| Summary of Strategic Investments |
The following table summarizes our strategic investments as of December 31, 2025 and 2024: | | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | | | | | | (in thousands) | | Initial cost | $ | 115,761 | | | $ | 106,052 | | | Cumulative upward adjustments | 145,932 | | | 146,201 | | | Cumulative downward adjustments, including impairments | (77,956) | | | (63,910) | | | Carrying value | $ | 183,737 | | | $ | 188,343 | |
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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, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Gains (losses) recognized on strategic investments sold during the period, net | $ | 2,109 | | | $ | (60) | | | $ | — | | | Unrealized gains on strategic investments still held at the reporting date | 586 | | | 334 | | | 1,368 | | | Unrealized losses, including impairments, on strategic investments still held at the reporting date | (15,304) | | | (7,703) | | | (28,423) | | | Gains (losses) on strategic investments, net | $ | (12,609) | | | $ | (7,429) | | | $ | (27,055) | |
and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Gains (losses) recognized on publicly traded equity securities sold during the period, net | $ | — | | | $ | — | | | $ | 11,046 | | | Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net | (5,636) | | | (1,185) | | | (17,731) | | | Gains (losses) on publicly traded equity securities, net | $ | (5,636) | | | $ | (1,185) | | | $ | (6,685) | |
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