Cash, Cash Equivalents and Short-Term Investments, Net

3 Months Ended

Mar. 31, 2025

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents and Short-Term Investments, Net

Note 4—Cash, Cash Equivalents and Short-Term Investments, Net

Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands):


	As of March 31, 2025
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	226,400	$	—	$	226,400
Level 1:
Money market funds	768,423		—		768,423
Level 2:
Commercial paper	118,759		179,640		298,399
Corporate debt securities	—		297,291		297,291
U.S. government and agency securities	4,963		144,895		149,858
Total	$	1,118,545	$	621,826	$	1,740,371


	As of December 31, 2024
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	218,448	$	—	$	218,448
Level 1:
Money market funds	1,031,413		—		1,031,413
Level 2:
Commercial paper	101,163		129,879		231,042
Corporate debt securities	3,498		281,775		285,273
U.S. government and agency securities	14,941		140,372		155,313
Total	$	1,369,463	$	552,026	$	1,921,489

The Company’s gross unrealized gains and losses from its short-term investments, recorded at fair value, for the three months ended March 31, 2025 and 2024, were immaterial.

The contractual maturities of the Company’s short-term investments are as follows (in thousands):


	March 31, 2025
Due in one year	$	501,688
Due in one to two years	120,138
Total	$	621,826