v3.25.2
Marketable Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Amortized
Cost		Unrealized
Gain
Unrealized
Losses
Fair
Value
Corporate debt securities$2,310,834 $5,353 $(605)$2,315,582 
U.S. government treasury securities544,759 959 (237)545,481 
Commercial paper386,044 80 (42)386,082 
Certificates of deposit173,264 40 (2)173,302 
U.S. government agency securities1,490 3 — 1,493 
Marketable securities$3,416,391 $6,435 $(886)$3,421,940 

December 31, 2024
Amortized
Cost		Unrealized
Gain
Unrealized
Losses
Fair
Value
Corporate debt securities$1,893,599 $4,243 $(1,801)$1,896,041 
U.S. government treasury securities466,765 484 (789)466,460 
Commercial paper390,058 241 (16)390,283 
Certificates of deposit187,711 113 (22)187,802 
U.S. government agency securities1,490 — — 1,490 
Marketable securities$2,939,623 $5,081 $(2,628)$2,942,076 
As of June 30, 2025, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):
Due within one year$2,084,925 
Due in one year through five years1,337,015 
Total$3,421,940 
The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gains and losses on marketable securities are presented net of tax.