
	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	2,277	$	11	$	—	$	2,288
Mortgage-backed and asset-backed securities	441		2		(2)		441
Government bonds	262		—		—		262
Commercial paper	182		—		—		182
Certificates of deposit	149		—		—		149
Total debt securities	3,311		13		(2)		3,322
Time deposits	1,132		—		—		1,132

Total short-term investments	$	4,443	$	13	$	(2)	$	4,454


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	2,697	$	4	$	(3)	$	2,698
Mortgage-backed and asset-backed securities	509		1		(3)		507
Government bonds	319		—		(1)		318
Commercial paper	185		—		—		185
Certificates of deposit	128		—		—		128
Total debt securities	3,838		5		(7)		3,836
Time deposits	1,132		—		—		1,132

Total short-term investments	$	4,970	$	5	$	(7)	$	4,968

As of December 31, 2025 and March 31, 2026, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax, before reclassifications from AOCI to other income (expense), net, and realized gains and losses reclassified from AOCI to other income (expense), net, were immaterial for the three months ended March 31, 2025 and 2026.

Debt securities in an unrealized loss position had an estimated fair value of $161 million and $1.0 billion, and unrealized losses of $12 million and $16 million as of December 31, 2025 and March 31, 2026, respectively. The total fair value of these securities that were in a continuous unrealized loss position for more than twelve months as of December 31, 2025 and March 31, 2026, was $36 million and $127 million respectively. Unrealized losses on these specific securities were $12 million as of both December 31, 2025 and March 31, 2026.


	March 31, 2026
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,582	$	1,583
Due after one year through five years	2,168		2,158
Due after five years	101		99
Total	$	3,851	$	3,840

As of December 31, 2025 and March 31, 2026, the carrying values of the Company’s equity method investments in privately-held companies were $47 million and $48 million, respectively. The Company recorded no impairment charges for the three months ended March 31, 2026. There was an impairment charge of $7 million recorded for the three months ended March 31, 2025. Unrealized losses were immaterial for the three months ended March 31, 2025 and 2026, and represent the Company’s proportionate share of net income or loss based on the investee’s financial results and are recorded within other income (expense), net, in the unaudited condensed consolidated statements of operations.

During the three months ended March 31, 2026, the Company recognized a realized gain of $70 million on the sale of an equity investment, which was recognized in other income (expense), net in the unaudited condensed consolidated statements of operations. The realized gain resulted from the cash proceeds received in connection with the acquisition of the investee by a third party and reflects the difference between the proceeds and the investment’s carrying amount.

The Company holds equity investments in privately-held companies where fair values are not readily determinable and in which it lacks a controlling interest or significant influence. The investments are classified within other non-current assets on the unaudited consolidated balance sheets. The net carrying value of these investments was $11 million and $4 million as of December 31, 2025 and March 31, 2026, respectively.

During the three months ended March 31, 2025 and 2026, the Company recorded non-cash impairment charges of $30 million and $8 million, respectively. There were no upward adjustments for observable price changes recorded for the three months ended March 31, 2025 and 2026.