v3.22.0.1
Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements
4. Investments and Fair Value Measurements
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands):
 
    
As of December 31, 2021
  
    
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                    
 
 
Money market funds
   
 
$		 507,317       
 
$		 507,317       
 
$		 —       
 
$		 —     
 
Certificates of deposit
      51,892          —          51,892          —     
Marketable securities
      234,153          234,153          —          —     
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Total
   
 
$		      793,362       
 
$		      741,470       
 
$		     51,892       
 
$		 —     
    
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of December 31, 2020
  
    
Total
     
Level 1
     
Level 2
     
Level 3
  
Assets:
                                    
Money market funds
   
 
$		 1,075,783       
 
$		 1,075,783       
 
$		 —       
 
$		 —    
 
Certificates of deposit
      74,097          —          74,097          —    
    
 
 
     
 
 
     
 
 
     
 
 
  
         
Total
   
 
$		     1,149,880       
 
$		     1,075,783       
 
$		     74,097       
 
$		 —    
    
 
 
     
 
 
     
 
 
     
 
 
  
Certificates of Deposit
The Company’s Level 2 instruments consist of restricted cash invested in certificates of deposit. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings.
Marketable Securities
Marketable securities consist of equity securities in publicly-traded companies and are recorded at fair market value each reporting period. Realized and unrealized gains and losses are recorded in other income (expense), net on the consolidated statements of operations. During the year ended December 31, 2021, the Company recorded net unrealized losses of 
$
72.8
 million
within other income (expense), net on the consolidated statements of operations.
Investments
During 2021, the Company approved and entered into certain agreements (“Investment Agreements”) to purchase, or commit to purchase, as further discussed in
Note 9.
Commitments and Contingencies — Investment 
Commitments,
shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, and commitments to purchase, the
“Investments”). In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services. The total value of such commercial contracts was
 
$767.9
 million
as of December 31, 2021, which is inclusive of
 
$116.2
 million
of contractual options. The terms of such contracts, including contractual options, range from three to ten years. The majority of these commercial contracts are subject to various termination provisions, including for convenience in the event a proposed business combination is not completed.
During 2021, the Company assessed the concurrent agreements under the
non-monetary
guidance within
ASC 606 —
Revenue from Contracts
 with Customers
as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under
each
contract. The total revenue recognized from these commercial contracts during the year ended December 31, 2021 was $48.3
 
million.
The following table presents the details of the investments purchased under such Investment Agreements during the year ended December 31, 2021 (in thousands):
 
Entity
 
(1)
   
Share Amount
     
Investment Amount
  
Celularity
                          2,000        $                     20,000  
Faraday Future
      2,500          25,000  
 
Astrocast
      1,520          5,000  
BlackSky
      800          8,000  
Lilium
      4,100          41,000  
Sarcos Robotics
      2,100          21,000  
Roivant Sciences
      3,000          30,000  
Babylon Health
      3,500          35,000  
Bird Global
      2,000          20,000  
Embark Trucks
      1,800          18,000  
Wejo
      3,500          35,000  
Pear Therapeutics
      1,000          10,000  
Boxed
      2,000          20,000  
Skydweller
 
(2)
      3,000          3,000  
Hyundai Oilbank
 
(2)
      676          20,000  
AdTheorent
      1,500          15,000  
    
 
 
     
 
 
  
Total
      34,996      $ 326,000  
    
 
 
     
 
 
  
 
(1)
 
Investments are in publicly-traded marketable securities, unless otherwise noted.
(2)
 
Investment in privately-held company.
Alternative Investments
During the
year ended December 31, 2021, the Company purchased $50.9 million in
100-ounce
gold bars. The gold bars will initially be kept in a secure third-party facility located in the northeastern United States. The Company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice. During the year ended December 31, 2021, unrealized losses on the Company’s alternative investments were not material.