Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following tables provide the financial assets measured at fair value on a recurring basis:


						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months						Gross Unrealized Losses More Than 12 Months						Fair Value Hierarchy as of June 30, 2025																		Aggregate Fair Value
																														Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	715,048					$	—					$	—					$	—					$	715,048					$	—					$	—					$	715,048

Commercial paper						12,305						—						—						—						—						12,305						—						12,305
U.S. Treasury bills						22,748						—						—						—						22,748						—						—						22,748
Total included in cash and cash equivalents						750,101						—						—						—						737,796						12,305						—						750,101
Marketable securities:
Debt securities:
U.S. Treasury securities						285,864						1,066						—						—						286,930						—						—						286,930

Corporate debt securities and commercial paper						1,275,992						8,253						(180)						(14)						—						1,284,051						—						1,284,051
Total debt securities						1,561,856						9,319						(180)						(14)						286,930						1,284,051						—						1,570,981
Equity securities						2,390						—						—						—						2,390						—						—						2,390
Total marketable securities						1,564,246						9,319						(180)						(14)						289,320						1,284,051						—						1,573,371
Total financial assets						$	2,314,347					$	9,319					$	(180)					$	(14)					$	1,027,116					$	1,296,356					$	—					$	2,323,472


						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months						Gross Unrealized Losses More Than 12 Months												Fair Value Hierarchy as of December 31, 2024																		Aggregate Fair Value
																														Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	207,323					$	—					$	—					$	—											$	207,323					$	—					$	—					$	207,323

Commercial paper						15,059						—						—						—																		15,059												15,059
U.S. Treasury bills						2,748						—						—						—												2,748						—						—						2,748
Total included in cash and cash equivalents						225,130						—						—						—												210,071						15,059						—						225,130
Marketable securities:
Debt securities:
U.S. Treasury securities						379,846						1,243						(296)						(55)												380,738						—						—						380,738
Non-U.S. government securities						2,909						27						—						—												2,936						—						—						2,936
Corporate debt securities and commercial paper						1,571,944						6,415						(1,594)						(557)												16,890						1,559,318						—						1,576,208
Total debt securities						1,954,699						7,685						(1,890)						(612)												400,564						1,559,318						—						1,959,882
Equity securities						3,220						—						—						—												3,220						—						—						3,220
Total marketable securities						1,957,919						7,685						(1,890)						(612)												403,784						1,559,318						—						1,963,102
Total financial assets						$	2,183,049					$	7,685					$	(1,890)					$	(612)											$	613,855					$	1,574,377					$	—					$	2,188,232

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of debt securities:


						As of June 30,												As of December 31,
						2025												2024
						Amortized Cost						Aggregate Fair Value						Amortized Cost						Aggregate Fair Value
Financial Assets:						(In thousands)
Less than one year						$	601,214					$	602,947					$	684,294					$	685,091
One to three years						960,642						968,034						1,270,405						1,274,791
Total						$	1,561,856					$	1,570,981					$	1,954,699					$	1,959,882