| Summary Of Assets and Liabilities that are Measured at Fair Value on a Recurring and Nonrecurring Basis |
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash and cash equivalents: | | | | | | | | | Money market funds | $ | 945,330 | | | $ | 945,330 | | | $ | — | | | $ | — | | | Prepaid expenses and other current assets and other assets: | | | | | | | | | Certificates of deposit | 4,846 | | | — | | | 4,846 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 5,729,892 | | | — | | | 5,729,892 | | | — | | | Publicly-traded equity securities | 23,355 | | | 23,355 | | | — | | | — | | | Total | $ | 6,703,423 | | | $ | 968,685 | | | $ | 5,734,738 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash and cash equivalents: | | | | | | | | | Money market funds | $ | 1,823,046 | | | $ | 1,823,046 | | | $ | — | | | $ | — | | | Prepaid expenses and other current assets and other assets: | | | | | | | | | Certificates of deposit | 4,826 | | | — | | | 4,826 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 3,110,687 | | | — | | | 3,110,687 | | | — | | | Publicly-traded equity securities | 20,776 | | | 20,776 | | | — | | | — | | | Total | $ | 4,959,335 | | | $ | 1,843,822 | | | $ | 3,115,513 | | | $ | — | |
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| Debt Securities, Available-for-Sale |
As of December 31, 2025 and 2024, available-for-sale debt securities, all of which are included in marketable securities on the consolidated balance sheet, consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. Treasury securities | $ | 5,720,869 | | | $ | 9,158 | | | $ | (135) | | | $ | 5,729,892 | | | Total debt securities | $ | 5,720,869 | | | $ | 9,158 | | | $ | (135) | | | $ | 5,729,892 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. Treasury securities | $ | 3,110,278 | | | $ | 1,022 | | | $ | (613) | | | $ | 3,110,687 | | | Total debt securities | $ | 3,110,278 | | | $ | 1,022 | | | $ | (613) | | | $ | 3,110,687 | | | | | | | | | | | | | | | | | |
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