v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):
Fair Value Measurement as of June 30, 2025
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$389,203 $— $— $389,203 
Commercial paper— 49,671 — 49,671 
Corporate debt securities
— 596 — 596 
Marketable Securities:
Corporate debt securities— 2,315,582 — 2,315,582 
U.S. government treasury securities— 545,481 — 545,481 
Commercial paper— 386,082 — 386,082 
Certificates of deposit— 173,302 — 173,302 
U.S. government agency securities— 1,493 — 1,493 
Total financial assets$389,203 $3,472,207 $— $3,861,410 
Fair Value Measurement as of December 31, 2024
Level 1Level 2Level 3Total
Financial Assets:
Cash equivalents:
Money market funds$1,193,927 $— $— $1,193,927 
Corporate debt securities— 2,502 — 2,502 
Commercial paper
— 9,088 — 9,088 
Marketable Securities:
Corporate debt securities— 1,896,041 — 1,896,041 
Commercial paper— 390,283 — 390,283 
Certificates of deposit— 187,802 — 187,802 
U.S. government treasury securities— 466,460 — 466,460 
U.S. government agency securities— 1,490 — 1,490 
Total financial assets$1,193,927 $2,953,666 $— $4,147,593 
The Company considers all highly liquid investments, including money market funds with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company uses quoted prices in active markets for assets to determine the fair value of its Level 1 investments in money market funds. The Company classifies its commercial paper, corporate debt securities, certificates of deposit, U.S. government agency securities, and U.S. government treasury securities within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.
In addition to its cash equivalents and marketable securities, the Company measures the fair value of its outstanding convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of the convertible senior notes to be a Level 2 measurement due to limited trading activity of the convertible senior notes. Refer to Note 7, Convertible Senior Notes, to the condensed consolidated financial statements for further details.