Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule 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 March 31, 2026 and December 31, 2025:


		As of March 31, 2026
	Fair Value Hierarchy	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value

		(in thousands)
Cash		$	526,543	$	—	$	—	$	526,543
Cash equivalents:
Money market funds	Level 1	534,787		—		—		534,787
U.S. government securities	Level 1	594		—		—		594



Total cash and cash equivalents		1,061,924		—		—		1,061,924
Marketable debt securities:
U.S. government securities	Level 1	1,651,306		1,659		(2,331)		1,650,634

Corporate debt securities	Level 2	102,354		8		(278)		102,084


Total marketable debt securities		1,753,660		1,667		(2,609)		1,752,718
Total		$	2,815,584	$	1,667	$	(2,609)	$	2,814,642


		As of 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

Schedule of Gain (Loss) on Strategic Investments

Gains and losses recognized during the periods presented were as follows:


	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 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,
		2026		2025

		(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)

Schedule of 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 March 31,
	2026		2025

	(in thousands)
Cash and cash equivalents	$	1,061,924	$	911,227
Restricted cash, included in other assets	1,414		4,852
Total cash, cash equivalents, and restricted cash	$	1,063,338	$	916,079

Schedule of Cash and Cash Equivalents


	As of March 31,
	2026		2025

	(in thousands)
Cash and cash equivalents	$	1,061,924	$	911,227
Restricted cash, included in other assets	1,414		4,852
Total cash, cash equivalents, and restricted cash	$	1,063,338	$	916,079