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 1		Level 2		Level 3		Total
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 investments	276,077		761,767		—		1,037,844
Restricted cash equivalents and investments(2)
Money market funds	47,264		—		—		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 investments	47,264		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 1		Level 2		Level 3		Total
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 investments	189,839		1,357,409		—		1,547,248
Restricted cash equivalents and investments(2)
Money market funds	42,699		—		—		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 investments	42,699		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.