v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
December 31, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$276,077 $— $— $276,077 
Certificates of deposit— 143,471 — 143,471 
Commercial paper— 216,525 — 216,525 
Corporate bonds— 267,491 — 267,491 
U.S. government and agency securities— 134,280 — 134,280 
Total unrestricted cash equivalents and short-term investments276,077 761,767 — 1,037,844 
Restricted cash equivalents and investments(2)
Money market funds47,264 — — 47,264 
Certificates of deposit— 104,370 — 104,370 
Commercial paper— 922,364 — 922,364 
Corporate bonds— 15,037 — 15,037 
U.S. government and agency securities— 844,063 — 844,063 
Total restricted cash equivalents and investments47,264 1,885,834 — 1,933,098 
Total financial assets$323,341 $2,647,601 $— $2,970,942 
_______________
(1)$439.2 million of cash and $360.1 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.8 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)Excludes $3.0 million of restricted cash, which is included within the $1.9 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities— 353,274 — 353,274 
Total unrestricted cash equivalents and investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
_______________
(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the consolidated balance sheets.
(2)$2.2 million of term deposits are not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the consolidated balance sheets.
During the year ended December 31, 2025, the Company did not make any transfers between the levels of the fair value hierarchy.
During the year ended December 31, 2025, the Company entered into foreign exchange forward contracts to reduce exposure in foreign currency translation for a total notional amount of €50 million. The forward contracts were settled in the same period and immaterial gains were recognized in the statement of operations during the year ended December 31, 2025 from such derivatives which were not designated as hedging instruments.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income, net in the consolidated statements of operations.
There were $12.2 million and $9.1 million of financial instruments measured at fair value on a non-recurring basis within other investments on the consolidated balance sheets as of December 31, 2025 and 2024, respectively.