Marketable Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Fair Value of Marketable Securities |
The following tables summarize the fair values of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 769,320 | | | $ | 523 | | | $ | (264) | | | $ | 769,579 | | | Corporate notes and bonds | 480,542 | | | 1,727 | | | (68) | | | 482,201 | | | U.S. agency obligations | 272,414 | | | 334 | | | (208) | | | 272,540 | | | Commercial paper | 109,873 | | | — | | | — | | | 109,873 | | | Time deposits | 10,839 | | | — | | | — | | | 10,839 | | | Total marketable securities | $ | 1,642,988 | | | $ | 2,584 | | | $ | (540) | | | $ | 1,645,032 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 667,102 | | | $ | 1,022 | | | $ | (473) | | | $ | 667,651 | | | Corporate notes and bonds | 514,655 | | | 1,157 | | | (199) | | | 515,613 | | | U.S. agency obligations | 253,886 | | | 402 | | | (353) | | | 253,935 | | | Commercial paper | 80,357 | | | 21 | | | — | | | 80,378 | | | Time deposits | 7,006 | | | — | | | — | | | 7,006 | | | Total marketable securities | $ | 1,523,006 | | | $ | 2,602 | | | $ | (1,025) | | | $ | 1,524,583 | |
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| Schedule of Fair Values and Unrealized Losses on Marketable Securities |
The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. treasury securities | $ | 316,832 | | | $ | (264) | | | $ | — | | | $ | — | | | $ | 316,832 | | | $ | (264) | | | U.S. agency obligations | 137,599 | | | (208) | | | — | | | — | | | 137,599 | | | (208) | | | Corporate notes and bonds | 89,210 | | | (68) | | | — | | | — | | | 89,210 | | | (68) | | | Total | $ | 543,641 | | | $ | (540) | | | $ | — | | | $ | — | | | $ | 543,641 | | | $ | (540) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. treasury securities | $ | 135,641 | | | $ | (473) | | | $ | — | | | $ | — | | | $ | 135,641 | | | $ | (473) | | | U.S. agency obligations | 114,378 | | | (353) | | | — | | | — | | | 114,378 | | | (353) | | | Corporate notes and bonds | 89,794 | | | (191) | | | 18,813 | | | (8) | | | 108,607 | | | (199) | | | Total | $ | 339,813 | | | $ | (1,017) | | | $ | 18,813 | | | $ | (8) | | | $ | 358,626 | | | $ | (1,025) | |
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| Schedule of Contractual Maturities of Marketable Securities |
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Fair Value | | Due within one year | $ | 1,071,429 | | | $ | 1,071,920 | | | Due after one year through five years | 571,559 | | | 573,112 | | | Total | $ | 1,642,988 | | | $ | 1,645,032 | |
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