The Company measures financial instruments based on quoted prices in active markets (Level 1), inputs from similar instruments such as quoted prices or other observable market data (Level 2) or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).

The Company holds certain debt securities that are classified as held-to-maturity at the time of purchase as the Company has both the positive intent and ability to hold to maturity. The fair value of corporate bonds are based upon Level 2 inputs, which include period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

The Company also holds debt securities in the form of convertible notes in private companies classified as available-for-sale for which the Company has elected to apply the fair value option. The investments are carried at fair value at each balance sheet date and any movements in the fair values are recognized in the consolidated statement of operations and comprehensive income (loss).



	December 31, 2024
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	470	—	—	481
U.S. federal bonds and agency securities	20	1,696	537	—	2,252

Corporate bonds and commercial paper	139	—	—	—	139

	159	2,166	537	—	2,872

Level 2:
Corporate bonds and commercial paper	—	1,815	172	—	1,988



Level 3:
Convertible notes in private companies	—	—	—	543	543
	159	3,981	709	543	5,403

The fair values of marketable securities above include accrued interest of $19 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the consolidated balance sheets. Additional accrued interest of $62 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.



	December 31, 2023
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	445	—	—	458
Federal bonds and agency securities	—	1,641	115	—	1,757
Corporate bonds and commercial paper	152	—	—	—	152

	152	2,086	115	—	2,367

Level 2:
Corporate bonds and commercial paper	—	1,509	—	—	1,509



Level 3:
Convertible notes in private companies(1)	—	—	—	495	495
	152	3,595	115	495	4,371

(1) In December 2023, the Company made a separate investment in Flexport through the purchase of convertible notes of $260 and has elected to apply the fair value option to account for this instrument. As the inputs used in determining the fair value are unobservable, the fair value measurement of the investment is Level 3 in the fair value hierarchy.

The fair values above include accrued interest of $15 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the consolidated balance sheets. Additional accrued interest of $21 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.



	December 31, 2024			December 31, 2023
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Global-E Online Ltd.(1)	1,205	—	1,205	856	18	874
Affirm Holdings, Inc.	1,236	—	1,236	997	—	997
Klaviyo, Inc.(2)	615	127	742	376	113	489

	3,056	127	3,183	2,229	131	2,360

(1) In the year ended December 31, 2024, $18 million was transferred from Level 3 to Level 1 due to the vesting of warrants (December 31, 2023 - $49 million). In the year ended December 31, 2023, the equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 8%.

(2) In the year ended December 31, 2024, $37 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (December 31, 2023 - $11 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 18% at December 31, 2024 (December 31, 2023 - 21%).



	December 31, 2024	December 31, 2023

	(in US $ millions)
Balance, beginning of the year	2,360	648

Adjustments related to equity and other investments with readily determinable fair values:



Sale of equity and other investments	—	(1)
Net unrealized (losses) gains	823	1,456
Transfers from measurement alternative(1)	—	257

Balance, end of the year	3,183	2,360

(1) Effective September 20, 2023, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as the fair value of the investment became readily determinable.


	December 31, 2024	December 31, 2023

	(in US $ millions)
Total initial value	957	820
Cumulative gross unrealized gains	144	55
Cumulative gross unrealized losses and impairment	(384)	(370)
Total carrying value of equity and other investments without readily determinable fair values	717	505



	December 31, 2024	December 31, 2023

	(in US $ millions)
Balance, beginning of the year	505	1,085





Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments	137	104
Investments received as non-cash consideration in exchange for services	—	60
Gross unrealized gains(1)	89	10

Gross unrealized losses and impairments(2)	(14)	(120)
Transfers out of measurement alternative(3)	—	(634)


Balance, end of the year	717	505

(1) During the year ended December 31, 2024, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $78 million were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).

(2) During the years ended December 31, 2024 and 2023, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statement of operations and comprehensive income (loss).

(3) Effective September 20, 2023, the Company's investment in Klaviyo, Inc. no longer qualified for the use of the measurement alternative as $257 million of the fair value of the investment became readily determinable. Additionally, the net settlement criteria was met for the Company's investment option to purchase Series B common shares resulting in $54 million of the fair value being accounted for as a derivative.

As of December 31, 2024, included in the total $717 million of equity and other investments without readily determinable fair values, $593 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.

The Company holds an equity method investment in Flexport which is presented within "Equity method investment" in the consolidated balance sheets and is carried at the amount of Shopify’s original investment, as adjusted each period for Shopify’s share of the investee’s income or loss and the basis difference amortization, which is the difference between the fair value of our investment in the company and the underlying equity in the net assets of the investee. Results are reported with a one-quarter delay due to the timing of financial information availability from the investee. For the year ended December 31, 2024, our share of the loss in the investee was $138 million (December 31, 2023 - $58 million), and is presented within "Net loss on equity method investment" in the consolidated statement of operations and comprehensive income (loss).

As of December 31, 2024, the Company held foreign exchange forward contracts and options for USD, GBP, AUD and CAD with a total notional value of $454 million (December 31, 2023 - $473 million), to fund a portion of its operations. The fair value of foreign exchange forward contracts and options was based upon Level 2 inputs, which included year-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program, the Company has entered into foreign exchange forward contracts and options with certain financial institutions and designated those hedges as cash flow hedges. The Company is hedging cash flows associated with payroll and facility costs.


	December 31, 2024	December 31, 2023

	(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)	—	6
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	13	3


	December 31, 2024	December 31, 2023	December 31, 2022

	(in US $ millions)
Unrealized gains	—	6	1
Unrealized losses	(13)	—	(15)
Total net unrealized (losses) gains	(13)	6	(14)

These unrealized gains and losses were included in "Accumulated other comprehensive (loss) income", "Other current assets" and "Accounts payable and accrued liabilities" in the consolidated balance sheets. These amounts are expected to be reclassified into earnings over the next twelve months.


	Years ended
	December 31, 2024	December 31, 2023	December 31, 2022

	(in US $ millions)
Realized losses cost of revenues	—	—	(1)
Realized losses in operating expenses	(8)	(13)	(22)
	(8)	(13)	(23)

The Company holds an investment option to purchase 15,743,174 of Series B common shares of Klaviyo, Inc. at an exercise price of $88.93 with an expiration date of July 28, 2030. The options are fair valued quarterly under Level 3 of the fair value hierarchy as certain unobservable inputs are used within the Black-Scholes model as well as a discount for lack of marketability. The fair value of the options as of December 31, 2024, utilizing a discount for lack of marketability of 29%, was $204 million (December 31, 2023 - 31% and $122 million) and is presented within "Equity and other investments" in the consolidated balance sheets. The Company recognized an unrealized gain of $82 million for the year ended December 31, 2024 (December 31, 2023 - unrealized gain of $68 million) and is presented as a component of "Net unrealized (loss) gain on equity and other investments".