v3.26.1
Strategic Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Strategic Investments
The following table summarizes our strategic investments held as of March 31, 2026 and December 31, 2025:
As of
March 31, 2026
As of
December 31, 2025
(in thousands)
Initial cost$121,695 $115,761 
Cumulative upward adjustments145,932 145,932 
Cumulative downward adjustments, including impairments(77,956)(77,956)
Carrying value$189,671 $183,737 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended March 31,
20262025
(in thousands)
Unrealized losses, including impairments, on strategic investments still held at the reporting date$— $(11,588)
Losses on strategic investments, net$— $(11,588)
Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended March 31,
20262025
(in thousands)
Unrealized losses on publicly traded equity securities still held at the reporting date, net$(1,296)$(4,213)
Losses on publicly traded equity securities, net$(1,296)$(4,213)