Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Short and Long-Term Investments

The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in thousands):


	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

(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust.

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

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)