| Schedule of Investments by Security Type |
Cash, cash equivalents and marketable securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Debt securities available-for-sale: | | | | | | | | | Commercial paper | $ | 166,146 | | | $ | — | | | $ | — | | | $ | 166,146 | | | Corporate bonds | 919,105 | | | 2,478 | | | (453) | | | 921,130 | | | U.S. Treasury and government-sponsored enterprises | 177,431 | | | 277 | | | (228) | | | 177,480 | | | Municipal bonds | 3,855 | | | 17 | | | — | | | 3,872 | | | Total debt securities available-for-sale | 1,266,537 | | | 2,772 | | | (681) | | | 1,268,628 | | | | | | | | | | | Money market funds | 43,352 | | | — | | | — | | | 43,352 | | | Certificates of deposit | 73,770 | | | — | | | — | | | 73,770 | | | Total cash, cash equivalents and marketable securities | $ | 1,383,659 | | | $ | 2,772 | | | $ | (681) | | | $ | 1,385,750 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Debt securities available-for-sale: | | | | | | | | | Commercial paper | $ | 172,891 | | | $ | — | | | $ | — | | | $ | 172,891 | | | Corporate bonds | 1,012,035 | | | 1,498 | | | (2,167) | | | 1,011,366 | | | U.S. Treasury and government-sponsored enterprises | 339,126 | | | 226 | | | (959) | | | 338,393 | | | Municipal bonds | 2,990 | | | 11 | | | — | | | 3,001 | | | Total debt securities available-for-sale | 1,527,042 | | | 1,735 | | | (3,126) | | | 1,525,651 | | | | | | | | | | | Money market funds | 145,690 | | | — | | | — | | | 145,690 | | | Certificates of deposit | 77,226 | | | — | | | — | | | 77,226 | | | Total cash, cash equivalents and marketable securities | $ | 1,749,958 | | | $ | 1,735 | | | $ | (3,126) | | | $ | 1,748,567 | |
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| Schedule of Fair Value and Gross Unrealized Losses of Investments Available-for-Sale in an Unrealized Loss Position |
The fair value and gross unrealized losses on debt securities available-for-sale in an unrealized loss position were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | In an Unrealized Loss Position Less than 12 Months | | In an Unrealized Loss Position 12 Months or Greater | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Corporate bonds | $ | 252,118 | | | $ | (377) | | | $ | 55,318 | | | $ | (76) | | | $ | 307,436 | | | $ | (453) | | | U.S. Treasury and government-sponsored enterprises | 78,886 | | | (222) | | | 4,993 | | | (6) | | | 83,879 | | | (228) | | | Total | $ | 331,004 | | | $ | (599) | | | $ | 60,311 | | | $ | (82) | | | $ | 391,315 | | | $ | (681) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | In an Unrealized Loss Position Less than 12 Months | | In an Unrealized Loss Position 12 Months or Greater | | Total | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Corporate bonds | $ | 370,065 | | | $ | (1,630) | | | $ | 160,887 | | | $ | (537) | | | $ | 530,952 | | | $ | (2,167) | | | U.S. Treasury and government-sponsored enterprises | 125,224 | | | (755) | | | 56,984 | | | (204) | | | 182,208 | | | (959) | | | Total | $ | 495,289 | | | $ | (2,385) | | | $ | 217,871 | | | $ | (741) | | | $ | 713,160 | | | $ | (3,126) | |
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| Schedule of Fair Value of Cash Equivalents and Investments by Contractual Maturity |
The fair values of debt securities available-for-sale by contractual maturity were as follows (in thousands): | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Maturing in one year or less | $ | 673,976 | | | $ | 888,360 | | | Maturing after one year through five years | 594,652 | | | 637,291 | | | Total debt securities available-for-sale | $ | 1,268,628 | | | $ | 1,525,651 | |
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