v3.26.1
Investments and Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
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 March 31, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,730,569 $1,730,569 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,858 — 4,858 — 
Marketable securities:
U.S. Treasury securities5,728,778 — 5,728,778 — 
Publicly-traded equity securities6,004 6,004 — — 
Total$7,470,209 $1,736,573 $5,733,636 $— 
As of December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$945,330 $945,330 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,846 — 4,846 — 
Marketable securities:
U.S. Treasury securities5,729,892 — 5,729,892 — 
Publicly-traded equity securities23,355 23,355 — — 
Total$6,703,423 $968,685 $5,734,738 $— 
Debt Securities
As of March 31, 2026 and December 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
As of March 31, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,729,768 $2,764 $(3,754)$5,728,778 
Total debt securities$5,729,768 $2,764 $(3,754)$5,728,778 
As of December 31, 2025
Amortized CostUnrealized GainsUnrealized LossesFair 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 
No available-for-sale debt securities were sold during the three months ended March 31, 2026. The Company sold $280 million of available-for-sale debt securities during the three months ended March 31, 2025. The realized gains and losses from those sales were immaterial. As of March 31, 2026 and December 31, 2025, available-for-sale debt securities of $2.4 billion and $0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to
initial purchase. None of the available-for-sale debt securities held as of March 31, 2026 or December 31, 2025 were in a continuous unrealized loss position for greater than 12 months and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three months ended March 31, 2026 or 2025. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of March 31, 2026 and December 31, 2025.
Equity Securities
The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three months ended March 31, 2026 and 2025, net unrealized gains and losses from publicly-traded equity securities held at the end of each period were immaterial.
The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative. As of March 31, 2026 and December 31, 2025, the total amount of privately-held equity securities included in other assets on the condensed consolidated balance sheets was $245 million and $170 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three months ended March 31, 2026 or 2025. Cumulative upward and downward adjustments and impairments on privately-held equity securities held by the Company as of March 31, 2026 were not material.