The following table summarizes our non-marketable equity investments under measurement alternative and equity method (in millions):


	June 30, 2025		December 31, 2024
Non-marketable equity investments under measurement alternative:
Initial cost	$	20,231	$	6,342
Cumulative upward adjustments	359		300
Cumulative impairment/downward adjustments	(624)		(624)
Carrying value	19,966		6,018
Non-marketable equity investments under equity method	2,022		52
Total non-marketable equity investments	$	21,988	$	6,070

Our non-marketable equity investments are in privately-held companies without readily determinable fair values. In June 2025, we completed an investment in Scale AI by acquiring a non-voting minority of its outstanding equity. Out of the total consideration, $13.79 billion was included in non-marketable equity investments accounted for under the measurement alternative method, as we do not have significant influence over Scale AI's operations.

Our non-marketable equity method investments include mostly unconsolidated variable interest entities (VIE) of which we are not the primary beneficiary as we do not direct the activities that would significantly affect their economic performance. As of June 30, 2025, our maximum exposure to loss in these VIEs was $1.98 billion, which is the carrying value of our investments. Subsequent to June 30, 2025, we have extended tender offers of up to $3.0 billion to acquire additional equity interests in these VIEs.