
	As of June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	112,410	$	—	$	—	$	112,410	$	112,410	$	—	$	—

Level 1:
Money market funds	298,128		—		—		298,128		298,128		—		—
U.S. Treasury bills	224,731		27		(17)		224,741		55,488		—		169,253
Marketable securities	90,000		54,000		—		144,000		—		144,000		—
Agency bonds	37,263		—		(24)		37,239		13,019		—		24,220
U.S. Government bonds	18,458		1		(7)		18,452		—		—		18,452
Subtotal	668,580		54,028		(48)		722,560		366,635		144,000		211,925
Level 2:
Term deposits	884,648		—		—		884,648		69,648		—		815,000
Corporate bonds	373,743		75		(133)		373,685		42,902		—		330,783
Commercial paper	136,499		—		—		136,499		23,901		—		112,598
State and municipal obligations	997		1		—		998		—		—		998
Subtotal	1,395,887		76		(133)		1,395,830		136,451		—		1,259,379
Total	$	2,176,877	$	54,104	$	(181)	$	2,230,800	$	615,496	$	144,000	$	1,471,304

As of June 30, 2025, we had $358.2 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations and comprehensive income as unrealized gain (or loss) on marketable securities, which is included in other income (loss), net. During the three and six months ended June 30, 2025, we recorded an unrealized loss on marketable securities of $30.9 million and $54.3 million, respectively. We recorded an unrealized gain on marketable securities of $7.8 million and $29.6 million, respectively, for the same period in the prior year.


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	94,919	$	—	$	—	$	94,919	$	94,919	$	—	$	—

Level 1:
Money market funds	322,874		—		—		322,874		322,874		—		—
Marketable securities	90,000		108,270		—		198,270		—		198,270		—
U.S. Government bonds	75,994		7		(5)		75,996		—		—		75,996
U.S. Treasury bills	14,431		25		—		14,456		—		—		14,456
Agency bonds	996		—		—		996		—		—		996
Subtotal	504,295		108,302		(5)		612,592		322,874		198,270		91,448
Level 2:
Term deposits	136,480		—		—		136,480		11,480		—		125,000
Corporate bonds	122,018		10		(63)		121,965		24,075		—		97,890
Commercial paper	20,393		—		—		20,393		1,496		—		18,897
Subtotal	278,891		10		(63)		278,838		37,051		—		241,787
Total	$	878,105	$	108,312	$	(68)	$	986,349	$	454,844	$	198,270	$	333,235

As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.