Public warrants | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	3	6
Private placement warrants | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	2	4
Earnout share liabilities | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities	$ 7	$ 14

Derivative Liabilities - Narrat

Derivative Liabilities - Narrative (Details) - shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Earnout shares outstanding (in shares)	5	5
Public warrants
Derivative [Line Items]
Warrants outstanding (in shares)	12	12
Private placement warrants
Derivative [Line Items]
Warrants outstanding (in shares)	9	9

Derivative Liabilities - Valuat

Derivative Liabilities - Valuation Inputs of Earnout Share Liability (Details) - Earnout shares liability - Monte Carlo Simulation	Mar. 31, 2024	Dec. 31, 2023
Risk-free interest rates
Derivative [Line Items]
Derivative liability of measurement input	0.041	0.039
Expected term (in years)
Derivative [Line Items]
Derivative liability of measurement input	7.6	7.8
Expected volatility
Derivative [Line Items]
Derivative liability of measurement input	0.530	0.530

Derivative Liabilities - Fair_2

Derivative Liabilities - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities	$ 12	$ (2)
Common stock warrants
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities	5	(1)
Earnout share liabilities
Class of Warrant or Right [Line Items]
Change in fair value of derivative liabilities	$ 7	$ (1)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease, rent expense	$ 7	$ 7
Weighted average remaining lease term	8 years 1 month 6 days
Weighted average discount rate, percent	7%
Future lease payments for leases not yet commenced	$ 32

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 157	$ 152
Less accumulated depreciation and amortization	(62)	(58)
Total property and equipment, net	95	94
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	14	14
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	86	82
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	25	25
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18	16
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14	$ 15

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation	$ 68	$ 65
Other accrued expenses	27	31
Total accrued expenses and other current liabilities	$ 95	$ 96

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 Class_of_Share shares	Mar. 31, 2023 shares
Earnings Per Share [Abstract]
Number of class of common stock | Class_of_Share	2
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	277	253
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	117	129
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	134	98
Derivative | Public warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	12	12
Derivative | Private placement warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	9	9
Derivative | Earnout shares liability
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential stock excluded from the computation of diluted loss per share (in shares)	5	5