| Summary of Financial Assets Measured at Fair Value on Recurring Basis |
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of December 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value Hierarchy | | Cost or
Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Total Estimated
Fair Value | | | | | | | | | | | | | | (in thousands) | | Cash | | | $ | 348,251 | | | $ | — | | | $ | — | | | $ | 348,251 | | | Cash equivalents: | | | | | | | | | | | Money market funds | Level 1 | | 694,323 | | | — | | | (30) | | | 694,293 | | | U.S. government securities | Level 1 | | 3,991 | | | — | | | (1) | | | 3,990 | | | | | | | | | | | | | | | | | | | | | | | Total cash and cash equivalents | | | 1,046,565 | | | — | | | (31) | | | 1,046,534 | | | Marketable debt securities: | | | | | | | | | | | U.S. government securities | Level 1 | | 2,186,192 | | | 4,984 | | | (3,292) | | | 2,187,884 | | | | | | | | | | | | | Corporate debt securities | Level 2 | | 129,217 | | | 229 | | | (5) | | | 129,441 | | | | | | | | | | | | | | | | | | | | | | | Total marketable debt securities | | | 2,315,409 | | | 5,213 | | | (3,297) | | | 2,317,325 | | | Total | | | $ | 3,361,974 | | | $ | 5,213 | | | $ | (3,328) | | | $ | 3,363,859 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Fair Value Hierarchy | | Cost or
Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Total Estimated
Fair Value | | | | | | | | | | | | | | (in thousands) | | Cash | | | $ | 584,990 | | | $ | — | | | $ | — | | | $ | 584,990 | | | Cash equivalents: | | | | | | | | | | | Money market funds | Level 1 | | 1,195,410 | | | — | | | — | | | 1,195,410 | | | | | | | | | | | | | | | | | | | | | | | Total cash and cash equivalents | | | 1,780,400 | | | — | | | — | | | 1,780,400 | | | Marketable debt securities: | | | | | | | | | | | U.S. government securities | Level 1 | | 1,295,918 | | | 894 | | | (3,919) | | | 1,292,893 | | | U.S. government agency securities | Level 1 | | 138,420 | | | 31 | | | (188) | | | 138,263 | | | Corporate debt securities | Level 2 | | 234,336 | | | 577 | | | (99) | | | 234,814 | | | Commercial paper | Level 2 | | 65,380 | | | — | | | — | | | 65,380 | | | Certificates of deposit | Level 2 | | 18,725 | | | — | | | — | | | 18,725 | | | Total marketable debt securities | | | 1,752,779 | | | 1,502 | | | (4,206) | | | 1,750,075 | | | Total | | | $ | 3,533,179 | | | $ | 1,502 | | | $ | (4,206) | | | $ | 3,530,475 | |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | 2022 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,046,534 | | | $ | 1,780,400 | | | $ | 1,423,121 | | | Restricted cash, included in other assets | 3,700 | | | 2,062 | | | 655 | | | Total cash, cash equivalents, and restricted cash | $ | 1,050,234 | | | $ | 1,782,462 | | | $ | 1,423,776 | |
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| Summary of Gain (Loss) on Strategic Investments |
Gains and losses recognized during the periods presented were as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2024 | | 2023 | | 2022 | | | | | | | | (in thousands) | | Gains (losses) recognized on strategic investments sold during the period, net | $ | (60) | | | $ | — | | | $ | 45,935 | | | Unrealized gains on strategic investments still held at the reporting date | 334 | | | 1,368 | | | 19,946 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | (7,703) | | | (28,423) | | | (1,421) | | | Gains (losses) on strategic investments, net | $ | (7,429) | | | $ | (27,055) | | | $ | 64,460 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2024 | | 2023 | | 2022 | | | | | | | | (in thousands) | | Gains (losses) recognized on publicly traded equity securities sold during the period, net | $ | — | | | $ | 11,046 | | | $ | (22,095) | | | Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net | (1,185) | | | (17,731) | | | (79,214) | | | Gains (losses) on publicly traded equity securities, net | $ | (1,185) | | | $ | (6,685) | | | $ | (101,309) | |
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| Schedule of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | 2022 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,046,534 | | | $ | 1,780,400 | | | $ | 1,423,121 | | | Restricted cash, included in other assets | 3,700 | | | 2,062 | | | 655 | | | Total cash, cash equivalents, and restricted cash | $ | 1,050,234 | | | $ | 1,782,462 | | | $ | 1,423,776 | |
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| Restrictions on Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | 2022 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,046,534 | | | $ | 1,780,400 | | | $ | 1,423,121 | | | Restricted cash, included in other assets | 3,700 | | | 2,062 | | | 655 | | | Total cash, cash equivalents, and restricted cash | $ | 1,050,234 | | | $ | 1,782,462 | | | $ | 1,423,776 | |
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