Strategic investments include equity and debt investments in a number of non-public technology driven companies. We generally account for strategic equity investments under the ASC 321 measurement alternative for equity securities without readily determinable fair values, as there are no quoted market prices for the equity investments. The equity investments are measured at cost less impairment, adjusted for observable price changes and are assessed for impairment whenever events or changes in circumstances indicate that the fair value may be less than its carrying value. For the debt security strategic investments, we have elected to account for these investments and the associated embedded derivatives utilizing the fair value option. Unrealized changes in fair value for the entire hybrid instruments are recorded within other income (loss), net in the consolidated statements of operations and comprehensive income.

During the six months ended June 30, 2025, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $215.1 million.

During the first quarter of 2025, we also recognized a gain of $167.4 million related to an observable price change of a separate existing strategic investee. We also entered into a series of transactions to sell certain interests for cash consideration of $340.7 million in the same strategic investee. Proceeds from the sales were $290.9 million and $49.8 million for the quarters ended March 31, 2025 and June 30, 2025, respectively. Previously unrealized gains of $320.8 million were realized from the collective sales, net of $1.3 million of transaction costs.


	June 30, 2025
	Strategic investments		Warrants		Call options		Total
Equity securities:
Non-marketable equity securities	$	374,948	$	6,617	$	11,600	$	393,165
Debt securities:
Non-marketable debt securities	10,335		—		—		10,335
Total strategic investments	$	385,283	$	6,617	$	11,600	$	403,500


	December 31, 2024
	Strategic investments		Warrants		Call options		Total
Equity securities:
Non-marketable equity securities	$	319,598	$	4,368	$	—	$	323,966
Debt securities:
Non-marketable debt securities	8,584		—		—		8,584
Total strategic investments	$	328,182	$	4,368	$	—	$	332,550

The life to date cumulative upward and downward adjustments to the carrying value of our strategic equity investments accounted for under the ASC 321 measurement alternative and still held as of June 30, 2025 were $10.4 million and $16.3 million, respectively.


	Three Months Ended June 30, 2025								Three Months Ended June 30, 2024
	Strategic Investments		Warrants		Call options		Total		Strategic Investments		Warrants		Call options		Total
Realized gains (losses) recognized on strategic investments during the period, net	$	47,339	$	—	$	—	$	47,339	$	—	$	—	$	21	$	21
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period	(47,339)		—		—		(47,339)		—		—		—		—
Unrealized gains on strategic investments still held at the reporting date (1)	751		—		—		751		137		—		—		137
Unrealized losses, including impairments, on strategic investments still held at the reporting date	(2,048)		—		—		(2,048)		—		—		—		—
Gains (losses) on strategic investments, net	$	(1,297)	$	—	$	—	$	(1,297)	$	137	$	—	$	21	$	158

(1) Includes unrealized gains of $0.8 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the three months ended June 30, 2025 and 2024, respectively.


	Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
	Strategic Investments		Warrants		Call options		Total		Strategic Investments		Warrants		Call options		Total
Realized gains (losses) recognized on strategic investments during the period, net	$	320,817	$	—	$	—	$	320,817	$	45,162	$	—	$	(2,849)	$	42,313
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period	(160,736)		—		—		(160,736)		—		—		—		—
Unrealized gains on strategic investments still held at the reporting date (1)	7,991		—		—		7,991		74,921		855		—		75,776
Unrealized losses, including impairments, on strategic investments still held at the reporting date	(2,048)		—		—		(2,048)		—		—		—		—
Gains (losses) on strategic investments, net	$	166,024	$	—	$	—	$	166,024	$	120,083	$	855	$	(2,849)	$	118,089

(1) Includes unrealized gains of $1.5 million and $0.1 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the six months ended June 30, 2025 and 2024, respectively.