Investments (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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| Summary of Composition of Short and Long Term Investments |
The following tables summarize the composition of our short- and long-term investments at June 30, 2025 and December 31, 2024.
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June 30, 2025 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Aggregate
Fair Value |
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(in thousands) |
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Commercial paper |
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$ |
3,715 |
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$ |
— |
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$ |
— |
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$ |
3,715 |
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Corporate bonds |
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286,512 |
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|
773 |
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(70 |
) |
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287,215 |
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U.S. Government agency securities |
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93,019 |
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97 |
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(36 |
) |
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93,080 |
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U.S. Treasury securities |
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875,704 |
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27 |
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(155 |
) |
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875,576 |
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Total |
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$ |
1,258,950 |
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$ |
897 |
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$ |
(261 |
) |
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$ |
1,259,586 |
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December 31, 2024 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
|
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Aggregate
Fair Value |
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|
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(in thousands) |
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Commercial paper |
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$ |
4,941 |
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$ |
— |
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$ |
— |
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$ |
4,941 |
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Corporate bonds |
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284,337 |
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533 |
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(295 |
) |
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284,575 |
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U.S. Government agency securities |
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117,158 |
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|
260 |
|
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(49 |
) |
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117,369 |
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U.S. Treasury securities |
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1,303,384 |
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780 |
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(9 |
) |
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1,304,155 |
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Total |
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$ |
1,709,820 |
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$ |
1,573 |
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$ |
(353 |
) |
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$ |
1,711,040 |
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| Summary of Contractual Maturities of Short-Term and Long-Term Investments Held |
The contractual maturities of short-term and long-term investments held at June 30, 2025 and December 31, 2024 are as follows:
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June 30, 2025 |
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December 31, 2024 |
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Amortized
Cost Basis |
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Aggregate
Fair Value |
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Amortized
Cost Basis |
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Aggregate
Fair Value |
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(in thousands) |
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(in thousands) |
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Due within one year |
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$ |
1,068,090 |
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$ |
1,068,335 |
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$ |
1,555,656 |
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$ |
1,556,828 |
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Due after 1 year through 2 years |
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190,860 |
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191,251 |
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154,164 |
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154,212 |
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Total |
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$ |
1,258,950 |
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$ |
1,259,586 |
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$ |
1,709,820 |
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$ |
1,711,040 |
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| Summary of Carrying Values Strategic Investments |
The carrying values of Company’s strategic investments broken down by categories mentioned above are as follows:
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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Measurement alternative method |
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$ |
84,237 |
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$ |
72,456 |
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Fair value |
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15,842 |
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9,409 |
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Equity method |
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12,558 |
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11,678 |
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Total |
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$ |
112,637 |
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$ |
93,543 |
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| Summary of Activity Associated with Strategic Investments Other Income (Expense) |
The following table summarizes the activity associated with the Company’s strategic investments, which is reported on the Company’s consolidated statement of operations as other income (expense):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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(in thousands) |
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Strategic investments: |
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Gains |
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$ |
1,754 |
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$ |
2,103 |
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$ |
1,869 |
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$ |
18,456 |
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Impairments |
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— |
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(479 |
) |
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(1,600 |
) |
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(4,094 |
) |
Total included in other income |
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$ |
1,754 |
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$ |
1,624 |
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$ |
269 |
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$ |
14,362 |
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