| 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 March 31, 2026 | | Total | | Level 1 | | Level 2 | | Level 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 deposit | 4,858 | | | — | | | 4,858 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 5,728,778 | | | — | | | 5,728,778 | | | — | | | Publicly-traded equity securities | 6,004 | | | 6,004 | | | — | | | — | | | Total | $ | 7,470,209 | | | $ | 1,736,573 | | | $ | 5,733,636 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | $ | — | |
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| Debt Securities, Available-for-Sale |
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 Cost | | Unrealized Gains | | Unrealized Losses | | Fair 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 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 | | | | | | | | | | | | | | | | | |
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