The following tables summarize the composition of our short- and long-term investments at December 31, 2025 and 2024:


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Corporate bonds	$	252,863	$	903	$	(1	)	$	253,765
U.S. Government agency securities		45,649		64		(3	)		45,710
U.S. Treasury securities		658,387		352		—			658,739
Total	$	956,899	$	1,319	$	(4	)	$	958,214


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	4,941	$	—	$	—		$	4,941
Corporate bonds		284,337		533		(295	)		284,575
U.S. Government agency securities		117,158		260		(49	)		117,369
U.S. Treasury securities		1,303,384		780		(9	)		1,304,155
Total	$	1,709,820	$	1,573	$	(353	)	$	1,711,040

For all of our securities for which the amortized cost basis was greater than the fair value at December 31, 2025 and 2024, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. The Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors by considering the extent to which fair value is less than amortized cost, credit ratings, the financial health of the industry and sector of the issuer, the overall risk profile of the securities, overall macroeconomic conditions, and more. As of December 31, 2025 and 2024, no allowance for credit losses in investments has been recorded.

The contractual maturities of short-term and long-term investments held as follows:


	December 31, 2025				December 31, 2024
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	( in thousands)
Due within one year	$	820,831	$	821,552	$	1,555,656	$	1,556,828
Due after 1 year and within 2 years		136,068		136,662		154,164		154,212
Total	$	956,899	$	958,214	$	1,709,820	$	1,711,040

The Company holds strategic investments in non-marketable equity securities of privately held companies. These investments are included in other assets on the consolidated balance sheets.

The carrying values of Company’s strategic investments broken down by category are as follows:


	Year ended December 31,
	2025		2024
	(in thousands)
Measurement alternative method	$	89,737	$	72,456
Fair value		19,076		9,409
Equity method		14,251		11,678
Total carrying value	$	123,064	$	93,543

The following table summarizes the activity associated with the Company’s strategic investments, which is reported on the Company’s consolidated statement of operations as other (expense) income:


	Year ended December 31,
	2025			2024			2023
	(in thousands)
Strategic investments:
Gains	$	5,500		$	21,245		$	—
Impairments		(5,923	)		(5,306	)		(1,704	)
Total included in other income (expense)	$	(423	)	$	15,939		$	(1,704	)