
	As of June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	795,856	$	—	$	—	$	795,856	$	795,856	$	—	$	—
U.S. Treasury securities	2,269,883		4,672		(707)		2,273,848		19,900		1,345,621		908,327
Subtotal	3,065,739		4,672		(707)		3,069,704		815,756		1,345,621		908,327
Level 2
U.S. agency securities	467,031		83		(123)		466,991		—		—		466,991


Commercial paper	277,694		—		—		277,694		30,695		246,999		—
Corporate debt securities	768,449		4,548		(77)		772,920		—		36,980		735,940
Subtotal	1,513,174		4,631		(200)		1,517,605		30,695		283,979		1,202,931
Total Debt Securities	$	4,578,913	$	9,303	$	(907)	$	4,587,309	$	846,451	$	1,629,600	$	2,111,258
Equity Securities
Level 1
Mutual funds(1)							$	3,026	$	—	$	3,026	$	—
Total Equity Securities							$	3,026	$	—	$	3,026	$	—
Total Cash Equivalents and Investments	$	4,578,913	$	9,303	$	(907)	$	4,590,335	$	846,451	$	1,632,626	$	2,111,258


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash Equivalents		Short-Term Investments		Long-Term Investments
Debt Securities
Level 1
Money market funds	$	615,890	$	—	$	—	$	615,890	$	615,890	$	—	$	—
U.S. Treasury securities	2,159,558		1,886		(4,446)		2,156,998		—		1,402,694		754,304
Subtotal	2,775,448		1,886		(4,446)		2,772,888		615,890		1,402,694		754,304
Level 2
U.S. agency securities	293,423		82		(211)		293,294		—		1		293,293


Commercial paper	280,243		—		(1)		280,242		19,818		260,424		—
Corporate debt securities	594,221		2,202		(1,240)		595,183		—		32,565		562,618
Subtotal	1,167,887		2,284		(1,452)		1,168,719		19,818		292,990		855,911
Total Debt Securities	$	3,943,335	$	4,170	$	(5,898)	$	3,941,607	$	635,708	$	1,695,684	$	1,610,215
Equity Securities
Level 1
Mutual funds(1)							$	2,178	$	—	$	2,178	$	—
Total Equity Securities							$	2,178	$	—	$	2,178	$	—
Total Cash Equivalents and Investments	$	3,943,335	$	4,170	$	(5,898)	$	3,943,785	$	635,708	$	1,697,862	$	1,610,215

As of June 30, 2025, all of the Company’s short-term debt investments have contractual maturities of one year or less and all of the Company’s long-term debt investments have contractual maturities between one and five years.

Changes in market interest rates, credit risk of borrowers, and overall market liquidity, amongst other factors, may cause our short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of June 30, 2025, the unrealized losses were primarily driven by increases in market interest rates following the date of purchase and the Company does not intend to sell, nor is it more likely than not it will be required to sell, such securities before recovering the amortized cost basis.

The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in thousands):


	As of 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	$	1,195,633	$	(707)	$	—	$	—	$	1,195,633	$	(707)
U.S. agency securities	295,008		(123)		—		—		295,008		(123)



Corporate debt securities	48,164		(77)		—		—		48,164		(77)
Total	$	1,538,805	$	(907)	$	—	$	—	$	1,538,805	$	(907)


	As of 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	$	638,363	$	(4,434)	$	25,891	$	(12)	$	664,254	$	(4,446)
U.S. agency securities	102,229		(211)		—		—		102,229		(211)


Commercial paper	10,937		(1)		—		—		10,937		(1)
Corporate debt securities	256,629		(1,233)		3,041		(7)		259,670		(1,240)
Total	$	1,008,158	$	(5,879)	$	28,932	$	(19)	$	1,037,090	$	(5,898)