The Company measures financial instruments based on quoted prices in active markets (Level 1), inputs from similar instruments such as quoted prices or other observable market data (Level 2) or where little or no market activity exists, using unobservable inputs that require judgment or estimation (Level 3).

The Company holds certain debt securities that are classified as held-to-maturity at the time of purchase as the Company has both the positive intent and ability to hold to maturity. The fair value of corporate bonds are based upon Level 2 inputs, which include period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

The Company also holds debt securities in the form of convertible notes in private companies classified as available-for-sale for which the Company has elected to apply the fair value option. The investments are carried at fair value at each balance sheet date and any movements in the fair values are classified as "Other income (expense), net" in the condensed consolidated statements of operations and comprehensive income (loss).



	June 30, 2025
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	500	—	—	511
U.S. federal bonds and agency securities	—	1,897	558	—	2,455

Corporate bonds and commercial paper	112	—	—	—	112

	112	2,397	558	—	3,078

Level 2:
Corporate bonds and commercial paper	—	1,881	273	—	2,154



Level 3:
Convertible notes in private companies	—	—	—	530	530
	112	4,278	831	530	5,762

The fair values of marketable securities above include accrued interest of $39 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $83 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.



	December 31, 2024
	Carrying Value
	Cash Equivalents	Marketable Securities	Long-term Investments	Equity and Other Investments	Fair Value

	(in US $ millions)
Level 1:
U.S. term deposits	—	470	—	—	481
U.S. federal bonds and agency securities	20	1,696	537	—	2,252
Corporate bonds and commercial paper	139	—	—	—	139

	159	2,166	537	—	2,872

Level 2:
Corporate bonds and commercial paper	—	1,815	172	—	1,988



Level 3:
Convertible notes in private companies	—	—	—	543	543
	159	3,981	709	543	5,403

The fair values above include accrued interest of $19 million, which is excluded from the carrying amounts. The accrued interest is included in "Trade and other receivables, net" in the condensed consolidated balance sheets. Additional accrued interest of $62 million recognized on the convertible notes in private companies is included in the carrying amount and fair value above.



	June 30, 2025			December 31, 2024
	Level 1	Level 3	Total	Level 1	Level 3	Total

	(in US $ millions)
Affirm Holdings, Inc.	1,403	—	1,403	1,236	—	1,236
Global-E Online Ltd.	742	—	742	1,205	—	1,205
Klaviyo, Inc.(1)	524	86	610	615	127	742

	2,669	86	2,755	3,056	127	3,183

(1) In the three and six months ended June 30, 2025, $9 million and $14 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (June 30, 2024 - $8 million and $17 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 17% at June 30, 2025 (December 31, 2024 - 18%).


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024

	(in US $ millions)
Balance, beginning of the period	2,253	2,009	3,183	2,360

Adjustments related to equity and other investments with readily determinable fair values:




Net unrealized gains (losses)	502	(152)	(428)	(503)


Balance, end of the period	2,755	1,857	2,755	1,857


	June 30, 2025	December 31, 2024

	(in US $ millions)
Total initial value	1,079	957
Cumulative gross unrealized gains	309	144
Cumulative gross unrealized losses and impairment	(400)	(384)
Total carrying value of equity and other investments without readily determinable fair values	988	717


	Three months ended June 30,		Six months ended June 30,
	2025	2024	2025	2024
	(in US $ millions)
Balance, beginning of the period	709	498	717	505





Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments	71	106	75	107

Gross unrealized gains(1)	165	79	165	80
Sales of equity and other investments	(1)	—	(1)	—
Gross unrealized losses and impairments(2)	(3)	—	(15)	(9)
Transfers into measurement alternative(3)	47	—	47	—


Balance, end of the period	988	683	988	683

(1) During the three and six months ended June 30, 2025, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $163 million (June 30, 2024 - $78 million) were presented as "net unrealized gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).

(2) During the three and six months ended June 30, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. During the six months ended June 30, 2024, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses and impairments were presented as "net unrealized gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).

(3) In the three and six months ended June 30, 2025, convertible notes in private companies with a fair value of $45 million and accrued interest of $2 million were converted and transferred from debt securities to equity investments without readily determinable fair values.

As of June 30, 2025, included in the total $988 million of equity and other investments without readily determinable fair values, $846 million was remeasured at fair value and was classified within Level 3 of the fair value measurement hierarchy on a non-recurring basis.

The Company holds an equity method investment in Flexport which is presented within "Equity method investment" in the condensed consolidated balance sheets and is carried at the amount of Shopify’s original investment, as adjusted each period for Shopify’s share of the investee’s income or loss and the basis difference amortization, which is the difference between the fair value of our investment in the company and the underlying equity in the net assets of the investee. Results are reported with a one-quarter delay due to the timing of financial information availability from the investee. For the three and six months ended June 30, 2025, our share of the loss in the investee was $24 million and $47 million, respectively (June 30, 2024 - $44 million and $88 million), and is presented within "net loss on equity method investment" in the condensed consolidated statements of operations and comprehensive income (loss).

As of June 30, 2025, the Company held foreign exchange forward contracts and options for USD, GBP, Australian dollars ("AUD") and CAD with a total notional value of $550 million (December 31, 2024 - $454 million), to fund a portion of its operations. The fair value of foreign exchange forward contracts and options was based upon Level 2 inputs, which included period-end mid-market quotations for each underlying contract as calculated by the financial institution with which the Company has transacted. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates.

The Company has a hedging program to mitigate the impact of foreign currency fluctuations on future cash flows and earnings. Under this program, the Company has entered into foreign exchange forward contracts and options with certain financial institutions and designated those hedges as cash flow hedges. The Company is hedging cash flows associated with payroll and facility costs.


	June 30, 2025	December 31, 2024

	(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)	8	—
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)	2	13

These unrealized gains and losses were included in "accumulated other comprehensive income (loss)", "other current assets" and "accounts payable and accrued liabilities" in the condensed consolidated balance sheets. These amounts are expected to be reclassified into earnings over the next twelve months.

The Company holds an investment option to purchase 15,743,174 of Series B common shares of Klaviyo, Inc. at an exercise price of $88.93 with an expiration date of July 28, 2030. The options are fair valued quarterly under Level 3 of the fair value hierarchy as certain unobservable inputs are used within the Black-Scholes model as well as a discount for lack of marketability. The fair value of the options as of June 30, 2025, utilizing a discount for lack of marketability of 29%, was $132 million (December 31, 2024 - 29% and $204 million) and is presented within "Equity and other investments" in the condensed consolidated balance sheets. The Company recognized an unrealized gain of $14 million and unrealized loss of $72 million for the three and six months ended June 30, 2025, respectively (June 30, 2024 - unrealized loss of $7 million and $23 million) and is presented as a component of "Net unrealized gain (loss) on equity and other investments".