Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Debt Securities by Investment Classification

The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:



	March 31, 2026
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	56	1,682	484	—	2,220



	56	2,202	484	—	2,751

Level 2:
Corporate bonds and commercial paper	—	1,693	224	—	1,916



Level 3:
Convertible notes in private companies	—	—	—	567	567
	56	3,895	708	567	5,234



	December 31, 2025
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	520	—	—	531
U.S. federal bonds and agency securities	1	1,923	527	—	2,453
	1	2,443	527	—	2,984

Level 2:


Corporate bonds and commercial paper	—	1,790	448	—	2,240

Level 3:
Convertible notes in private companies	—	—	—	558	558
	1	4,233	975	558	5,782

Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity

The following table outlines estimated fair values of our debt securities by date of contractual maturity as of March 31, 2026:



									Fair Value
									(in US $ millions)
Due within one year									3,961
Due after one year to three years									706
									4,667

Schedule of Equity and Other Investments

Equity investments with readily determinable fair values are comprised of:



	March 31, 2026			December 31, 2025
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Affirm Holdings, Inc.	930	—	930	1,511	—	1,511
Global-E Online Ltd.	682	—	682	868	—	868
Klaviyo, Inc.(1)	324	36	360	529	70	599
Other	3	—	3	8	—	8
	1,939	36	1,975	2,916	70	2,986

(1) In the three months ended March 31, 2026, $11 million was transferred from Level 3 to Level 1 due to the vesting of warrants (March 31, 2025 - $14 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 10% at March 31, 2026 (December 31, 2025 - 11%).

Adjustments related to equity and other investments with readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025

	(in US $ millions)
Balance, beginning of the period	2,986	3,183

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



Sale of equity and other investments	(2)	—
Net unrealized losses	(1,009)	(930)


Balance, end of the period	1,975	2,253

Schedule of Equity Investments without Readily Determinable Fair Values

The carrying value of equity investments in private companies without readily determinable fair values were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Total initial value	1,072	1,068
Cumulative gross unrealized gains	310	310
Cumulative gross unrealized losses and impairment	(412)	(415)
Total carrying value of equity and other investments without readily determinable fair values	970	963

Adjustments related to equity and other investments without readily determinable fair values for the three months ended March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)
Balance, beginning of the period	963	717





Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments	10	4

Gross unrealized gains	2	—
Sales of equity and other investments(1)	(5)	—
Gross unrealized losses and impairments(2)	—	(12)



Balance, end of the period	970	709

(1) During the three months ended March 31, 2026, the Company held an investment in a private company, which was acquired by third parties, resulting in the deemed sale of equity and other investments. The resulting realized gain is presented as "Net realized gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.

(2) During the three months ended March 31, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairments were presented as "Net unrealized loss on equity and other investments" in the condensed consolidated statements of operations and comprehensive loss.

Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses

The fair values of outstanding derivative instruments were as follows:


	March 31, 2026	December 31, 2025

	(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)	—	4
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	6	1

Unrealized losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	March 31, 2026	March 31, 2025
	(in US $ millions)

Unrealized losses	(4)	(8)

Realized gains (losses) related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:


	Three months ended March 31,
	2026	2025
	(in US $ millions)

Realized gains (losses) in operating expenses	1	(6)