0001628280-21-016637 | S-1 | XBRL Viewer

General and administrative expenses

$ 2,963,134

$ 28,405

$ 45,779

$ 3,409,559

$ 299,873

Administrative expenses - related party

30,000

60,000

50,000

Loss from operations

(2,993,134)

(28,405)

(45,779)

(3,469,559)

(349,873)

Net (loss) income

(8,396,000)

(80,956,000)

(623,479,000)

$ (97,418,000)

Change in fair value of derivative warrant liabilities

(18,834,160)

3,303,710

(28,525,220)

Financing costs allocated to derivative warrant liabilities

(964,140)

Interest earned on investments held in Trust Account

10,329

58,984

209,593

(21,816,965)

(28,405)

$ (45,779)

(106,865)

(45,779)

(29,629,640)

Net revenue

141,884,000

81,905,000

261,225,000

157,739,000

$ 360,793,000

$ 265,398,000

$ 232,865,000

Related party revenue

246,000

890,000

619,000

1,438,000

3,386,000

6,825,000

5,583,000

Total net revenue

142,130,000

82,795,000

261,844,000

159,177,000

364,179,000

272,223,000

238,448,000

General and administrative expenses

Cost of revenue

26,826,000

27,477,000

159,638,000

42,158,000

154,605,000

^[1],[2]

42,553,000

^[1],[2]

57,642,000

^[1],[2]

Sales and marketing

56,926,000

49,241,000

148,711,000

89,573,000

214,257,000

^[1],[2]

106,094,000

^[1],[2]

97,332,000

^[1],[2]

64,661,000

84,498,000

572,090,000

120,951,000

526,561,000

^[1],[2]

91,669,000

^[1],[2]

58,215,000

^[1],[2]

Research and development

1,927,000

1,190,000

3,705,000

2,217,000

4,770,000

^[2]

3,672,000

^[2]

2,303,000

^[2]

Depreciation and amortization

696,000

662,000

1,447,000

1,273,000

2,553,000

2,334,000

2,534,000

Related party expense

27,000

(17,000)

47,000

32,000

122,000

331,000

2,096,000

Total operating expenses

151,063,000

163,051,000

885,638,000

256,204,000

902,868,000

246,653,000

220,122,000

Loss from operations

(8,933,000)

(80,256,000)

(623,794,000)

(97,027,000)

(538,689,000)

25,570,000

18,326,000

Other (expense) income, net

530,000

(1,067,000)

303,000

(863,000)

(2,879,000)

865,000

278,000

Interest income, net

7,000

367,000

12,000

472,000

477,000

1,558,000

67,000

Net (loss) income

(8,396,000)

(80,956,000)

(623,479,000)

(97,418,000)

(541,091,000)

27,993,000

18,671,000

Net (loss) income attributable to non-controlling interests

(501,000)

(911,000)

(1,131,000)

(872,000)

(2,718,000)

36,000

70,000

Net (loss) income per unit – basic and diluted:

(7,895,000)

(80,045,000)

(622,348,000)

(96,546,000)

(538,373,000)

27,957,000

18,601,000

Vested Class B units and change in fair value of Class B liability awards

46,989,000

72,870,000

642,413,000

61,054,000

Profits distributions to Class B unitholders

456,000

5,757,000

6,107,000

38,070,000

Total stock-based compensation expense

$ 47,445,000

$ 78,627,000

$ 648,520,000

99,124,000

553,600,000

20,439,000

28,212,000

Common Class A

Basic weighted average shares outstanding (in shares)

$ 210,000

41,400,000

Diluted weighted average shares outstanding (in shares)

41,400,000

Net (loss) income per unit – basic and diluted:

$ 0.00

$ 0

$ 0.00

$ 0.01

Common Class A | Marketwise, LLC

$ 0.00

$ 0

$ 0.00

$ 0.01

Basic weighted average shares outstanding (in shares)

$ (7,895,000)

$ (80,045,000)

$ (622,348,000)

$ (96,546,000)

$ (538,373,000)

$ 24,819,000

$ 18,601,000

528,519

547,466

528,519

548,596

548,028

594,327

611,547,000

Diluted weighted average shares outstanding (in shares)

528,519

547,466

528,519

548,596

548,028

594,327

611,547,000

Net (loss) income per unit – basic and diluted:

Distributed earnings per unit - basic (in usd per share)

$ 2.23

$ 15.30

$ 28.57

$ 120.57

$ 185.70

$ 34.44

$ 36.00

Distributed earnings per unit - diluted (in usd per share)

2.23

15.30

28.57

120.57

185.70

34.44

36.00

Undistributed earnings (loss) per unit - basic (in usd per share)

(17.17)

(161.51)

(1,206.10)

(296.56)

(1,168.08)

7.36

(5.59)

Undistributed earnings (loss) per unit - diluted (in usd per share)

(17.17)

(161.51)

(1,206.10)

(296.56)

(1,168.08)

7.36

(5.59)

(14.94)

(146.21)

(1,177.53)

(175.99)

(982.38)

41.80

30.42

$ (14.94)

$ (146.21)

$ (1,177.53)

$ (175.99)

$ (982.38)

$ 41.80

$ 30.42

Common Class B

Basic weighted average shares outstanding (in shares)

$ (350,000)

10,350,000

Diluted weighted average shares outstanding (in shares)

10,350,000

Net (loss) income per unit – basic and diluted:

$ (2.11)

$ 0.00

$ (0.02)

$ (2.88)

Common Class B | Marketwise, LLC

$ (2.11)

$ 0.00

$ (0.02)

$ (2.88)

Basic weighted average shares outstanding (in shares)

$ 456,000

$ 5,757,000

$ 6,107,000

$ 38,070,000

$ 78,398,000

$ 17,969,000

$ 17,135,000

526,580

496,732

526,580

495,201

495,971

416,369

395,000,000

Diluted weighted average shares outstanding (in shares)

526,580

496,732

526,580

495,201

495,971

416,369

395,000,000

Net (loss) income per unit – basic and diluted:

Distributed earnings per unit - basic (in usd per share)

$ 0.87

$ 11.59

$ 11.60

$ 76.88

$ 158.07

$ 35.62

$ 43.38

Distributed earnings per unit - diluted (in usd per share)

0.87

11.59

11.60

76.88

158.07

35.62

43.38

Undistributed earnings (loss) per unit - basic (in usd per share)

7.48

Undistributed earnings (loss) per unit - diluted (in usd per share)

7.48

0.87

11.59

11.60

76.88

158.07

43.10

43.38

Vested Class B units and change in fair value of Class B liability awards

$ 0.87

$ 11.59

$ 11.60

$ 76.88

$ 158.07

$ 43.10

$ 43.38

$ 475,202,000

$ 5,608,000

$ 11,077,000

Profits distributions to Class B unitholders

78,398,000

14,831,000

17,135,000

Total stock-based compensation expense

$ 553,600,000

$ 20,439,000

$ 28,212,000

[1]	(1) Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 12):
[2]	(2) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net (loss) income	$ (8,396)	$ (80,956)	$ (623,479)	$ (97,418)
Other comprehensive (loss) income:
Cumulative translation adjustment	(84)	103	(101)	27
Marketwise, LLC
Net (loss) income	(8,396)	(80,956)	(623,479)	(97,418)	$ (541,091)	$ 27,993	$ 18,671
Other comprehensive (loss) income:
Cumulative translation adjustment			(101)	27	(14)	(41)	38
Total comprehensive (loss) income	$ (8,480)	$ (80,853)	$ (623,580)	$ (97,391)	$ (541,105)	$ 27,952	$ 18,709

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Statements of Changes in Shareholders Equity - USD ($)	Total	Marketwise, LLC	Class A	Class A Marketwise, LLC	Class B	Class B Marketwise, LLC	Ordinary Shares	Ordinary Shares Class A	Ordinary Shares Class B	Additional Paid-in Capital	Accumulated Deficit	Class A Members’ units Marketwise, LLC	Accumulated Other Comprehensive Income (Loss) Marketwise, LLC	Total Members’ Deficit Marketwise, LLC	Noncontrolling Interest Marketwise, LLC
Members' equity (deficit), beginning balance		$ (265,742,000)										$ (264,203,000)	$ 0	$ (264,203,000)	$ (1,539,000)
Class A members' units, outstanding, beginning (in shares) at Dec. 31, 2017												631,547
Class A units transferred to Class B (in shares)												(20,000)
Cumulative translation adjustment		38,000											38,000	38,000
Distributions		(26,238,000)										$ (22,017,000)		(22,017,000)	(4,221,000)
Net (loss) income		18,671,000										$ 18,601,000		18,601,000	70,000
Net income (loss)		18,601,000		$ 18,601,000		$ 17,135,000
Class A members' units, outstanding, ending (in shares) at Dec. 31, 2018												611,547
Members' equity (deficit), ending balance at Dec. 31, 2018		(273,271,000)										$ (267,619,000)	38,000	(267,581,000)	(5,690,000)
Members' equity (deficit), beginning balance		(273,271,000)										$ (267,619,000)	38,000	(267,581,000)	(5,690,000)
Class A units transferred to Class B (in shares)												(25,126)
Cumulative translation adjustment		(41,000)											(41,000)	(41,000)
Transaction costs for acquisition of noncontrolling interest - Tradesmith		(443,000)													(443,000)
Minority interest share exchange - Casey Research (in shares)												18,931
Minority interest share exchange - Casey Research		0										$ (2,160,000)		(2,160,000)	2,160,000
Distributions		(22,302,000)										(20,471,000)		(20,471,000)	(1,831,000)
Net (loss) income		27,993,000										$ 27,957,000		27,957,000	36,000
Net income (loss)		$ 27,957,000		24,819,000		17,969,000
Class A members' units, outstanding, ending (in shares) at Dec. 31, 2019		605,352										605,352
Members' equity (deficit), ending balance at Dec. 31, 2019		$ (268,064,000)										$ (262,293,000)	(3,000)	(262,296,000)	(5,768,000)
Members' equity (deficit), beginning balance		(268,064,000)										$ (262,293,000)	(3,000)	(262,296,000)	(5,768,000)
Class A units transferred to Class B (in shares)												(57,886)
Cumulative translation adjustment	$ 27,000	27,000											27,000	27,000
Acquisition of noncontrolling interest		(9,164,000)										$ (12,295,000)		(12,295,000)	3,131,000
Distributions		(66,568,000)										(66,145,000)		(66,145,000)	(423,000)
Net (loss) income	(97,418,000)	(97,418,000)										$ (96,546,000)		(96,546,000)	(872,000)
Net income (loss)	(45,779)	(96,546,000)		(96,546,000)		38,070,000
Ending balance (in shares) at Jun. 30, 2020								0	10,350,000
Class A members' units, outstanding, ending (in shares) at Jun. 30, 2020												547,466
Ending balance at Jun. 30, 2020	(20,779)							$ 0	$ 1,035	$ 23,965	$ (45,779)
Members' equity (deficit), ending balance at Jun. 30, 2020		$ (441,187,000)										$ (437,279,000)	24,000	(437,255,000)	(3,932,000)
Class A members' units, outstanding, beginning (in shares) at Dec. 31, 2019		605,352										605,352
Class A units transferred to Class B (in shares)												(57,886)
Cumulative translation adjustment		$ (14,000)												(14,000)
Acquisition of noncontrolling interest		(9,164,000)										$ (12,295,000)		(12,295,000)	3,131,000
Distributions		(102,277,000)										(101,767,000)		(101,767,000)	(510,000)
Net (loss) income		(541,091,000)										$ (538,373,000)		(538,373,000)	(2,718,000)
Net income (loss)		$ (538,373,000)		(538,373,000)		78,398,000
Ending balance (in shares) at Dec. 31, 2020								7,203,401	10,350,000
Class A members' units, outstanding, ending (in shares) at Dec. 31, 2020		547,466										547,466
Ending balance at Dec. 31, 2020	5,000,003							$ 720	$ 1,035	34,627,888	(29,629,640)
Members' equity (deficit), ending balance at Dec. 31, 2020		$ (920,610,000)										$ (914,728,000)	(17,000)	(914,745,000)	(5,865,000)
Beginning balance (in shares) at Feb. 10, 2020								0	0
Beginning balance at Feb. 10, 2020	0							$ 0	$ 0	0	0
Issuance of Class B ordinary shares to Sponsor (in shares)									10,350,000
Issuance of Class B ordinary shares to Sponsor	25,000								$ 1,035	23,965
Net income (loss)	(17,374)										(17,374)
Ending balance (in shares) at Mar. 31, 2020								0	10,350,000
Ending balance at Mar. 31, 2020	7,626							$ 0	$ 1,035	23,965	(17,374)
Beginning balance (in shares) at Feb. 10, 2020								0	0
Beginning balance at Feb. 10, 2020	0							$ 0	$ 0	0	0
Net income (loss)	(45,779)
Ending balance (in shares) at Jun. 30, 2020								0	10,350,000
Class A members' units, outstanding, ending (in shares) at Jun. 30, 2020												547,466
Ending balance at Jun. 30, 2020	(20,779)							$ 0	$ 1,035	23,965	(45,779)
Members' equity (deficit), ending balance at Jun. 30, 2020		$ (441,187,000)										$ (437,279,000)	24,000	(437,255,000)	(3,932,000)
Beginning balance (in shares) at Feb. 10, 2020								0	0
Beginning balance at Feb. 10, 2020	0							$ 0	$ 0	0	0
Beginning balance (in shares) at Feb. 10, 2020								0	0
Beginning balance at Feb. 10, 2020	0							$ 0	$ 0	0	0
Issuance of Class B ordinary shares to Sponsor (in shares)									10,350,000
Issuance of Class B ordinary shares to Sponsor	25,000								$ 1,035	23,965
Sale of units in initial public offering, net of warrant liability (in shares)								41,400,000
Sale of units in initial public offering, net of warrant liability	397,146,750							$ 4,140		397,142,610
Offering costs	(22,433,477)									(22,433,477)
Excess of cash received over fair value of private placement warrants	1,857,360									1,857,360
Shares subject to possible redemption (in shares)								(34,196,599)
Shares subject to possible redemption	(341,965,990)							$ (3,420)		(341,962,570)
Net income (loss)	(29,629,640)		$ 210,000		$ (350,000)		$ (140,000)			0	(29,629,640)
Ending balance (in shares) at Dec. 31, 2020								7,203,401	10,350,000
Class A members' units, outstanding, ending (in shares) at Dec. 31, 2020		547,466										547,466
Ending balance at Dec. 31, 2020	5,000,003							$ 720	$ 1,035	34,627,888	(29,629,640)
Members' equity (deficit), ending balance at Dec. 31, 2020		$ (920,610,000)										$ (914,728,000)	(17,000)	(914,745,000)	(5,865,000)
Beginning balance (in shares) at Feb. 10, 2020								0	0
Beginning balance at Feb. 10, 2020	0							$ 0	$ 0	0	0
Ending balance (in shares) at Mar. 31, 2021								5,032,391	10,350,000
Ending balance at Mar. 31, 2021	5,000,003							$ 503	$ 1,035	12,918,005	(7,919,540)
Beginning balance (in shares) at Mar. 31, 2020								0	10,350,000
Beginning balance at Mar. 31, 2020	7,626							$ 0	$ 1,035	23,965	(17,374)
Cumulative translation adjustment	103,000
Net (loss) income	(80,956,000)	(80,956,000)
Net income (loss)	(28,405)	(80,045,000)		(80,045,000)		5,757,000					(28,405)
Ending balance (in shares) at Jun. 30, 2020								0	10,350,000
Class A members' units, outstanding, ending (in shares) at Jun. 30, 2020												547,466
Ending balance at Jun. 30, 2020	(20,779)							$ 0	$ 1,035	23,965	(45,779)
Members' equity (deficit), ending balance at Jun. 30, 2020		(441,187,000)										$ (437,279,000)	24,000	(437,255,000)	(3,932,000)
Members' equity (deficit), beginning balance		(441,187,000)										(437,279,000)	24,000	(437,255,000)	(3,932,000)
Members' equity (deficit), beginning balance		$ (920,610,000)										$ (914,728,000)	(17,000)	(914,745,000)	(5,865,000)
Beginning balance (in shares) at Dec. 31, 2020								7,203,401	10,350,000
Class A members' units, outstanding, beginning (in shares) at Dec. 31, 2020		547,466										547,466
Beginning balance at Dec. 31, 2020	5,000,003							$ 720	$ 1,035	34,627,888	(29,629,640)
Shares subject to possible redemption (in shares)								(2,171,010)
Shares subject to possible redemption	(21,710,100)							$ (217)		(21,709,883)
Net income (loss)	21,710,100										21,710,100
Ending balance (in shares) at Mar. 31, 2021								5,032,391	10,350,000
Ending balance at Mar. 31, 2021	5,000,003							$ 503	$ 1,035	12,918,005	(7,919,540)
Beginning balance (in shares) at Dec. 31, 2020								7,203,401	10,350,000
Class A members' units, outstanding, beginning (in shares) at Dec. 31, 2020		547,466										547,466
Beginning balance at Dec. 31, 2020	5,000,003							$ 720	$ 1,035	34,627,888	(29,629,640)
Class A units transferred to Class B (in shares)												(18,947)
Cumulative translation adjustment	(101,000)	$ (101,000)											(101,000)	(101,000)
Acquisition of noncontrolling interest		810,000													810,000
Distributions		(15,929,000)										$ (15,098,000)		(15,098,000)	(831,000)
Net (loss) income	(623,479,000)	(623,479,000)										$ (622,348,000)		(622,348,000)	(1,131,000)
Net income (loss)	(106,865)	$ (622,348,000)		(622,348,000)		6,107,000
Ending balance (in shares) at Jun. 30, 2021								7,214,088	10,350,000
Class A members' units, outstanding, ending (in shares) at Jun. 30, 2021		528,519										528,519
Ending balance at Jun. 30, 2021	5,000,008							$ 721	$ 1,035	34,734,757	(29,736,505)
Members' equity (deficit), ending balance at Jun. 30, 2021		$ (1,559,309,000)										$ (1,552,174,000)	(118,000)	(1,552,292,000)	(7,017,000)
Beginning balance (in shares) at Mar. 31, 2021								5,032,391	10,350,000
Beginning balance at Mar. 31, 2021	5,000,003							$ 503	$ 1,035	12,918,005	(7,919,540)
Cumulative translation adjustment	(84,000)
Net (loss) income	(8,396,000)	(8,396,000)
Shares subject to possible redemption (in shares)								2,181,697
Shares subject to possible redemption	21,816,970							$ 218		21,816,752
Net income (loss)	(21,816,965)	$ (7,895,000)		$ (7,895,000)		$ 456,000					(21,816,965)
Ending balance (in shares) at Jun. 30, 2021								7,214,088	10,350,000
Class A members' units, outstanding, ending (in shares) at Jun. 30, 2021		528,519										528,519
Ending balance at Jun. 30, 2021	$ 5,000,008							$ 721	$ 1,035	$ 34,734,757	$ (29,736,505)
Members' equity (deficit), ending balance at Jun. 30, 2021		$ (1,559,309,000)										$ (1,552,174,000)	(118,000)	(1,552,292,000)	(7,017,000)
Members' equity (deficit), beginning balance		$ (1,559,309,000)										$ (1,552,174,000)	$ (118,000)	$ (1,552,292,000)	$ (7,017,000)

Condensed Statement of Cash Flows - USD ($)	6 Months Ended		11 Months Ended	12 Months Ended
Condensed Statement of Cash Flows - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net (loss) income	$ (623,479,000)	$ (97,418,000)
Net income (loss)	(106,865)	(45,779)	$ (29,629,640)
Adjustments to reconcile net loss to net cash used in operating activities:
General and administrative expenses paid by related party	0	27,928	28,223
Interest earned on investments held in Trust Account	(58,984)	0	(209,593)
Change in fair value of derivative warrant liabilities			28,525,210
Change in fair value of derivative warrant liabilities	(3,303,710)	0	28,525,220
Financing costs allocated to derivative warrant liabilities			964,140
Changes in operating assets and liabilities:
Related party receivables and payables, net	(3,904)	0	9,750
Prepaid expenses	109,791	(294)	(328,772)
Accounts payable	252,450	13,333	22,120
Accrued expenses	2,666,248	4,812	26,146
Net cash provided by operating activities	(444,974)	0	(592,406)
Cash Flows from Investing Activities:
Principal deposited in Trust Account			(414,000,000)
Net cash (used in) provided by investing activities			(414,000,000)
Cash Flows from Financing Activities:
Principal payments on long-term debt – related party			(159,720)
Proceeds received from initial public offering, gross			414,000,000
Proceeds received from private placement			10,280,000
Offering costs paid			(8,666,120)
Net cash provided by financing activities			415,454,160
Net increase in cash, cash equivalents and restricted cash	(444,974)	0	861,754
Cash, cash equivalents and restricted cash — beginning of year	861,754	0	0	$ 0
Cash, cash equivalents and restricted cash — end of year	416,780	0	861,754	861,754	$ 0
Noncash Investing and Financing Items [Abstract]
Deferred Offering Costs Included In Accounts Payable	0	211,234
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	0	25,000	25,000
Offering costs included in accrued expenses	0	31,255	85,000
Offering costs included in note payable - related party	0	122,541	131,497
Deferred underwriting commissions			14,490,000
Initial value of Class A ordinary shares subject to possible redemption			370,565,620
Change in Value of Class A ordinary shares subject to possible redemption	(106,870)	0	(28,599,630)
Marketwise, LLC
Cash Flows from Operating Activities:
Net (loss) income	(623,479,000)	(97,418,000)		(541,091,000)	27,993,000	$ 18,671,000
Net income (loss)	(622,348,000)	(96,546,000)		(538,373,000)	27,957,000	18,601,000
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,447,000	1,273,000		2,553,000	2,334,000	2,534,000
Impairment				0	0	330,000
Stock-based compensation	43,880,000	11,258,000		18,745,000	8,611,000	5,343,000
Change in fair value of derivative liabilities – Class B Units	598,533,000	49,796,000		456,457,000	(3,003,000)	5,734,000
Change in fair value of derivative liabilities – other	(1,726,000)	997,000		3,069,000	478,000	216,000
Unrealized losses on foreign currency	(79,000)	29,000		0	(131,000)	36,000
Noncash lease expense	908,000	1,481,000		2,577,000	3,102,000	2,716,000
Gain on sale of cryptocurrencies	(105,000)	0		0	(605,000)	(265,000)
Cryptocurrency redeemed by customers				0	0	1,606,000
Changes in operating assets and liabilities:
Accounts receivable	3,433,000	(614,000)		(5,066,000)	(6,513,000)	1,080,000
Related party receivables and payables, net	(1,185,000)	(5,151,000)		(4,670,000)	(13,777,000)	4,107,000
Prepaid expenses	619,000	(595,000)		(3,423,000)	(2,028,000)	(324,000)
Other current assets and other assets	(83,000)	(384,000)		(841,000)	(335,000)	(782,000)
Cryptocurrency intangible assets	109,000	31,000		30,000	928,000	(1,100,000)
Deferred contract acquisition costs	(74,341,000)	(22,091,000)		(64,921,000)	(6,750,000)	(12,306,000)
Trade and other payables	(7,172,000)	3,403,000		6,990,000	(5,215,000)	3,881,000
Accrued expenses	32,946,000	654,000		(1,392,000)	10,065,000	7,223,000
Deferred revenue	172,849,000	78,266,000		178,849,000	36,667,000	42,855,000
Derivative liabilities				0	0	(2,882,000)
Operating lease liabilities	(565,000)	(1,333,000)		(2,084,000)	(2,484,000)	(2,284,000)
Other current and long-term liabilities	5,229,000	5,597,000		10,093,000	4,864,000	104,000
Net cash provided by operating activities	151,218,000	25,199,000		55,875,000	54,201,000	76,493,000
Cash Flows from Investing Activities:
Cash paid for acquisitions, net of cash acquired	(7,139,000)	0		0	(1,483,000)	0
Cash deposit for business combination				0	15,000,000	(15,000,000)
Acquisition of non-controlling interests, including transaction costs	0	(9,164,000)		(9,164,000)	(193,000)	0
Purchases of property and equipment	(62,000)	(214,000)		(290,000)	(177,000)	(655,000)
Purchases of intangible assets	(857,000)	0		(195,000)	0	0
Capitalized software development costs	(20,000)	0		0	(752,000)	(848,000)
Net cash (used in) provided by investing activities	(8,078,000)	(9,378,000)		(9,649,000)	12,395,000	(16,503,000)
Cash Flows from Financing Activities:
Principal payments on long-term debt – related party	0	(5,390,000)		(5,390,000)	(1,932,000)	(4,108,000)
Cash received upon issuance of derivative instruments				0	0	306,000
Issuance of related party notes receivable	(292,000)	(1,437,000)		(1,148,000)	(3,107,000)	(83,000)
Proceeds from related party notes receivable	287,000	5,446,000		5,446,000	0	0
Distributions to members	(15,098,000)	(66,145,000)		(101,767,000)	(20,471,000)	(22,017,000)
Distributions to noncontrolling interests	(831,000)	(423,000)		(510,000)	(1,831,000)	(4,221,000)
Net cash provided by financing activities	(15,934,000)	(67,949,000)		(103,369,000)	(27,341,000)	(30,123,000)
Effect of exchange rate changes on cash	(101,000)	27,000		(14,000)	(41,000)	38,000
Net increase in cash, cash equivalents and restricted cash	127,105,000	(52,101,000)		(57,157,000)	39,214,000	29,905,000
Cash, cash equivalents and restricted cash — beginning of year	114,927,000	172,084,000		172,084,000	132,870,000	102,965,000
Cash, cash equivalents and restricted cash — end of year	$ 242,032,000	$ 119,983,000	$ 114,927,000	$ 114,927,000	$ 172,084,000	$ 132,870,000

Description of Organization, Business Operations and Basis of Presentation	6 Months Ended	11 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Description of Organization, Business Operations and Basis of Presentation	Description of Organization and Business Operations Organization and General Ascendant Digital Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on February 11, 2020. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in what it calls the “Attention Economy”, which refers to various converging sectors within interactive (digital) entertainment, film/television, music, print and digital books (including magazine and comics publications), e-sports, live events and other forms of consumer entertainment and enabling services and technologies. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). At June 30, 2021, the Company had not yet commenced operations. All activity for the period from February 11, 2020 (inception) through June 30, 2021 relates to the Company’s formation and its preparation for the initial public offering (“Initial Public Offering”), which is described below, and since offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of income earned on investments on investments in the Trust Account (as defined below). The Company’s sponsor is Ascendant Sponsor LP, a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on July 24, 2020. On July 28, 2020, the Company consummated its Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including 5,400,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $414.0 million, and incurring offering costs of approximately $23.4 million, inclusive of approximately $14.5 million in deferred underwriting commissions (Note 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,280,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $10.3 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement, $414.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”), located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and which was invested by the trustee only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 of the Investment Company Act, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into 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 of 1940, as amended (the “Investment Company Act”). The Company will provide its holders (the “Public Shareholders”) of its Public Shares 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 Public Share). 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 were 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.” 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 legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (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 (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal 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 Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. The Initial Shareholders have 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 20% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor, officers and directors (the “Initial Shareholders”) have agreed not to propose an amendment to the amended and restated memorandum and articles of association (a) that would modify the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 28, 2022 (the “Combination Period”) or (b) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, 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 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 price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Initial Shareholders have 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 Sponsor or members of the Company’s management team 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 have agreed to waive their rights to its 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 other funds held in the Trust Account that will be available to fund the redemption of the 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 has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or 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. Moreover, 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 all vendors, service providers (except for 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. Proposed Business Combination On March 1, 2021, the Company (which shall migrate to and domesticate as a Delaware corporation prior to the Closing), entered into a Business Combination Agreement with MarketWise, LLC (formerly known as Beacon Street Group, LLC), a Delaware limited liability company (the “MarketWise”), all of the members of MarketWise party thereto (collectively, the “Sellers” and each a “Seller”) and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Sellers thereunder (in such capacity, the “Seller Representative”) (the “Business Combination Agreement”, as amended by that certain Amendment No. 1 to the Business Combination Agreement, dated as of May 21, 2021, by and among the Company, MarketWise and the Seller Representative (solely in its capacity as the representative of the Sellers thereunder), and by that certain Amendment No. 2 to the Business Combination Agreement, dated as of June 16, 2021, by and among the Company, MarketWise, and the Seller Representative (solely in its capacity as the representative of the Sellers thereunder), and as the same may be further amended from time to time, the “Transaction Agreement”). Each of the Company, MarketWise, the Sellers and the Seller Representative are individually referred to herein as a “Party” and, collectively, the “Parties”. The transactions contemplated by the Transaction Agreement are referred to herein as the “Business Combination.” The time of the closing of the Business Combination is referred to herein as the “Closing.” The date of the Closing of the Business Combination is referred to herein as the “Closing Date.” The Domestication; Charter of the Company and Bylaws of the Company At the end of the day immediately prior to the Closing Date, subject to the satisfaction or waiver of the conditions of the Transaction Agreement, the Company will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the “Domestication”). By virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Transaction Agreement, including approval of the Company’s shareholders: (i) each of the then issued and outstanding Class B ordinary shares of the Company, par value $0.0001 per share (each, a “Cayman Class B Share”), will convert automatically, on a one-for-one basis, into a Class A ordinary share of the Company, par value $0.0001 per share (each, a “Cayman Class A Share”); (ii) immediately following the conversion described in clause (i), each of the then issued and outstanding Cayman Class A Shares will convert automatically, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of Company (after the Domestication) (the “Class A Common Stock”); and (iii) each of the then issued and outstanding warrants representing the right to purchase one Cayman Class A Share will convert automatically into a warrant to acquire one share of Class A Common Stock pursuant to the related warrant agreement. Substantially simultaneously with or immediately following the Domestication and subject to the satisfaction or waiver of the conditions of the Transaction Agreement, the Company will also file (a) a certificate of incorporation with the Secretary of State of Delaware in the form attached to the Transaction Agreement (the “Company Domesticated Charter”) and (b) adopt bylaws in the form attached to the Transaction Agreement (the “Company Domesticated Bylaws”), to (among other things) establish a capital structure for the Company containing Class A Common Stock and shares of Class B common stock, par value $0.0001 per share of Company (after the Domestication) (the “Class B Common Stock”). The shares of Class B Common Stock will have the same voting rights as the shares of Class A Common Stock but the shares of Class B Common Stock will have no economic rights, in each case as set forth in the Company Domesticated Charter and Company Domesticated Bylaws. Pursuant to the Transaction Agreement, substantially concurrently with the Closing, MarketWise will distribute all of its cash and cash equivalents to the Sellers in accordance with its then in effect operating agreement. Following such distribution, MarketWise will effectuate a recapitalization, pursuant to which, among other things, all Class A and Class B units of MarketWise (including the unvested Class B units of MarketWise) held by the Sellers will convert or exchange into a new class of common units of MarketWise with such terms and conditions as set forth in the MarketWise’s amended and restated operating agreement, which will be entered into pursuant to the Transaction Agreement (the “MarketWise Third A&R Operating Agreement”). Following such recapitalization, the Sellers will collectively hold a single class of common units of MarketWise. Subject to the satisfaction or waiver of certain conditions set forth in the Transaction Agreement, at the Closing, the Company will contribute a subscription amount (the “Subscription Amount”) to MarketWise in exchange for units and warrants in MarketWise. Pursuant to the Transaction Agreement, the Subscription Amount will be an amount of cash determined by MarketWise and will be not less than $85,000,000 nor more than $150,000,000; provided, that, notwithstanding the foregoing, if the Subscription Amount determined by MarketWise will be greater than the Available Distributable Cash (as defined below), the Subscription Amount will automatically be deemed to be an amount equal to the Available Distributable Cash. Pursuant to the Transaction Agreement, the “Available Distributable Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders, plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions (as defined and discussed below) plus (c) all other cash and cash equivalents of the Company minus (d) the aggregate amount of unpaid transaction costs incurred by the parties to the Transaction Agreement. At the Closing, the Company will also purchase certain units of MarketWise from the Sellers for cash consideration (the “Cash Consideration”) in an amount equal to (i) the Available Acquiror Closing Cash (as defined below), less (ii) the aggregate amount of unpaid transaction costs incurred by the parties to the Transaction Agreement as of the Closing, provided, that, under no circumstances will the Cash Consideration be more than $374,000,000 or less than $0. Pursuant to the Transaction Agreement, the “Available Acquiror Closing Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions plus (c) all other cash and cash equivalents of the Company minus (d) the Subscription Amount. Additionally, at the Closing, the Company will issue to the Sellers, for nominal consideration, a certain number of shares of Class B Common Stock equal to the aggregate number of units of the Company retained by the Sellers at the Closing (collectively, the “Retained Units”), with each Seller receiving its pro rata share of such shares of Class B Common Stock and Retained Units. Pursuant to the Transaction Agreement, the Retained Units will be a number of common units of the Company equal to the quotient of (a) $2,910,923,000 (being the agreed equity value to the Sellers) minus the Cash Consideration, divided by (b) $10.00. Following the Closing, the combined Company will be organized in an “Up-C” structure in which substantially all of the assets and the business of the combined Company will be held by MarketWise and its subsidiaries, and the Company’s only direct assets will consist of units and warrants of MarketWise. Assuming that none of the Company’s current shareholders exercise their right to redeem their Cayman Class A Shares, and subject to adjustment for cash on hand and working capital, as of immediately following the Closing and without giving effect to the Sponsor Earn Out Shares (as defined and discussed below) or outstanding warrants to purchase Cayman Class A Shares, the Company is expected to own, directly or indirectly, approximately 20.1% of the issued and outstanding units of MarketWise at the Closing and will control MarketWise as the sole manager of MarketWise in accordance with the terms of the MarketWise Third A&R Operating Agreement and all remaining units of the Company will be owned by the Sellers. Upon consummation of the Transactions, the Company will change its name to “MarketWise, Inc.” The Closing is subject to certain conditions, including, among other things, (i) the approval and adoption of the Transaction Agreement and transactions contemplated thereby and certain other matters by requisite vote of the Company’s shareholders; (ii) if required, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iii) the absence of a Company Material Adverse Effect (as defined in the Transaction Agreement) since the date of the Transaction Agreement; and (iv) material compliance by the parties with their respective pre-Closing and Closing obligations and the accuracy of each party’s representations and warranties in the Transaction Agreement, in each case subject to certain materiality standards contained in the Transaction Agreement. In addition, MarketWise’s obligation to consummate the Business Combination is subject to the condition that the sum of (x) the funds remaining in the Company’s trust account (after giving effect to redemptions of Cayman Class A Shares by the Company’s current shareholders) and (y) the aggregate amount the Company actually receives from the Subscriptions, but in each case before giving effect to the consummation of the Closing and the payment of the aggregate amount of unpaid transaction costs incurred by the parties to the Transaction Agreement, be equal to or exceed $150,000,000. Liquidity and Capital Resources The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2021, the Company had approximately $0.4 million in its operating bank account and working capital deficit of approximately $2.4 million. The Company’s liquidity needs up to June 30, 2021 had been satisfied through the payment of $25,000 from the Sponsor to cover for certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares, the loan of approximately $160,000 from the Sponsor pursuant to the Note (see Note 4), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on July 28, 2020. Additionally, 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 (see Note 4). As of June 30, 2021, there were no amounts outstanding under any Working Capital Loan. Based on the foregoing, management believes that the Company will have sufficient borrowing capacity 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.	DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF PRESENTATION Organization and General Ascendant Digital Acquisition Corp. (the “Company”) is a blank check company incorporated in the Cayman Islands on February 11, 2020. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus its search on companies in what it calls the “Attention Economy”, which refers to various converging sectors within interactive (digital) entertainment, film/television, music, print and digital books (including magazine and comics publications), e-sports, live events and other forms of consumer entertainment and enabling services and technologies. The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). At December 31, 2020, the Company had not yet commenced operations. All activity for the period from February 11, 2020 (inception) through December 31, 2020 relates to the Company’s formation and its preparation for the initial public offering (“Initial Public Offering”), which is described below, and since offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of income earned on investments on investments in the Trust Account (as defined below). The Company has selected December 31 as its fiscal year end. The Company’s sponsor is Ascendant Sponsor LP, a Cayman Islands exempted limited partnership (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on July 24, 2020. On July 28, 2020, the Company consummated its Initial Public Offering of 41,400,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units being offered, the “Public Shares”), including 5,400,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $414.0 million, and incurring offering costs of approximately $23.4 million, inclusive of approximately $14.5 million in deferred underwriting commissions (Note 4). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of 10,280,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $10.3 million (Note 7). Upon the closing of the Initial Public Offering and the Private Placement, $414.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”), located in the United States, with Continental Stock Transfer & Trust Company acting as trustee, and which was invested by the trustee only in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 of the Investment Company Act, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the 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. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into 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 of 1940, as amended (the “Investment Company Act”). The Company will provide its holders (the “Public Shareholders”) of its Public Shares 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 Public Share). 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 4). These Public Shares were 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.” 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 legal reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (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 (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal 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 Initial Shareholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 5) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. The Initial Shareholders have 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 20% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company. The Company’s Sponsor and those officers, directors and advisors of ADAC that hold founder shares (the “Initial Shareholders”) have agreed not to propose an amendment to the amended and restated memorandum and articles of association (a) that would modify the substance or timing of the Company’s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 28, 2022 (the “Combination Period”) or (b) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, 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 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 price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate and dissolve, subject, in the case of clauses (ii) and (iii), to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Initial Shareholders have 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 Sponsor or members of the Company’s management team 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 have agreed to waive their rights to its deferred underwriting commission (see Note 4) 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 other funds held in the Trust Account that will be available to fund the redemption of the 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 has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or 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”). Moreover, 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 all vendors, service providers (except for 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. Proposed Business Combination As more fully described in Note 10, on March 1, 2021, the Company (which shall migrate to and domesticate as a Delaware corporation prior to the Closing), entered into a Business Combination Agreement (the “Business Combination Agreement”) with Beacon Street Group, LLC, a Delaware limited liability company (the “MarketWise, LLC”), all of the members of MarketWise, LLC party thereto (collectively, the “Sellers” and each a “Seller”) and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Sellers thereunder (in such capacity, the “Seller Representative”). Upon consummation of the transactions, the Company will change its name to “MarketWise, Inc.” Liquidity and Capital Resources The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As of December 31, 2020, the Company had approximately $0.9 million in its operating bank account and working capital of approximately $1.0 million. The Company’s liquidity needs up to December 31, 2020 had been satisfied through the payment of $25,000 from the Sponsor to cover for certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares, the loan of approximately $160,000 from the Sponsor pursuant to the Note (see Note 5), and the proceeds from the consummation of the Private Placement not held in the Trust Account. The Company fully repaid the Note on July 28, 2020. 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 (see Note 5). As of December 31, 2020, there were no amounts outstanding under any Working Capital Loan. Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity 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.
Marketwise, LLC
Subsidiary, Sale of Stock [Line Items]
Description of Organization, Business Operations and Basis of Presentation	Organization Description of Business MarketWise, LLC (“MarketWise,” the “Company,” “we,” “us,” or “our”; formerly Beacon Street Group, LLC) was organized in January 2013 (while our original operating brand was founded in 1999) and provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. While our headquarters are in Baltimore, Maryland, we operate multiple subsidiaries in the United States. We also have operations in China and Singapore. The Company is a limited liability company and is treated as a pass-through entity for tax purposes. As a result, the members are responsible for all tax payments and the Company does not pay taxes on behalf of its members. Organization Description of Business MarketWise, LLC (“MarketWise”, the “Company”, “we”, “us”, or “our”; formerly Beacon Street Group, LLC) was organized in January 2013 and provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. While our headquarters are in Baltimore, Maryland, we operate multiple subsidiaries in the United States. We also have operations in Singapore. The Company is a limited liability company and is treated as a pass-through entity for tax purposes. As a result, the members are responsible for all tax payments and the Company does not pay taxes on behalf of its members.

Restatement of Previously Issued Financial Statements

11 Months Ended

Dec. 31, 2020

Restatement of Previously Issued Financial Statements

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

In April 2021, the Audit Committee of the Company, in consultation with management, concluded that, because of a misapplication of the accounting guidance related to its public and private placement warrants to purchase ordinary shares that the Company issued in July 2020 (the “Warrants”), the Company’s previously issued financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its financial statements for the Affected Periods included in this Annual Report.

On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on July 28, 2020, the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets. After discussion and evaluation, including with the Company’s audit committee, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.

Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants, based on the Company’s application of FASB ASC Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. The Company reassessed its accounting for Warrants issued on July 28, 2020, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period.

Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued Financial Statements as of and for the period ended December 31, 2020 as of and for the three months ended September 30, 2020, and for the period from February 11, 2020 (inception) through September 30, 2020, and the balance sheet as of July 28, 2020 (the “Affected Periods”) should be restated because of a misapplication in the guidance around accounting for certain of the Company’s outstanding warrants to purchase ordinary shares (the “Warrants”) and should no longer be relied upon.

Impact of the Restatement

The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.


			As of December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Balance Sheet
Total assets	$	415,400,119	$	—	$	415,400,119
Liabilities and shareholders’ equity
Total current liabilities	$	143,016	$	—	$	143,016
Deferred legal fees	—		—		—
Deferred underwriting commissions	14,490,000		—		14,490,000
Derivative warrant liabilities	—		53,801,110		53,801,110
Total liabilities	14,633,016		$	53,801,110	68,434,126
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	395,767,100		(53,801,110)		341,965,990
Shareholders’ equity
Preference shares - $0.0001 par value	—		—		—
Class A ordinary shares - $0.0001 par value	182		538		720
Class B ordinary shares - $0.0001 par value	1,035		—		1,035
Additional paid-in-capital	5,139,066		29,488,822		34,627,888
Accumulated deficit	(140,280)		(29,489,360)		(29,629,640)
Total shareholders’ equity	5,000,003		—		5,000,003
Total liabilities and shareholders’ equity	$	415,400,119	$	—	$	415,400,119


	Period From February 11, 2020 (Inception) Through December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Statement of Operations
Loss from operations	$	(349,873)	$	—	$	(349,873)
Other (expense) income
Change in fair value of derivative warrant liabilities	—		(28,525,220)		(28,525,220)
Financing costs allocated to derivative warrant liabilities	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	209,593		—		209,593
Total other (expense) income	209,593		(29,489,360)		(29,279,767)
Net loss	$	(140,280)	$	(29,489,360)	$	(29,629,640)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A shares	$	0.01	—		$	0.01
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.03)	$	(2.85)	$	(2.88)


	Period From February 11, 2020 (Inception) Through December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Statement of Cash Flows
Net Loss	(140,280)		(29,489,360)		(29,629,640)
Change in fair value of derivative warrant liabilities	—		28,525,220		28,525,220
Financing costs allocated to derivative warrant liabilities	—		964,140		964,140
Net cash used in operating activities	(592,406)		—		(592,406)
Net cash used in investing activities	(414,000,000)		—		(414,000,000)
Net cash provided by financing activities	415,454,160		—		415,454,160
Net change in cash	$	861,754	$	—	$	861,754


			As of September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	415,422,378	$	—	$	415,422,378
Liabilities and shareholders’ equity
Total current liabilities	$	115,692	$	—	$	115,692
Deferred underwriting commissions	14,490,000		—		14,490,000
Derivative warrant liabilities	—		46,451,340		46,451,340
Total liabilities	14,605,692		$	46,451,340	61,057,032
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	395,816,680		(46,451,340)		349,365,340
Shareholders’ equity
Preference shares - $0.0001 par value	—		—		—
Class A ordinary shares - $0.0001 par value	182		503		685
Class B ordinary shares - $0.0001 par value	1,035		—		1,035
Additional paid-in-capital	5,089,486		22,139,097		27,228,583
Accumulated deficit	(90,697)		(22,139,590)		(22,230,287)
Total shareholders’ equity	5,000,006		—		5,000,006
Total liabilities and shareholders’ equity	$	415,422,378	$	—	$	415,422,378


	Three Months Ended September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Operations
Loss from operations	$	(134,386)	$	—	$	(134,386)
Other (expense) income
Change in fair value of derivative warrant liabilities	—		(21,175,450)		(21,175,460)
Financing costs	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	89,468		—		89,468
Total other (expense) income	89,468		(22,139,590)		(22,050,122)
Net loss	$	(44,918)	$	(22,139,590)	$	(22,184,508)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A share	$	—	—		$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.01)	$	(2.14)	$	(2.15)


	Period From February 11, 2020 (Inception) Through September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Operations
Loss from operations	$	(180,165)	$	—	$	(180,165)
Other (expense) income
Change in fair value of warrant liabilities	—		(21,175,450)		(21,175,450)
Financing costs	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	89,468		—		89,468
Total other (expense) income	89,468		(22,139,590)		(22,050,122)
Net loss	$	(90,697)	$	(22,139,590)	$	(22,230,287)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A share	$	—	—		$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.02)	$	(2.14)	$	(2.16)


	Period From February 11, 2020 (Inception) Through September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows
Net Loss	(90,697)		(22,139,590)		(22,230,287)
Change in fair value of derivative warrant liabilities	—		21,175,450		21,175,450
Financing costs allocated to derivative warrant liabilities	—		964,140		964,140
Net cash used in operating activities	(501,937)		—		(501,937)
Net cash used in investing activities	(414,000,000)		—		(414,000,000)
Net cash provided by financing activities	415,454,160		—		415,454,160
Net change in cash	$	952,223	$	—	$	952,223

In addition, the impact to the balance sheet dated July 28, 2020, filed on Form 8-K on August 3, 2020 related to the impact of accounting for the public and private warrants as liabilities at fair value resulted in a $25.3 million increase to the derivative warrant liabilities line item at July 28, 2020 and offsetting decrease to the Class A subject to possible redemption mezzanine equity line item. There is no change to total equity at the reported balance sheet date.

Summary of Significant Accounting Policies	6 Months Ended	11 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Summary of Significant Accounting Policies	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 in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10K/A filed with the SEC on May 10, 2021. 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 growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. 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 coverage limit of $250,000. As of June 30, 2021, the Company has 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 in its operating account as of June 30, 2021 and December 31, 2020. 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 investments are classified as trading securities. Trading securities are presented on the condensed 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 interest earned 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. 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 income 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. Accordingly, the actual results could differ significantly from those estimates. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed balance sheets. 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. As of June 30, 2021, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s marketable securities held in Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less and are recognized at fair value. The fair value of marketable securities held in Trust Account is determined using quoted prices in active markets. 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 were expensed as incurred, presented as non-operating expenses in the condensed statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to shareholders’ equity upon the completion of the Initial Public Offering. The Company will keep deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. 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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity” (ASC 480”). Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including shares of 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, shares of 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 June 30, 2021 and December 31, 2020, 34,185,912 and 34,196,599 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed balance sheets, respectively. Income Taxes FASB ASC Topic 740, “Income Taxes”, 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 to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 or 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. The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net income (loss) per ordinary shares The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income by the weighted average number 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 30,980,000 shares of Class A ordinary shares in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive. As a result, diluted income per share is the same as basic income per share for the periods presented. The Company’s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income (loss) per share, basic and diluted for Class A ordinary shares for three and six months ended June 30, 2021, is calculated by dividing the investment income earned on the Trust Account of approximately $10,000 and $59,000, respectively, by the weighted average number of shares of Class A ordinary shares outstanding for the period. Net income (loss) per share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less income attributable to Class A ordinary shares, by the weighted average number of shares of Class B ordinary shares outstanding for the period. For three months ended June 30, 2020 and for the period February 11, 2020 (inception) through June 30, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. 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) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU 2020-06 also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU 2020-06 did not impact the Company’s financial position, results of operations or cash flows. The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards update, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from December 31, 2020, and the period from February 11, 2020 (inception) through December 31, 2020, and for the period from February 11, 2020 (inception) through September 30, 2020 (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion. Emerging growth company As an emerging growth company, the Company 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 shareholder 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 growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. This may make comparison of the Company’s financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000, and any cash held in Trust Account. At December 31, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such 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 investments are classified as trading securities. Trading securities are presented on the balance sheet 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 interest earned 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 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. As of December 31, 2020, the carrying values of prepaid expenses, accounts payable, accrued expenses, and due to related party approximate their fair values due primarily to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. Treasury securities and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets. 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 periods. 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. Accordingly, the actual results could differ significantly from those estimates. 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. There were no cash equivalents as of December 31, 2020. Offering costs Offering costs consist legal, accounting, underwriting fees and other costs directly attributable to the Initial Public Offering. These costs, along with underwriting fees were charged to additional paid- in capital upon the completion of the Initial Public Offering. The Company’s will keep deferred underwriting commissions classified as a long term liability due to the uncertain nature of the closing of the business combination and its encumbrance to the trust account. Deferred underwriting commissions are classified as non-current liabilities as their settlement is not reasonably expected to require the use of current assets or require the creation of current liabilities. 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.” Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of 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, shares of 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, at December 31, 2020, 39,576,710 shares of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheets. Derivative Warrant liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. Management 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 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. The Company issued 30,980,000 ordinary shares warrants in connection with the Initial Public Offering (20,700,000) and Private Placement (10,280,000) which are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjust the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued in connection with the Public Offering and Private Placement has been estimated using Monte-Carlo simulations at each measurement date. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities. Net income (loss) per ordinary share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income (loss) by the weighted average number 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 30,980,000 shares of Class A ordinary shares in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted loss per share is the same as basic loss per share for the periods presented. The Company’s statements of operations include a presentation of income (loss) per ordinary share subject to redemption in a manner similar to the two-class method of income per share. Net income (loss) per share, basic and diluted for Class A ordinary shares is calculated by dividing the investment income earned on the Trust Account of approximately $210,000 for the period from February 11, 2020 (inception) through December 31, 2020 by the weighted average number of shares of Class A ordinary shares outstanding for the period. Net loss per share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss of approximately $140,000, less income attributable to Class A ordinary shares of $210,000, resulting in a net loss of approximately $350,000 by the weighted average number of shares of Class B ordinary shares outstanding for the period. Income taxes ASC Topic 740 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 to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of 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. The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.
Marketwise, LLC
Significant Accounting Policies [Line Items]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we,” “us,” or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by a related party, including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements and the related footnote disclosures have been prepared by the Company in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2020 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2021, the results of operations, comprehensive income (loss), members’ deficit and cash flows for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. Use of Estimates The preparation of consolidated 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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment. Long-lived assets outside the United States were immaterial as of June 30, 2021 and December 31, 2020. Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Derivative Financial Instruments note below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows. Stock-Based Compensation As part of our compensation and retention strategy, we grant incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units are accounted for as a substantive class of equity and allow the recipient to realize value only to the extent that the value of the award appreciates. The Class B Units contain service-based vesting conditions and have different vesting terms depending upon the employee which range from vesting immediately to eight years; vesting is accelerated upon our initial public offering. Compensation cost is recognized on a straight-line basis over the requisite service period until vesting for the entire award, but will at least equal the number of vested units determined by the underlying vesting schedule. Forfeitures are accounted for in the period in which they occur. The Class B Units are subject to a put and call option whereby we may elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of the Company’s net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units are classified as liabilities in the accompanying consolidated balance sheet. The liability for Class B units is remeasured to fair value at the end of each reporting period. Since Class B Units are classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to our operating agreement are considered to be stock-based compensation expenses. Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. As more fully described in Note 14, Subsequent Events, the Company completed its SPAC transaction in July 2021, and all Class B Units fully vested as of the transaction date, and the put and call option ceased to exist under the terms of the existing operating agreement. As such, the Class B Units liability was reclassified to equity and is no longer a liability award and will not be deemed to be stock-based compensation expense after the transaction date. See also Note 9, Stock-Based Compensation. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units and derivatives liabilities associated with our deferred compensation arrangements were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we”, “us”, or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by our related party owner (“related party owner”), including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from our related party owner, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity. Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity (“VIE”). We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. We have determined that Stansberry Pacific Research is a VIE and that we are the primary beneficiary of Stansberry Pacific Research since we have the ability to direct the activities of the VIE and have the obligation to absorb the loss or the right to receive the benefit. Refer to Variable Interest Entities note for further information. Use of Estimates The preparation of consolidated 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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer and the President serve as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment. Long-lived assets outside the United States were immaterial as of December 31, 2020 and 2019. Cash and Cash Equivalents and Restricted Cash We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. We hold certain restricted cash with credit card processors as reserves for chargebacks and refunds. As the reserves are based on our credit card receivables which are collected within twelve months of each reporting period, the restricted cash has been included in current assets on the consolidated balance sheets. Accounts Receivable, net Our accounts receivable primarily consist of receivables from third-party credit card providers which are stated at net realizable value. We did not record an allowance for doubtful accounts for the years ended December 31, 2020 and 2019. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. No individual customer accounted for more than 10% of revenue for the years ended December 31, 2020, 2019 and 2018. Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Derivative Financial Instruments note below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if we conclude otherwise, then we are required to perform the first of a two-step impairment test. The first step involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the fair value of the reporting unit is less than the carrying amount, then a second step is required that compares the carrying amount of the goodwill with its implied fair value. The estimate of implied fair value of goodwill may require valuations of certain internally generated and unrecognized intangible and tangible net assets. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, then an impairment loss is recognized in an amount equal to the excess. No goodwill impairment charges have been recorded during the years ended December 31, 2020, 2019 and 2018. Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet. Cryptocurrencies We purchased cryptocurrencies during the year ended December 31, 2018 primarily to be redeemed by customers as part of certain marketing campaigns. We recognized our portfolio of cryptocurrencies as intangible assets since cryptocurrencies are not considered cash and cash equivalents and do not have physical substance. We believe that the cryptocurrencies have an indefinite life since there are no significant legal, regulatory, contractual or economic factors that would limit the cryptocurrencies’ useful life. Our indefinite-lived cryptocurrency holdings are not amortized but are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. We utilize the quoted market values of the cryptocurrencies in the impairment test on the cryptocurrency holdings. During the year ended December 31, 2018, we determined that impairment indicators were present and as a result, we recognized an impairment loss of $330 in other income, net on the consolidated statements of operations. Additionally, we sold cryptocurrencies on hand after the marketing campaigns ended and recognized gains of $0, $605 and $265 during the years ended December 31, 2020, 2019 and 2018, respectively, in other income, net on the consolidated statement of operations. The cash flows associated with the cryptocurrencies are recognized in the consolidated statement of cash flows as operating activities due to the nature of the transactions. Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented. Revenue Recognition We recognize revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and the related amendments (“ASC 606”). We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and software-as-a-service (“SaaS”) subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer lifetime subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on lifetime subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to lifetime subscriptions over the estimated customer lives. We have determined the estimated life of lifetime customers based on historic customer attrition rates. Advertising and other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue related to the sharing of our customer lists with other companies, including related parties, where we earn a fee for each successful sale the other company generates from our list (“revenue share”). Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We have also offered customers the option to redeem a certain value of cryptocurrencies as part of certain marketing campaigns. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized when the customer exercises the option or when the option expires. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we recognize revenue from sharing our customer lists with our related party owner and other third-party companies. We apply the sales-based or usage-based royalty exception to sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No other contract assets are recorded on our consolidated balance sheet as of December 31, 2020 and 2019. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time which is generally between 30 and 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in other current liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the shorter of the expected customer life or the expected benefit related directly to those costs, which is approximately four years. Leases We follow the provisions of ASU No. 2016-02, Leases (“ASU 2016-02”). We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally combined. We have elected, as an accounting policy for leases of real estate, to account for lease and non-lease components in a contract as a single lease component. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed. Cost of Revenue Cost of revenue consists primarily of payroll and payroll related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead. Sales and Marketing Sales and marketing expenses consist primarily of payroll and related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred. Advertising expense was $149,191, $67,640 and $65,846 for the years ended December 31, 2020, 2019 and 2018, respectively. Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses. General and Administrative General and administrative expenses consist primarily of payroll and related costs associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs. Stock-Based Compensation As part of our compensation and retention strategy, we grant incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units are accounted for as a substantive class of equity and allow the recipient to realize value only to the extent that the value of the award appreciates. The Class B Units contain service-based vesting conditions and have different vesting terms depending upon the employee which range from vesting immediately to eight years; vesting is accelerated upon our initial public offering. Compensation cost is recognized on a straight-line basis over the requisite service period until vesting for the entire award, but will at least equal the number of vested units determined by the underlying vesting schedule. Forfeitures are accounted for in the period in which they occur. The Class B Units are subject to a put and call option whereby we may elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of the Company’s net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units are classified as liabilities in the accompanying consolidated balance sheet. The liability for Class B units is remeasured to fair value at the end of each reporting period. Since Class B Units are classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to our operating agreement are considered to be stock-based compensation expenses. Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years. Capitalized Implementation Costs Effective January 1, 2018, we adopted ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract and applied the guidance prospectively to eligible costs. Implementation costs incurred in cloud computing hosting arrangements that are service contracts are capitalized and amortized using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets and other assets on the consolidated balance sheets. We capitalized cloud computing implementation costs for customer-relationship management and enterprise resource planning systems of $356, $257 and $630 for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization expense related to capitalized cloud computing implementation costs was $17, $64 and $22 for the years ended December 31, 2020, 2019 and 2018, respectively. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units and derivatives liabilities associated with our deferred compensation arrangements were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. Foreign Currency Translation Our VIE is an entity in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of members’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized. Foreign currency transaction activity was immaterial for the years ended December 31, 2020, 2019 and 2018. Comprehensive Income (Loss) Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments. Recently Issued and Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement. The ASU also requires amortization expense be recognized in the same line item as the related fees associated with the arrangement and related capitalized implementation costs be presented in the same line as the prepayment for the hosting fee. The new guidance was applied prospectively to eligible costs as of January 1, 2018 in the accompanying consolidated financial statements. The adoption of this ASU did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This standard will apply to our reporting requirements in performing goodwill impairment testing. For public business entities that are SEC filers, this standard is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We adopted this standard as of January 1, 2020, and the adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, that modify the disclosure requirements on fair value measurements in Topic 820, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. We adopted this standard as of January 1, 2020, and the adoption of this ASU did not have a material effect on our consolidated financial statements.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue [Line Items]

Revenue Recognition

Disaggregation of revenues

The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended June 30, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	140,884	$	—	$	—	$	—	$	140,884
Transferred at a point in time	—		635		246		365		1,246
Total	$	140,884	$	635	$	246	$	365	$	142,130


	Three Months Ended June 30, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	80,619	$	—	$	—	$	—	$	80,619
Transferred at a point in time	—		662		890		624		2,176
Total	$	80,619	$	662	$	890	$	624	$	82,795


	Six Months Ended June 30, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	258,531	$	—	$	—	$	—	$	258,531
Transferred at a point in time	—		1,545		619		1,149		3,313
Total	$	258,531	$	1,545	$	619	$	1,149	$	261,844


	Six Months Ended June 30, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	155,922	$	—	$	—	$	—	$	155,922
Transferred at a point in time	—		1,006		1,438		811		3,255
Total	$	155,922	$	1,006	$	1,438	$	811	$	159,177

Revenue recognition by subscription type was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2021		2020		2021		2020
Lifetime subscriptions		$	49,867	$	33,035	$	90,031	$	62,088
Term subscriptions		91,017		47,584		168,500		93,834
Non-subscription revenue		1,246		2,176		3,313		3,255
Total		$	142,130	$	82,795	$	261,844	$	159,177

Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue.

Net revenue by principal geographic areas was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2021		2020		2021		2020
United States		$	141,599	$	82,163	$	260,873	$	157,773
International		531		632		971		1,404
Total		$	142,130	$	82,795	$	261,844	$	159,177

Revenue by location is determined by the billing entity for the customer.

Contract Balances

The timing of revenue recognition, billings, cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance in the consolidated balance sheets includes an obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	June 30, 2021		December 31, 2020
Contract balances
Accounts receivable	$	8,965	$	12,398
Obligations for refunds	4,781		3,448
Deferred revenue – current	319,894		274,819
Deferred revenue – non-current	382,797		254,481

We recognized $81,840 and $48,907 of revenue during the three months ended June 30, 2021 and 2020, and $176,678 and $112,978 during the six months ended June 30, 2021 and 2020, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $8,965 and $12,398 as of June 30, 2021 and December 31, 2020, respectively, related to the timing of cash settlement with credit card processors.

Assets Recognized from Costs to Obtain a Contract with a Customer

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:














Balance at January 1, 2021	$	107,236
Sales commissions – additions	43,770
Revenue share fees – additions	62,491
Amortization of capitalized costs	(31,920)
Balance at June 30, 2021	$	181,577

We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and six months ended June 30, 2021 and 2020.

Remaining Performance Obligations

As of June 30, 2021, the Company had $707,472 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 46% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

Revenue Recognition

Disaggregation of revenues


	Year Ended December 31, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	356,265	$	—	$	—	$	—	$	356,265
Transferred at a point in time	—		1,965		3,386		2,563		7,914
Total	$	356,265	$	1,965	$	3,386	$	2,563	$	364,179


	Year Ended December 31, 2019
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	260,640	$	—	$	—	$	—	$	260,640
Transferred at a point in time	—		2,669		6,825		2,089		11,583
Total	$	260,640	$	2,669	$	6,825	$	2,089	$	272,223


	Year Ended December 31, 2018
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	229,690	$	—	$	—	$	—	$	229,690
Transferred at a point in time	—		3,042		5,583		133		8,758
Total	$	229,690	$	3,042	$	5,583	$	133	$	238,448

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2020		2019		2018
Lifetime subscriptions	$	134,525	$	98,578	$	71,215
Term subscriptions	221,740		162,062		158,475
Non-subscription revenue	7,914		11,583		8,758
Total	$	364,179	$	272,223	$	238,448

Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue.

Net revenue by principal geographic areas was as follows:


	Year Ended December 31,
	2020		2019		2018
United States	$	361,547	$	265,647	$	226,167
International	2,632		6,576		12,281
Total	$	364,179	$	272,223	$	238,448

Revenue by location is determined by the billing entity for the customer.

Contract Balances


	As of December 31,
	2020		2019		2018
Contract balance
Accounts receivable	$	12,398	$	7,332	$	818
Obligations for refunds	3,448		2,214		3,507
Deferred revenue – current	274,819		190,778		171,273
Deferred revenue – non-current	254,481		160,907		142,229

We recognized $190,778 and $171,273 of revenue during the years ended December 31, 2020 and 2019, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $12,398 and $7,332 as of December 31, 2020 and 2019, respectively, related to the timing of cash settlement with credit card processors.

Assets Recognized from Costs to Obtain a Contract with a Customer

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2018	$	23,259
Sales commissions - additions	15,940
Revenue share fees – additions	8,468
Amortization of capitalized costs	(12,102)
Balance at December 31, 2018	$	35,565
Sales commissions - additions	18,984
Revenue share fees – additions	6,284
Amortization of capitalized costs	(18,519)
Balance at December 31, 2019	$	42,314
Sales commissions - additions	43,273
Revenue share fees – additions	52,193
Amortization of capitalized costs	(30,544)
Balance at December 31, 2020	$	107,236

We did not recognize any impairment on capitalized costs associated with contracts with customers for the years ended December 31, 2020, 2019 and 2018.

Remaining Performance Obligations

As of December 31, 2020, the Company had $532,748 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 52% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Acquisitions

6 Months Ended

Jun. 30, 2021

Business Acquisition [Line Items]

Acquisitions

Chaikin

On January 21, 2021, we acquired 90% ownership of Chaikin Holdings LLC (“Chaikin”) a provider of analytical tools and software for investors, for cash of $7,139, net of cash acquired. We acquired Chaikin to expand our product offerings and our customer base. The Chaikin acquisition was accounted for using the acquisition method of accounting for business combinations. The purchase price allocation is preliminary pending completion of valuations of certain acquired assets and liabilities. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Cash	$	151
Other current assets	152
Customer relationships	3,664
Tradenames	657
Software	247
Goodwill	5,237
Other noncurrent assets	443
Total assets acquired	10,551
Liabilities assumed	(2,451)
Net assets acquired	$	8,100

Cash consideration	$	7,290
Non-controlling interest	810
Total consideration	$	8,100

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill arising from the acquisition is largely attributable to synergies which we expect to achieve from cross-marketing and providing complementary products to our existing and acquired customers, and is expected to be fully deductible for tax purposes. The acquired intangible assets of Chaikin are amortized over their estimated useful lives. Accordingly, the trade name will be amortized over 8.5 years and customer relationships will be amortized over 6 years. Amortization for the acquired intangible assets was $206 and $362 for the three and six months ended June 30, 2021, respectively.

TradeSmith

On January 5, 2020, we acquired the noncontrolling interest of 25% in an affiliate, TradeSmith, to obtain 100% ownership for $9,164, including transaction costs. We incurred transaction costs of $164 during the three months ended March 31, 2020 and elected to record these costs as a reduction in equity.

Acquisitions

TradeSmith

On January 5, 2020, we acquired the noncontrolling interest of 25% in an affiliate, TradeSmith, to obtain 100% ownership for $9,164, including transaction costs. We incurred transaction costs of $164 and $443 during the years ended December 31, 2020 and 2019, respectively, and elected to record these costs as a reduction in equity.

Gold Stock Analyst

On May 6, 2019, we acquired 100% ownership of Gold Stock Analyst (“GSA”), a provider of financial publications. We acquired GSA to expand our product offerings and our customer base. The GSA acquisition was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Trade name	$	195
Customer relationships	565
Goodwill	947
Total assets acquired	1,707
Liabilities assumed	(224)
Net assets acquired	$	1,483
Total purchase price	$	1,483

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill arising from the acquisition is largely attributable to synergies which we expect to achieve from cross-marketing and providing complementary products to our existing and acquired customers. The acquired intangible assets of GSA are amortized over their estimated useful lives. Accordingly, the trade name will be amortized over 8.5 years and customer relationships will be amortized over 6 years. Amortization for the acquired intangible assets was $77 for the year ended December 31, 2019.

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets, Net

Goodwill [Line Items]

Goodwill

The changes in the carrying amounts of goodwill are as follows:





Balance at January 1, 2021	$	18,101
Acquisition of Chaikin	5,237
Balance at June 30, 2021	$	23,338

Intangible assets, net

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2021
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,369	$	(7,491)	$	4,878	4.8
Tradenames	3,578		(1,637)		$	1,941	5.8
Capitalized software development costs	2,762		(1,137)		1,625		3.4
Finite-lived intangible assets, net	18,709		(10,265)		8,444

Indefinite-lived intangible assets:
Cryptocurrencies	—		—		—
Internet domain names	1,052		—		1,052
Indefinite-lived intangible assets, net	1,052		—		1,052
Intangible assets, net	$	19,761	$	(10,265)	$	9,496


	December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278

We recorded amortization expense related to finite-lived intangible assets of $582 and $524 for the three months ended June 30, 2021 and 2020, and $1,223 and $1,046 for the six months ended June 30, 2021 and 2020, respectively, within depreciation and amortization in the accompanying consolidated statement of operations. These amounts include amortization of capitalized software development costs of $102 and $104 for the three months ended June 30, 2021 and 2020, and $203 and $207 for the six months ended June 30, 2021 and 2020, respectively.

We recorded additions to capitalized software development costs of $267 for the six months ended June 30, 2021. This amount includes acquired software of $247.

As of June 30, 2021, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2021	$	1,026
2022	2,090
2023	1,926
2024	1,436
2025	1,005
Thereafter	961
Finite-lived intangible assets, net	$	8,444

Goodwill and Intangible Assets, Net

Goodwill

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2019	$	17,154
Acquisition of GSA	947
Balance at December 31, 2019	$	18,101
Balance at December 31, 2020	$	18,101

Intangible assets, net

Intangible assets, net consisted of the following as of the dates indicated:


	As of December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278


	As of December 31, 2019
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(5,332)	$	3,373	3.2
Tradenames	2,921		(1,089)		1,832		5.8
Capitalized software development costs	2,495		(519)		1,976		4.8
Finite-lived intangible assets, net	14,121		(6,940)		7,181

Indefinite-lived intangible assets:
Cryptocurrencies	34		—		34
Indefinite-lived intangible assets, net	34		—		34
Intangible assets, net	$	14,155	$	(6,940)	$	7,215

We recorded amortization expense related to finite-lived intangible assets of $2,102, $1,710 and $1,721 for the years ended December 31, 2020, 2019 and 2018, respectively, within depreciation and amortization in the accompanying consolidated statement of operations.

We recorded additions to capitalized software development costs of $0, $752 and $848 for the years ended December 31, 2020, 2019 and 2018, respectively. Amortization of capitalized software development costs recognized in the consolidated statement of operations was $415, $130 and $43 for the years ended December 31, 2020, 2019 and 2018, respectively.

As of December 31, 2020, the total expected future amortization expense for finite-lived intangible assets is as follows:


2021	$	1,599
2022	1,335
2023	1,149
2024	657
2025 and beyond	337
Finite-lived intangible assets, net	$	5,077

Indefinite-lived intangible assets – Cryptocurrencies

The changes in the carrying amounts of cryptocurrencies held by the Company were as follows:


Balance at January 1, 2018	$	857
Additions	2,150
Distributions to customers	(1,606)
Sales	(724)
Impairment	(330)
Balance at December 31, 2018	347
Sales	(313)
Balance at December 31, 2019	34
Sales	(30)
Balance at December 31, 2020	$	4

Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Line Items]

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	June 30, 2021		December 31, 2020
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,327		1,220
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,278		1,278
		3,565		3,458
Less: Accumulated depreciation and amortization		(2,265)		(2,041)
Total property and equipment, net		$	1,300	$	1,417

Depreciation and amortization expense for property and equipment was $114 and $138 for the three months ended June 30, 2021 and 2020, and $224 and $226 for the six months ended June 30, 2021 and 2020, respectively.

Accrued Expenses

Accrued expenses consist of the following:


	As of
	June 30, 2021		December 31, 2020
Commission and variable compensation	$	45,456	$	17,271
Payroll and benefits	3,437		3,645

Other accrued expenses	16,365		11,218
Total accrued expenses	$	65,258	$	32,134

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2020		2019
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,220		1,183
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,278		1,025
		3,458		3,168
Less: Accumulated depreciation and amortization		(2,041)		(1,590)
Total property and equipment, net		$	1,417	$	1,578

Depreciation and amortization expense for property and equipment was $451, $624 and $813 for the years ended December 31, 2020, 2019 and 2018, respectively.

Other Current Assets

Other current assets consist of the following:


	As of December 31,
	2020		2019

Other current assets	$	1,889	$	1,070

Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2020		2019
Commission and bonus	$	17,271	$	24,570
Payroll and benefits	3,645		2,520
Accrued interest	—		325
Other accrued expenses	11,218		6,111
Total accrued expenses	$	32,134	$	33,526

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2021

Derivative Financial Instruments

Derivative [Line Items]

As part of our compensation and employee retention strategy, we entered into contracts with key employees and independent contractors which contain embedded derivatives. These contracts are intended to compensate the employees or independent contractors for services provided and retain their future services. These embedded derivative instruments are issued in the form of phantom interests in Net Income, as defined by our board of directors, that grant the holder value equal to a percentage of Net Income multiplied by a price multiple, or contain an option that granted appreciation rights upon exercise, and which become exercisable upon occurrence of an initial public offering. All derivative instruments are recorded at fair value as derivative liabilities on our consolidated balance sheets.

As of June 30, 2021, there are embedded derivative instruments outstanding. The following table presents information on the location and amounts of derivative instruments gains and losses:


		Three Months Ended June 30,	Six Months Ended June 30,
			2021		2020		2021		2020
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement
Phantom Interests in Net Income	Other income, net		$	394	$	(1,124)	$	—	$	(997)
Phantom Interests in Net Income	General and administrative		2,388		—		2,388		—
Option	General and administrative		(662)		—		(662)		—
Total			$	2,120	$	(1,124)	$	1,726	$	(997)

See Fair Value Measurements note for more information regarding the valuation of our derivative instruments.

Derivative Financial Instruments

As part of our compensation and employee retention strategy, we entered into contracts with key employees and independent contractors which contain embedded derivatives. These embedded derivative instruments are issued in the form of phantom interests in Net Income, as defined by our board of directors, that grant the holder value equal to a percentage of Net Income multiplied by a price multiple. All derivative instruments are recorded at fair value as derivative liabilities on our consolidated balance sheets.

During the year ended December 31, 2018, we entered into a compensation agreement which contains an embedded derivative intended to compensate the employee for services provided and retain the employee’s future services. In connection with this arrangement, we received $306 in up-front payments that are reflected as cash flows from financing activities within the consolidated statement of cash flows.

As of December 31, 2020, there is one embedded derivative instrument outstanding. The following table presents information on the location and amounts of derivative instruments gains and losses:


		Year Ended December 31,
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement	2020		2019		2018
Phantom Interests in Net Income	Other income, net	$	(3,069)	$	(478)	$	(217)

See Fair Value Measurements note for more information regarding the valuation of our derivative instruments.

Debt

6 Months Ended

Jun. 30, 2021

Line of Credit Facility [Line Items]

Debt

On December 31, 2013, we entered into a Secured Uncommitted Credit Agreement (“Credit Facility”) with an affiliate of our related party owner, which is secured by a first lien of all the assets of MarketWise and its subsidiaries. The Credit Facility expires December 31, 2023 and is an uncommitted revolving credit facility and the lender may elect not to fund any request for borrowings (“Advances”) under the Credit Facility. The Credit Facility can be used by MarketWise to fund acquisitions, finance the build out of our head office or other general corporate purposes and expires in ten years, unless terminated by either party. The Credit Facility carries interest at the Prime Rate plus 2% and is repaid evenly over a five-year term from the date of each Advance. We can prepay any portion of the Advance without premium or penalty.

The Credit Facility contains certain non-financial covenants and we have been in compliance with those covenants.

The following table summarizes the loan payable outstanding:


	As of December 31,
	2020		2019
Advance due May 6, 2020	$	—	$	1,988
Advance due December 22, 2021	—		3,402
Total principal	$	—	$	5,390
Less: current portion	—		(4,256)
Total long-term portion of loan payable	$	—	$	1,134

In June 2020, we repaid all amounts outstanding under the Credit Facility. In February 2021, the Credit Facility was terminated.

Commitment and Contingencies

6 Months Ended

11 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Lessee, Lease, Description [Line Items]

Commitments and Contingencies

Registration and Shareholder Rights

The holders of Founder Shares, Private Placement Warrants, Forward Purchase Securities and warrants that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. 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 option from the final prospectus relating to the Initial Public Offering to purchase up to 5,400,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On July 28, 2020, the underwriters fully exercised their over-allotment option.

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.9 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.5 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.

Forward Purchase Agreement

In connection with the consummation of the Offering, the Company entered into a forward purchase agreement with NEXON Co. Ltd. (“Nexon”), pursuant to which Nexon has subscribed to purchase from us, upon request up to 25,000,000 forward purchase units (the “Forward Purchase Units”), consisting of one Class A ordinary share (the “Forward Purchase Shares”), and one-half of one warrant to purchase one Class A ordinary share (the “Forward Purchase Warrants”), for $10.00 per unit, or an aggregate amount of up to $250,000,000, in a private placement that will close concurrently with the closing of our initial business combination. Nexon’s commitment under the forward purchase agreement is subject to, among other conditions, the approval of its investment committee in its sole and absolute discretion. The Forward Purchase Shares and Forward Purchase Warrants will be identical to the Class A ordinary shares and warrants, respectively, included in the units being sold in the Public Offering, except that they will be subject to certain transfer restrictions and registration rights, as described herein.

Risks and Uncertainties

Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.

COMMITMENTS AND CONTINGENCIES

Registration and Shareholder Rights

Underwriting Agreement

The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.3 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.5 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.

Forward Purchase Agreement

In connection with the consummation of the Offering, the Company entered into a forward purchase agreement with NEXON Co. Ltd. (“Nexon”), pursuant to which Nexon has subscribed to purchase from us, upon request, up to 25,000,000 forward purchase units (the “Forward Purchase Units”), consisting of one Class A ordinary share (the “Forward Purchase Shares”), and one-half of one warrant to purchase one Class A ordinary share (the “Forward Purchase Warrants”), for $10.00 per unit, or an aggregate amount of up to $250,000,000, in a private placement that will close concurrently with the closing of our initial business combination. Nexon’s commitment under the forward purchase agreement is subject to, among other conditions, the approval of its investment committee in its sole and absolute discretion. The Forward Purchase Shares and Forward Purchase Warrants will be identical to the Class A

ordinary shares and warrants, respectively, included in the units being sold in the Public Offering, except that they will be subject to certain transfer restrictions and registration rights, as described herein.

Risks and Uncertainties

Management is continuing to evalute the impact of the COVID-19 pandemic and has concluded that, while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or close of the Business Combination Agreement, the specific impact is not readily determinable as of the date of these financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Lessee, Lease, Description [Line Items]

Commitments and Contingencies

Leases

We lease office facilities under operating lease agreements in the United States which have an initial term of twelve months or longer as of December 31, 2020. As of December 31, 2020, remaining lease terms vary from 3 to 8 years. For one lease we have the option to extend the lease term for a period of two years and for another lease we have the option to extend the lease term for a period of three years. The renewal option is not considered in the remaining lease term as we are not reasonably certain that we will exercise such option.

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019		2018
Operating lease cost	$	3,267	$	3,723	$	3,312
Variable lease costs	49		176		392
Total lease costs	$	3,316	$	3,899	$	3,704

Other information related to leases was as follows:


	As of December 31,
	2020		2019		2018
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	6.6		7.0		5.2
Weighted average discount rate	7.1	%	7.2	%	6.7	%

When recording the present value of lease liabilities, a discount rate is required. We have concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, we instead used our incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of our implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors. Market rates are derived as of the lease commencement dates with reference to companies with the same debt rating that operate in a similar industry.

As of December 31, 2020, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2021	$	1,673
2022	1,707
2023	1,742
2024	1,630
2025	1,662
Thereafter	2,884
Total lease payments	$	11,298
Less: Imputed interest	(2,395)
Total lease liabilities	$	8,903

Supplemental cash flow information related to leases is included in the Supplemental Cash Flow Information note.

Contingencies

From time to time, we may be involved in disputes or regulatory inquiries, which arise in the ordinary course of business. When we determine that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to us in aggregate. When a material loss contingency is reasonably possible, we do not record a liability, but instead disclose the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position or results of operations and no corresponding liability has been recorded for any periods presented.

Initial Public Offering	6 Months Ended	11 Months Ended
Initial Public Offering	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Initial Public Offering	Initial Public Offering On July 28, 2020, the Company consummated its Initial Public Offering of 41,400,000 Units, including the 5,400,000 Units as a result of the underwriters’ full exercise of its over-allotment option, at $10.00 per Unit, generating gross proceeds of $414.0 million, and incurring offering costs of approximately $23.4 million, inclusive of approximately $14.5 million in deferred underwriting commissions. Each Unit consists of one share of Class A ordinary share, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 6).	INITIAL PUBLIC OFFERING On July 28, 2020, the Company consummated its Initial Public Offering of 41,400,000 Units, including the 5,400,000 Units as a result of the underwriters’ full exercise of their over-allotment option, at $10.00 per Unit, generating gross proceeds of $414.0 million, and incurring offering costs of approximately $23.4 million, inclusive of approximately $14.5 million in deferred underwriting commissions. Each Unit consists of one Class A ordinary share, and one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary shares at a price of $11.50 per share, subject to adjustment (see Note 7).

Related Party Transactions	6 Months Ended	11 Months Ended
Related Party Transactions	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions Founder Shares On March 2, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 8,625,000 Class B ordinary shares, par value $0.0001, (the “Founder Shares”), for an aggregate price of $25,000. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares, resulting in the Sponsor holding 8,625,000 Founder Shares. In July 2020, the Sponsor transferred an aggregate of 180,000 Founder Shares to members of the Company’s board of directors and advisory board, resulting in the Sponsor holding 8,445,000 Founder Shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holds 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. The Initial Shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees and under certain circumstances. Any permitted transferees will be subject to the same restrictions and other agreements of the initial Shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,280,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $10.3 million. Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. Certain proceeds from the Private Placement Warrants were 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 (except as set forth below under “– Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”) and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. 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 March 2, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable on the earlier of December 31, 2020 or the completion of the Initial Public Offering. The Company borrowed approximately $160,000 under the Note, and then fully repaid the Note on July 28, 2020. 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, 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 lender’s 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 $1.00 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. To date, the Company had no borrowings under the Working Capital Loans. Administrative Support Agreement The Company agreed to pay the Sponsor a total of $10,000 per month, commencing on the effective date of the Initial Public Offering, for office space, utilities, secretarial and administrative support services provided to members of the management team. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred approximately $30,000 and $60,000 in administrative expenses under the agreement, which is recognized in the accompanying unaudited consolidated condensed statements of operations for the three and six months ended June 30, 2021 within general and administrative expenses – related party, respectively. As of June 30, 2021 and December 31, 2020, there was no outstanding balance in accounts payable – related party, as reflected in the accompanying unaudited condensed balance sheets.	RELATED PARTY TRANSACTIONS Founder Shares On March 2, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 8,625,000 Class B ordinary shares, par value $0.0001, (the “Founder Shares”), for an aggregate price of $25,000. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares, resulting in the Sponsor holding 8,625,000 Founder Shares. In July 2020, the Sponsor transferred an aggregate of 180,000 Founder Shares to members of the Company’s board of directors and advisory board, resulting in the Sponsor holding 8,445,000 Founder Shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holds 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. The Initial Shareholders agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property; except to certain permitted transferees and under certain circumstances. Any permitted transferees will be subject to the same restrictions and other agreements of the initial Shareholders with respect to any Founder Shares. Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the Founder Shares will be released from the lock-up. Private Placement Warrants Simultaneously with the closing of the Initial Public Offering, the Company consummated the Private Placement of 10,280,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $10.3 million. Each whole Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. Certain proceeds from the Private Placement Warrants were 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 (except as set forth below under “– Redemption of Warrants When the Price Per Class A Ordinary Share Equals or Exceeds $10.00”) and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted transferees. 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 ### after the completion of the initial Business Combination. Related Party Loans On March 2, 2020, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Note”) . This loan was non-interest bearing and payable on the earlier of December 31, 2020 or the completion of the Initial Public Offering. The Company borrowed approximately $160,000 under the Note, and then fully repaid the Note on July 28, 2020. 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, 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 lender’s 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 $1.00 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. To date, the Company had no borrowings under the Working Capital Loans. As of December 31, 2020, the Company had a balance due to related party of $9,750 related to an invoice the Sponsor paid on behalf of the Company. Administrative Support Agreement The Company agreed to pay the Sponsor a total of $10,000 per month, commencing on the effective date of the Initial Public Offering, for office space, utilities, secretarial and administrative support services provided to members of the management team. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. The Company incurred and paid $50,000 in these fees for the period from the effective date of the Initial Public Offering through December 31, 2020.
Marketwise, LLC
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $246 and $890 for the three months ended June 30, 2021 and 2020, and $619 and $1,438 for the six months ended June 30, 2021 and 2020, respectively. We also incurred revenue share expenses paid to related parties of $1,586 and $1,051 which were capitalized as contract origination costs for the three months ended June 30, 2021 and 2020, and $7,584 and $1,629 which were capitalized as contract origination costs for the six months ended June 30, 2021 and 2020, respectively. We also incurred revenue share expenses of $10 and $25 paid to a related party vendor owned by a Class A unitholder which were capitalized as contract origination costs for the three months ended June 30, 2021 and 2020, and $17 and $45 for the six months ended June 30, 2021 and 2020, respectively. Additionally, a related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $378 and $261 for the three months ended June 30, 2021 and 2020, and $613 and $843 for the six months ended June 30, 2021, respectively. A related party also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise and recorded within related party expenses in the accompanying consolidated statement of operations. We held balances of $1,419 and $3,288 as of June 30, 2021 and December 31, 2020 of related party payables related to these services. The balances with our related party are presented net and are included in related party payables, net in the consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain of MarketWise’s Class B unitholders. As a result, we recognized $79 and $90 in other income, net for the three months ended June 30, 2021 and 2020, and $142 and $194 for the six months ended June 30, 2021 and 2020, respectively. Related party receivables related to these services were $844 and $689 as of June 30, 2021 and December 31, 2020, respectively. We lease offices from related parties. Lease payments made to related parties were $383 and $376 for the three months ended June 30, 2021 and 2020, and $767 and $752 for the six months ended June 30, 2021 and 2020, respectively, and rent expense of $556 was recognized in general and administrative expenses for the three months ended June 30, 2021 and 2020, and $1,112 for the six months ended June 30, 2021 and 2020, related to leases with related parties. At June 30, 2021 and December 31, 2020, ROU assets of $11,149 and $11,957 and lease liabilities of $8,027 and $8,490 are associated with leases with related parties. We lease office space from a company owned by certain Class B unitholders and made lease payments of $14 for the three months ended June 30, 2021 and 2020, and $28 for the six months ended June 30, 2021 and 2020, that were recognized in general and administrative expenses. We incurred costs related to lead generation marketing from a related party vendor which was partially owned by a shareholder through November 2020. We purchased lead generation marketing of $2,917 and $8,044 for the three and six months ended June 30, 2020, respectively, which was recorded in sales and marketing expenses. We incurred marketing costs from a related party vendor of $39 and $18 for the three months ended June 30, 2021 and 2020, and $75 and $38 for the six months ended June 30, 2021 and 2020, respectively, which was recorded in sales and marketing expenses. In November 2015, we provided a loan to our Class B unitholders which bears interest at 3% and recognized a related party note receivable from the unitholders, which was repaid during 2020. We recognized $19 and $37 in interest income for the three and six months ended June 30, 2020, respectively. In August 2019 we provided an additional loan to a Class B unitholder and recognized a related party note receivable from the unitholder of $3,000. We recognized $9 and $25 in interest income for the three and six months ended June 30, 2020, respectively. This loan was repaid during 2020. In April 2020 we provided a loan to a Class A unitholder and recognized a related party note receivable from the unitholder of $1,148 as of December 31, 2020. We recognized $3 and $1 in interest income for the three months ended June 30, 2021 and 2020, and $5 and $1 for the six months ended June 30, 2021 and 2020, respectively. The interest rate on the loan is variable and was 1.02% as of June 30, 2021. The loan is due in April 2025, but is required to be repaid within 30 days if we complete an initial public offering. Related Party Transactions We have certain revenue share agreements with our related party owner to share customer lists. Accordingly, we recognized $3,386, $6,825 and $5,583 of revenue from our related party owner and its affiliates for the years ended December 31, 2020, 2019 and 2018, respectively. We also incurred revenue share expenses of $5,891, $3,063, and $3,901, of which $5,891, $3,063, and $2,026 were capitalized as contract origination costs for the years ended December 31, 2020, 2019 and 2018, respectively. We incurred customer acquisition costs of $3,080, $1,601, and $221 paid to our related party owner and its affiliates under cost per acquisition arrangements during the years ended December 31, 2020, 2019 and 2018, respectively. Additionally, our related party owner and its affiliates provided call center support and other services to the Company for which we recorded an expense of $1,005, $1,647, and $1,879 within cost of revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Our related party owner also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise and recorded within related party expenses in the accompanying consolidated statement of operations. We held balances of $3,288 and $8,723 as of December 31, 2020 and 2019 of related party payables related to these services. The balances with our related party owner are presented net and are included in related party payables, net in the consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain of MarketWise’s Class B unitholders. As a result, we recognized $348, $338, and $469 in other income, net for the years ended December 31, 2020, 2019 and 2018, respectively. Related party receivables related to these services were $689 and $672 as of December 31, 2020 and 2019, respectively. We lease offices from a company owned by certain shareholders of our related party owner and we entered into our other leases with our related party owner. Lease payments made to our related party owner were $1,505, $1,477 and $1,087 for the years ended December 31, 2020, 2019 and 2018, respectively, and rent expense of $2,224, $2,224 and $1,789 was recognized in general and administrative expenses for the years ended December 31, 2020, 2019 and 2018, respectively, related to leases with our related party owner. At December 31, 2020 and 2019, ROU assets of $11,957 and $13,530 and lease liabilities of $8,490 and $9,339 are associated with leases with our related party owner. We incurred costs related to lead generation marketing from a related party vendor which was partially owned by a shareholder through November 2020. From January through November 2020 we purchased total lead generation marketing of $15,326, which was recorded in sales and marketing expenses. In November 2015, we provided a loan to our Class B unitholders which bears interest at 3% and recognized a related party note receivable from the unitholders of $2,422 as of December 31, 2019. We recognized $37, $71, and $69, in interest income for the years ended December 31, 2020, 2019 and 2018, respectively. This loan was repaid during 2020. In August 2019 we provided an additional loan to a Class B unitholder and recognized a related party note receivable from the unitholder of $3,024 as of December 31, 2019. We recognized $25 and $24 in interest income for the years ended December 31, 2020 and 2019, respectively. This loan was repaid during 2020. In April 2020 we provided a loan to a Class A unitholder and recognized a related party note receivable from the unitholder of $1,148 as of December 31, 2020. We recognized $4 in interest income for the year ended December 31, 2020. The interest rate on the loan is variable and was 0.5% as of December 31, 2020. The loan is due in April 2025, but is required to be repaid within 30 days if we complete an initial public offering.

Commitments and Contingencies	6 Months Ended	11 Months Ended
Commitments and Contingencies	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants, Forward Purchase Securities and warrants that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. 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 option from the final prospectus relating to the Initial Public Offering to purchase up to 5,400,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On July 28, 2020, the underwriters fully exercised their over-allotment option. The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.9 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.5 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. Forward Purchase Agreement In connection with the consummation of the Offering, the Company entered into a forward purchase agreement with NEXON Co. Ltd. (“Nexon”), pursuant to which Nexon has subscribed to purchase from us, upon request up to 25,000,000 forward purchase units (the “Forward Purchase Units”), consisting of one Class A ordinary share (the “Forward Purchase Shares”), and one-half of one warrant to purchase one Class A ordinary share (the “Forward Purchase Warrants”), for $10.00 per unit, or an aggregate amount of up to $250,000,000, in a private placement that will close concurrently with the closing of our initial business combination. Nexon’s commitment under the forward purchase agreement is subject to, among other conditions, the approval of its investment committee in its sole and absolute discretion. The Forward Purchase Shares and Forward Purchase Warrants will be identical to the Class A ordinary shares and warrants, respectively, included in the units being sold in the Public Offering, except that they will be subject to certain transfer restrictions and registration rights, as described herein. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of these financial statement. The financial statement does not include any adjustments that might result from the outcome of this uncertainty.	COMMITMENTS AND CONTINGENCIES Registration and Shareholder Rights The holders of Founder Shares, Private Placement Warrants, Forward Purchase Securities and warrants that may be issued upon conversion of Working Capital Loans, if any, are entitled to registration rights pursuant to a registration rights agreement. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. 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 option from the final prospectus relating to the Initial Public Offering to purchase up to 5,400,000 additional Units to cover over-allotments, if any, at the Initial Public Offering price less the underwriting discounts and commissions. On July 28, 2020, the underwriters fully exercised their over-allotment option. The underwriters were entitled to an underwriting discount of $0.20 per unit, or approximately $8.3 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $14.5 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. Forward Purchase Agreement In connection with the consummation of the Offering, the Company entered into a forward purchase agreement with NEXON Co. Ltd. (“Nexon”), pursuant to which Nexon has subscribed to purchase from us, upon request, up to 25,000,000 forward purchase units (the “Forward Purchase Units”), consisting of one Class A ordinary share (the “Forward Purchase Shares”), and one-half of one warrant to purchase one Class A ordinary share (the “Forward Purchase Warrants”), for $10.00 per unit, or an aggregate amount of up to $250,000,000, in a private placement that will close concurrently with the closing of our initial business combination. Nexon’s commitment under the forward purchase agreement is subject to, among other conditions, the approval of its investment committee in its sole and absolute discretion. The Forward Purchase Shares and Forward Purchase Warrants will be identical to the Class A ordinary shares and warrants, respectively, included in the units being sold in the Public Offering, except that they will be subject to certain transfer restrictions and registration rights, as described herein. Risks and Uncertainties Management is continuing to evalute the impact of the COVID-19 pandemic and has concluded that, while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or close of the Business Combination Agreement, the specific impact is not readily determinable as of the date of these financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Common Units	6 Months Ended	11 Months Ended
Common Units	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common Units	Shareholders’ Equity Preference Shares — The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2021 and December 31,2020, there were no preference shares issued or outstanding. Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of June 30, 2021 and December 31, 2020, there were 41,400,000 Class A ordinary shares issued and outstanding, including 34,185,912 and 34,196,599 Class A ordinary shares subject to possible redemption, respectively. Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On March 2, 2020, the Company issued 8,625,000 Class B ordinary shares to the Sponsor. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares and as a result the Sponsor held 8,625,000 Class B ordinary shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holding 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. As of June 30, 2021, there were 10,350,000 Class B ordinary shares outstanding. Holders of record of our Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided, that, prior to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the election of directors prior to or in connection with the completion of the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including the forward purchase shares but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.	SHAREHOLDERS’ EQUITY Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of December 31, 2020, there were 41,400,000 Class A ordinary shares issued and outstanding, including 39,576,710 Class A ordinary shares subject to possible redemption. Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On March 2, 2020, the Company issued 8,625,000 Class B ordinary shares to the Sponsor. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares and as a result the Sponsor held 8,625,000 Class B ordinary shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holding 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. As of December 31, 2020, there were 10,350,000 Class B ordinary shares outstanding. Holders of record of our Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided, that, prior to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the election of directors prior to or in connection with the completion of the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the consummation of the initial Business Combination on a one- for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including the forward purchase shares but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis. Preference Shares — The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2020, there were no preference shares issued or outstanding.
Marketwise, LLC
Class of Stock [Line Items]
Common Units	Common Units As of December 31, 2020, our board of directors has authorized the issuance of 10 million of our two classes of common units: Class A and Class B. If our related party owner’s percentage ownership falls below 50%, Class A common units are redeemable at our related party owner’s option for up to 20% of vested units. After 25 months from the date of issuance, Class B unitholders may sell Class B units to the Company and the Company may also repurchase Class B units. The purchase price for all units is determined based on a multiplier of annual net income, normalized based on the preceding 3 years. Holders of our common units are entitled to one vote for each percentage of interest held based on vested units. Holders of common units are entitled to distributions from available cash as determined by the board of directors after establishing reserves. Upon a liquidation, Class A unitholders first receive distributions equal to their capital contribution prior to distributions to all unitholders of available assets. During 2018, we effected a 1000 to 1 common unit split. All unit and per unit amounts in these consolidated financial statements have been retroactively adjusted to give effect to the common unit split. During the year ended December 31, 2019, the holder of non-controlling interests in one of the Company’s subsidiaries, Casey Research, exchanged its shares for the Company’s Class A units at approximately fair value. The Company recorded the exchange of shares as an equity transaction and did not recognize any gains or losses as a result.

Earnings Per Unit

6 Months Ended

Jun. 30, 2021

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per unit:


			Three Months Ended June 30, 2021
			Class A Units		Class B Units
Numerator
Distributed earnings			$	1,181	$	456
Undeclared and undistributed earnings:
Net loss	$	(7,895)
Minus: Distributions to Class A unitholders	1,181
Undeclared and undistributed loss	(9,076)
Undeclared and undistributed (loss) earnings by unit class			(9,076)		—
Total (loss) earnings by unit class			$	(7,895)	$	456
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			528,519		526,580
Earnings per unit class:
Distributed earnings			$	2.23	$	0.87
Undistributed loss			(17.17)		—
Total			$	(14.94)	$	0.87


			Three Months Ended June 30, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	8,378	$	5,757
Undeclared and undistributed earnings:
Net income	$	(80,045)
Minus: Distributions to Class A unitholders	8,378
Undeclared and undistributed earnings	(88,423)
Undeclared and undistributed earnings by unit class			(88,423)		—
Total earnings by unit class			$	(80,045)	$	5,757
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			547,466		496,732
Earnings per unit class:
Distributed earnings			$	15.30	$	11.59
Undistributed earnings			(161.51)		—
Total			$	(146.21)	$	11.59


			Six Months Ended June 30, 2021
			Class A Units		Class B Units
Numerator
Distributed earnings			$	15,098	$	6,107
Undeclared and undistributed earnings:
Net loss	$	(622,348)
Minus: Distributions to Class A unitholders	15,098
Undeclared and undistributed loss	(637,446)
Undeclared and undistributed (loss) earnings by unit class			(637,446)		—
Total (loss) earnings by unit class			$	(622,348)	$	6,107
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			528,519		526,580
Earnings per unit class:
Distributed earnings			$	28.57	$	11.60
Undistributed loss			(1,206.10)		—
Total			$	(1,177.53)	$	11.60


			Six Months Ended June 30, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	66,145	$	38,070
Undeclared and undistributed earnings:
Net loss	$	(96,546)
Minus: Distributions to Class A unitholders	66,145
Undeclared and undistributed loss	(162,691)
Undeclared and undistributed (loss) earnings by unit class			(162,691)		—
Total (loss) earnings by unit class			$	(96,546)	$	38,070
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			548,596		495,201
Earnings per unit class:
Distributed earnings			$	120.57	$	76.88
Undistributed loss			(296.56)		—
Total			$	(175.99)	$	76.88

Earnings Per Unit

The following table sets forth the computation of basic and diluted earnings per unit:


			Year ended December 31, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	101,767	$	78,398
Undeclared and undistributed earnings:
Net loss	$	(538,373)
Minus: Distributions to Class A unitholders	101,767
Undeclared and undistributed loss	(640,140)
Undeclared and undistributed (loss) earnings by unit class			(640,140)		—
Total (loss) earnings by unit class			$	(538,373)	$	78,398
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			548,028		495,971
Earnings per unit class:
Distributed earnings			$	185.70	$	158.07
Undistributed loss			(1,168.08)		—
Total			$	(982.38)	$	158.07


			Year ended December 31, 2019
			Class A Units		Class B Units
Numerator
Distributed earnings			$	20,471	$	14,831
Undeclared and undistributed earnings:
Net income	$	27,957
Minus: Distributions to Class A unitholders	20,471
Undeclared and undistributed earnings	7,486
Undeclared and undistributed earnings by unit class			4,348		3,138
Total earnings by unit class			$	24,819	$	17,969
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			594,327		416,369
Earnings per unit class:
Distributed earnings			$	34.44	$	35.62
Undistributed earnings			7.36		7.48
Total			$	41.80	$	43.10


			Year ended December 31, 2018
			Class A Units		Class B Units
Numerator
Distributed earnings			$	22,017	$	17,135
Undeclared and undistributed earnings:
Net income	$	18,601
Minus: Distributions to Class A unitholders	22,017
Undeclared and undistributed loss	(3,416)
Undeclared and undistributed loss by unit class			(3,416)		—
Total earnings by unit class			$	18,601	$	17,135
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			611,547		395,000
Earnings per unit class:
Distributed earnings			$	36.00	$	43.38
Undistributed loss			(5.59)		—
Total			$	30.42	$	43.38

Shareholders' Equity	6 Months Ended	11 Months Ended
Shareholders' Equity	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preference Shares — The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of June 30, 2021 and December 31,2020, there were no preference shares issued or outstanding. Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of June 30, 2021 and December 31, 2020, there were 41,400,000 Class A ordinary shares issued and outstanding, including 34,185,912 and 34,196,599 Class A ordinary shares subject to possible redemption, respectively. Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On March 2, 2020, the Company issued 8,625,000 Class B ordinary shares to the Sponsor. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares and as a result the Sponsor held 8,625,000 Class B ordinary shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holding 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. As of June 30, 2021, there were 10,350,000 Class B ordinary shares outstanding. Holders of record of our Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided, that, prior to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the election of directors prior to or in connection with the completion of the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the consummation of the initial Business Combination on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including the forward purchase shares but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.	SHAREHOLDERS’ EQUITY Class A Ordinary Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of December 31, 2020, there were 41,400,000 Class A ordinary shares issued and outstanding, including 39,576,710 Class A ordinary shares subject to possible redemption. Class B Ordinary Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share. On March 2, 2020, the Company issued 8,625,000 Class B ordinary shares to the Sponsor. On May 29, 2020, the Sponsor surrendered 1,437,500 Founder Shares to the Company for cancellation for no consideration. On June 26, 2020, the Company effected a share capitalization of 1,437,500 Founder Shares and as a result the Sponsor held 8,625,000 Class B ordinary shares. On July 23, 2020, the Company effected another share capitalization of 1,725,000 Founder Shares, resulting in an aggregate of 10,350,000 Founder Shares outstanding, of which the Sponsor holding 10,170,000 shares. All shares and the associated amounts have been retroactively restated to reflect the aforementioned share surrender and capitalization. As of December 31, 2020, there were 10,350,000 Class B ordinary shares outstanding. Holders of record of our Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders, except as required by law; provided, that, prior to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the election of directors prior to or in connection with the completion of the initial Business Combination. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the consummation of the initial Business Combination on a one- for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, 20% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (including the forward purchase shares but not the forward purchase warrants), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis. Preference Shares — The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2020, there were no preference shares issued or outstanding.

Warrants	6 Months Ended	11 Months Ended
Warrants	Jun. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrants	Warrants As of June 30, 2021, the Company had 20,700,000 Public Warrants and 10,280,000 Private Warrants outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) one year from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement). If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Public Warrants have an exercise price of $11.50 per share, subject to adjustments as described below, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Initial Shareholders or their affiliates, without taking into account any Founder Shares held by the Initial Shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of our initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 10-trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price (See”—Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”), and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price (See”—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”). 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 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 (except as set forth below under “ – Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held by the Sponsor, members of the Sponsor or their permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company for cash and exercisable by the holders on the same basis as the Public Warrants. 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 for Class A ordinary shares: •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 Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; •if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and •if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of the Class A ordinary shares shall mean the volume weighted average price of the Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. The Company will provide warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 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). 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 for cash (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 a minimum of 30 days’ prior written notice of redemption; and •if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 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 period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company is unable to complete the initial 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.	DERIVATIVE WARRANT LIABILITIES As of December 31, 2020, the Company had 20,700,000 and 10,280,000 Public Warrants and Private Placement Warrants, respectively, outstanding. Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) one year from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement). If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws. The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th business day after the closing of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elect, it will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. The Public Warrants have an exercise price of $11.50 per share, subject to adjustments as described below, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Initial Shareholders or their affiliates, without taking into account any Founder Shares held by the Initial Shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of our initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during the 10-trading day period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price (See" Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00" and" Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00"), and the $10.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price (See" Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00"). 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 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 (except as set forth below under “ – Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held by the Sponsor, members of the Sponsor or their permitted transferees. If the Private Placement Warrants are held by someone other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company for cash and exercisable by the holders on the same basis as the Public Warrants. 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 for Class A ordinary shares: •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 Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market value” of the Class A ordinary shares; •if, and only if, the last reported sale price (the “closing price”) of the Class A ordinary shares equals or exceeds $10.00 per share (as adjusted) for any 20 trading days within the 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders; and •if the closing price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. The “fair market value” of the Class A ordinary shares shall mean the volume weighted average price of the Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. The Company will provide warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 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). 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 for cash (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 a minimum of 30 days’ prior written notice of redemption; and •if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. 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 period. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company is unable to complete the initial 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.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-Based Compensation

Class B Units

We recognized stock-based compensation expenses of $47,445 and $78,627 for the three months ended June 30, 2021 and 2020, and $648,520 and $99,124 for the six months ended June 30, 2021 and 2020, respectively. These amounts include profits distributions to Class B unitholders of $456 and $5,757 for the three months ended June 30, 2021 and 2020, and $6,107 and $38,070 for the six months ended June 30, 2021 and 2020, respectively. The amount

of stock-based compensation expense included in each of the line items in the accompanying consolidated statement of operations is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	10,568	$	15,058	$	124,916	18,226
Sales and marketing	840		1,022		14,910		2,225
General and administrative	36,037		62,547		508,694		78,673
Total stock based-compensation expense	$	47,445	$	78,627	$	648,520	$	99,124

The following is a rollforward of Class B Units activity for the six months ended June 30, 2021:










Unvested at January 1, 2021			75,044
Granted			17,690
Vested			(29,848)
Unvested at June 30, 2021			62,886

The weighted-average grant-date fair value of Class B Units granted was $2,195.16 and $178.69 per unit during the six months ended June 30, 2021 and 2020, respectively.

Because the Class B Units are not publicly traded, the Company must estimate the fair value of its Class B Units in each reporting period. The fair values of Class B Units were estimated by the Company’s board of managers based on the Company’s equity value. The Company’s board of managers considered, among other things, contemporaneous valuations of the Company’s equity value prepared by an unrelated third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

For the three and six months ended June 30, 2020, the fair value of the Class B Units was estimated using an option pricing model to allocate the equity value of the Company to the Class B Units based on their distribution rights. To derive the fair value of the Class B Unit liability, a two-step valuation approach was used. First the equity value of the Company was estimated. The Company considers asset, market, and income-based approaches. The Company determined that an income-based approach presented the best indication of value. As such, the Company relied upon a discounted cash flow approach using a five-year discrete projection period, discounting expected future cash flows back to that date. This calculated equity value was then allocated to the common units held by various stockholders using an option pricing model.

For the three and six months ended June 30, 2021, the fair value of the Class B Units was estimated using a probability-weighted expected return method. This method considered two scenarios: one based on a market approach according to a proposed acquisition of the Company and allocated through a liquidation waterfall, and the other based on the Company continuing as a private entity according to a discounted cash flow analysis, and allocated using an option pricing model. The results of these two methods were weighted to derive the fair value of the Class B Units as of June 30, 2021.

The discounted cash flow method estimates the equity value of the Company by projecting the Company’s net cash flows into the future and discounting these net cash flows to present value by applying a discount rate. Key inputs for this valuation include the Company’s projected cash flows and discount rate. Changes to these inputs could have a material impact on the accompanying consolidated financial statements.

and allocating that value to each participating security based on its pro-rata ownership in the breakpoint. Key inputs for this valuation include the equity value of the Company, risk-free rate, allocation thresholds, and stock volatility.

The Company considered several objective and subjective factors to determine the best estimate of the fair value of the Class B Units, including:

▪the Company’s historical and expected operating and financial performance;

▪current business conditions;

▪indications of value from external investors and their proposed value for the business;

▪the Company’s stage of development and business strategy;

▪macroeconomic conditions;

▪the Company’s weighted average cost of capital;

▪risk-free rates of return;

▪the volatility of comparable publicly traded peer companies; and

▪the lack of an active public market for the Company’s equity units.

See also Note 2, Stock Based Compensation.

Stock-Based Compensation

Class B Units

We recognized stock-based compensation expenses of $553,600, $20,439 and $28,212 for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts include profits distributions to Class B unitholders of $78,398, $14,831 and $17,135 for the years ended December 31, 2020, 2019 and 2018, respectively. The amount of stock-based compensation expense included in each of the line items in the accompanying consolidated statement of operations is as follows:


	Year Ended December 31,
	2020		2019		2018
Cost of revenue	$	102,736	$	5,025	$	21,889
Sales and marketing	10,567		—		6,323
General and administrative	440,297		15,414		—
Total stock based-compensation expense	$	553,600	$	20,439	$	28,212

The following is a rollforward of Class B Units activity for the years ended December 31, 2019 and 2020:


Unvested at January 1, 2019			55,000
Granted			59,099
Vested			(36,118)
Unvested at December 31, 2019			77,981
Granted			62,676
Vested			(65,613)
Unvested at December 31, 2020			75,044

The weighted-average grant-date fair value of Class B Units granted was $178.69 and $186.83 per unit during the years ended December 31, 2020 and 2019, respectively.

To derive the fair value of the Class B Unit liability, a two-step valuation approach was used. First the equity value of the Company was estimated. The Company considers asset, market, and income-based approaches. The Company determined that an income-based approach presented the best indication of value. As such, the Company relied upon a discounted cash flow approach using a five-year discrete projection period, discounting expected future cash flows back to that date. This calculated equity value was then allocated to the common units held by various stockholders using an option pricing model.

For the year ended December 31, 2020, the fair value of the Class B Units was estimated using a probability-weighted expected return method. This method considered two scenarios: one based on a market approach according to a proposed acquisition of the Company and allocated through a liquidation waterfall, and the other based on the Company continuing as a private entity according to a discounted cash flow analysis, and allocated using an option pricing model. The results of these two methods were weighted to derive the fair value of the Class B Units in 2020.

The option pricing model allocates the equity value to each class of common units by preparing a breakpoint analysis to determine which securities would receive value at each threshold of a hypothetical liquidation. Then applying a Black-Scholes option pricing analysis to determine the incremental value of each respective breakpoint and allocating that value to each participating security based on its pro-rata ownership in the breakpoint. Key inputs for this valuation include the equity value of the Company, risk-free rate, allocation thresholds, and stock volatility.

The Company considered several objective and subjective factors to determine the best estimate of the fair value of the Class B Units, including:

▪the Company’s historical and expected operating and financial performance;

▪current business conditions;

▪indications of value from external investors and their proposed value for the business;

▪the Company’s stage of development and business strategy;

▪macroeconomic conditions;

▪the Company’s weighted average cost of capital;

▪risk-free rates of return;

▪the volatility of comparable publicly traded peer companies; and

▪the lack of an active public market for the Company’s equity units.

See also Note 2, Stock Based Compensation.

Fair Value Measurements

6 Months Ended

11 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements

Fair Value Measurements The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

As of June 30, 2021


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U. S. Treasury Securities	$	414,268,577	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public Warrants	33,741,000		—		—
Derivative warrant liabilities—Private Warrants	—		—		16,756,400
Total fair value	$	448,009,577	$	—	$	16,756,400

As of December 31, 2020


Description	Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U. S. Treasury funds	$	414,209,593	(1)	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public Warrants	35,386,050			—		—
Derivative warrant liabilities—Private Warrants	—			—		18,415,060
Total fair value	$	449,595,643		$	—	$	18,415,060

Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers between levels for the six months ended June 30, 2021.

The fair value of the Private Placement Warrants has been estimated using a Monte Carlo simulation model each measurement date. The fair value of the warrants issued in connection with the Public Offering were initially measured at fair value using a Monte Carlo simulation model and subsequently measured based on the listed market price of such warrants. The Company estimates the fair value of the warrants at each reporting period, with changes in fair value recognized in the condensed statements of operations.

The estimated fair value of the derivative warrant liabilities – Public Warrants is determined using Level 1 inputs. The estimated fair value of the derivative warrant liabilities –Private Placement Warrants is determined using Level 3 inputs. Inherent in a Monte-Carlo simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary shares based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	June 30, 2021			December 31, 2020
Volatility	23.5		%	25.3		%
Stock price	$	9.95		$	10.26
Expected life of the options to convert	5.05			5.42
Risk-free rate	0.88		%	0.42		%
Dividend yield	0.0		%	0.0		%

The change in the fair value of the derivative warrant liabilities measured using Level 3 inputs, for the three and six months ended June 30, 2021 is summarized as follows:


Warrant liabilities at January 1, 2021	$	18,415,060
Change in fair value of derivative warrant liabilities	$	(7,761,500)
Derivative warrant liabilities at March 31, 2021	$	10,653,560
Change in fair value of derivative warrant liabilities	6,102,840
Derivative warrant liabilities at June 30, 2021	$	16,756,400

FAIR VALUE MEASUREMENTS

The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurements”, for its financial assets and liabilities that are re- measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy:


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Investments held in Trust Account:
U.S. Treasury securities	$	414,209,593	$	—	$	—
Liabilities:
Derivative public warrant liabilities	$	35,386,050	$	—	$	—
Derivative private warrant liabilities	$	—	$	—	$	18,415,060

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in September 2020, when the Public Warrants were separately listed and traded.

Level 1 instruments include investments in government 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.

The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since September 2020. For the period ended December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of liabilities of $28.5 million presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations.

The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary share warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	As of July 28, 2020	As of December 31, 2020
Volatility	16.1%	25.3%
Stock price	$9.59	$10.26
Expected life of the options to convert	6.00	5.42
Risk-free rate	0.35%	0.42%
Dividend yield	0.0%	0.0%

The change in the fair value of the derivative warrant liabilities for the period from February 11, 2020 (inception) through December 31, 2020 is summarized as follows:


Derivative warrant liabilities at February 11, 2020 (inception)	$	—
Issuance of Public and Private Warrants	25,275,880
Change in fair value of derivative warrant liabilities	28,525,230
Derivative warrant liabilities at December 31, 2020	$	53,801,110

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	June 30, 2021
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	101,503	$	—	$	—	$	101,503
Total assets	101,503		—		—		101,503
Liabilities:
Derivative liabilities, current	—		—		662		662
Derivative liabilities, noncurrent	—		—		1,955		1,955
Class B Units - related party	—		—		1,235,648		1,235,648
Total liabilities	$	—	$	—	$	1,238,265	$	1,238,265


	December 31, 2020
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,016	$	—	$	—	$	25,016
Total assets	25,016		—		—		25,016
Liabilities:
Derivative liabilities, noncurrent	—		—		4,343		4,343
Class B Units - related party	—		—		593,235		593,235
Total liabilities	$	—	$	—	$	597,578	$	597,578

The level 3 liabilities relate to our Class B Units and certain employee and non-employee contracts with embedded derivatives, see Note 8, Derivative Financial Instruments and Note 9, Stock-Based Compensation.

The following table summarizes the change in fair value of the derivative liabilities during the six months ended June 30, 2021 and 2020:


Balance at January 1, 2021	$	597,578
Change in fair value of derivative instruments	(1,726)
Incremental Class B Units	43,880
Change in fair value of Class B Units	598,533
Balance at June 30, 2021	$	1,238,265

Balance at January 1, 2020	$	119,307
Change in fair value of derivative instruments	997
Incremental Class B Units	11,258
Change in fair value of Class B Units	49,796
Balance at June 30, 2020	$	181,358

The following table summarizes the change in fair value of the Class B Units by income statement line item during the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	10,446	$	13,848	$	112,389	$	9,885
Sales and marketing	840		1,022		8,263		1,022
General and administrative	35,703		57,616		477,881		38,889
Total change in fair value of Class B Units	$	46,989	$	72,486	$	598,533	$	49,796

To derive the fair value of the Class B Units, we estimated the fair value of Class B Units using a valuation technique. For more information regarding the valuation of the Class B Units, see Note 9, Stock-Based Compensation.

Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the date indicated:


	December 31, 2020
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,016	$	—	$	—	$	25,016
Total assets	25,016		—		—		25,016
Liabilities:
Derivative liabilities, noncurrent	—		—		4,343		4,343
Class B Units - related party	—		—		593,235		593,235
Total liabilities	$	—	$	—	$	597,578	$	597,578


	December 31, 2019
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	133,631	$	—	$	—	$	133,631
Total assets	133,631		—		—		133,631
Liabilities:
Derivative liabilities, noncurrent	—		—		1,274		1,274
Class B Units - related party	—		—		118,033		118,033
Total liabilities	$	—	$	—	$	119,307	$	119,307

The level 3 liability recognized within Long term liabilities – related party on the consolidated balance sheets relates to our Class B Units, see Stock-Based Compensation note.

The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2018, 2019 and 2020:


Balance – January 1, 2018	$	104,504
Additions of derivative instruments at fair value	580
Change in fair value of derivative instruments	217
Redemptions of derivative instruments	(3,156)
Incremental Class B Units	5,343
Change in fair value of Class B Units	5,733
Balance – December 31, 2018	$	113,221
Change in fair value of derivative instruments	478
Incremental Class B Units	8,611
Change in fair value of Class B Units	(3,003)
Balance – December 31, 2019	$	119,307
Change in fair value of derivative instruments	3,069
Incremental Class B Units	18,745
Change in fair value of Class B Units	456,457
Balance – December 31, 2020	$	597,578

The change in fair value of Class B Units recognized in Cost of revenue, Sales and marketing and General and administrative expenses was $86,907, $6,545 and $363,005, respectively, during the year ended December 31, 2020. The change in fair value of Class B Units recognized in Cost of revenue and General and administrative expenses was $548 and $2,455, respectively, during the year ended December 31, 2019. The change in fair value of Class B Units recognized in Cost of revenue and Sales and marketing expenses was $5,519 and $214, respectively, during the year ended December 31, 2018.

To derive the fair value of the Class B Units, we estimated the fair value of Class B Units using a market approach and a discounted cash flow approach and allocated the value of the Company to the various common units using an option pricing model. Key unobservable inputs for this valuation were our projected cash flows, volatility and the discount rates. Changes to these inputs could have a material impact on the accompanying consolidated financial statements. See Common Units note.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Subsequent Events	6 Months Ended	11 Months Ended
Subsequent Events	Jun. 30, 2021	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date unaudited condensed financial statements were available to be issued. Based upon this review, the Company determined that, there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.	SUBSEQUENT EVENTS On March 1, 2021, the Company, entered into a Business Combination Agreement with Beacon Street Group, LLC, a Delaware limited liability company, all of the members of BSG party thereto and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Sellers thereunder. Each of the Company, BSG, the Sellers and the Seller Representative are individually referred to herein as a “Party” and, collectively, the “Parties”. The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.” The time of the closing of the Business Combination is referred to herein as the “Closing.” The date of the Closing of the Business Combination is referred to herein as the “Closing Date.” Business Combination Agreement At the end of the day immediately prior to the Closing Date, subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the “Domestication”). By virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, including approval of the Company’s shareholders: (i) each of the then issued and outstanding Class B ordinary shares of the Company, par value $0.0001 per share (each, a “Cayman Class B Share”), will convert automatically, on a one-for-one basis, into a Class A ordinary share of the Company, par value $0.0001 per share (each, a “Cayman Class A Share”); (ii) immediately following the conversion described in clause (i), each of the then issued and outstanding Cayman Class A Shares will convert automatically, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of Company (after the Domestication) (the “Class A Common Stock”); and (iii) each of the then issued and outstanding warrants representing the right to purchase one Cayman Class A Share will convert automatically into a warrant to acquire one share of Class A Common Stock pursuant to the related warrant agreement. Substantially simultaneously with or immediately following the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will also file (a) a certificate of incorporation with the Secretary of State of Delaware in the form attached to the Business Combination Agreement (the “Company Domesticated Charter”) and (b) adopt bylaws in the form attached to the Business Combination Agreement (the “Company Domesticated Bylaws”), to (among other things) establish a capital structure for the Company containing Class A Common Stock and shares of Class B common stock, par value $0.0001 per share of Company (after the Domestication) (the “Class B Common Stock”). The shares of Class B Common Stock will have the same voting rights as the shares of Class A Common Stock but the shares of Class B Common Stock will have no economic rights, in each case as set forth in the Company Domesticated Charter and Company Domesticated Bylaws. Subject to the satisfaction or waiver of certain conditions set forth in the Business Combination Agreement, at the Closing, the Company will contribute a subscription amount (the “Subscription Amount”) to BSG in exchange for units and warrants in BSG. Pursuant to the Business Combination Agreement, the Subscription Amount will be an amount of cash determined by BSG and will be not less than $85,000,000 nor more than $150,000,000; provided, that, notwithstanding the foregoing, if the Subscription Amount determined by BSG will be greater than the Available Distributable Cash (as defined below), the Subscription Amount will automatically be deemed to be an amount equal to the Available Distributable Cash. Pursuant to the Business Combination Agreement, the “Available Distributable Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders, plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions (as defined and discussed below) plus (c) all other cash and cash equivalents of the Company minus (d) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement. At the Closing, the Company will also purchase certain units of BSG from the Sellers for cash consideration (the “Cash Consideration”) in an amount equal to (i) the Available Acquiror Closing Cash (as defined below), less (ii) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement as of the Closing, provided, that, under no circumstances will the Cash Consideration be more than $374,000,000 or less than $0. Pursuant to the Business Combination Agreement, the “Available Acquiror Closing Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions plus (c) all other cash and cash equivalents of the Company minus (d) the Subscription Amount. Additionally, at the Closing, the Company will issue to the Sellers, for nominal consideration, a certain number of shares of Class B Common Stock equal to the aggregate number of units of the Company retained by the Sellers at the Closing (collectively, the “Retained Units”), with each Seller receiving its pro rata share of such shares of Class B Common Stock and Retained Units. Pursuant to the Business Combination Agreement, the Retained Units will be a number of common units of the Company equal to the quotient of (a) $2,910,923,000 (being the agreed equity value to the Sellers) minus the Cash Consideration, divided by (b) $10.00. Following the Closing, the combined Company will be organized in an “Up-C” structure in which substantially all of the assets and the business of the combined Company will be held by BSG and its subsidiaries, and the Company’s only direct assets will consist of units and warrants of BSG. Assuming that none of the Company’s current shareholders exercise their right to redeem their Cayman Class A Shares, and subject to adjustment for cash on hand and working capital, as of immediately following the Closing and without giving effect to the Sponsor Earn Out Shares (as defined and discussed below) or outstanding warrants to purchase Cayman Class A Shares, the Company is expected to own, directly or indirectly, approximately 20.1% of the issued and outstanding units of BSG at the Closing and will control BSG as the sole manager of BSG in accordance with the terms of the BSG Third A&R Operating Agreement and all remaining units of the Company will be owned by the Sellers. Upon consummation of the Transactions, the Company will change its name to “Beacon Street Group, Inc.” Under the Business Combination Agreement, the obligations of the parties (or, in some cases, some of the parties) to consummate the Business Combination are subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, without limitation: (i) the approval and adoption of the Business Combination Agreement and transactions contemplated thereby and certain other matters by requisite vote of the Company’s shareholders; (ii) if required, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iii) the absence of a Company Material Adverse Effect (as defined in the Business Combination Agreement) since the date of the Business Combination Agreement; and (iv) material compliance by the parties with their respective pre-Closing and Closing obligations and the accuracy of each party’s representations and warranties in the Business Combination Agreement, in each case subject to certain materiality standards contained in the Business Combination Agreement. In addition, BSG’s obligation to consummate the Business Combination is subject to the condition that the sum of (x) the funds remaining in the Company’s trust account (after giving effect to redemptions of Cayman Class A Shares by the Company’s current shareholders) and (y) the aggregate amount the Company actually receives from the Subscriptions, but in each case before giving effect to the consummation of the Closing and the payment of the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement, be equal to or exceed $150,000,000. Subscription Agreements In connection with the execution of the Business Combination Agreement, the Company entered into subscription agreements with certain accredited and institutional investors (the “Subscription Agreements”), pursuant to which, and on the terms and subject to the conditions of which, such investors have committed to purchase an aggregate of 15,000,000 shares of Class A Common Stock (together, the “Subscriptions”) at a price of $10.00 per share, for an aggregate purchase price of $150,000,000, to be issued immediately following the Domestication and substantially concurrently with the Closing. Sponsor Support Agreement In connection with the execution of the Business Combination Agreement, Ascendant Sponsor LP (the “Sponsor”), the Company and BSG have entered into an agreement (the “Sponsor Support Agreement”), pursuant to which, among other things, the Sponsor agreed to vote in favor of adoption of the Business Combination Agreement and the Transactions, and agreed to waive any and all anti-dilution rights described in the Company’s current organizational documents with respect to the Cayman Class B Shares held by the Sponsor that may be implicated by the Business Combination. The foregoing description of the Proposed Business Combination, the Subscription and Agreements, and the Sponsor Support Agreement does not purport to be complete. For further information refer to the full agreements the Company filed with the SEC on March 2, 2021 on a Current Report on Form 8-K on March 2, 2021. The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date the financial statements were issued. Other than described herein and in Note 2, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.

Variable Interest Entities

6 Months Ended

Jun. 30, 2021

Variable Interest Entity [Line Items]

Variable Interest Entities

We consolidated a VIE based on our ability to exercise power and being the primary beneficiary of the entity including directing the operations and marketing campaigns and sharing customer lists and publications, as of June 30, 2021 and December 31, 2020. There have been no reconsideration events during these periods. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to MarketWise for the consolidated VIE’s liabilities. The following represents financial information for the consolidated VIE included in the consolidated balance sheets:


	As of
	June 30, 2021		December 31, 2020
Current assets	$	3,759	$	3,787
Noncurrent assets	8		22
Total assets	$	3,767	$	3,809

Current liabilities	$	3,109	$	3,265
Noncurrent liabilities	—		—
Total liabilities	$	3,109	$	3,265

Variable Interest Entities

We consolidated a VIE based on our ability to exercise power and being the primary beneficiary of the entity including directing the operations and marketing campaigns and sharing customer lists and publications, as of December 31, 2020 and 2019. There have been no reconsideration events during these periods. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to MarketWise for the consolidated VIE’s liabilities. The following represents financial information for the consolidated VIE included in the consolidated balance sheets:


	As of December 31,
	2020		2019
Current assets	$	3,787	$	4,066
Noncurrent assets	22		124
Total assets	$	3,809	$	4,190

Current liabilities	$	3,265	$	2,672
Noncurrent liabilities	—		1,898
Total liabilities	$	3,265	$	4,570

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Line Items]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Six Months Ended June 30,
		2021		2020
Supplemental Disclosures of Cash Flow Information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	(875)	$	(1,694)

Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions		(398)		—




		As of June 30,
		2021		2020
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	241,532	$	119,479
Restricted cash		500		504
Total		$	242,032	$	119,983

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2020		2019		2018
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	339	$	366	$	1,165
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(2,767)		(3,106)		(2,880)
Operating lease right-of-use assets obtained in exchange for lease obligations	(409)		(5,051)		—


Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	$	—	$	1,010	$	—


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	114,422	$	170,520	$	132,237
Restricted cash	505		1,564		633
Total	$	114,927	$	172,084	$	132,870

Subsequent Events	6 Months Ended	11 Months Ended
Subsequent Events	Jun. 30, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events The Company evaluated subsequent events and transactions that occurred up to the date unaudited condensed financial statements were available to be issued. Based upon this review, the Company determined that, there have been no events that have occurred that would require adjustments to the disclosures in the unaudited condensed financial statements.	SUBSEQUENT EVENTS On March 1, 2021, the Company, entered into a Business Combination Agreement with Beacon Street Group, LLC, a Delaware limited liability company, all of the members of BSG party thereto and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Sellers thereunder. Each of the Company, BSG, the Sellers and the Seller Representative are individually referred to herein as a “Party” and, collectively, the “Parties”. The transactions contemplated by the Business Combination Agreement are referred to herein as the “Business Combination.” The time of the closing of the Business Combination is referred to herein as the “Closing.” The date of the Closing of the Business Combination is referred to herein as the “Closing Date.” Business Combination Agreement At the end of the day immediately prior to the Closing Date, subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the Delaware General Corporation Law, as amended, and the Cayman Islands Companies Act (As Revised) (the “Domestication”). By virtue of the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, including approval of the Company’s shareholders: (i) each of the then issued and outstanding Class B ordinary shares of the Company, par value $0.0001 per share (each, a “Cayman Class B Share”), will convert automatically, on a one-for-one basis, into a Class A ordinary share of the Company, par value $0.0001 per share (each, a “Cayman Class A Share”); (ii) immediately following the conversion described in clause (i), each of the then issued and outstanding Cayman Class A Shares will convert automatically, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of Company (after the Domestication) (the “Class A Common Stock”); and (iii) each of the then issued and outstanding warrants representing the right to purchase one Cayman Class A Share will convert automatically into a warrant to acquire one share of Class A Common Stock pursuant to the related warrant agreement. Substantially simultaneously with or immediately following the Domestication and subject to the satisfaction or waiver of the conditions of the Business Combination Agreement, the Company will also file (a) a certificate of incorporation with the Secretary of State of Delaware in the form attached to the Business Combination Agreement (the “Company Domesticated Charter”) and (b) adopt bylaws in the form attached to the Business Combination Agreement (the “Company Domesticated Bylaws”), to (among other things) establish a capital structure for the Company containing Class A Common Stock and shares of Class B common stock, par value $0.0001 per share of Company (after the Domestication) (the “Class B Common Stock”). The shares of Class B Common Stock will have the same voting rights as the shares of Class A Common Stock but the shares of Class B Common Stock will have no economic rights, in each case as set forth in the Company Domesticated Charter and Company Domesticated Bylaws. Subject to the satisfaction or waiver of certain conditions set forth in the Business Combination Agreement, at the Closing, the Company will contribute a subscription amount (the “Subscription Amount”) to BSG in exchange for units and warrants in BSG. Pursuant to the Business Combination Agreement, the Subscription Amount will be an amount of cash determined by BSG and will be not less than $85,000,000 nor more than $150,000,000; provided, that, notwithstanding the foregoing, if the Subscription Amount determined by BSG will be greater than the Available Distributable Cash (as defined below), the Subscription Amount will automatically be deemed to be an amount equal to the Available Distributable Cash. Pursuant to the Business Combination Agreement, the “Available Distributable Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders, plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions (as defined and discussed below) plus (c) all other cash and cash equivalents of the Company minus (d) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement. At the Closing, the Company will also purchase certain units of BSG from the Sellers for cash consideration (the “Cash Consideration”) in an amount equal to (i) the Available Acquiror Closing Cash (as defined below), less (ii) the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement as of the Closing, provided, that, under no circumstances will the Cash Consideration be more than $374,000,000 or less than $0. Pursuant to the Business Combination Agreement, the “Available Acquiror Closing Cash” will be an aggregate amount equal to, as of immediately prior to the Closing, the sum of (without duplication): (a) all amounts in the Company’s trust account, less amounts required for the redemptions of Cayman Class A Shares by the Company’s current shareholders plus (b) the aggregate proceeds, if any, actually received by the Company from the Subscriptions plus (c) all other cash and cash equivalents of the Company minus (d) the Subscription Amount. Additionally, at the Closing, the Company will issue to the Sellers, for nominal consideration, a certain number of shares of Class B Common Stock equal to the aggregate number of units of the Company retained by the Sellers at the Closing (collectively, the “Retained Units”), with each Seller receiving its pro rata share of such shares of Class B Common Stock and Retained Units. Pursuant to the Business Combination Agreement, the Retained Units will be a number of common units of the Company equal to the quotient of (a) $2,910,923,000 (being the agreed equity value to the Sellers) minus the Cash Consideration, divided by (b) $10.00. Following the Closing, the combined Company will be organized in an “Up-C” structure in which substantially all of the assets and the business of the combined Company will be held by BSG and its subsidiaries, and the Company’s only direct assets will consist of units and warrants of BSG. Assuming that none of the Company’s current shareholders exercise their right to redeem their Cayman Class A Shares, and subject to adjustment for cash on hand and working capital, as of immediately following the Closing and without giving effect to the Sponsor Earn Out Shares (as defined and discussed below) or outstanding warrants to purchase Cayman Class A Shares, the Company is expected to own, directly or indirectly, approximately 20.1% of the issued and outstanding units of BSG at the Closing and will control BSG as the sole manager of BSG in accordance with the terms of the BSG Third A&R Operating Agreement and all remaining units of the Company will be owned by the Sellers. Upon consummation of the Transactions, the Company will change its name to “Beacon Street Group, Inc.” Under the Business Combination Agreement, the obligations of the parties (or, in some cases, some of the parties) to consummate the Business Combination are subject to the satisfaction or waiver of certain customary closing conditions of the respective parties, including, without limitation: (i) the approval and adoption of the Business Combination Agreement and transactions contemplated thereby and certain other matters by requisite vote of the Company’s shareholders; (ii) if required, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; (iii) the absence of a Company Material Adverse Effect (as defined in the Business Combination Agreement) since the date of the Business Combination Agreement; and (iv) material compliance by the parties with their respective pre-Closing and Closing obligations and the accuracy of each party’s representations and warranties in the Business Combination Agreement, in each case subject to certain materiality standards contained in the Business Combination Agreement. In addition, BSG’s obligation to consummate the Business Combination is subject to the condition that the sum of (x) the funds remaining in the Company’s trust account (after giving effect to redemptions of Cayman Class A Shares by the Company’s current shareholders) and (y) the aggregate amount the Company actually receives from the Subscriptions, but in each case before giving effect to the consummation of the Closing and the payment of the aggregate amount of unpaid transaction costs incurred by the parties to the Business Combination Agreement, be equal to or exceed $150,000,000. Subscription Agreements In connection with the execution of the Business Combination Agreement, the Company entered into subscription agreements with certain accredited and institutional investors (the “Subscription Agreements”), pursuant to which, and on the terms and subject to the conditions of which, such investors have committed to purchase an aggregate of 15,000,000 shares of Class A Common Stock (together, the “Subscriptions”) at a price of $10.00 per share, for an aggregate purchase price of $150,000,000, to be issued immediately following the Domestication and substantially concurrently with the Closing. Sponsor Support Agreement In connection with the execution of the Business Combination Agreement, Ascendant Sponsor LP (the “Sponsor”), the Company and BSG have entered into an agreement (the “Sponsor Support Agreement”), pursuant to which, among other things, the Sponsor agreed to vote in favor of adoption of the Business Combination Agreement and the Transactions, and agreed to waive any and all anti-dilution rights described in the Company’s current organizational documents with respect to the Cayman Class B Shares held by the Sponsor that may be implicated by the Business Combination. The foregoing description of the Proposed Business Combination, the Subscription and Agreements, and the Sponsor Support Agreement does not purport to be complete. For further information refer to the full agreements the Company filed with the SEC on March 2, 2021 on a Current Report on Form 8-K on March 2, 2021. The Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date the financial statements were issued. Other than described herein and in Note 2, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.
Marketwise, LLC
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through August 12, 2021, which is the date that the financial statements were available to be issued. In July 2021, the Company’s board approved and made a discretionary lifetime award payment of $10 million to the Company’s founder, who is a Class B unitholder and was formerly a member of the board. Transaction Agreement On July 20, 2021, as contemplated by that certain Business Combination Agreement, dated as of March 1, 2021, by and among Ascendant Digital Acquisition Corp. (“ADAC”), MarketWise, LLC, all of the members of MarketWise, LLC (the “MarketWise Members”), and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the MarketWise Members thereunder (as amended, the “Transaction Agreement”), ADAC filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which ADAC was domesticated and continues as a Delaware corporation, changing its name to “MarketWise, Inc.”. As a result of, and upon the effective time thereof, among other things, (1) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of ADAC (the “ADAC Class A ordinary shares”) automatically converted, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class A common stock”); (2) each of the then issued and outstanding redeemable warrants of ADAC automatically converted into a redeemable warrant to acquire one share of Class A common stock (the “warrants”); and (3) each of the then issued and outstanding units of ADAC that had not been previously separated into the underlying ADAC Class A ordinary shares and underlying warrants upon the request of the holder thereof were cancelled and entitled the holder thereof to one share of Class A common stock and one-half of one warrant. No fractional warrants were issued upon such separation. On July 21, 2021, as contemplated by the Transaction Agreement, MarketWise, Inc. and MarketWise, LLC consummated the business combination contemplated by the Transaction Agreement whereby (i) MarketWise, LLC restructured its capitalization, appointed MarketWise, Inc. as its managing member, and issued to MarketWise, Inc. 28,003,096 common units of MarketWise, LLC (the “MarketWise Units”), which units entitle the holder to the distributions, allocations, and other rights under the Third Amended and Restated Operating Agreement of MarketWise, LLC (the “MarketWise Operating Agreement”), and 30,979,993 warrants to purchase MarketWise Units and (ii) MarketWise, Inc. issued 291,092,300 shares of Class B common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class B common stock” and, together with the Class A common stock, the “common stock”) to the MarketWise Members. As previously announced, on March 1, 2021, concurrently with the execution of the Transaction Agreement, ADAC entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”) pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors collectively subscribed for 15,000,000 shares of Class A common stock at $10.00 per share for an aggregate commitment amount of $150,000,000 (the “PIPE Investment” and, together with the other transactions described above and all transactions contemplated by or pursuant to the Transaction Agreement and all other agreements, documents, instruments and certificates entered into in connection therewith and any and all exhibits and schedules thereto, the “Transactions”). The PIPE Investment was consummated on July 21, 2021 substantially concurrently with the closing of the other Transactions. Immediately after giving effect to the Transactions, there were 28,003,096 shares of Class A common stock (including 3,051,000 Sponsor Earn Out Shares (as defined below)), 291,092,300 shares of Class B common stock, and 30,979,993 warrants outstanding (including 10,280,000 private placement warrants (as defined below)). Upon the consummation of the Transactions, ADAC’s ordinary shares, warrants, and units ceased trading on The New York Stock Exchange, and MarketWise, Inc.’s Class A common stock and warrants began trading on the Nasdaq under the symbols “MKTW” and “MKTW W,” respectively. Immediately after giving effect to the Transactions, (1) ADAC’s public shareholders owned approximately 0.1% of the outstanding MarketWise, Inc. common stock, (2) the MarketWise Members (without taking into account any public shares held by the MarketWise Members prior to the consummation of the Transactions) owned approximately 91.2% of the outstanding MarketWise, Inc. common stock, (3) Ascendant Sponsor LP, a Cayman Islands exempted limited partnership and related parties collectively owned approximately 3.2% of the outstanding MarketWise, Inc. common stock (including 3,051,000 Sponsor Earn Out Shares), and (4) the PIPE Investors owned approximately 4.7% of the outstanding MarketWise, Inc. common stock. Subsequent Events Subsequent events have been evaluated through March 25, 2021, which is the date that the financial statements were available to be issued. In February 2021, the Credit Facility was terminated. On January 21, 2021, we acquired 90% ownership of Chaikin Holdings LLC, a provider of analytical tools and software for investors, for cash of $7,290. The Company has not completed the purchase accounting and purchase price allocation of this acquisition prior to the issuance of the financial statements and an estimate of the financial effect of the transaction cannot be made. All other business combination disclosures are not available due to the proximity of the acquisition to the issuance of the financial statements.

Summary of Significant Accounting Policies (Policies)	6 Months Ended	11 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Basis of Presentation and Emerging Growth Company	Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10K/A filed with the SEC on May 10, 2021. 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 growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.	Basis of presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from December 31, 2020, and the period from February 11, 2020 (inception) through December 31, 2020, and for the period from February 11, 2020 (inception) through September 30, 2020 (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion. Emerging growth company As an emerging growth company, the Company 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 shareholder 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 growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. This may make comparison of the Company’s financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Basis of Consolidation and Unaudited Interim Financial Information	Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10K/A filed with the SEC on May 10, 2021. 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 growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.	Basis of presentation The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. As described in Note 2—Restatement of Previously Issued Financial Statements, the Company’s financial statements for the period from December 31, 2020, and the period from February 11, 2020 (inception) through December 31, 2020, and for the period from February 11, 2020 (inception) through September 30, 2020 (collectively, the “Affected Periods”), are restated in this Annual Report on Form 10-K/A (Amendment No. 1) (this “Annual Report”) to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2—Restatement of Previously Issued Financial Statements for further discussion. Emerging growth company As an emerging growth company, the Company 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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, 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 shareholder 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 growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. This may make comparison of the Company’s financial statement with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
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 coverage limit of $250,000. As of June 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.	Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000, and any cash held in Trust Account. At December 31, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
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.	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. There were no cash equivalents as of December 31, 2020.
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 investments are classified as trading securities. Trading securities are presented on the condensed 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 interest earned 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.	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 investments are classified as trading securities. Trading securities are presented on the balance sheet 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 interest earned 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.
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 income 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. Accordingly, the actual results could differ significantly from those 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 periods. 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. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents and Restricted Cash	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 investments are classified as trading securities. Trading securities are presented on the condensed 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 interest earned 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.	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 investments are classified as trading securities. Trading securities are presented on the balance sheet 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 interest earned 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.
Concentration of Credit Risk and Other Risks and Uncertainties	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 coverage limit of $250,000. As of June 30, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.	Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000, and any cash held in Trust Account. At December 31, 2020, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.
Financial Instruments and Fair Value Measurements	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed balance sheets. 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. As of June 30, 2021, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s marketable securities held in Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less and are recognized at fair value. The fair value of marketable securities held in Trust Account is determined using quoted prices in active markets.	Fair Value of Financial Instruments 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. As of December 31, 2020, the carrying values of prepaid expenses, accounts payable, accrued expenses, and due to related party approximate their fair values due primarily to the short-term nature of the instruments. The Company’s investments held in Trust Account are comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in a money market funds that comprise only U.S. Treasury securities and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets.
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 were expensed as incurred, presented as non-operating expenses in the condensed statements of operations. Offering costs associated with the Class A ordinary shares issued were charged to shareholders’ equity upon the completion of the Initial Public Offering. The Company will keep deferred underwriting commissions are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.	Offering costs Offering costs consist legal, accounting, underwriting fees and other costs directly attributable to the Initial Public Offering. These costs, along with underwriting fees were charged to additional paid- in capital upon the completion of the Initial Public Offering. The Company’s will keep deferred underwriting commissions classified as a long term liability due to the uncertain nature of the closing of the business combination and its encumbrance to the trust account. Deferred underwriting commissions are classified as non-current liabilities as their settlement is not reasonably expected to require the use of current assets or require the creation of current liabilities.
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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity” (ASC 480”). Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of conditionally redeemable Class A ordinary shares (including shares of 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, shares of 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.	Class A Ordinary Shares subject to possible redemptionThe 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.” Shares of Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Shares of 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, shares of 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.
Income Taxes	Income Taxes FASB ASC Topic 740, “Income Taxes”, 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 to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2021 or 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. The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.	Income taxes ASC Topic 740 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 to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of 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. The Company is considered an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net income per ordinary shares	Net income (loss) per ordinary shares The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income by the weighted average number 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 30,980,000 shares of Class A ordinary shares in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive. As a result, diluted income per share is the same as basic income per share for the periods presented. The Company’s unaudited condensed statements of operations includes a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income (loss) per share, basic and diluted for Class A ordinary shares for three and six months ended June 30, 2021, is calculated by dividing the investment income earned on the Trust Account of approximately $10,000 and $59,000, respectively, by the weighted average number of shares of Class A ordinary shares outstanding for the period. Net income (loss) per share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less income attributable to Class A ordinary shares, by the weighted average number of shares of Class B ordinary shares outstanding for the period.For three months ended June 30, 2020 and for the period February 11, 2020 (inception) through June 30, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.	Net income (loss) per ordinary share The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income (loss) by the weighted average number 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 30,980,000 shares of Class A ordinary shares in the calculation of diluted earnings per share, since their inclusion would be anti-dilutive under the treasury stock method. As a result, diluted loss per share is the same as basic loss per share for the periods presented. The Company’s statements of operations include a presentation of income (loss) per ordinary share subject to redemption in a manner similar to the two-class method of income per share. Net income (loss) per share, basic and diluted for Class A ordinary shares is calculated by dividing the investment income earned on the Trust Account of approximately $210,000 for the period from February 11, 2020 (inception) through December 31, 2020 by the weighted average number of shares of Class A ordinary shares outstanding for the period. Net loss per share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss of approximately $140,000, less income attributable to Class A ordinary shares of $210,000, resulting in a net loss of approximately $350,000 by the weighted average number of shares of Class B ordinary shares outstanding for the period.
Recently Issued and Adopted 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) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU 2020-06 also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted ASU 2020-06 on January 1, 2021. Adoption of the ASU 2020-06 did not impact the Company’s financial position, results of operations or cash flows. The Company’s management does not believe that any other recently issued, but not yet effective, accounting standards update, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.	Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.
Marketwise, LLC
Significant Accounting Policies [Line Items]
Basis of Presentation and Emerging Growth Company	Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we,” “us,” or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by a related party, including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements and the related footnote disclosures have been prepared by the Company in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2020 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2021, the results of operations, comprehensive income (loss), members’ deficit and cash flows for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we”, “us”, or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by our related party owner (“related party owner”), including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from our related party owner, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity.
Basis of Consolidation and Unaudited Interim Financial Information	Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we,” “us,” or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by a related party, including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements and the related footnote disclosures have been prepared by the Company in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2020 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of June 30, 2021, the results of operations, comprehensive income (loss), members’ deficit and cash flows for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise and its wholly owned subsidiaries (collectively, the “Company” “we”, “us”, or “our”). The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by our related party owner (“related party owner”), including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying consolidated financial statements, including the assumptions regarding these expenses from our related party owner, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity.
Concentration of Credit Risk	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Investments Held in the Trust Account	Cash and Cash Equivalents and Restricted Cash We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. We hold certain restricted cash with credit card processors as reserves for chargebacks and refunds. As the reserves are based on our credit card receivables which are collected within twelve months of each reporting period, the restricted cash has been included in current assets on the consolidated balance sheets.
Variable Interest Entity	Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity (“VIE”). We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. We have determined that Stansberry Pacific Research is a VIE and that we are the primary beneficiary of Stansberry Pacific Research since we have the ability to direct the activities of the VIE and have the obligation to absorb the loss or the right to receive the benefit. Refer to Variable Interest Entities note for further information.
Use of Estimates	Use of Estimates The preparation of consolidated 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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Use of Estimates The preparation of consolidated 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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer and the President serve as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. We hold certain restricted cash with credit card processors as reserves for chargebacks and refunds. As the reserves are based on our credit card receivables which are collected within twelve months of each reporting period, the restricted cash has been included in current assets on the consolidated balance sheets.
Accounts Receivable, net	Accounts Receivable, netOur accounts receivable primarily consist of receivables from third-party credit card providers which are stated at net realizable value.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Derivative Financial Instruments	Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Derivative Financial Instruments note below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows. Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Derivative Financial Instruments note below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations.
Business Combinations	Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if we conclude otherwise, then we are required to perform the first of a two-step impairment test. The first step involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the fair value of the reporting unit is less than the carrying amount, then a second step is required that compares the carrying amount of the goodwill with its implied fair value. The estimate of implied fair value of goodwill may require valuations of certain internally generated and unrecognized intangible and tangible net assets. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, then an impairment loss is recognized in an amount equal to the excess.
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet. The cash flows associated with the cryptocurrencies are recognized in the consolidated statement of cash flows as operating activities due to the nature of the transactions.
Cryptocurrencies	Cryptocurrencies We purchased cryptocurrencies during the year ended December 31, 2018 primarily to be redeemed by customers as part of certain marketing campaigns. We recognized our portfolio of cryptocurrencies as intangible assets since cryptocurrencies are not considered cash and cash equivalents and do not have physical substance. We believe that the cryptocurrencies have an indefinite life since there are no significant legal, regulatory, contractual or economic factors that would limit the cryptocurrencies’ useful life. Our indefinite-lived cryptocurrency holdings are not amortized but are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. We utilize the quoted market values of the cryptocurrencies in the impairment test on the cryptocurrency holdings.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. There were no impairments of long-lived assets for any of the periods presented.
Revenue Recognition and Research and software-as-a-service (SaaS) subscriptions, and Cost of Revenue	Revenue Recognition We recognize revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and the related amendments (“ASC 606”). We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and software-as-a-service (“SaaS”) subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer lifetime subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on lifetime subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to lifetime subscriptions over the estimated customer lives. We have determined the estimated life of lifetime customers based on historic customer attrition rates. Cost of Revenue Cost of revenue consists primarily of payroll and payroll related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead.
Advertising and other and Sales and Marketing	Advertising and other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue related to the sharing of our customer lists with other companies, including related parties, where we earn a fee for each successful sale the other company generates from our list (“revenue share”). Sales and MarketingSales and marketing expenses consist primarily of payroll and related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred.
Performance Obligations, Contracts with Multiple Performance Obligations, Contract Balances, and Assets Recognized from Costs to Obtain a Contract with a Customer	Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We have also offered customers the option to redeem a certain value of cryptocurrencies as part of certain marketing campaigns. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized when the customer exercises the option or when the option expires. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we recognize revenue from sharing our customer lists with our related party owner and other third-party companies. We apply the sales-based or usage-based royalty exception to sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No other contract assets are recorded on our consolidated balance sheet as of December 31, 2020 and 2019. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time which is generally between 30 and 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in other current liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the shorter of the expected customer life or the expected benefit related directly to those costs, which is approximately four years.
Leases	Leases We follow the provisions of ASU No. 2016-02, Leases (“ASU 2016-02”). We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally combined. We have elected, as an accounting policy for leases of real estate, to account for lease and non-lease components in a contract as a single lease component. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed.
Research and Development	Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses.
General and Administrative	General and Administrative General and administrative expenses consist primarily of payroll and related costs associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs.
Stock-Based Compensation	Stock-Based Compensation As part of our compensation and retention strategy, we grant incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units are accounted for as a substantive class of equity and allow the recipient to realize value only to the extent that the value of the award appreciates. The Class B Units contain service-based vesting conditions and have different vesting terms depending upon the employee which range from vesting immediately to eight years; vesting is accelerated upon our initial public offering. Compensation cost is recognized on a straight-line basis over the requisite service period until vesting for the entire award, but will at least equal the number of vested units determined by the underlying vesting schedule. Forfeitures are accounted for in the period in which they occur. The Class B Units are subject to a put and call option whereby we may elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of the Company’s net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units are classified as liabilities in the accompanying consolidated balance sheet. The liability for Class B units is remeasured to fair value at the end of each reporting period. Since Class B Units are classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to our operating agreement are considered to be stock-based compensation expenses. Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. As more fully described in Note 14, Subsequent Events, the Company completed its SPAC transaction in July 2021, and all Class B Units fully vested as of the transaction date, and the put and call option ceased to exist under the terms of the existing operating agreement. As such, the Class B Units liability was reclassified to equity and is no longer a liability award and will not be deemed to be stock-based compensation expense after the transaction date. See also Note 9, Stock-Based Compensation. Stock-Based Compensation As part of our compensation and retention strategy, we grant incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units are accounted for as a substantive class of equity and allow the recipient to realize value only to the extent that the value of the award appreciates. The Class B Units contain service-based vesting conditions and have different vesting terms depending upon the employee which range from vesting immediately to eight years; vesting is accelerated upon our initial public offering. Compensation cost is recognized on a straight-line basis over the requisite service period until vesting for the entire award, but will at least equal the number of vested units determined by the underlying vesting schedule. Forfeitures are accounted for in the period in which they occur. The Class B Units are subject to a put and call option whereby we may elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of the Company’s net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units are classified as liabilities in the accompanying consolidated balance sheet. The liability for Class B units is remeasured to fair value at the end of each reporting period. Since Class B Units are classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to our operating agreement are considered to be stock-based compensation expenses. Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations.
Capitalized Software Development Costs and Capitalized Implementation Costs	Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years. Capitalized Implementation Costs Effective January 1, 2018, we adopted ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract and applied the guidance prospectively to eligible costs. Implementation costs incurred in cloud computing hosting arrangements that are service contracts are capitalized and amortized using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets and other assets on the consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units and derivatives liabilities associated with our deferred compensation arrangements were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units and derivatives liabilities associated with our deferred compensation arrangements were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted.
Foreign Currency Translation	Foreign Currency Translation Our VIE is an entity in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of members’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized.
Comprehensive Income (Loss)	Comprehensive Income (Loss)Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The ASU allows implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement. The ASU also requires amortization expense be recognized in the same line item as the related fees associated with the arrangement and related capitalized implementation costs be presented in the same line as the prepayment for the hosting fee. The new guidance was applied prospectively to eligible costs as of January 1, 2018 in the accompanying consolidated financial statements. The adoption of this ASU did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. This standard will apply to our reporting requirements in performing goodwill impairment testing. For public business entities that are SEC filers, this standard is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We adopted this standard as of January 1, 2020, and the adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement, that modify the disclosure requirements on fair value measurements in Topic 820, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. We adopted this standard as of January 1, 2020, and the adoption of this ASU did not have a material effect on our consolidated financial statements.

Description of Organization, Business Operations and Basis of Presentation (Tables)

11 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Impact of the Restatement


			As of December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Balance Sheet
Total assets	$	415,400,119	$	—	$	415,400,119
Liabilities and shareholders’ equity
Total current liabilities	$	143,016	$	—	$	143,016
Deferred legal fees	—		—		—
Deferred underwriting commissions	14,490,000		—		14,490,000
Derivative warrant liabilities	—		53,801,110		53,801,110
Total liabilities	14,633,016		$	53,801,110	68,434,126
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	395,767,100		(53,801,110)		341,965,990
Shareholders’ equity
Preference shares - $0.0001 par value	—		—		—
Class A ordinary shares - $0.0001 par value	182		538		720
Class B ordinary shares - $0.0001 par value	1,035		—		1,035
Additional paid-in-capital	5,139,066		29,488,822		34,627,888
Accumulated deficit	(140,280)		(29,489,360)		(29,629,640)
Total shareholders’ equity	5,000,003		—		5,000,003
Total liabilities and shareholders’ equity	$	415,400,119	$	—	$	415,400,119


	Period From February 11, 2020 (Inception) Through December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Statement of Operations
Loss from operations	$	(349,873)	$	—	$	(349,873)
Other (expense) income
Change in fair value of derivative warrant liabilities	—		(28,525,220)		(28,525,220)
Financing costs allocated to derivative warrant liabilities	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	209,593		—		209,593
Total other (expense) income	209,593		(29,489,360)		(29,279,767)
Net loss	$	(140,280)	$	(29,489,360)	$	(29,629,640)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A shares	$	0.01	—		$	0.01
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.03)	$	(2.85)	$	(2.88)


	Period From February 11, 2020 (Inception) Through December 31, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Statement of Cash Flows
Net Loss	(140,280)		(29,489,360)		(29,629,640)
Change in fair value of derivative warrant liabilities	—		28,525,220		28,525,220
Financing costs allocated to derivative warrant liabilities	—		964,140		964,140
Net cash used in operating activities	(592,406)		—		(592,406)
Net cash used in investing activities	(414,000,000)		—		(414,000,000)
Net cash provided by financing activities	415,454,160		—		415,454,160
Net change in cash	$	861,754	$	—	$	861,754


			As of September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Balance Sheet
Total assets	$	415,422,378	$	—	$	415,422,378
Liabilities and shareholders’ equity
Total current liabilities	$	115,692	$	—	$	115,692
Deferred underwriting commissions	14,490,000		—		14,490,000
Derivative warrant liabilities	—		46,451,340		46,451,340
Total liabilities	14,605,692		$	46,451,340	61,057,032
Class A ordinary shares, $0.0001 par value; shares subject to possible redemption	395,816,680		(46,451,340)		349,365,340
Shareholders’ equity
Preference shares - $0.0001 par value	—		—		—
Class A ordinary shares - $0.0001 par value	182		503		685
Class B ordinary shares - $0.0001 par value	1,035		—		1,035
Additional paid-in-capital	5,089,486		22,139,097		27,228,583
Accumulated deficit	(90,697)		(22,139,590)		(22,230,287)
Total shareholders’ equity	5,000,006		—		5,000,006
Total liabilities and shareholders’ equity	$	415,422,378	$	—	$	415,422,378


	Three Months Ended September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Operations
Loss from operations	$	(134,386)	$	—	$	(134,386)
Other (expense) income
Change in fair value of derivative warrant liabilities	—		(21,175,450)		(21,175,460)
Financing costs	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	89,468		—		89,468
Total other (expense) income	89,468		(22,139,590)		(22,050,122)
Net loss	$	(44,918)	$	(22,139,590)	$	(22,184,508)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A share	$	—	—		$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.01)	$	(2.14)	$	(2.15)


	Period From February 11, 2020 (Inception) Through September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Operations
Loss from operations	$	(180,165)	$	—	$	(180,165)
Other (expense) income
Change in fair value of warrant liabilities	—		(21,175,450)		(21,175,450)
Financing costs	—		(964,140)		(964,140)
Interest earned on investments held in Trust Account	89,468		—		89,468
Total other (expense) income	89,468		(22,139,590)		(22,050,122)
Net loss	$	(90,697)	$	(22,139,590)	$	(22,230,287)

Basic and Diluted weighted-average Class A ordinary shares outstanding	41,400,000		—		$	41,400,000
Basic and Diluted net loss per Class A share	$	—	—		$	—
Basic and Diluted weighted-average Class B ordinary shares outstanding	10,350,000		—		10,350,000
Basic and Diluted net loss per Class B share	$	(0.02)	$	(2.14)	$	(2.16)


	Period From February 11, 2020 (Inception) Through September 30, 2020
	As Previously Reported		Restatement Adjustment		As Restated
Unaudited Condensed Statement of Cash Flows
Net Loss	(90,697)		(22,139,590)		(22,230,287)
Change in fair value of derivative warrant liabilities	—		21,175,450		21,175,450
Financing costs allocated to derivative warrant liabilities	—		964,140		964,140
Net cash used in operating activities	(501,937)		—		(501,937)
Net cash used in investing activities	(414,000,000)		—		(414,000,000)
Net cash provided by financing activities	415,454,160		—		415,454,160
Net change in cash	$	952,223	$	—	$	952,223

Revenue Recognition (Tables) - Marketwise, LLC

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Three Months Ended June 30, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	140,884	$	—	$	—	$	—	$	140,884
Transferred at a point in time	—		635		246		365		1,246
Total	$	140,884	$	635	$	246	$	365	$	142,130


	Three Months Ended June 30, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	80,619	$	—	$	—	$	—	$	80,619
Transferred at a point in time	—		662		890		624		2,176
Total	$	80,619	$	662	$	890	$	624	$	82,795


	Six Months Ended June 30, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	258,531	$	—	$	—	$	—	$	258,531
Transferred at a point in time	—		1,545		619		1,149		3,313
Total	$	258,531	$	1,545	$	619	$	1,149	$	261,844


	Six Months Ended June 30, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	155,922	$	—	$	—	$	—	$	155,922
Transferred at a point in time	—		1,006		1,438		811		3,255
Total	$	155,922	$	1,006	$	1,438	$	811	$	159,177

Revenue recognition by subscription type was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2021		2020		2021		2020
Lifetime subscriptions		$	49,867	$	33,035	$	90,031	$	62,088
Term subscriptions		91,017		47,584		168,500		93,834
Non-subscription revenue		1,246		2,176		3,313		3,255
Total		$	142,130	$	82,795	$	261,844	$	159,177

Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue.

Net revenue by principal geographic areas was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2021		2020		2021		2020
United States		$	141,599	$	82,163	$	260,873	$	157,773
International		531		632		971		1,404
Total		$	142,130	$	82,795	$	261,844	$	159,177


	Year Ended December 31, 2020
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	356,265	$	—	$	—	$	—	$	356,265
Transferred at a point in time	—		1,965		3,386		2,563		7,914
Total	$	356,265	$	1,965	$	3,386	$	2,563	$	364,179


	Year Ended December 31, 2019
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	260,640	$	—	$	—	$	—	$	260,640
Transferred at a point in time	—		2,669		6,825		2,089		11,583
Total	$	260,640	$	2,669	$	6,825	$	2,089	$	272,223


	Year Ended December 31, 2018
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	229,690	$	—	$	—	$	—	$	229,690
Transferred at a point in time	—		3,042		5,583		133		8,758
Total	$	229,690	$	3,042	$	5,583	$	133	$	238,448

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2020		2019		2018
Lifetime subscriptions	$	134,525	$	98,578	$	71,215
Term subscriptions	221,740		162,062		158,475
Non-subscription revenue	7,914		11,583		8,758
Total	$	364,179	$	272,223	$	238,448

Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue.

Net revenue by principal geographic areas was as follows:


	Year Ended December 31,
	2020		2019		2018
United States	$	361,547	$	265,647	$	226,167
International	2,632		6,576		12,281
Total	$	364,179	$	272,223	$	238,448

Summary of Contract Balances

Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	June 30, 2021		December 31, 2020
Contract balances
Accounts receivable	$	8,965	$	12,398
Obligations for refunds	4,781		3,448
Deferred revenue – current	319,894		274,819
Deferred revenue – non-current	382,797		254,481

Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of December 31,
	2020		2019		2018
Contract balance
Accounts receivable	$	12,398	$	7,332	$	818
Obligations for refunds	3,448		2,214		3,507
Deferred revenue – current	274,819		190,778		171,273
Deferred revenue – non-current	254,481		160,907		142,229

Capitalized Contract Cost

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:














Balance at January 1, 2021	$	107,236
Sales commissions – additions	43,770
Revenue share fees – additions	62,491
Amortization of capitalized costs	(31,920)
Balance at June 30, 2021	$	181,577

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2018	$	23,259
Sales commissions - additions	15,940
Revenue share fees – additions	8,468
Amortization of capitalized costs	(12,102)
Balance at December 31, 2018	$	35,565
Sales commissions - additions	18,984
Revenue share fees – additions	6,284
Amortization of capitalized costs	(18,519)
Balance at December 31, 2019	$	42,314
Sales commissions - additions	43,273
Revenue share fees – additions	52,193
Amortization of capitalized costs	(30,544)
Balance at December 31, 2020	$	107,236

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Business Acquisition [Line Items]

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Cash	$	151
Other current assets	152
Customer relationships	3,664
Tradenames	657
Software	247
Goodwill	5,237
Other noncurrent assets	443
Total assets acquired	10,551
Liabilities assumed	(2,451)
Net assets acquired	$	8,100

Cash consideration	$	7,290
Non-controlling interest	810
Total consideration	$	8,100

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Trade name	$	195
Customer relationships	565
Goodwill	947
Total assets acquired	1,707
Liabilities assumed	(224)
Net assets acquired	$	1,483
Total purchase price	$	1,483

Goodwill and Intangible Assets, Net (Tables) - Marketwise, LLC

6 Months Ended

Jun. 30, 2021

Goodwill [Line Items]

Schedule of Goodwill

The changes in the carrying amounts of goodwill are as follows:





Balance at January 1, 2021	$	18,101
Acquisition of Chaikin	5,237
Balance at June 30, 2021	$	23,338

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2019	$	17,154
Acquisition of GSA	947
Balance at December 31, 2019	$	18,101
Balance at December 31, 2020	$	18,101

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2021
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,369	$	(7,491)	$	4,878	4.8
Tradenames	3,578		(1,637)		$	1,941	5.8
Capitalized software development costs	2,762		(1,137)		1,625		3.4
Finite-lived intangible assets, net	18,709		(10,265)		8,444

Indefinite-lived intangible assets:
Cryptocurrencies	—		—		—
Internet domain names	1,052		—		1,052
Indefinite-lived intangible assets, net	1,052		—		1,052
Intangible assets, net	$	19,761	$	(10,265)	$	9,496


	December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278

Intangible assets, net consisted of the following as of the dates indicated:


	As of December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278


	As of December 31, 2019
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(5,332)	$	3,373	3.2
Tradenames	2,921		(1,089)		1,832		5.8
Capitalized software development costs	2,495		(519)		1,976		4.8
Finite-lived intangible assets, net	14,121		(6,940)		7,181

Indefinite-lived intangible assets:
Cryptocurrencies	34		—		34
Indefinite-lived intangible assets, net	34		—		34
Intangible assets, net	$	14,155	$	(6,940)	$	7,215

The changes in the carrying amounts of cryptocurrencies held by the Company were as follows:


Balance at January 1, 2018	$	857
Additions	2,150
Distributions to customers	(1,606)
Sales	(724)
Impairment	(330)
Balance at December 31, 2018	347
Sales	(313)
Balance at December 31, 2019	34
Sales	(30)
Balance at December 31, 2020	$	4

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2021
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,369	$	(7,491)	$	4,878	4.8
Tradenames	3,578		(1,637)		$	1,941	5.8
Capitalized software development costs	2,762		(1,137)		1,625		3.4
Finite-lived intangible assets, net	18,709		(10,265)		8,444

Indefinite-lived intangible assets:
Cryptocurrencies	—		—		—
Internet domain names	1,052		—		1,052
Indefinite-lived intangible assets, net	1,052		—		1,052
Intangible assets, net	$	19,761	$	(10,265)	$	9,496


	December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278

Intangible assets, net consisted of the following as of the dates indicated:


	As of December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(6,675)	$	2,030	2.7
Tradenames	2,921		(1,433)		1,488		4.9
Capitalized software development costs	2,495		(934)		1,561		3.8
Finite-lived intangible assets, net	14,121		(9,042)		5,079

Indefinite-lived intangible assets:
Cryptocurrencies	4		—		4
Internet domain names	195		—		195
Indefinite-lived intangible assets, net	199		—		199
Intangible assets, net	$	14,320	$	(9,042)	$	5,278


	As of December 31, 2019
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	8,705	$	(5,332)	$	3,373	3.2
Tradenames	2,921		(1,089)		1,832		5.8
Capitalized software development costs	2,495		(519)		1,976		4.8
Finite-lived intangible assets, net	14,121		(6,940)		7,181

Indefinite-lived intangible assets:
Cryptocurrencies	34		—		34
Indefinite-lived intangible assets, net	34		—		34
Intangible assets, net	$	14,155	$	(6,940)	$	7,215

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2021, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2021	$	1,026
2022	2,090
2023	1,926
2024	1,436
2025	1,005
Thereafter	961
Finite-lived intangible assets, net	$	8,444

As of December 31, 2020, the total expected future amortization expense for finite-lived intangible assets is as follows:


2021	$	1,599
2022	1,335
2023	1,149
2024	657
2025 and beyond	337
Finite-lived intangible assets, net	$	5,077

Balance Sheet Components (Tables) - Marketwise, LLC

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Line Items]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	June 30, 2021		December 31, 2020
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,327		1,220
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,278		1,278
		3,565		3,458
Less: Accumulated depreciation and amortization		(2,265)		(2,041)
Total property and equipment, net		$	1,300	$	1,417

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2020		2019
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,220		1,183
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,278		1,025
		3,458		3,168
Less: Accumulated depreciation and amortization		(2,041)		(1,590)
Total property and equipment, net		$	1,417	$	1,578

Schedule of Other Current Assets

Other current assets consist of the following:


	As of December 31,
	2020		2019

Other current assets	$	1,889	$	1,070

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	As of
	June 30, 2021		December 31, 2020
Commission and variable compensation	$	45,456	$	17,271
Payroll and benefits	3,437		3,645

Other accrued expenses	16,365		11,218
Total accrued expenses	$	65,258	$	32,134

Accrued expenses consist of the following:


	As of December 31,
	2020		2019
Commission and bonus	$	17,271	$	24,570
Payroll and benefits	3,645		2,520
Accrued interest	—		325
Other accrued expenses	11,218		6,111
Total accrued expenses	$	32,134	$	33,526

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments, Gain (Loss)

Derivative [Line Items]

As of June 30, 2021, there are embedded derivative instruments outstanding. The following table presents information on the location and amounts of derivative instruments gains and losses:


		Three Months Ended June 30,	Six Months Ended June 30,
			2021		2020		2021		2020
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement
Phantom Interests in Net Income	Other income, net		$	394	$	(1,124)	$	—	$	(997)
Phantom Interests in Net Income	General and administrative		2,388		—		2,388		—
Option	General and administrative		(662)		—		(662)		—
Total			$	2,120	$	(1,124)	$	1,726	$	(997)

The following table presents information on the location and amounts of derivative instruments gains and losses:


		Year Ended December 31,
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement	2020		2019		2018
Phantom Interests in Net Income	Other income, net	$	(3,069)	$	(478)	$	(217)

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Line of Credit Facility [Line Items]

Schedule of Long-term Debt Instruments

The following table summarizes the loan payable outstanding:


	As of December 31,
	2020		2019
Advance due May 6, 2020	$	—	$	1,988
Advance due December 22, 2021	—		3,402
Total principal	$	—	$	5,390
Less: current portion	—		(4,256)
Total long-term portion of loan payable	$	—	$	1,134

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Lessee, Lease, Description [Line Items]

Commitment and Contingencies (Tables) - Marketwise, LLC

6 Months Ended

Jun. 30, 2021

Lease, Cost

The components of lease expense were as follows:


	Year Ended December 31,
	2020		2019		2018
Operating lease cost	$	3,267	$	3,723	$	3,312
Variable lease costs	49		176		392
Total lease costs	$	3,316	$	3,899	$	3,704

Other information related to leases was as follows:


	As of December 31,
	2020		2019		2018
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	6.6		7.0		5.2
Weighted average discount rate	7.1	%	7.2	%	6.7	%

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2020, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2021	$	1,673
2022	1,707
2023	1,742
2024	1,630
2025	1,662
Thereafter	2,884
Total lease payments	$	11,298
Less: Imputed interest	(2,395)
Total lease liabilities	$	8,903

Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Unit, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per unit:


			Three Months Ended June 30, 2021
			Class A Units		Class B Units
Numerator
Distributed earnings			$	1,181	$	456
Undeclared and undistributed earnings:
Net loss	$	(7,895)
Minus: Distributions to Class A unitholders	1,181
Undeclared and undistributed loss	(9,076)
Undeclared and undistributed (loss) earnings by unit class			(9,076)		—
Total (loss) earnings by unit class			$	(7,895)	$	456
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			528,519		526,580
Earnings per unit class:
Distributed earnings			$	2.23	$	0.87
Undistributed loss			(17.17)		—
Total			$	(14.94)	$	0.87


			Three Months Ended June 30, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	8,378	$	5,757
Undeclared and undistributed earnings:
Net income	$	(80,045)
Minus: Distributions to Class A unitholders	8,378
Undeclared and undistributed earnings	(88,423)
Undeclared and undistributed earnings by unit class			(88,423)		—
Total earnings by unit class			$	(80,045)	$	5,757
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			547,466		496,732
Earnings per unit class:
Distributed earnings			$	15.30	$	11.59
Undistributed earnings			(161.51)		—
Total			$	(146.21)	$	11.59


			Six Months Ended June 30, 2021
			Class A Units		Class B Units
Numerator
Distributed earnings			$	15,098	$	6,107
Undeclared and undistributed earnings:
Net loss	$	(622,348)
Minus: Distributions to Class A unitholders	15,098
Undeclared and undistributed loss	(637,446)
Undeclared and undistributed (loss) earnings by unit class			(637,446)		—
Total (loss) earnings by unit class			$	(622,348)	$	6,107
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			528,519		526,580
Earnings per unit class:
Distributed earnings			$	28.57	$	11.60
Undistributed loss			(1,206.10)		—
Total			$	(1,177.53)	$	11.60


			Six Months Ended June 30, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	66,145	$	38,070
Undeclared and undistributed earnings:
Net loss	$	(96,546)
Minus: Distributions to Class A unitholders	66,145
Undeclared and undistributed loss	(162,691)
Undeclared and undistributed (loss) earnings by unit class			(162,691)		—
Total (loss) earnings by unit class			$	(96,546)	$	38,070
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			548,596		495,201
Earnings per unit class:
Distributed earnings			$	120.57	$	76.88
Undistributed loss			(296.56)		—
Total			$	(175.99)	$	76.88

The following table sets forth the computation of basic and diluted earnings per unit:


			Year ended December 31, 2020
			Class A Units		Class B Units
Numerator
Distributed earnings			$	101,767	$	78,398
Undeclared and undistributed earnings:
Net loss	$	(538,373)
Minus: Distributions to Class A unitholders	101,767
Undeclared and undistributed loss	(640,140)
Undeclared and undistributed (loss) earnings by unit class			(640,140)		—
Total (loss) earnings by unit class			$	(538,373)	$	78,398
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			548,028		495,971
Earnings per unit class:
Distributed earnings			$	185.70	$	158.07
Undistributed loss			(1,168.08)		—
Total			$	(982.38)	$	158.07


			Year ended December 31, 2019
			Class A Units		Class B Units
Numerator
Distributed earnings			$	20,471	$	14,831
Undeclared and undistributed earnings:
Net income	$	27,957
Minus: Distributions to Class A unitholders	20,471
Undeclared and undistributed earnings	7,486
Undeclared and undistributed earnings by unit class			4,348		3,138
Total earnings by unit class			$	24,819	$	17,969
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			594,327		416,369
Earnings per unit class:
Distributed earnings			$	34.44	$	35.62
Undistributed earnings			7.36		7.48
Total			$	41.80	$	43.10


			Year ended December 31, 2018
			Class A Units		Class B Units
Numerator
Distributed earnings			$	22,017	$	17,135
Undeclared and undistributed earnings:
Net income	$	18,601
Minus: Distributions to Class A unitholders	22,017
Undeclared and undistributed loss	(3,416)
Undeclared and undistributed loss by unit class			(3,416)		—
Total earnings by unit class			$	18,601	$	17,135
Denominator
Weighted average units used in computing earnings per unit, basic and diluted			611,547		395,000
Earnings per unit class:
Distributed earnings			$	36.00	$	43.38
Undistributed loss			(5.59)		—
Total			$	30.42	$	43.38

Stock-Based Compensation (Tables) - Marketwise, LLC

6 Months Ended

Jun. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock-Based Compensation Expense

of stock-based compensation expense included in each of the line items in the accompanying consolidated statement of operations is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	10,568	$	15,058	$	124,916	18,226
Sales and marketing	840		1,022		14,910		2,225
General and administrative	36,037		62,547		508,694		78,673
Total stock based-compensation expense	$	47,445	$	78,627	$	648,520	$	99,124

The amount of stock-based compensation expense included in each of the line items in the accompanying consolidated statement of operations is as follows:


	Year Ended December 31,
	2020		2019		2018
Cost of revenue	$	102,736	$	5,025	$	21,889
Sales and marketing	10,567		—		6,323
General and administrative	440,297		15,414		—
Total stock based-compensation expense	$	553,600	$	20,439	$	28,212

Schedule of Unvested Share Activity

The following is a rollforward of Class B Units activity for the six months ended June 30, 2021:










Unvested at January 1, 2021			75,044
Granted			17,690
Vested			(29,848)
Unvested at June 30, 2021			62,886

The following is a rollforward of Class B Units activity for the years ended December 31, 2019 and 2020:


Unvested at January 1, 2019			55,000
Granted			59,099
Vested			(36,118)
Unvested at December 31, 2019			77,981
Granted			62,676
Vested			(65,613)
Unvested at December 31, 2020			75,044

Fair Value Measurements (Tables)

6 Months Ended

11 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of Financial Assets that are Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.

As of June 30, 2021


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U. S. Treasury Securities	$	414,268,577	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public Warrants	33,741,000		—		—
Derivative warrant liabilities—Private Warrants	—		—		16,756,400
Total fair value	$	448,009,577	$	—	$	16,756,400

As of December 31, 2020


Description	Quoted Prices in Active Markets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
U. S. Treasury funds	$	414,209,593	(1)	$	—	$	—
Liabilities:
Derivative warrant liabilities—Public Warrants	35,386,050			—		—
Derivative warrant liabilities—Private Warrants	—			—		18,415,060
Total fair value	$	449,595,643		$	—	$	18,415,060

The following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis as of December 31, 2020 by level within the fair value hierarchy:


Description	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Investments held in Trust Account:
U.S. Treasury securities	$	414,209,593	$	—	$	—
Liabilities:
Derivative public warrant liabilities	$	35,386,050	$	—	$	—
Derivative private warrant liabilities	$	—	$	—	$	18,415,060

Schedule of Fair Value Assumptions

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	June 30, 2021			December 31, 2020
Volatility	23.5		%	25.3		%
Stock price	$	9.95		$	10.26
Expected life of the options to convert	5.05			5.42
Risk-free rate	0.88		%	0.42		%
Dividend yield	0.0		%	0.0		%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	As of July 28, 2020	As of December 31, 2020
Volatility	16.1%	25.3%
Stock price	$9.59	$10.26
Expected life of the options to convert	6.00	5.42
Risk-free rate	0.35%	0.42%
Dividend yield	0.0%	0.0%

Schedule of Changes in Fair Value of Warrants

The change in the fair value of the derivative warrant liabilities measured using Level 3 inputs, for the three and six months ended June 30, 2021 is summarized as follows:


Warrant liabilities at January 1, 2021	$	18,415,060
Change in fair value of derivative warrant liabilities	$	(7,761,500)
Derivative warrant liabilities at March 31, 2021	$	10,653,560
Change in fair value of derivative warrant liabilities	6,102,840
Derivative warrant liabilities at June 30, 2021	$	16,756,400

The change in the fair value of the derivative warrant liabilities for the period from February 11, 2020 (inception) through December 31, 2020 is summarized as follows:


Derivative warrant liabilities at February 11, 2020 (inception)	$	—
Issuance of Public and Private Warrants	25,275,880
Change in fair value of derivative warrant liabilities	28,525,230
Derivative warrant liabilities at December 31, 2020	$	53,801,110

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	June 30, 2021
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	101,503	$	—	$	—	$	101,503
Total assets	101,503		—		—		101,503
Liabilities:
Derivative liabilities, current	—		—		662		662
Derivative liabilities, noncurrent	—		—		1,955		1,955
Class B Units - related party	—		—		1,235,648		1,235,648
Total liabilities	$	—	$	—	$	1,238,265	$	1,238,265


	December 31, 2020
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,016	$	—	$	—	$	25,016
Total assets	25,016		—		—		25,016
Liabilities:
Derivative liabilities, noncurrent	—		—		4,343		4,343
Class B Units - related party	—		—		593,235		593,235
Total liabilities	$	—	$	—	$	597,578	$	597,578

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the date indicated:


	December 31, 2020
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,016	$	—	$	—	$	25,016
Total assets	25,016		—		—		25,016
Liabilities:
Derivative liabilities, noncurrent	—		—		4,343		4,343
Class B Units - related party	—		—		593,235		593,235
Total liabilities	$	—	$	—	$	597,578	$	597,578


	December 31, 2019
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	133,631	$	—	$	—	$	133,631
Total assets	133,631		—		—		133,631
Liabilities:
Derivative liabilities, noncurrent	—		—		1,274		1,274
Class B Units - related party	—		—		118,033		118,033
Total liabilities	$	—	$	—	$	119,307	$	119,307

Schedule of Changes in Fair Value of Liabilities

The following table summarizes the change in fair value of the derivative liabilities during the six months ended June 30, 2021 and 2020:


Balance at January 1, 2021	$	597,578
Change in fair value of derivative instruments	(1,726)
Incremental Class B Units	43,880
Change in fair value of Class B Units	598,533
Balance at June 30, 2021	$	1,238,265

Balance at January 1, 2020	$	119,307
Change in fair value of derivative instruments	997
Incremental Class B Units	11,258
Change in fair value of Class B Units	49,796
Balance at June 30, 2020	$	181,358

The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2018, 2019 and 2020:


Balance – January 1, 2018	$	104,504
Additions of derivative instruments at fair value	580
Change in fair value of derivative instruments	217
Redemptions of derivative instruments	(3,156)
Incremental Class B Units	5,343
Change in fair value of Class B Units	5,733
Balance – December 31, 2018	$	113,221
Change in fair value of derivative instruments	478
Incremental Class B Units	8,611
Change in fair value of Class B Units	(3,003)
Balance – December 31, 2019	$	119,307
Change in fair value of derivative instruments	3,069
Incremental Class B Units	18,745
Change in fair value of Class B Units	456,457
Balance – December 31, 2020	$	597,578

Schedule of Changes in Fair Value by Income Statement Location

The following table summarizes the change in fair value of the Class B Units by income statement line item during the three and six months ended June 30, 2021 and 2020:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of revenue	$	10,446	$	13,848	$	112,389	$	9,885
Sales and marketing	840		1,022		8,263		1,022
General and administrative	35,703		57,616		477,881		38,889
Total change in fair value of Class B Units	$	46,989	$	72,486	$	598,533	$	49,796

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2021

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

The following represents financial information for the consolidated VIE included in the consolidated balance sheets:


	As of
	June 30, 2021		December 31, 2020
Current assets	$	3,759	$	3,787
Noncurrent assets	8		22
Total assets	$	3,767	$	3,809

Current liabilities	$	3,109	$	3,265
Noncurrent liabilities	—		—
Total liabilities	$	3,109	$	3,265

The following represents financial information for the consolidated VIE included in the consolidated balance sheets:


	As of December 31,
	2020		2019
Current assets	$	3,787	$	4,066
Noncurrent assets	22		124
Total assets	$	3,809	$	4,190

Current liabilities	$	3,265	$	2,672
Noncurrent liabilities	—		1,898
Total liabilities	$	3,265	$	4,570

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Line Items]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow disclosures are as follows:


	Six Months Ended June 30,
		2021		2020
Supplemental Disclosures of Cash Flow Information:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	(875)	$	(1,694)

Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions		(398)		—




		As of June 30,
		2021		2020
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	241,532	$	119,479
Restricted cash		500		504
Total		$	242,032	$	119,983

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2020		2019		2018
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	339	$	366	$	1,165
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(2,767)		(3,106)		(2,880)
Operating lease right-of-use assets obtained in exchange for lease obligations	(409)		(5,051)		—


Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Property and equipment included in accounts payable	$	—	$	1,010	$	—


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	114,422	$	170,520	$	132,237
Restricted cash	505		1,564		633
Total	$	114,927	$	172,084	$	132,870

Description of Organization, Business Operations and Basis of Presentation (Details)			11 Months Ended	14 Months Ended
	Mar. 01, 2021 USD ($) $ / shares shares	Jul. 28, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2021 shares	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]
Proceeds received from initial public offering, gross			$ 414,000,000
Adjustments to additional paid in capital stock issuance costs			22,433,477
Proceeds from issue of warrants			10,280,000
Payment towards restricted investments			$ 414,000,000
Temporary equity redemption price per share (USD per share) \| $ / shares			$ 10.00			$ 10.00
Minimum net worth to effect business combination						$ 5,000,001
Percentage of public shareholding redeemable in case the business combination does not occur						100.00%
Date on or before which business combination shall be consummated			10 days
Expenses payable on dissolution						$ 100,000
Cash in operating bank account					$ 900,000	400,000
Working capital					$ 1,000,000.0	2,400,000
Working capital loans outstanding						$ 0
BSG
Subsidiary, Sale of Stock [Line Items]
Equity value ot sellers	$ 2,910,923,000
Denominator for Retained Units calculation	10.00
Percentage of interests acquired	20.10%
Aggregate amount received from Subscriptions for closing	$ 150,000,000
Ascendant Sponsor LP
Subsidiary, Sale of Stock [Line Items]
Stock shares issued during the period value for services rendered			$ 25,000
Proceeds from related party debt			$ 160,000
Minimum
Subsidiary, Sale of Stock [Line Items]
Percentage of the fair value of assets in trust account of the target company net of deferred underwriting commissions and taxes						80.00%
Equity method investment ownership percentage						50.00%
Temporary equity redemption price per share (USD per share) \| $ / shares						$ 10.00
Per share amount in the trust account for distribution to the public shareholders \| $ / shares						10.00
Minimum \| BSG
Subsidiary, Sale of Stock [Line Items]
Subscriptions amount	85,000,000
Total consideration, up to	0
Maximum \| BSG
Subsidiary, Sale of Stock [Line Items]
Subscriptions amount	150,000,000
Total consideration, up to	$ 374,000,000
Asset Held in Trust
Subsidiary, Sale of Stock [Line Items]
Sale of stock issue price per share (in usd per share) \| $ / shares		$ 10.00
Payment towards restricted investments		$ 414,000,000.0
Term of restricted investments		185 days
Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new issues (in shares) \| shares		10,280,000
Class of warrants or rights issue price per warrant \| $ / shares		$ 1.00
Proceeds from issue of warrants		$ 10,300,000
Common Class A
Subsidiary, Sale of Stock [Line Items]
Percentage of public shareholding that can be transferred without any restriction		20.00%
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001			0.0001
Number of shares called by each warrant \| shares	1	1
Cayman Class B Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001
Cayman Class A Shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001
Number of shares called by each warrant \| shares	1
Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001			$ 0.0001
IPO
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new issues (in shares) \| shares		41,400,000
Sale of stock issue price per share (in usd per share) \| $ / shares		$ 10.00
Proceeds received from initial public offering, gross		$ 414,000,000.0
Adjustments to additional paid in capital stock issuance costs		23,400,000
Deferred underwriting commissions non current		$ 14,500,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new issues (in shares) \| shares		5,400,000	5,400,000	5,400,000

Restatement of Previously Issued Financial Statements - Impact of the Restatement on the Balance Sheet (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jul. 28, 2020	Jun. 30, 2020	Mar. 31, 2020	Feb. 10, 2020
Assets:
Total Assets		$ 414,904,338		$ 415,400,119
Liabilities and Shareholders’ Equity:
Total current liabilities		3,057,810		143,016
Deferred underwriting commissions		14,490,000		14,490,000
Derivative warrant liabilities	$ 53,801,110	50,497,400		53,801,110					$ 25,275,880
Total liabilities		68,045,210		68,434,126
Class A ordinary shares, $0.0001 par value; 34,185,912 and 34,196,599 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively		341,859,120		341,965,990
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		0		0
Additional paid-in capital		34,734,757		34,627,888
Accumulated deficit		(29,736,505)		(29,629,640)
Total shareholders' equity		5,000,008	$ 5,000,003	5,000,003			$ (20,779)	$ 7,626	$ 0
Total liabilities and equity		414,904,338		415,400,119
Previously Reported
Assets:
Total Assets				415,400,119	$ 415,422,378
Liabilities and Shareholders’ Equity:
Total current liabilities				143,016	115,692
Deferred legal fees				0
Deferred underwriting commissions				14,490,000	14,490,000
Derivative warrant liabilities				0	0
Total liabilities				14,633,016	14,605,692
Class A ordinary shares, $0.0001 par value; 34,185,912 and 34,196,599 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively				395,767,100	395,816,680
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding				0	0
Additional paid-in capital				5,139,066	5,089,486
Accumulated deficit				(140,280)	(90,697)
Total shareholders' equity				5,000,003	5,000,006
Total liabilities and equity				415,400,119	415,422,378
Revision of Prior Period, Adjustment
Assets:
Total Assets				0	0
Liabilities and Shareholders’ Equity:
Total current liabilities				0	0
Deferred legal fees				0
Deferred underwriting commissions				0	0
Derivative warrant liabilities				53,801,110	46,451,340	$ 25,300,000
Total liabilities				53,801,110	46,451,340
Class A ordinary shares, $0.0001 par value; 34,185,912 and 34,196,599 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively				(53,801,110)	(46,451,340)
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding				0	0
Additional paid-in capital				29,488,822	22,139,097
Accumulated deficit				(29,489,360)	(22,139,590)
Total shareholders' equity				0	0
Total liabilities and equity				0	0
As Restated
Assets:
Total Assets				415,400,119	415,422,378
Liabilities and Shareholders’ Equity:
Total current liabilities				143,016	115,692
Deferred legal fees				0
Deferred underwriting commissions				14,490,000	14,490,000
Derivative warrant liabilities				53,801,110	46,451,340
Total liabilities				68,434,126	61,057,032
Class A ordinary shares, $0.0001 par value; 34,185,912 and 34,196,599 shares subject to possible redemption at $10.00 per share as of June 30, 2021 and December 31, 2020, respectively				341,965,990	349,365,340
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding				0	0
Additional paid-in capital				34,627,888	27,228,583
Accumulated deficit				(29,629,640)	(22,230,287)
Total shareholders' equity				5,000,003	5,000,006
Total liabilities and equity				415,400,119	415,422,378
Common Class A
Shareholders' Equity:
Common Stock, Value, Issued		721		720
Common Class A \| Previously Reported
Shareholders' Equity:
Common Stock, Value, Issued				182	182
Common Class A \| Revision of Prior Period, Adjustment
Shareholders' Equity:
Common Stock, Value, Issued				538	503
Common Class A \| As Restated
Shareholders' Equity:
Common Stock, Value, Issued				720	685
Common Class B
Shareholders' Equity:
Common Stock, Value, Issued		$ 1,035		1,035
Common Class B \| Previously Reported
Shareholders' Equity:
Common Stock, Value, Issued				1,035	1,035
Common Class B \| Revision of Prior Period, Adjustment
Shareholders' Equity:
Common Stock, Value, Issued				0	0
Common Class B \| As Restated
Shareholders' Equity:
Common Stock, Value, Issued				$ 1,035	$ 1,035

Restatement of Previously Issued Financial Statements - Impact of the Restatement on the Statement of Operations (Details) - USD ($)	2 Months Ended	3 Months Ended				5 Months Ended	6 Months Ended		8 Months Ended	11 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020
Loss from operations		$ (2,993,134)			$ (28,405)	$ (45,779)	$ (3,469,559)			$ (349,873)
Change in fair value of derivative warrant liabilities		(18,834,160)			0	0	3,303,710	$ 0		(28,525,220)
Financing costs allocated to derivative warrant liabilities										(964,140)
Net income (loss)	$ (17,374)	$ (21,816,965)	$ 21,710,100		$ (28,405)	$ (45,779)	$ (106,865)	$ (45,779)		(29,629,640)
Previously Reported
Loss from operations				$ (134,386)					$ (180,165)	(349,873)
Change in fair value of derivative warrant liabilities				0					0	0
Financing costs allocated to derivative warrant liabilities				0					0	0
Interest income from Trust Account				89,468					89,468	209,593
Total other (expense) income				89,468					89,468	209,593
Net income (loss)				(44,918)					(90,697)	(140,280)
Revision of Prior Period, Adjustment
Loss from operations				0					0	0
Change in fair value of derivative warrant liabilities				(21,175,450)					(21,175,450)	(28,525,220)
Financing costs allocated to derivative warrant liabilities				(964,140)					(964,140)	(964,140)
Interest income from Trust Account				0					0	0
Total other (expense) income				(22,139,590)					(22,139,590)	(29,489,360)
Net income (loss)				(22,139,590)					(22,139,590)	(29,489,360)
As Restated
Loss from operations				(134,386)					(180,165)	(349,873)
Change in fair value of derivative warrant liabilities				(21,175,460)					(21,175,450)	(28,525,220)
Financing costs allocated to derivative warrant liabilities				(964,140)					(964,140)	(964,140)
Interest income from Trust Account				89,468					89,468	209,593
Total other (expense) income				(22,050,122)					(22,050,122)	(29,279,767)
Net income (loss)				$ (22,184,508)					$ (22,230,287)	(29,629,640)
Common Class A
Net income (loss)										$ 210,000
Common Class A \| Previously Reported
Basic and diluted weighted average shares outstanding				41,400,000					41,400,000	41,400,000
Basic and diluted net income (loss) per share,ordinary shares				$ 0					$ 0	$ 0.01
Common Class A \| Revision of Prior Period, Adjustment
Basic and diluted weighted average shares outstanding				0					0	0
Basic and diluted net income (loss) per share,ordinary shares				$ 0					$ 0	$ 0
Common Class A \| As Restated
Basic and diluted weighted average shares outstanding				41,400,000					41,400,000	41,400,000
Basic and diluted net income (loss) per share,ordinary shares				$ 0					$ 0	$ 0.01
Common Class B
Net income (loss)										$ (350,000)
Common Class B \| Previously Reported
Basic and diluted weighted average shares outstanding				10,350,000					10,350,000	10,350,000
Basic and diluted net income (loss) per share,ordinary shares				$ (0.01)					$ (0.02)	$ (0.03)
Common Class B \| Revision of Prior Period, Adjustment
Basic and diluted weighted average shares outstanding				0					0	0
Basic and diluted net income (loss) per share,ordinary shares				$ (2.14)					$ (2.14)	$ (2.85)
Common Class B \| As Restated
Basic and diluted weighted average shares outstanding				10,350,000					10,350,000	10,350,000
Basic and diluted net income (loss) per share,ordinary shares				$ (2.15)					$ (2.16)	$ (2.88)

Restatement of Previously Issued Financial Statements - Impact of the Restatement on the Statement of Cash Flows (Details) - USD ($)	3 Months Ended			5 Months Ended	6 Months Ended		8 Months Ended	11 Months Ended
	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020	Dec. 31, 2020
Change in fair value of derivative warrant liabilities	$ 18,834,160		$ 0	$ 0	$ (3,303,710)	$ 0		$ 28,525,220
Change in fair value of derivative warrant liabilities								(28,525,230)
Financing costs allocated to derivative warrant liabilities								964,140
Net cash used in operating activities					$ (444,974)	$ 0		(592,406)
Net cash used in investing activities								(414,000,000)
Net cash provided by financing activities								415,454,160
Previously Reported
Net loss								(140,280)
Net loss							$ (90,697)
Change in fair value of derivative warrant liabilities		$ 0					0	0
Change in fair value of derivative warrant liabilities							0
Financing costs allocated to derivative warrant liabilities		0					0	0
Net cash used in operating activities							(501,937)	(592,406)
Net cash used in investing activities							(414,000,000)	(414,000,000)
Net cash provided by financing activities							415,454,160	415,454,160
Net change in cash							952,223	861,754
Revision of Prior Period, Adjustment
Net loss								(29,489,360)
Net loss							(22,139,590)
Change in fair value of derivative warrant liabilities		21,175,450					21,175,450	28,525,220
Change in fair value of derivative warrant liabilities							21,175,450
Financing costs allocated to derivative warrant liabilities		964,140					964,140	964,140
Net cash used in operating activities							0	0
Net cash used in investing activities							0	0
Net cash provided by financing activities							0	0
Net change in cash							0	0
As Restated
Net loss								(29,629,640)
Net loss							(22,230,287)
Change in fair value of derivative warrant liabilities		21,175,460					21,175,450	28,525,220
Change in fair value of derivative warrant liabilities							21,175,450
Financing costs allocated to derivative warrant liabilities		$ 964,140					964,140	964,140
Net cash used in operating activities							(501,937)	(592,406)
Net cash used in investing activities							(414,000,000)	(414,000,000)
Net cash provided by financing activities							415,454,160	415,454,160
Net change in cash							$ 952,223	$ 861,754

Summary of Significant Accounting Policies (Details) - USD ($)	2 Months Ended	3 Months Ended			5 Months Ended	6 Months Ended		11 Months Ended	12 Months Ended			14 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2021	Jul. 28, 2020
Significant Accounting Policies [Line Items]
Cash equivalents		$ 0				$ 0		$ 0	$ 0
Warrants outstanding (in shares)													30,980,000
Interest earned on investments held in Trust Account		10,329		$ 0	$ 0	58,984	$ 0	209,593				$ 59,000
Net loss	$ 17,374	21,816,965	$ (21,710,100)	28,405	$ 45,779	106,865	45,779	29,629,640
Unrecognised tax benefits								0	0
Unrecognised tax benefits interest and penalties accrued								0	0
Income tax provisions								0
Marketwise, LLC
Significant Accounting Policies [Line Items]
Net loss		$ 7,895,000		80,045,000		622,348,000	96,546,000		538,373,000	$ (27,957,000)	$ (18,601,000)
Accounts receivable, allowance for credit loss								0	0	0
Goodwill, impairment loss									0	0	0
Impairment									0	0	330,000
Gain on sale of intangible assets						$ 105,000	0		0	605,000	265,000
Impairment of long-lived assets									0	0	0
Capitalized contract cost, amortization period		4 years				4 years
Advertising expense									149,191,000	67,640,000	65,846,000
Amortization of capitalized software development costs		$ 102,000		104,000		$ 203,000	207,000		415,000	130,000	43,000
Capitalized software development costs \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life						3 years
Capitalized Cloud Computing Implementation Costs \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Capitalized computer software, gross								356,000	356,000	257,000	630,000
Amortization of capitalized software development costs									$ 17,000	64,000	22,000
Minimum \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Refund period						30 days
Maximum \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Refund period						90 days
Cryptocurrencies \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Impairment											330,000
Ordinary Shares
Significant Accounting Policies [Line Items]
Net loss								$ 140,000
IPO
Significant Accounting Policies [Line Items]
Warrants outstanding (in shares)		20,700,000				20,700,000		20,700,000	20,700,000
Private Placement
Significant Accounting Policies [Line Items]
Warrants outstanding (in shares)		10,280,000				10,280,000		10,280,000	10,280,000
Common Class A
Significant Accounting Policies [Line Items]
Ordinary shares subject to possible redemption shares (in shares)		34,185,912				34,185,912		39,576,710	39,576,710
Potentially dilutive common shares excluded from the computation of weighted-average shares outstanding								30,980,000
Net loss								$ (210,000)
Common stock, shares subject to possible redemption (in shares)		34,185,912				34,185,912		34,196,599	34,196,599
Common Class A \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Net loss		$ 7,895,000		80,045,000		$ 622,348,000	96,546,000		$ 538,373,000	(24,819,000)	(18,601,000)
Common Class B
Significant Accounting Policies [Line Items]
Net loss								$ 350,000
Common Class B \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Net loss		$ (456,000)		$ (5,757,000)		$ (6,107,000)	$ (38,070,000)		$ (78,398,000)	$ (17,969,000)	$ (17,135,000)
Vesting period			25 months			25 months
Common Class B \| Maximum \| Marketwise, LLC
Significant Accounting Policies [Line Items]
Vesting period			8 years			8 years

Revenue Recognition - Disaggregation of Revenue (Details) - Marketwise, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenue	$ 141,884	$ 81,905	$ 261,225	$ 157,739	$ 360,793	$ 265,398	$ 232,865
Related party revenue	246	890	619	1,438	3,386	6,825	5,583
Total net revenue	142,130	82,795	261,844	159,177	364,179	272,223	238,448
United States
Disaggregation of Revenue [Line Items]
Total net revenue	141,599	82,163	260,873	157,773	361,547	265,647	226,167
International
Disaggregation of Revenue [Line Items]
Total net revenue	531	632	971	1,404	2,632	6,576	12,281
Lifetime subscriptions
Disaggregation of Revenue [Line Items]
Total net revenue	49,867	33,035	90,031	62,088	134,525	98,578	71,215
Term subscriptions
Disaggregation of Revenue [Line Items]
Total net revenue	91,017	47,584	168,500	93,834	221,740	162,062	158,475
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Total net revenue	1,246	2,176	3,313	3,255	7,914	11,583	8,758
Transferred over time
Disaggregation of Revenue [Line Items]
Related party revenue	0	0	0	0	0	0	0
Total net revenue	140,884	80,619	258,531	155,922	356,265	260,640	229,690
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Related party revenue	246	890	619	1,438	3,386	6,825	5,583
Total net revenue	1,246	2,176	3,313	3,255	7,914	11,583	8,758
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	140,884	80,619	258,531	155,922	356,265	260,640	229,690
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	140,884	80,619	258,531	155,922	356,265	260,640	229,690
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0	0	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	635	662	1,545	1,006	1,965	2,669	3,042
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0	0	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	635	662	1,545	1,006	1,965	2,669	3,042
Revenue Share (Third-party)
Disaggregation of Revenue [Line Items]
Net revenue	365	624	1,149	811	2,563	2,089	133
Revenue Share (Third-party) \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0	0	0	0
Revenue Share (Third-party) \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	$ 365	$ 624	$ 1,149	$ 811	$ 2,563	$ 2,089	$ 133

Revenue Recognition - Summary of Contract Balances (Details) - Marketwise, LLC - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Line Items]
Accounts receivable	$ 8,965	$ 12,398	$ 7,332	$ 818
Obligations for refunds	4,781	3,448	2,214	3,507
Deferred revenue – current	319,894	274,819	190,778	171,273
Deferred revenue – non-current	$ 382,797	$ 254,481	$ 160,907	$ 142,229

Revenue Recognition - Narrative (Details) - Marketwise, LLC - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liability, revenue recognized	$ 81,840,000	$ 48,907,000	$ 176,678,000	$ 112,978,000	$ 190,778,000	$ 171,273,000
Accounts receivable	8,965,000		8,965,000		12,398,000	7,332,000	$ 818,000
Impairment on capitalized costs					0	$ 0	$ 0
Remaining performance obligation	$ 707,472,000		$ 707,472,000		$ 532,748,000
Remaining performance obligation, percentage	46.00%		46.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage					52.00%
Remaining performance obligation, timing of satisfaction					12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, timing of satisfaction					12 months

Revenue Recognition - Capitalized Service Contract Costs (Details) - Marketwise, LLC - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 107,236	$ 42,314	$ 35,565	$ 23,259
Sales commissions - additions	43,770	43,273	18,984	15,940
Revenue share fees – additions	62,491	52,193	6,284	8,468
Amortization of capitalized costs	(31,920)	(30,544)	(18,519)	(12,102)
Capitalized costs, ending balance	$ 181,577	$ 107,236	$ 42,314	$ 35,565

Acquisitions - Narrative (Details) - Marketwise, LLC - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 21, 2021	Jan. 05, 2020	May 06, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 7,139					$ 7,139	$ 0	$ 0	$ 1,483	$ 0
Amortization of intangible assets				$ 582	$ 524	1,223	$ 1,046	2,102	1,710	$ 1,721
Amortization of acquired intangible assets				206		362
TradeSmith
Business Acquisition [Line Items]
Percentage of interests acquired		25.00%
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage		100.00%
Total consideration, up to		$ 9,164
Business acquisition, transaction costs				$ 164		$ 164		$ 164	443
Gold Stock Analyst
Business Acquisition [Line Items]
Percentage of interests acquired			100.00%
Amortization of intangible assets									$ 77
Total consideration, up to			$ 1,483
Gold Stock Analyst \| Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		8 years 6 months
Gold Stock Analyst \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		6 years
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Percentage of interests acquired	90.00%
Total consideration, up to	$ 8,100
Chaikin Holdings LLC. \| Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	8 years 6 months
Chaikin Holdings LLC. \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	6 years

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - Marketwise, LLC - USD ($) $ in Thousands	Jan. 21, 2021	May 06, 2019	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill			$ 23,338	$ 18,101	$ 18,101	$ 17,154
Gold Stock Analyst
Business Acquisition [Line Items]
Goodwill		$ 947
Total assets acquired		1,707
Liabilities assumed		(224)
Net assets acquired		1,483
Total purchase price		1,483
Gold Stock Analyst \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles		195
Gold Stock Analyst \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles		$ 565
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Cash	$ 151
Other current assets	152
Goodwill	5,237
Other noncurrent assets	443
Total assets acquired	10,551
Liabilities assumed	(2,451)
Net assets acquired	8,100
Cash consideration	7,290
Non-controlling interest	810
Total purchase price	8,100
Chaikin Holdings LLC. \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles	657
Chaikin Holdings LLC. \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles	3,664
Chaikin Holdings LLC. \| Capitalized software development costs
Business Acquisition [Line Items]
Finite-lived intangibles	$ 247

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - Marketwise, LLC - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 18,101	$ 17,154
Acquisition	5,237	947
Goodwill, ending balance	23,338	18,101
Goodwill	$ 23,338	$ 18,101

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - Marketwise, LLC - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 18,709	$ 14,121	$ 14,121
Accumulated Amortization	(10,265)	(9,042)	(6,940)
Net Book Value	8,444	5,079	7,181
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	1,052	199	34
Cost	19,761	14,320	14,155
Intangible assets, net	9,496	5,278	7,215
Cryptocurrencies
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	0	4	34	$ 347	$ 857
Internet domain names
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets	1,052	195
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	12,369	8,705	8,705
Accumulated Amortization	(7,491)	(6,675)	(5,332)
Net Book Value	$ 4,878	$ 2,030	$ 3,373
Weighted-Average Remaining Useful Life (in years)	4 years 9 months 18 days	2 years 8 months 12 days	3 years 2 months 12 days
Tradenames
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 3,578	$ 2,921	$ 2,921
Accumulated Amortization	(1,637)	(1,433)	(1,089)
Net Book Value	$ 1,941	$ 1,488	$ 1,832
Weighted-Average Remaining Useful Life (in years)	5 years 9 months 18 days	4 years 10 months 24 days	5 years 9 months 18 days
Capitalized software development costs
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 2,762	$ 2,495	$ 2,495
Accumulated Amortization	(1,137)	(934)	(519)
Net Book Value	$ 1,625	$ 1,561	$ 1,976
Weighted-Average Remaining Useful Life (in years)	3 years 4 months 24 days	3 years 9 months 18 days	4 years 9 months 18 days

Goodwill and Intangible Assets, Net - Narrative (Details) - Marketwise, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Amortization of intangible assets	$ 582	$ 524	$ 1,223	$ 1,046	$ 2,102	$ 1,710	$ 1,721
Amortization of capitalized software development costs	$ 102	$ 104	203	$ 207	415	130	43
Additions to capitalized software development costs			247		$ 0	$ 752	$ 848
Capitalized software development costs
Goodwill [Line Items]
Additions to capitalized software development costs			$ 267

Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Marketwise, LLC - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
2021/Remainder of 2021	$ 1,026
2021/2022	2,090	$ 1,599
2022/2023	1,926	1,335
2023/2024	1,436	1,149
2024/2025	1,005	657
2025 and beyond/2026 and beyond	$ 961	337
Net Book Value		$ 5,077

Goodwill and Intangible Assets, Net - Indefinite-Lived Intangible Assets - Cryptocurrencies (Details) - Marketwise, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-lived intangible assets, beginning balance	$ 34
Impairment	0	$ 0	$ (330)
Indefinite-lived intangible assets, ending balance	199	34
Cryptocurrencies
Indefinite-lived Intangible Assets [Roll Forward]
Indefinite-lived intangible assets, beginning balance	34	347	857
Additions			2,150
Distributions to customers			(1,606)
Sales	(30)	(313)	(724)
Impairment			(330)
Indefinite-lived intangible assets, ending balance	$ 4	$ 34	$ 347

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - Marketwise, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,565		$ 3,565		$ 3,458	$ 3,168
Less: Accumulated depreciation and amortization	(2,265)		(2,265)		(2,041)	(1,590)
Property and equipment, net	1,300		1,300		1,417	1,578
Depreciation expense	114	$ 138	224	$ 226	451	624	$ 813
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	960		$ 960		$ 960	960
Estimated Useful Lives			5 years		5 years
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,327		$ 1,327		$ 1,220	1,183
Estimated Useful Lives			3 years		3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,278		$ 1,278		$ 1,278	$ 1,025

Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketwise, LLC
Property, Plant and Equipment [Line Items]
Other current assets	$ 2,087	$ 1,889	$ 1,070

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Accrued expenses	$ 2,777,394	$ 111,146
Marketwise, LLC
Property, Plant and Equipment [Line Items]
Commission and bonus	45,456,000	17,271,000	$ 24,570,000
Payroll and benefits	3,437,000	3,645,000	2,520,000
Accrued interest		0	325,000
Other accrued expenses	16,365,000	11,218,000	6,111,000
Accrued expenses	$ 65,258,000	$ 32,134,000	$ 33,526,000

Derivative Financial Instruments - Narrative (Details) - Marketwise, LLC $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) instrument	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Derivative [Line Items]
Cash received upon issuance of derivative instruments \| $	$ 0	$ 0	$ 306
Number of derivative instruments outstanding (instrument) \| instrument	1

Derivative Financial Instruments - Schedule of Location and Amounts and Derivative Instruments Gains and Losses (Details) - Marketwise, LLC - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Total	$ 2,120	$ (1,124)	$ 1,726	$ (997)
Other Income
Derivative [Line Items]
Total					$ (3,069)	$ (478)	$ (217)
Other Income \| Phantom Interests in Net Income
Derivative [Line Items]
Total	394	(1,124)	0	(997)
General and administrative \| Phantom Interests in Net Income
Derivative [Line Items]
Total	2,388	0	2,388	0
General and administrative \| Option
Derivative [Line Items]
Total	$ (662)	$ 0	$ (662)	$ 0

Debt - Narrative (Details) - Revolving Credit Facility - Line of Credit - Marketwise, LLC	Dec. 31, 2013
Line of Credit Facility [Line Items]
Expiration period	10 years
Debt instrument, term	5 years
Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%

Debt - Schedule of Long-term Debt Instruments (Details) - Revolving Credit Facility - Line of Credit - Marketwise, LLC - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Total principal	$ 0	$ 5,390
Less: current portion	0	(4,256)
Total long-term portion of loan payable	0	1,134
Advance due May 6, 2020
Line of Credit Facility [Line Items]
Total principal	0	1,988
Advance due December 22, 2021
Line of Credit Facility [Line Items]
Total principal	$ 0	$ 3,402

Commitment and Contingencies - Narrative (Details) - Marketwise, LLC	Dec. 31, 2020
Lease One
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	2 years
Lease Two
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	3 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	8 years

Commitment and Contingencies - Components of Lease Expense (Details) - Marketwise, LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,267	$ 3,723	$ 3,312
Variable lease costs	49	176	392
Total lease costs	$ 3,316	$ 3,899	$ 3,704

Commitment and Contingencies - Other Information Related to Leases (Details) - Marketwise, LLC	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (in years)	6 years 7 months 6 days	7 years	5 years 2 months 12 days
Weighted average discount rate (percent)	7.10%	7.20%	6.70%

Commitment and Contingencies - Maturity of Operating Leases (Details) - Marketwise, LLC $ in Thousands	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
2021	$ 1,673
2022	1,707
2023	1,742
2024	1,630
2025	1,662
Thereafter	2,884
Total lease payments	11,298
Less: Imputed interest	(2,395)
Total lease liabilities	$ 8,903

Initial Public Offering -Additional Information (Detail) - USD ($)		11 Months Ended	14 Months Ended
	Jul. 28, 2020	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2021	Mar. 01, 2021
Disclosure Of Initial Public Offer [Line Items]
Proceeds from initial public offer		$ 414,000,000
Adjustments to additional paid in capital stock issuance costs		$ 22,433,477
Common Class A
Disclosure Of Initial Public Offer [Line Items]
Number of shares called by each warrant	1				1
Minimum \| Common Class A
Disclosure Of Initial Public Offer [Line Items]
Warrants redemption price per share (USD per share)				$ 11.50
IPO
Disclosure Of Initial Public Offer [Line Items]
Stock issued during period shares new issues (in shares)	41,400,000
Sale of stock issue price per share (in usd per share)	$ 10.00
Proceeds from initial public offer	$ 414,000,000.0
Adjustments to additional paid in capital stock issuance costs	23,400,000
Deferred underwriting commissions non current	$ 14,500,000
Over-Allotment Option
Disclosure Of Initial Public Offer [Line Items]
Stock issued during period shares new issues (in shares)	5,400,000	5,400,000	5,400,000

Related Party Transactions (Details) - USD ($)							1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended		11 Months Ended		12 Months Ended			14 Months Ended
Related Party Transactions (Details) - USD ($)	Jul. 31, 2020	Jul. 28, 2020	Jul. 23, 2020	Jun. 26, 2020	May 29, 2020	Mar. 02, 2020	Nov. 30, 2015	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2021	Dec. 31, 2021	Mar. 01, 2021	Apr. 30, 2020	Aug. 31, 2019
Related Party Transaction [Line Items]
Common stock, outstanding (in shares)			10,350,000
Proceeds from issue of warrants													$ 10,280,000
Repayment of notes payable													159,720
Administrative expenses - related party								$ 30,000	$ 0	$ 0	$ 60,000		50,000
Marketwise, LLC
Related Party Transaction [Line Items]
Repayment of notes payable											0	$ 5,390,000			$ 5,390,000	$ 1,932,000	$ 4,108,000
Related party revenue								246,000	890,000		619,000	1,438,000			3,386,000	6,825,000	5,583,000
Operating cash flows from operating leases											875,000	1,694,000			2,767,000	3,106,000	2,880,000
Operating lease cost															3,267,000	3,723,000	3,312,000
Operating lease right-of-use assets								11,826,000			11,826,000		12,337,000		12,337,000	14,502,000
Total lease liabilities													8,903,000		8,903,000
Related party payables, net								1,231,000			1,231,000		2,515,000		2,515,000	7,110,000
Related party receivables								$ 775,000			$ 775,000		874,000		874,000	800,000
Fees And Accounting And Marketing Services Revenue \| Marketwise, LLC
Related Party Transaction [Line Items]
Related party receivables													$ 689,000		$ 689,000
Private Placement Warrants
Related Party Transaction [Line Items]
Stock related warrants issued during the period shares (in shares)											10,280,000		10,280,000
Class of warrant or right, price per warrant											$ 1.00		$ 1.00
Proceeds from issue of warrants											$ 10,300,000		$ 10,300,000
Private Placement Warrants \| Share Trigger Price Two
Related Party Transaction [Line Items]
Warrants redemption price per share (USD per share)								$ 0.01			$ 0.01		$ 0.01		$ 0.01
Minimum notice period for warrants redemption													30 days					30 days
Sponsor
Related Party Transaction [Line Items]
Stock issued during the period value for services						$ 25,000
Stock issued during the period shares issued for shares	180,000
Stock held by the sponsor	8,445,000
Share transfer restriction, threshold consecutive trading days											20 days		20 days
Share transfer restriction, threshold trading days											30 days		30 days
Number of days for a particular event to get over for determning trading period											150 days		150 days
Debt face value						$ 300,000
Repayment of notes payable		$ 160,000
Conversion of debt into warrants value											$ 1,500,000		$ 1,500,000
Converion price per unit of debt into warrant								$ 1.00			$ 1.00
Due to related parties								$ 0			$ 0								$ 9,750
Sponsor \| Minimum
Related Party Transaction [Line Items]
Share price (USD per share)								$ 12.00			$ 12.00
Related Party Owner And Affiliates \| Marketwise, LLC
Related Party Transaction [Line Items]
Related party revenue															$ 3,386,000	6,825,000	5,583,000
Related Party Owner And Affiliates \| Call Center Support And Other Services Expense \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party								$ 378,000	261,000		$ 613,000	843,000			1,005,000	1,647,000	1,879,000
Related Party Owner And Affiliates \| Customer Acquisition Costs \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party															3,080,000	1,601,000	221,000
Related Party Owner And Affiliates \| Revenue Share Expenses \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party								1,586,000	1,051,000		7,584,000	1,629,000			5,891,000	3,063,000	3,901,000
Related Party Owner And Affiliates \| Revenue Share Expenses, Capitalized \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party															5,891,000	3,063,000	2,026,000
Related Party Vendor Owned By Class A Unitholder \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party									25,000		17,000	45,000
Related Party Vendor Owned By Class A Unitholder \| Revenue Share Expenses \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party								10,000
Related Party Owner \| Marketwise, LLC
Related Party Transaction [Line Items]
Operating cash flows from operating leases								383,000	376,000		767,000	752,000			1,505,000	1,477,000	1,087,000
Operating lease right-of-use assets								11,149,000			11,149,000		11,957,000		11,957,000	13,530,000
Total lease liabilities								8,027,000			8,027,000		8,490,000		8,490,000	9,339,000
Operating lease, expense								556,000	556,000		1,112,000	1,112,000			2,224,000	2,224,000	1,789,000
Related Party Owner \| Corporate Functions \| Marketwise, LLC
Related Party Transaction [Line Items]
Related party payables, net								1,419,000			1,419,000		3,288,000		3,288,000	8,723,000
Related Party Vendor \| Lead Generation Marketing Expense \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party									2,917,000			8,044,000		$ 15,326,000
Related Party Vendor \| Marketing Expense \| Marketwise, LLC
Related Party Transaction [Line Items]
Expenses from transactions with related party								39,000	18,000		75,000	38,000
Class B Unitholders \| Fees And Accounting And Marketing Services Revenue \| Marketwise, LLC
Related Party Transaction [Line Items]
Related party revenue								79,000	90,000		142,000	194,000			348,000	338,000	469,000
Related party receivables								844,000			$ 844,000		689,000		689,000	672,000
Class B Unitholders \| Class B Unitholder Note, Issued November 2015 \| Marketwise, LLC
Related Party Transaction [Line Items]
Notes receivable																2,422,000
Interest rate							3.00%
Interest income									19,000			37,000			37,000	71,000	$ 69,000
Class B Unitholders \| Class B Unitholder Note, Issued August 2019 \| Marketwise, LLC
Related Party Transaction [Line Items]
Notes receivable																3,024,000						$ 3,000,000
Interest income									9,000			25,000			25,000	$ 24,000
Class A Unitholders \| Class A Unitholder Note \| Marketwise, LLC
Related Party Transaction [Line Items]
Notes receivable													1,148,000		$ 1,148,000
Repayment period following IPO															30 days
Interest rate															0.50%
Interest income															$ 4,000
Class A Unitholders \| Class A Unitholder Note, Issued April 2020 \| Marketwise, LLC
Related Party Transaction [Line Items]
Notes receivable																					$ 1,148,000
Repayment period following IPO											30 days
Interest rate											1.02%
Interest income								3,000	1,000		$ 5,000	1,000
Administrative Support Agreement
Related Party Transaction [Line Items]
Related party transaction amounts of transaction											10,000		10,000
Company Owned By Class B Unitholder \| Marketwise, LLC
Related Party Transaction [Line Items]
Operating cash flows from operating leases								$ 14,000	$ 14,000		28,000	$ 28,000
Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
Administrative expenses - related party											$ 30,000		$ 50,000
Common Class B
Related Party Transaction [Line Items]
Common stock, par value (USD per share)								$ 0.0001			$ 0.0001		$ 0.0001		$ 0.0001					$ 0.0001
Common stock, outstanding (in shares)								10,350,000			10,350,000		10,350,000		10,350,000
Common Class B \| Sponsor
Related Party Transaction [Line Items]
Common stock, par value (USD per share)						$ 0.0001
Stock issued during the period shares issued for shares			1,725,000	1,437,500	1,437,500	8,625,000
Common stock shares subject to forfeiture					1,437,500
Common stock, outstanding (in shares)			10,170,000	8,625,000	8,625,000
Common Class A
Related Party Transaction [Line Items]
Common stock, par value (USD per share)								$ 0.0001			$ 0.0001		$ 0.0001		$ 0.0001					$ 0.0001
Common stock, outstanding (in shares)								7,214,088			7,214,088		7,203,401		7,203,401
Number of shares called by each warrant		1																		1
Common Class A \| Private Placement Warrants \| Share Trigger Price Two
Related Party Transaction [Line Items]
Warrants redemption price per share (USD per share)								$ 18.00			$ 18.00		$ 18.00		$ 18.00
Common Class A \| Minimum
Related Party Transaction [Line Items]
Warrants redemption price per share (USD per share)								11.50			11.50
Common Class A \| Minimum \| Share Price That Will Trigger Warrant Redemption
Related Party Transaction [Line Items]
Share price (USD per share)								$ 10.00			$ 10.00

Commitments and Contingencies - Additional Information (Detail) - USD ($)		11 Months Ended	14 Months Ended
	Jul. 28, 2020	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2021
Loss Contingencies [Line Items]
Underwriting fee, per unit cash paid (USD per share)		$ 0.35		$ 0.35
Payments for underwriting fee		$ 14,500,000	$ 14,500,000
Stock related warrants issued during the period value		$ 1,857,360
Over-Allotment Option
Loss Contingencies [Line Items]
Expiration period for purchase of underwriting options		45 days	45 days
Stock issued during period shares new issues (in shares)	5,400,000	5,400,000	5,400,000
IPO
Loss Contingencies [Line Items]
Stock issued during period shares new issues (in shares)	41,400,000
Underwriting fee, per unit cash paid (USD per share)		$ 0.20		0.20
Payments for underwriting fee		$ 8,300,000	$ 8,900,000
Private Placement
Loss Contingencies [Line Items]
Stock related warrants issued during the period shares (in shares)		25,000,000	25,000,000
Share price (USD per share)		$ 10.00		$ 10.00
Stock related warrants issued during the period value		$ 250,000,000	$ 250,000,000

Common Units (Details)	12 Months Ended
Common Units (Details)	Dec. 31, 2020 shares	Dec. 31, 2018	Dec. 31, 2021 shares	Jun. 30, 2021 shares
Marketwise, LLC
Class of Stock [Line Items]
Common stock split ratio		1,000
Related party, minimum ownership percentage	50.00%
Purchase price multiplier, preceding period	3 years
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	200,000,000			200,000,000
Common Class A \| Marketwise, LLC
Class of Stock [Line Items]
Common stock, authorized (in shares)			10,000,000
Redeemable common units, percent	20.00%
Common Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	20,000,000			20,000,000
Common Class B \| Marketwise, LLC
Class of Stock [Line Items]
Common stock, authorized (in shares)			10,000,000
Repurchase period, common units	25 months

Earnings Per Unit (Details) - USD ($)	2 Months Ended	3 Months Ended			5 Months Ended	6 Months Ended		11 Months Ended	12 Months Ended
Earnings Per Unit (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Undeclared and undistributed earnings:
Net (loss) income	$ (17,374)	$ (21,816,965)	$ 21,710,100	$ (28,405)	$ (45,779)	$ (106,865)	$ (45,779)	$ (29,629,640)
Marketwise, LLC
Undeclared and undistributed earnings:
Net (loss) income		(7,895,000)		(80,045,000)		(622,348,000)	(96,546,000)		$ (538,373,000)	$ 27,957,000	$ 18,601,000
Undeclared and undistributed (loss) income		$ (9,076,000)		$ (88,423,000)		$ (637,446,000)	(162,691,000)		(640,140,000)	7,486,000	(3,416,000)
Common Class A
Undeclared and undistributed earnings:
Net (loss) income								$ 210,000
Denominator
Weighted average units used in computing earnings per unit, basic		41,400,000		0	0	41,400,000		41,400,000
Weighted average units used in computing earnings per unit, diluted		41,400,000		0	0	41,400,000		41,400,000
Earnings per unit class:
Basic net income per share (in usd per share)		$ 0.00		$ 0	$ 0	$ 0.00		$ 0.01
Diluted net income per share (in usd per share)		$ 0.00		$ 0	$ 0	$ 0.00		$ 0.01
Common Class A \| Marketwise, LLC
Numerator
Distributed earnings		$ 1,181,000		$ 8,378,000		$ 15,098,000	66,145,000		101,767,000	20,471,000	22,017,000
Undeclared and undistributed earnings:
Net (loss) income		(7,895,000)		(80,045,000)		(622,348,000)	(96,546,000)		(538,373,000)	24,819,000	18,601,000
Minus: Distributions to Class A unitholders		1,181,000		8,378,000		15,098,000	66,145,000		101,767,000	20,471,000	22,017,000
Undeclared and undistributed (loss) income		$ (9,076,000)		$ (88,423,000)		$ (637,446,000)	$ (162,691,000)		$ (640,140,000)	$ 4,348,000	$ (3,416,000)
Denominator
Weighted average units used in computing earnings per unit, basic		528,519		547,466		528,519	548,596		548,028	594,327	611,547,000
Weighted average units used in computing earnings per unit, diluted		528,519		547,466		528,519	548,596		548,028	594,327	611,547,000
Earnings per unit class:
Distributed earnings per unit - basic (in usd per share)		$ 2.23		$ 15.30		$ 28.57	$ 120.57		$ 185.70	$ 34.44	$ 36.00
Distributed earnings per unit - diluted (in usd per share)		2.23		15.30		28.57	120.57		185.70	34.44	36.00
Undistributed earnings (loss) per unit - basic (in usd per share)		(17.17)		(161.51)		(1,206.10)	(296.56)		(1,168.08)	7.36	(5.59)
Undistributed earnings (loss) per unit - diluted (in usd per share)		(17.17)		(161.51)		(1,206.10)	(296.56)		(1,168.08)	7.36	(5.59)
Basic net income per share (in usd per share)		(14.94)		(146.21)		(1,177.53)	(175.99)		(982.38)	41.80	30.42
Diluted net income per share (in usd per share)		$ (14.94)		$ (146.21)		$ (1,177.53)	$ (175.99)		$ (982.38)	$ 41.80	$ 30.42
Common Class B
Undeclared and undistributed earnings:
Net (loss) income								$ (350,000)
Denominator
Weighted average units used in computing earnings per unit, basic		10,350,000		10,350,000	10,350,000	10,350,000		10,350,000
Weighted average units used in computing earnings per unit, diluted		10,350,000		10,350,000	10,350,000	10,350,000		10,350,000
Earnings per unit class:
Basic net income per share (in usd per share)		$ (2.11)		$ 0.00	$ 0.00	$ (0.02)		$ (2.88)
Diluted net income per share (in usd per share)		$ (2.11)		$ 0.00	$ 0.00	$ (0.02)		$ (2.88)
Common Class B \| Marketwise, LLC
Numerator
Distributed earnings		$ 456,000		$ 5,757,000		$ 6,107,000	$ 38,070,000		$ 78,398,000	$ 14,831,000	$ 17,135,000
Undeclared and undistributed earnings:
Net (loss) income		456,000		5,757,000		6,107,000	38,070,000		78,398,000	17,969,000	17,135,000
Minus: Distributions to Class A unitholders		456,000		5,757,000		6,107,000	38,070,000		78,398,000	14,831,000	17,135,000
Undeclared and undistributed (loss) income		$ 0		$ 0		$ 0	$ 0		$ 0	$ 3,138,000	$ 0
Denominator
Weighted average units used in computing earnings per unit, basic		526,580		496,732		526,580	495,201		495,971	416,369	395,000,000
Weighted average units used in computing earnings per unit, diluted		526,580		496,732		526,580	495,201		495,971	416,369	395,000,000
Earnings per unit class:
Distributed earnings per unit - basic (in usd per share)		$ 0.87		$ 11.59		$ 11.60	$ 76.88		$ 158.07	$ 35.62	$ 43.38
Distributed earnings per unit - diluted (in usd per share)		0.87		11.59		11.60	76.88		158.07	35.62	43.38
Undistributed earnings (loss) per unit - basic (in usd per share)		0		0		0	0		0	7.48	0
Undistributed earnings (loss) per unit - diluted (in usd per share)		0		0		0	0		0	7.48	0
Basic net income per share (in usd per share)		0.87		11.59		11.60	76.88		158.07	43.10	43.38
Diluted net income per share (in usd per share)		$ 0.87		$ 11.59		$ 11.60	$ 76.88		$ 158.07	$ 43.10	$ 43.38

Shareholders' Equity - Additional Information (Detail) - $ / shares						11 Months Ended	14 Months Ended
	Jul. 31, 2020	Jul. 23, 2020	Jun. 26, 2020	May 29, 2020	Mar. 02, 2020	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2021	Mar. 01, 2021
Class of Stock [Line Items]
Preference shares, authorized (in shares)						1,000,000		1,000,000
Preference shares, issued (in shares)						0		0
Preference shares, outstanding (in shares)						0		0
Common stock, outstanding (in shares)		10,350,000
Sponsor
Class of Stock [Line Items]
Stock issued during the period shares issued for shares	180,000
Common Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)						200,000,000		200,000,000
Common stock, par value (USD per share)						$ 0.0001		$ 0.0001	$ 0.0001
Shares issued (in shares)						41,400,000		41,400,000
Shares outstanding (in shares)						41,400,000		41,400,000
Common stock, outstanding (in shares)						7,203,401		7,214,088
Ordinary shares subject to possible redemption shares (in shares)						39,576,710		34,185,912
Common stock, shares subject to possible redemption (in shares)						34,196,599		34,185,912
Common Class A \| Sponsor
Class of Stock [Line Items]
Percentage of common stock shareholding						20.00%		20.00%
Common Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)						20,000,000		20,000,000
Common stock, par value (USD per share)						$ 0.0001		$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)						10,350,000		10,350,000
Common stock description of voting rights						one-for-one	one-for-one
Common Class B \| Sponsor
Class of Stock [Line Items]
Common stock, par value (USD per share)					$ 0.0001
Common stock, outstanding (in shares)		10,170,000	8,625,000	8,625,000
Stock issued during the period shares issued for shares		1,725,000	1,437,500	1,437,500	8,625,000
Common stock shares subject to forfeiture (in shares)				1,437,500

Warrants - Additional Information (Details) - $ / shares	8 Months Ended	11 Months Ended	14 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2021	Jul. 28, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)					30,980,000
Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Share price (USD per share)		$ 9.20		$ 9.20
Percentage of proceeds from share issuances		60.00%
Minimum \| Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share)				$ 11.50
Private Placement Warrants \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Class of warrants exercise price adjustment percentage		115.00%
Public Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of warrants		5 years		5 years
Public Warrants \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share)		$ 11.50		$ 11.50
Share Trigger Price One \| Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants exercisable, ordinary share per warrant (in shares)		$ 0.361	$ 0.361
Share Trigger Price One \| Maximum \| Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redeemable, threshold consecutive trading days		10 days	10 days
Share Trigger Price One \| Private Placement Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Minimum notice period for warrants redemption		30 days	30 days
Warrants redemption price per share (USD per share)		$ 0.10		0.10
Warrants redeemable, threshold consecutive trading days		20 days	20 days
Warrants redeemable, threshold trading days		30 days	30 days
Share Trigger Price One \| Private Placement Warrants \| Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share)		$ 10.00		10.00
Share Trigger Price One \| Private Placement Warrants \| Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redeemable, threshold consecutive trading days		20 days	20 days
Share Trigger Price One \| Private Placement Warrants \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redeemable, threshold consecutive trading days	30 days	30 days	30 days
Warrants redeemable, threshold trading days		30 days	30 days
Share Trigger Price Two \| Private Placement Warrants
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Minimum notice period for warrants redemption		30 days	30 days
Warrants redemption price per share (USD per share)		$ 0.01		0.01
Share Trigger Price Two \| Private Placement Warrants \| Common Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share)		$ 18.00		$ 18.00
Share Trigger Price Two \| Private Placement Warrants \| Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Class of warrants exercise price adjustment percentage		180.00%
IPO
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)		20,700,000		20,700,000
Private Placement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)		10,280,000		10,280,000

Stock-Based Compensation - Narrative (Details) - Marketwise, LLC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 47,445	$ 78,627	$ 648,520	$ 99,124	$ 553,600	$ 20,439	$ 28,212
Common Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense					$ 553,600	$ 20,439	$ 28,212
Weighted-average grant date fair value (in dollars per share)			$ 2,195.16	$ 178.69	$ 178.69	$ 186.83

Stock-Based Compensation - Stock-based Compensation Expense (Details) - Marketwise, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 47,445	$ 78,627	$ 648,520	$ 99,124	$ 553,600	$ 20,439	$ 28,212
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	10,568	15,058	124,916	18,226	102,736	5,025	21,889
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	840	1,022	14,910	2,225	10,567	0	6,323
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 36,037	$ 62,547	$ 508,694	$ 78,673	$ 440,297	$ 15,414	$ 0

Stock-Based Compensation - Option Activity (Details) - Common Class B - Marketwise, LLC - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unvested, beginning balance (in shares)	75,044	77,981	55,000
Granted (in shares)	17,690	62,676	59,099
Vested (in shares)	(29,848)	(65,613)	(36,118)
Unvested, ending balance (in shares)	62,886	75,044	77,981

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketwise, LLC
Liabilities:
Derivative liabilities, current	$ 662,000	$ 0
Derivative liabilities, noncurrent		4,343,000	$ 1,274,000
Recurring \| Marketwise, LLC
Assets:
Total assets	101,503,000	25,016,000	133,631,000
Liabilities:
Derivative liabilities, current	662,000
Total liabilities	1,238,265,000	597,578,000	119,307,000
Recurring \| Phantom Interests in Net Income \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	1,955,000	4,343,000	1,274,000
Recurring \| Class B Units \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	1,235,648,000	593,235,000	118,033,000
Recurring \| Money market funds \| Marketwise, LLC
Assets:
Money market funds	101,503,000	25,016,000	133,631,000
Level 1 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	414,268,577	414,209,593
Total fair value	448,009,577	449,595,643
Level 1 \| Recurring \| Marketwise, LLC
Assets:
Total assets	101,503,000	25,016,000	133,631,000
Liabilities:
Derivative liabilities, current	0
Total liabilities	0	0	0
Level 1 \| Recurring \| Phantom Interests in Net Income \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	0	0	0
Level 1 \| Recurring \| Class B Units \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	0	0	0
Level 1 \| Recurring \| Money market funds \| Marketwise, LLC
Assets:
Money market funds	101,503,000	25,016,000	133,631,000
Level 1 \| Recurring \| Public Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	33,741,000	35,386,050
Level 1 \| Recurring \| Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	0	0
Level 2 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	0	0
Total fair value	0	0
Level 2 \| Recurring \| Marketwise, LLC
Assets:
Total assets	0	0	0
Liabilities:
Derivative liabilities, current	0
Total liabilities	0	0	0
Level 2 \| Recurring \| Phantom Interests in Net Income \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	0	0	0
Level 2 \| Recurring \| Class B Units \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	0	0	0
Level 2 \| Recurring \| Money market funds \| Marketwise, LLC
Assets:
Money market funds	0	0	0
Level 2 \| Recurring \| Public Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	0	0
Level 2 \| Recurring \| Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	0	0
Level 3 \| Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	0	0
Total fair value	16,756,400	18,415,060
Level 3 \| Recurring \| Marketwise, LLC
Assets:
Total assets	0	0	0
Liabilities:
Derivative liabilities, current	662,000
Total liabilities	1,238,265,000	597,578,000	119,307,000
Level 3 \| Recurring \| Phantom Interests in Net Income \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	1,955,000	4,343,000	1,274,000
Level 3 \| Recurring \| Class B Units \| Marketwise, LLC
Liabilities:
Derivative liabilities, noncurrent	1,235,648,000	593,235,000	118,033,000
Level 3 \| Recurring \| Money market funds \| Marketwise, LLC
Assets:
Money market funds	0	0	$ 0
Level 3 \| Recurring \| Public Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	0	0
Level 3 \| Recurring \| Private Placement Warrants
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments held in Trust Account	$ 16,756,400	$ 18,415,060

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended		11 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of derivative warrant liabilities	$ 18,834,160	$ 0	$ 0	$ (3,303,710)	$ 0	$ 28,525,220
Marketwise, LLC
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value				$ 598,533,000	$ 49,796,000
Cost of revenue \| Marketwise, LLC
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value							$ 86,907,000	$ 548,000	$ 5,519,000
Sales and marketing \| Marketwise, LLC
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value							6,545,000		$ 214,000
General and administrative \| Marketwise, LLC
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value							$ 363,005,000	$ 2,455,000

Fair Value Measurements - Schedule of Fair Value Assumptions (Details)	Dec. 31, 2021 $ / shares	Jun. 30, 2021 $ / shares	Dec. 31, 2020 $ / shares	Jul. 28, 2020 $ / shares
Measurement Input, Price Volatility
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.253	0.235	0.253	0.161
Measurement Input, Share Price
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	10.26	9.95	10.26	9.59
Measurement Input, Expected Term
Class of Warrant or Right [Line Items]
Term of warrants	5 years 5 months 1 day	5 years 18 days	5 years 5 months 1 day	6 years
Measurement Input, Risk Free Interest Rate
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0042	0.0088	0.0042	0.0035
Measurement Input, Expected Dividend Rate
Class of Warrant or Right [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.0	0.000	0.000	0.0

Fair Value Measurements - Schedule of Changes in Fair Value of Warrants (Details) - USD ($)	3 Months Ended		11 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Beginning balance		$ 53,801,110	$ 25,275,880
Change in fair value of derivative warrant liabilities			28,525,230
Ending balance	$ 50,497,400		53,801,110
Private Warrants
Class of Warrant or Right [Line Items]
Beginning balance	10,653,560	18,415,060
Change in fair value of derivative warrant liabilities	6,102,840	(7,761,500)
Ending balance	$ 16,756,400	$ 10,653,560	$ 18,415,060

Fair Value Measurements - Schedule of Changes in Fair Value of Derivative Liabilities (Details) - Marketwise, LLC - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 597,578	$ 119,307	$ 119,307	$ 113,221	$ 104,504
Change in fair value	598,533	49,796
Ending balance	1,238,265	181,358	597,578	119,307	113,221
Phantom Interests in Net Income
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Additions of derivative instruments at fair value					580
Change in fair value	(1,726)	997	3,069	478	217
Redemptions of derivative instruments					(3,156)
Class B Units
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value			456,457	(3,003)	5,733
Incremental Class B Units	$ 43,880	$ 11,258	$ 18,745	$ 8,611	$ 5,343

Fair Value Measurements - Schedule of Fair Value Changes by Income Statement Location (Details) - Marketwise, LLC - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units			$ (598,533)	$ (49,796)	$ (456,457)	$ 3,003	$ (5,734)
Common Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 46,989	$ 72,486	598,533	49,796
Cost of revenue \| Common Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	10,446	13,848	112,389	9,885
Sales and marketing \| Common Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	840	1,022	8,263	1,022
General and administrative \| Common Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 35,703	$ 57,616	$ 477,881	$ 38,889

Subsequent Events (Details)	Mar. 01, 2021 USD ($) $ / shares shares	Jun. 30, 2021 $ / shares	Dec. 31, 2020 $ / shares
BSG
Subsequent Event [Line Items]
Percentage of interests acquired	20.10%
Minimum \| BSG
Subsequent Event [Line Items]
Total consideration, up to	$ 0
Maximum \| BSG
Subsequent Event [Line Items]
Total consideration, up to	$ 374,000,000
Common Class A
Subsequent Event [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Share price (USD per share) \| $ / shares		9.20	9.20
Common Class B
Subsequent Event [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Subsequent Event \| BSG
Subsequent Event [Line Items]
Consideration, equity interests	$ 2,910,923,000
Share price (USD per share) \| $ / shares	$ 10.00
Percentage of interests acquired	20.10%
Total consideration, up to	$ 150,000,000
Subsequent Event \| Minimum \| BSG
Subsequent Event [Line Items]
Subscriptions	85,000,000
Payments to acquire businesses	0
Subsequent Event \| Maximum \| BSG
Subsequent Event [Line Items]
Subscriptions	150,000,000
Payments to acquire businesses	$ 374,000,000
Subsequent Event \| Common Class A \| BSG
Subsequent Event [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001
Conversion ratio	1
Subscriptions receivable	$ 150,000,000
Shares subscribed \| shares	15,000,000
Share price (USD per share) \| $ / shares	$ 10.00
Subsequent Event \| Common Class B \| BSG
Subsequent Event [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001
Conversion ratio	1

Variable Interest Entities (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Current assets	$ 635,761	$ 1,190,526
Total Assets	414,904,338	415,400,119
Current liabilities	3,057,810	143,016
Total liabilities	68,045,210	68,434,126
Marketwise, LLC
Variable Interest Entity [Line Items]
Current assets	330,610,000	180,637,000	$ 205,700,000
Total Assets	491,175,000	284,813,000	276,205,000
Current liabilities	422,572,000	345,538,000	254,431,000
Total liabilities	2,050,484,000	1,205,423,000	544,269,000
Variable Interest Entity, Primary Beneficiary \| Marketwise, LLC
Variable Interest Entity [Line Items]
Current assets	3,759,000	3,787,000	4,066,000
Noncurrent assets	8,000	22,000	124,000
Total Assets	3,767,000	3,809,000	4,190,000
Current liabilities	3,109,000	3,265,000	2,672,000
Noncurrent liabilities	0	0	1,898,000
Total liabilities	$ 3,109,000	$ 3,265,000	$ 4,570,000

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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