Investments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Composition of Short and Long Term Investments |
The following tables summarize the composition of our short- and long-term investments at December 31, 2025 and 2024:
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December 31, 2025 |
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Amortized
Cost |
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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 |
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U.S. Treasury securities |
|
|
658,387 |
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|
|
352 |
|
|
|
— |
|
|
|
658,739 |
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Total |
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$ |
956,899 |
|
|
$ |
1,319 |
|
|
$ |
(4 |
) |
|
$ |
958,214 |
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December 31, 2024 |
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|
Amortized
Cost |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
|
|
(in thousands) |
|
Commercial paper |
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$ |
4,941 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,941 |
|
Corporate bonds |
|
|
284,337 |
|
|
|
533 |
|
|
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(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 |
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Total |
|
$ |
1,709,820 |
|
|
$ |
1,573 |
|
|
$ |
(353 |
) |
|
$ |
1,711,040 |
|
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| Summary of Contractual Maturities of Short-Term and Long-Term Investments Held |
The contractual maturities of short-term and long-term investments held as follows:
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December 31, 2025 |
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|
December 31, 2024 |
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Amortized
Cost Basis |
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Aggregate
Fair Value |
|
|
Amortized
Cost Basis |
|
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Aggregate
Fair Value |
|
|
|
( in thousands) |
|
Due within one year |
|
$ |
820,831 |
|
|
$ |
821,552 |
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|
$ |
1,555,656 |
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|
$ |
1,556,828 |
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Due after 1 year and within 2 years |
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|
136,068 |
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|
136,662 |
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|
|
154,164 |
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|
|
154,212 |
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Total |
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$ |
956,899 |
|
|
$ |
958,214 |
|
|
$ |
1,709,820 |
|
|
$ |
1,711,040 |
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|
| Summary of Carrying Values Strategic Investments |
The carrying values of Company’s strategic investments broken down by category are as follows:
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Year ended December 31, |
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2025 |
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2024 |
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(in thousands) |
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Measurement alternative method |
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$ |
89,737 |
|
|
$ |
72,456 |
|
Fair value |
|
|
19,076 |
|
|
|
9,409 |
|
Equity method |
|
|
14,251 |
|
|
|
11,678 |
|
Total carrying value |
|
$ |
123,064 |
|
|
$ |
93,543 |
|
|
| Summary of Activity Associated with Strategic Investments Other Income (Expense) |
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:
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Year ended December 31, |
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2025 |
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2024 |
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|
2023 |
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(in thousands) |
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Strategic investments: |
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Gains |
|
$ |
5,500 |
|
|
$ |
21,245 |
|
|
$ |
— |
|
Impairments |
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|
(5,923 |
) |
|
|
(5,306 |
) |
|
|
(1,704 |
) |
Total included in other income (expense) |
|
$ |
(423 |
) |
|
$ |
15,939 |
|
|
$ |
(1,704 |
) |
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