The following tables set forth our financial assets as of June 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis during the period:

	June 30, 2022
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Estimated Fair Value
	(in thousands)
Cash	$	2,159,196	$	—	$	—		$	2,159,196
Level 1 securities:
U.S. government securities		1,669,624		—		(11,465	)		1,658,159
U.S. government agency securities		112,858		—		(202	)		112,656
Publicly traded equity securities (1)		113,392		—		(34,081	)		79,311
Level 2 securities:
Corporate debt securities		343,025		3		(2,025	)		341,003
Commercial paper		361,369		—		—			361,369
Certificates of deposit		160,785		—		(3	)		160,782
Total	$	4,920,249	$	3	$	(47,776	)	$	4,872,476

(1) In the second quarter of 2022, we reclassified a strategic investment from Level 3 to Level 1 at its fair value using the

beginning-of-period approach, following the commencement of public market trading of the investment during the

period (which was subject to short-term lock-up restrictions as of June 30, 2022). See Note 10 for further information.

	December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Total Estimated Fair Value
	(in thousands)
Cash	$	1,966,966	$	—	$	—		$	1,966,966
Level 1 securities:
U.S. government securities		811,092		1		(1,454	)		809,639
U.S. government agency securities		77,409		1		(8	)		77,402
Publicly traded equity securities		71,139		122,064		—			193,203
Level 2 securities:
Corporate debt securities		143,124		—		(207	)		142,917
Commercial paper		422,328		—		(1	)		422,327
Certificates of deposit		80,431		—		—			80,431
Total	$	3,572,489	$	122,066	$	(1,670	)	$	3,692,885