We hold strategic investments primarily in privately held companies, which consist of equity securities without readily determinable fair values, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework.


	As of March 31, 2026		As of December 31, 2025

	(in thousands)
Initial cost	$	121,695	$	115,761
Cumulative upward adjustments	145,932		145,932
Cumulative downward adjustments, including impairments	(77,956)		(77,956)
Carrying value	$	189,671	$	183,737


	Three Months Ended March 31,
		2026		2025

		(in thousands)


Unrealized losses, including impairments, on strategic investments still held at the reporting date		$	—	$	(11,588)
Losses on strategic investments, net		$	—	$	(11,588)

Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets.