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 1		Level 2		Level 3		Total
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 1		Level 2		Level 3		Total
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