Warburg Pincus Capital Corp I B (WPCB) 10-Q 25 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 24, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Registrant Name	Warburg Pincus Capital Corp I-B
Entity Central Index Key	0001836074
Entity File Number	001-40172
Entity Tax Identification Number	98-1572651
Entity Incorporation, State or Country Code	E9
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Address, Address Line One	450 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	878-0600
Title of 12(b) Security	Class A ordinary shares included as part of the units
Trading Symbol	WPCB
Security Exchange Name	NYSE
Entity Ex Transition Period	false
Entity Shell Company	true
Capital Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant
Trading Symbol	WPCB.U
Security Exchange Name	NYSE
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants included as part of the units
Trading Symbol	WPCB WS
Security Exchange Name	NYSE
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,875,000
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,718,750

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash		$ 1,246,648
Prepaid expenses		1,330,981	$ 11,758
Total current assets		2,577,629	11,758
Deferred offering costs associated with proposed public offering			81,600
Investments held in Trust Account		548,752,534
Total Assets		551,330,163	93,358
Current liabilities:
Accounts payable		12,500
Accrued expenses		347,117	81,600
Total current liabilities		359,617	81,600
Derivative warrant liabilities		20,088,750
Deferred underwriting commissions		19,206,250
Total liabilities		39,654,617	81,600
Commitments and Contingencies
Shareholders' Equity:
Preferred Stock, Value
Additional paid-in capital		1,489,032	23,562
Retained earnings (accumulated deficit)		3,509,115	(13,242)
Total shareholders' equity		5,000,006	11,758
Total Liabilities and Shareholders' Equity		551,330,163	93,358
Common Class A [Member]
Current liabilities:
Shares subject to possible redemption		506,675,540
Shareholders' Equity:
Common Stock, Value		421
Total shareholders' equity		421
Common Class B [Member]
Shareholders' Equity:
Common Stock, Value	[1]	1,438	1,438
Total shareholders' equity		$ 1,438	$ 1,438
[1]	This number excludes up to 1,875,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On March 9, 2021, the underwriters partially exercised the over-allotment option to purchase as additional 4,875,000 Units and on April 18, 2021, the over- allotment option on the remaining Units expired unexercised by the underwriters.

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Preferred stock par or stated value per share	$ 0.0001	$ 0.0001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Temporary equity, par or stated value per share	$ 50,667,554	$ 50,667,554
Temporary equity shares outstanding	0	0
Temporary equity, redemption price per share	$ 10	$ 10
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	500,000,000	500,000,000
Common stock shares issued	4,207,446	0
Common stock shares outstanding	4,207,446	0
Common Class B [Member]
Temporary equity shares outstanding	1,875,000
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorized	50,000,000	50,000,000
Common stock shares issued	14,375,000	14,375,000
Common stock shares outstanding	14,375,000	14,375,000
Number of shares forfeited during the period.	1,875,000
Over-Allotment Option [Member]
Stock repurchased during period, shares	4,875,000

Condensed Statement of Operatio

Condensed Statement of Operations	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
General and administrative expenses	$ 177,406
General and administrative expenses - related party	10,000
Loss from operations	(187,406)
Change in fair value of derivative warrant liabilities	4,464,170
Offering costs associated with derivative warrant liabilities	(756,940)
Income from investments held in Trust Account	2,533
Net income	$ 3,522,357
Common Class A [Member]
Weighted average number of shares outstanding, basic and diluted | shares	54,875,000
Earnings per share, basic and diluted | $ / shares	$ 0
Common Class B [Member]
Weighted average number of shares outstanding, basic and diluted | shares	12,811,458	[1]
Earnings per share, basic and diluted | $ / shares	$ 0.28
[1]	This number excludes up to 1,875,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On March 9, 2021, the underwriters partially exercised the over-allotment option to purchase as additional 4,875,000 Units and on April 18, 2021, the over- allotment option on the remaining Units expired unexercised by the underwriters.

Condensed Statement of Operat_2

Condensed Statement of Operations (Parenthetical) - shares	Mar. 09, 2021	Mar. 31, 2021
Common Class B [Member]
Number of shares forfeited during the period.		1,875,000
Over-Allotment Option [Member]
Stock repurchased during period, shares	4,875,000	4,875,000

Condensed Statement of Changes

Condensed Statement of Changes in Shareholders' Equity - 3 months ended Mar. 31, 2021 - USD ($)	Total	Common Class A [Member]	Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at Dec. 31, 2020	$ 11,758		$ 1,438	$ 23,562	$ (13,242)
Balance, Shares at Dec. 31, 2020			14,375,000
Sale of units in initial public offering, less allocation to derivative warrant liabilities, Value	535,470,251	$ 5,488		535,464,763
Sale of units in initial public offering, less allocation to derivative warrant liabilities, Shares		54,875,000
Excess cash received over the fair value of the private placement warrants	2,701,830			2,701,830
Offering costs	(30,030,650)			(30,030,650)
Class A ordinary shares subject to possible redemption, Value	(506,675,540)	$ (5,067)		(506,670,473)
Class A ordinary shares subject to possible redemption, Shares		(50,667,554)
Net income	3,522,357				3,522,357
Balance at Mar. 31, 2021	$ 5,000,006	$ 421	$ 1,438	$ 1,489,032	$ 3,509,115
Balance, Shares at Mar. 31, 2021		4,207,446	14,375,000

Condensed Statement of Change_2

Condensed Statement of Changes in Shareholders' Equity (Parenthetical) - shares	Mar. 09, 2021	Mar. 31, 2021
Common Class B [Member]
Number of shares forfeited during the period.		1,875,000
Over-Allotment Option [Member]
Stock repurchased during period, shares	4,875,000	4,875,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows	3 Months Ended
	Mar. 31, 2021USD ($)
Cash Flows from Operating Activities:
Net income	$ 3,522,357
Adjustments to reconcile net income to net cash used in operating activities:
Income from investments held in Trust Account	(2,533)
Change in fair value of derivative warrant liabilities	(4,464,170)
Offering costs associated with derivative warrant liabilities	756,940
General and administrative expenses paid by related party under promissory note	3,052
Changes in operating assets and liabilities:
Prepaid expenses	(1,319,223)
Accounts payable	12,500
Accrued expenses	12,117
Net cash used in operating activities	(1,478,960)
Cash Flows from Investing Activities:
Cash deposited in Trust Account	(548,750,000)
Net cash used in investing activities	(548,750,000)
Cash Flows from Financing Activities:
Repayment of note payable to related party	(152,536)
Proceeds received from initial public offering, gross	548,750,000
Proceeds received from private placement	13,975,001
Offering costs paid	(11,096,857)
Net cash provided by financing activities	551,475,608
Net increase in cash	1,246,648
Cash - beginning of the period
Cash - ending of the period	1,246,648
Supplemental disclosure of noncash investing and financing activities:
Offering costs included in accrued expenses	253,400
Offering costs paid by related party under promissory note	149,483
Deferred underwriting commissions	19,206,250
Initial value of Class A ordinary shares subject to possible redemption	526,901,760
Change in value of Class A common shares subject to possible redemption	(20,226,220)
Initial value of derivative warrant liabilities	$ 24,552,920

Description of Organization and

Description of Organization and Business Operations	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Organization and Business Operations	Note 1 — Description of Organization and Business Operations Warburg Pincus Capital Corporation I—B (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on December 1, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”). As of March 31, 2021, the Company had not yet commenced operations. All activity for the period from December 1, 2020 (inception) through March 31, 2021 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company’s sponsor is Warburg Pincus Capital Corporation I—B Sponsor, L.P., a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on March 4, 2021. On March 9, 2021, the Company consummated its Initial Public Offering of 54,875,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including the partial exercise of the underwriters’ option to purchase 4,875,000 additional Units (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of approximately $548.8 million, and incurring offering costs of approximately $30.8 million, of which approximately $19.2 million was for deferred underwriting commissions (Note 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 9,316,666 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $14.0 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, approximately $548.8 million ($ 10.00 acting as trustee and invested in United States government treasury bills with a maturity of 2a-7 The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. The Company will provide its holders of Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (ASC 480”). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which will be adopted by the Company upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, executive officers, directors and director nominees agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or March 9, 2023 (the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Liquidity and Capital Resources As of March 31, 2021, the Company had approximately $1.2 million in its operating bank account, and working capital of approximately $2.2 million. The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares, a loan of approximately $153,000 from the Sponsor pursuant to the Note (as defined in Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company repaid the Note in full on March 9, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as defined in Note 4). As of March 31, 2021, there were Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or for any future period. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Current Report on Form 8-K In April 2021, the Company identified a misstatement in its accounting treatment for warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants (collectively, the “Warrants”) as presented in its audited balance sheet as of March 9, 2021 included in its Current Report on Form 8-K, Accounting Changes and Error Corrections Bulletin 99, “Materiality” (“SAB 99”) issued paid-in Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. As of March 31, 2021 and December 31, 2020, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements” approximates the carrying amounts represented in the balance sheet. Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The 10,975,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 9,316,666 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust s re-measurement non-current Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred and presented as non-operating Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021 and December 31, 2020, and 0 Class A ordinary shares subject to possible redemption are presented as temporary equity, respectively, outside of the shareholders’ equity section of the Company’s condensed balance sheets. Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not amounts accrued for interest and penalties as of March 31, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement s At March 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then participate in the earnings. As a result, diluted income per common share is the same as basic net income per common share for the period presented. Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of shares of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,291,666 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s unaudited condensed statement of operations includes a presentation of income (loss) per ordinary share for ordinary shares subject to possible redemption in a manner similar to the two-class Net income (loss) per ordinary share, basic and diluted, for Class B ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss attributed to Class A ordinary shares, by the weighted average number of shares of Class B ordinary shares outstanding for the period. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) ’ s Own Equity (Subtopic 815-40): ’ s Own Equity 2020-06”), 2020-06 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

Initial Public Offering

Initial Public Offering	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Initial Public Offering	Note 3 — Initial Public Offering On March 9, 2021, the Company consummated its Initial Public Offering of 54,875,000 Units, including the partial exercise of the underwriters’ option to purchase 4,875,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of approximately $548.8 million, and incurring offering costs of approximately $30.8 million, of which approximately $19.2 million was for deferred underwriting commissions. Each Unit consists of one Class A ordinary share and one-fifth (see Note 7

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 4 — Related Party Transactions Founder Shares On December 9, 2020, the Sponsor paid an aggregate of $25,000 to cover for certain expenses on behalf of the Company in exchange for issuance of 14,375,000 ordinary shares (the “Founder Shares”). In February 2021, the Sponsor transferred 35,000 Founder Shares to an independent director. The Sponsor agreed to forfeit up to an aggregate of 1,875,000 Founder Shares, on a pro rata basis, to the extent that the option to purchase additional Units is not exercised in full by the underwriters, so that the Founder Shares will represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. On March 9, 2021, the underwriters partially exercised the over-allotment option to purchase an additional 4,875,000 Units and on April 18, 2021, the over-allotment option on the remaining Units expired unexercised by the underwriters; thus, 656,250 Class B ordinary shares were subsequently forfeited. The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (1) one year after the completion of the initial Business Combination; and (2) subsequent to the initial Business Combination (x) if the last reported sale price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 9,316,666 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $14.0 million. Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. Related Party Loans On December 9, 2020, the Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lenders’ discretion, up to $1.5 million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. As of March 31, 2021 and December 31, 2020, the Company Administrative Services Agreement Commencing on the date that the Company’s securities were first listed on the New York Stock Exchange through the earlier of consummation of the initial Business Combination or its liquidation, the Company agreed to reimburse the Sponsor or an affiliate of the Sponsor for office space, secretarial and administrative services provided to the Company in the amount of $10,000 per month. For the three months ended March 31, 2021, the Company incurred expenses of $10,000 under this agreement. As of March 31, 2021 and December 31, 2020, the Company had accrued approximately and $0, respectively, for services in connection with such agreement on the accompanying condensed balance sheets. In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any out-of-pocket

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 — Commitments and Contingencies Registration Rights The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital) were entitled to registration rights pursuant to a registration rights agreement signed upon the effective date of the Initial Public Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $11.0 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $19.2 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 6 — Shareholders’ Equity Preference Shares per share. As of March 31, 2021 and December 31, 2020 , there were no preference shares issued or outstanding. Class A Ordinary Shares per share. As of March 31, 2021 and December 31, 2020, there were 4,207,446 and 0 Class A ordinary shares issued and outstanding, respectively, excluding and 0 Class A ordinary shares subject to possible redemption, respectively. Class B Ordinary Shares per share. As of March 31, 2021 and December 31, 2020, there were Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided that, prior to the initial Business Combination, holders of Class B ordinary shares will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of Class A ordinary shares will not be entitled to vote on the appointment of directors during such time. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted one-to-one.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2021
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 7—Warrants As of March 31, 2021 and December 31, 2020, the Company had 10,975,000 and 0 Public Warrants and 9,316,666 and 0 Private Placement Warrants outstanding, respectively. Public Warrants may only be exercised for a whole number of shares. No The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable, Redemption of Warrants When the Price Per Class A Ordinary Share Equals Or Exceeds $18.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder; and • if, and only if, the last reported sale price (the “closing price”) of Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day Redemption of Warrants When the Price Per Class A Ordinary Share Equals Or Exceeds $10.00: Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and • if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of Class A ordinary shares shall mean the volume-weighted average price of Class A ordinary shares for the 10 trading days following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8 — Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. As of December 31, 2020, there were no assets or liabilities that are measured at fair value on a recurring basis. Description Quoted Prices in Active (Level 1) Significant Other Significant Other (Level 3) Assets: Investments held in Trust Account - money market funds $ 548,752,534 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 10,865,250 Derivative warrant liabilities - Private placement warrants $ — $ — $ 9,223,500 Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. There were no transfers to/from Levels 1, 2, and 3 during the three months ended March 31, 2021. Level 1 assets include investments in money market funds that invest solely in U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments. For periods where no observable traded price was available, the fair value of the Public and Private Placement Warrants, issued in connection with the Public Offering, has been estimated using a binomial lattice model. For periods subsequent to the detachment of the Public Warrants from the Units, the Public Warrants’ traded market price was used as the fair value. The estimated fair value of the Public and Private Placement Warrants, prior to Public Warrants being traded in an active market, is determined using Level 3 inputs. Inherent in a binomial lattice model are assumptions related to the Unit price, expected volatility, risk-free interest rate, term to expiration, and dividend yield. The Unit price is based on the publicly traded price of the Units as of the measurement date. The Company estimated the volatility for the Public and Private Placement Warrants based on the implied volatility from the traded prices of warrants issued by other special purpose acquisition companies. The risk-free interest rate is based on interpolated U.S. Treasury rates, commensurate with a similar term to the Public and Private Placement Warrants. The term to expiration was calculated as the contractual term of the Public and Private Placement Warrants, assuming one The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: March 9, 2021 March 31, 202 1 Exercise price $ 11.50 $ 11.50 Unit price $ 10.07 $ 9.98 Volatility 17.0 % 14.5 % Term (years) 6.0 5.9 Risk-free rate 1.03 % 1.15 % The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three months ended March 31, 2021 is summarized as follows: Derivative warrant liabilities at January 1, 2021 $ — Issuance of Public and Private Warrants 24,552,920 Change in fair value of derivative warrant liabilities (4,464,170 ) Derivative warrant liabilities at March 31, 2021 $ 20,088,750

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 9 — Subsequent Events On April 26, 2021, the Public Shares and Public Warrants underlying the Units sold in the IPO began trading separately. The Company has evaluated subsequent events and transactions that occurred up to the date the unaudited condensed financial statements were issued. Based upon this review, except as noted above, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or for any future period. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Current Report on Form 8-K In April 2021, the Company identified a misstatement in its accounting treatment for warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants (collectively, the “Warrants”) as presented in its audited balance sheet as of March 9, 2021 included in its Current Report on Form 8-K, Accounting Changes and Error Corrections Bulletin 99, “Materiality” (“SAB 99”) issued paid-in
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation limit of $250,000. As of March 31, 2021 and December 31, 2020, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of March
Investments Held in the Trust Account	Investments Held in the Trust Account The Company’s portfolio of investments held in the Trust Account is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements” approximates the carrying amounts represented in the balance sheet.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: • Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; • Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative Warrant Liabilities	Derivative Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed The 10,975,000 warrants issued in connection with the Initial Public Offering (the “Public Warrants”) and the 9,316,666 Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust s re-measurement non-current
Offering Costs Associated with the Initial Public Offering	Offering Costs Associated with the Initial Public Offering Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities are expensed as incurred and presented as non-operating
Class A Ordinary Shares Subject to Possible Redemption	Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, as of March 31, 2021 and December 31, 2020, and 0 Class A ordinary shares subject to possible redemption are presented as temporary equity, respectively, outside of the shareholders’ equity section of the Company’s condensed balance sheets.
Income Taxes	Income Taxes The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not amounts accrued for interest and penalties as of March 31, 2021 and December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statement s At March 31, 2021, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then participate in the earnings. As a result, diluted income per common share is the same as basic net income per common share for the period presented.
Net Income (Loss) per Ordinary Share	Net Income (Loss) per Ordinary Share Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of shares of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 20,291,666 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The Company’s unaudited condensed statement of operations includes a presentation of income (loss) per ordinary share for ordinary shares subject to possible redemption in a manner similar to the two-class Net income (loss) per ordinary share, basic and diluted, for Class B ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss attributed to Class A ordinary shares, by the weighted average number of shares of Class B ordinary shares outstanding for the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) ’ s Own Equity (Subtopic 815-40): ’ s Own Equity 2020-06”), 2020-06 The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. As of December 31, 2020, there were no assets or liabilities that are measured at fair value on a recurring basis. Description Quoted Prices in Active (Level 1) Significant Other Significant Other (Level 3) Assets: Investments held in Trust Account - money market funds $ 548,752,534 $ — $ — Liabilities: Derivative warrant liabilities - Public warrants $ 10,865,250 Derivative warrant liabilities - Private placement warrants $ — $ — $ 9,223,500
Summary of Fair Value Measurements Inputs	The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: March 9, 2021 March 31, 202 1 Exercise price $ 11.50 $ 11.50 Unit price $ 10.07 $ 9.98 Volatility 17.0 % 14.5 % Term (years) 6.0 5.9 Risk-free rate 1.03 % 1.15 %
Summary of Change in the Fair Value of Derivative Warrant Liabilities	The change in the fair value of the derivative warrant liabilities, measured using Level 3 inputs, for the three months ended March 31, 2021 is summarized as follows: Derivative warrant liabilities at January 1, 2021 $ — Issuance of Public and Private Warrants 24,552,920 Change in fair value of derivative warrant liabilities (4,464,170 ) Derivative warrant liabilities at March 31, 2021 $ 20,088,750

Description of Organization a_2

Description of Organization and Business Operations - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Mar. 09, 2021	Dec. 09, 2020	Mar. 31, 2021
Organization consolidation and presentation of financial statements [line items]
Share price	$ 18			$ 18
Proceeds from issuance of IPO				$ 548,750,000
Deferred underwriting commissions	$ 19,206,250			19,206,250
Proceeds from issuance of private placement				13,975,001
Payment to acquire restricted investments				$ 548,750,000
Restricted investments term		185 days
Percentage of public shares to be redeemed on non-completion of business combination	100.00%			100.00%
Lock in period for redemption of public shares after closing of IPO	24 months
Dissolution expense	$ 100,000
Cash	1,246,648			$ 1,246,648
Working capital (deficit)	$ 2,200,000			2,200,000
Sponsor [Member]
Organization consolidation and presentation of financial statements [line items]
Minimum share price of the residual assets remaining available for distribution	$ 10
Proceeds from unsecured and non-interest bearing promissory note	$ 153,000
Due to related parties current	0			$ 0
Sponsor [Member] | Founder Shares [Member]
Organization consolidation and presentation of financial statements [line items]
Proceeds from issuance of common stock	$ 25,000
Maximum [Member]
Organization consolidation and presentation of financial statements [line items]
Share price	$ 10			$ 10
Minimum [Member]
Organization consolidation and presentation of financial statements [line items]
Percentage of fair market value of target business to asset held in trust account	80.00%
Percentage of voting interests acquired	50.00%			50.00%
Net tangible assets required for consummation of business combination	$ 5,000,001			$ 5,000,001
Percentage of redeeming shares of public shares without the company's prior written consent	15.00%
Private Placement Warrants [Member]
Organization consolidation and presentation of financial statements [line items]
Class of warrants and rights issued during the period		9,316,666
Class of warrants and rights issued, price per warrant		$ 1.50
Proceeds from issuance of private placement		$ 14,000,000
IPO [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares		54,875,000
Share price		$ 10
Proceeds from issuance of IPO		$ 548,800,000
Offering cost		30,800,000
Deferred underwriting commissions		19,200,000
Payment to acquire restricted investments		$ 548,800,000
Over-Allotment Option [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares		4,875,000
Common Class A [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares				54,875,000
Common Class A [Member] | IPO [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares		54,875,000
Share price		$ 10
Proceeds from issuance of IPO		$ 548,800,000
Common Class A [Member] | Over-Allotment Option [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares		4,875,000
Common Class B [Member] | Sponsor [Member] | Founder Shares [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares			14,375,000
Common Class B [Member] | Over-Allotment Option [Member]
Organization consolidation and presentation of financial statements [line items]
Stock issued during period shares		4,875,000
Public Shares [Member]
Organization consolidation and presentation of financial statements [line items]
Share price	$ 10			$ 10

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 09, 2021	Mar. 31, 2021	Dec. 31, 2020
Additional paid-in capital		$ 1,489,032	$ 23,562
Retained earnings (accumulated deficit)		3,509,115	(13,242)
FDIC insured amount		250,000
Cash equivalents		0	0
Restricted investments term	185 days
Unrecognized tax benefits		0	0
Accrued for interest and penalties		$ 0	$ 0
Warrant [Member]
Antidilutive securities excluded from computation of earnings per share, amount		20,291,666
Public Warrants [Member]
Number of warrants or rights outstanding		10,975,000	0
Private Placement Warrants [Member]
Number of warrants or rights outstanding		9,316,666	0
US Government Securities [Member]
Restricted investments term		185 days
Maximum [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]
Warrants and rights outstanding	$ 24,600,000
Additional paid-in capital	756,940
Retained earnings (accumulated deficit)	756,940
Common Class A [Member]
Temporary equity shares outstanding		0	0
Temporary equity, net income		$ 2,533
Common Class A [Member] | Revision of Prior Period, Error Correction, Adjustment [Member]
Redeemable non-controlling interest, equity, carrying amount	$ (24,600,000)

Initial Public Offering - Addit

Initial Public Offering - Additional Information (Details) - USD ($)	Mar. 09, 2021	Mar. 31, 2021
Share price		$ 18
Proceeds from issuance of IPO		$ 548,750,000
Deferred underwriting commissions non-current		$ 19,206,250
Public Warrants [Member]
Exercise price of warrant		$ 11.50
IPO [Member]
Stock issued during period shares	54,875,000
Share price	$ 10
Proceeds from issuance of IPO	$ 548,800,000
Offering cost	30,800,000
Deferred underwriting commissions non-current	$ 19,200,000
Over-Allotment Option [Member]
Stock issued during period shares	4,875,000
Common Class A [Member]
Stock issued during period shares		54,875,000
Stock conversion basis	one-fifth of one
Exercise price of warrant		$ 10
Common Class A [Member] | Public Warrants [Member]
Shares issuable per warrant	1
Exercise price of warrant	$ 11.50
Common Class A [Member] | IPO [Member]
Stock issued during period shares	54,875,000
Share price	$ 10
Proceeds from issuance of IPO	$ 548,800,000
Common Class A [Member] | Over-Allotment Option [Member]
Stock issued during period shares	4,875,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Apr. 16, 2021	Mar. 09, 2021	Feb. 21, 2021	Dec. 09, 2020	Mar. 31, 2021	Dec. 31, 2020	Apr. 18, 2021
Related Party Transaction [Line Items]
Proceeds received from private placement					$ 13,975,001
Minimum lock in period for transfer, assign or sell warrants after completion of IPO					30 days
Debt instrument, face amount				$ 300,000
Expenses incurred for the period					$ 10,000
Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
Expenses incurred for the period					10,000
Accrued expenses for services					10,000	$ 0
Working Capital Loan [Member]
Related Party Transaction [Line Items]
Debt instrument convertible into warrants				$ 1,500,000
Debt instrument conversion price				$ 1.50
Due to related parties current					0	$ 0
Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of warrants and rights issued during the period		9,316,666
Class of warrants and rights issued, price per warrant		$ 1.50
Proceeds received from private placement		$ 14,000,000
IPO [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues		54,875,000
Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues		4,875,000
Sponsor [Member]
Related Party Transaction [Line Items]
Due to related parties current					0
Sponsor [Member] | Office Space Administrative and Support Services [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction					$ 10,000
Sponsor [Member] | Promissory Note [member]
Related Party Transaction [Line Items]
Proceeds from related party debt		$ 153,000
Debt instrument interest rate				0.00%
Sponsor [Member] | Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Exercise price of warrant					$ 11.50
Minimum lock in period for transfer, assign or sell warrants after completion of IPO					30 days
Founder shares [Member] | IPO [Member]
Related Party Transaction [Line Items]
Common stock, threshold percentage on conversion of shares			20.00%
Founder shares [Member] | Over-Allotment Option [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues	4,875,000
Founder shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Shares issued, shares, share-based payment arrangement, forfeited			1,875,000
Independent Directors [Member] | Founder shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues			35,000
Common Class A [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues					54,875,000
Temporary equity shares outstanding					0	0
Exercise price of warrant					$ 10
Common Class A [Member] | Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of warrant or right, number of securities called by warrants or rights					1
Common Class A [Member] | IPO [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues		54,875,000
Common Class A [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues		4,875,000
Common Class A [Member] | Sponsor [Member] | Share Price More Than Or Equals To $12.00 [Member]
Related Party Transaction [Line Items]
Share transfer, trigger per share					$ 12
Number of consecutive trading days for determining share price					20 days
Number of trading days for determining share price.					30 days
Threshold number of trading days for determining share price from date of business combination					150 days
Common Class A [Member] | Founder shares [Member]
Related Party Transaction [Line Items]
Common stock, threshold percentage on conversion of shares					20.00%
Common Class B [Member]
Related Party Transaction [Line Items]
Shares issued, shares, share-based payment arrangement, forfeited					1,875,000
Temporary equity shares outstanding					1,875,000
Common Class B [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues		4,875,000
Common Class B [Member] | Sponsor [Member] | Over-Allotment Option [Member]
Related Party Transaction [Line Items]
Temporary equity shares outstanding		656,250
Common Class B [Member] | Founder shares [Member] | Sponsor [Member]
Related Party Transaction [Line Items]
Stock issued during period, value, issued for services				$ 25,000
Stock issued during period, shares, new issues				14,375,000
Common Class B [Member] | Founder shares [Member] | Sponsor [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Temporary equity shares outstanding							656,250

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Mar. 09, 2021	Mar. 31, 2021
Commitments And Contingencies Disclosure [Line Items]
Underwriting discount paid per unit		$ 0.20
Underwriting expense paid		$ 11,000,000
Deferred underwriting commission per unit		$ 0.35
Deferred underwriting commissions		$ 19,206,250
Over-Allotment Option [Member]
Commitments And Contingencies Disclosure [Line Items]
Stock shares issued during the period	4,875,000
Common Class A [Member]
Commitments And Contingencies Disclosure [Line Items]
Stock shares issued during the period		54,875,000
Common Class A [Member] | Over-Allotment Option [Member]
Commitments And Contingencies Disclosure [Line Items]
Over-allotment option vesting period	45 days
Stock shares issued during the period	4,875,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - $ / shares	Mar. 09, 2021	Dec. 09, 2020	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock shares authorized			5,000,000	5,000,000
Preferred stock par or stated value per share			$ 0.0001	$ 0.0001
Preferred stock shares issued			0	0
Preferred stock shares outstanding			0	0
Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock issued during period shares	4,875,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized			500,000,000	500,000,000
Common stock par or stated value per share			$ 0.0001	$ 0.0001
Common stock shares issued			4,207,446	0
Common stock shares outstanding			4,207,446	0
Temporary equity shares outstanding			0	0
Class A Shares subject to possible redemption, Shares			50,667,554
Stock conversion basis	one-fifth of one
Stock issued during period shares			54,875,000
Common Class A [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock issued during period shares	4,875,000
Common Class A [Member] | Founder Shares [Member]
Class of Stock [Line Items]
Common stock, threshold percentage on conversion of shares			20.00%
Stock conversion basis			one vote for each share
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized			50,000,000	50,000,000
Common stock par or stated value per share			$ 0.0001	$ 0.0001
Common stock shares issued			14,375,000	14,375,000
Common stock shares outstanding			14,375,000	14,375,000
Temporary equity shares outstanding			1,875,000
Percentage of ownership held by initial shareholders			20.00%
Common Class B [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock issued during period shares	4,875,000
Common Class B [Member] | Sponsor [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Temporary equity shares outstanding	656,250
Common Class B [Member] | Founder Shares [Member] | Sponsor [Member]
Class of Stock [Line Items]
Stock issued during period shares		14,375,000

Warrants - Additional Informati

Warrants - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 09, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Minimum lock in period for transfer, assign or sell warrants after completion of IPO	30 days
Share price	$ 18
Share Price Equal or Less $9.20 per dollar [Member]
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price adjustment percentage higher of market value	115.00%
Share Price Equal or Exceeds $18.00 per dollar [Member]
Class of Warrant or Right [Line Items]
Share redemption trigger price	$ 18
Class of warrants, redemption notice period	30 days
Share Price Equal or Less $10.00 per dollar [Member]
Class of Warrant or Right [Line Items]
Share redemption trigger price	$ 10
Common Class A [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant	10
Common Class A [Member] | Redemption of Warrants [Member]
Class of Warrant or Right [Line Items]
Common stock, convertible, conversion price	0.361
Common Class A [Member] | Share Price Equal or Less $9.20 per dollar [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant	9.20
Share redemption trigger price	$ 9.20
Minimum percentage gross proceeds required from issuance of equity	60.00%
Class of warrant or right, minimum notice period for redemption	20 days
Common Class A [Member] | Share Price Equal or Exceeds $18.00 per dollar [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant	$ 18
Common Class A [Member] | Share Price Equal or Exceeds $18.00 per dollar [Member] | Redemption of Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrants, redemption price per unit	$ 0.01
Class of warrants, redemption notice period	30 days
Share price	$ 18
Number of consecutive trading days for determining share price	20 days
Number of trading days for determining share price.	30 days
Common Class A [Member] | Share Price Equal or Less $10.00 per dollar [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant	$ 10
Class of warrant or right, exercise price adjustment percentage higher of market value	180.00%
Class of warrants, redemption notice period	10 days
Common Class A [Member] | Share Price Equal or Less $10.00 per dollar [Member] | Redemption of Warrants [Member]
Class of Warrant or Right [Line Items]
Class of warrants, redemption price per unit	$ 0.10
Class of warrants, redemption notice period	30 days
Share price	$ 10
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants or rights outstanding	10,975,000		0
Warrants exercisable term from the date of completion of business combination	30 days
Warrants exercisable term from the closing of IPO	12 months
Minimum lock in period for SEC registration from date of business combination	15 days
Minimum lock in period to become effective after the closing of the initial business combination	60 days
Exercise price of warrant	$ 11.50
Warrants and rights outstanding, term	5 days
Public Warrants [Member] | Common Class A [Member]
Class of Warrant or Right [Line Items]
Exercise price of warrant		$ 11.50
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants or rights outstanding	9,316,666		0

Fair Value Measurement - Summar

Fair Value Measurement - Summary of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member]	Mar. 31, 2021USD ($)
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments held in Trust Account	$ 548,752,534
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities	10,865,250
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative warrant liabilities	$ 9,223,500

Fair Value Measurement - Summ_2

Fair Value Measurement - Summary of Fair Value Measurements Inputs (Detail) - Level 3 [Member]	Mar. 31, 2021$ / sharesyr	Mar. 09, 2021$ / sharesyr
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	11.50	11.50
Unit price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	9.98	10.07
Volatility %
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	14.5	17
Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input | yr	5.9	6
Risk-free rate %
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Measurement Input	1.15	1.03

Fair Value Measurement - Summ_3

Fair Value Measurement - Summary of Change in the Fair Value of Derivative Warrant Liabilities (Detail) - Level 3 [Member]	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative warrant liabilities at January 1, 2021
Issuance of Public and Private Warrants	24,552,920
Change in fair value of derivative warrant liabilities	(4,464,170)
Derivative warrant liabilities at March 31, 2021	$ 20,088,750