| 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, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Fair Value Hierarchy | | Cost or
Amortized Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Total Estimated
Fair Value | | | | | | | | | | | | | | (in thousands) | | Cash | | | $ | 399,573 | | | $ | — | | | $ | — | | | $ | 399,573 | | | Cash equivalents: | | | | | | | | | | | Money market funds | Level 1 | | 630,862 | | | — | | | — | | | 630,862 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total cash and cash equivalents | | | 1,030,435 | | | — | | | — | | | 1,030,435 | | | Marketable debt securities: | | | | | | | | | | | U.S. government securities | Level 1 | | 1,796,271 | | | 6,479 | | | (5) | | | 1,802,745 | | | | | | | | | | | | | Corporate debt securities | Level 2 | | 97,701 | | | 161 | | | (6) | | | 97,856 | | | | | | | | | | | | | | | | | | | | | | | Total marketable debt securities | | | 1,893,972 | | | 6,640 | | | (11) | | | 1,900,601 | | | Total | | | $ | 2,924,407 | | | $ | 6,640 | | | $ | (11) | | | $ | 2,931,036 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,030,435 | | | $ | 1,046,534 | | | $ | 1,780,400 | | | Restricted cash, included in other assets | 962 | | | 3,700 | | | 2,062 | | | Total cash, cash equivalents, and restricted cash | $ | 1,031,397 | | | $ | 1,050,234 | | | $ | 1,782,462 | |
|
| 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) | |
|
| Schedule of Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,030,435 | | | $ | 1,046,534 | | | $ | 1,780,400 | | | Restricted cash, included in other assets | 962 | | | 3,700 | | | 2,062 | | | Total cash, cash equivalents, and restricted cash | $ | 1,031,397 | | | $ | 1,050,234 | | | $ | 1,782,462 | |
|
| Restrictions on Cash and Cash Equivalents |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows. | | | | | | | | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | | 2023 | | | | | | | | (in thousands) | | Cash and cash equivalents | $ | 1,030,435 | | | $ | 1,046,534 | | | $ | 1,780,400 | | | Restricted cash, included in other assets | 962 | | | 3,700 | | | 2,062 | | | Total cash, cash equivalents, and restricted cash | $ | 1,031,397 | | | $ | 1,050,234 | | | $ | 1,782,462 | |
|