Marketable Securities (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Fair Value and Amortized Cost of Marketable Securities |
The following tables summarize the fair values of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 713,351 | | | $ | 1,295 | | | $ | (11) | | | $ | 714,635 | | | Corporate notes and bonds | 493,944 | | | 2,067 | | | (38) | | | 495,973 | | | U.S. agency obligations | 314,381 | | | 571 | | | (110) | | | 314,842 | | | Commercial paper | 170,926 | | | — | | | — | | | 170,926 | | | Time deposits | 10,386 | | | — | | | — | | | 10,386 | | | Total marketable securities | $ | 1,702,988 | | | $ | 3,933 | | | $ | (159) | | | $ | 1,706,762 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. treasury securities | $ | 667,102 | | | $ | 1,022 | | | $ | (473) | | | $ | 667,651 | | | Corporate notes and bonds | 514,655 | | | 1,157 | | | (199) | | | 515,613 | | | U.S. agency obligations | 253,886 | | | 402 | | | (353) | | | 253,935 | | | Commercial paper | 80,357 | | | 21 | | | — | | | 80,378 | | Time deposits | 7,006 | | | — | | | — | | | 7,006 | | | Total marketable securities | $ | 1,523,006 | | | $ | 2,602 | | | $ | (1,025) | | | $ | 1,524,583 | |
|
| Schedule of Fair Values and Unrealized Losses on Marketable Securities |
The following tables summarize the fair values and unrealized losses of the Company’s marketable securities, classified by the length of time that the securities have been in a continuous unrealized loss position (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. agency obligations | $ | 94,786 | | | $ | (107) | | | $ | 4,741 | | | $ | (3) | | | $ | 99,527 | | | $ | (110) | | | Corporate notes and bonds | 21,617 | | | (38) | | | — | | | — | | | 21,617 | | | (38) | | | U.S. treasury securities | 37,240 | | | (11) | | | 4,988 | | | — | | | 42,228 | | | (11) | | | Total | $ | 153,643 | | | $ | (156) | | | $ | 9,729 | | | $ | (3) | | | $ | 163,372 | | | $ | (159) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. treasury securities | $ | 135,641 | | | $ | (473) | | | $ | — | | | $ | — | | | $ | 135,641 | | | $ | (473) | | | U.S. agency obligations | 114,378 | | | (353) | | | — | | | — | | | 114,378 | | | (353) | | | Corporate notes and bonds | 89,794 | | | (191) | | | 18,813 | | | (8) | | | 108,607 | | | (199) | | | Total | $ | 339,813 | | | $ | (1,017) | | | $ | 18,813 | | | $ | (8) | | | $ | 358,626 | | | $ | (1,025) | |
|
| Schedule of Fair Value and Amortized Cost of Contractual Maturities |
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands): | | | | | | | | | | | | | December 31, 2025 | | Amortized Cost | | Fair Value | | Due within one year | $ | 1,126,105 | | | $ | 1,128,039 | | | Due after one year through five years | 576,883 | | | 578,723 | | | Total | $ | 1,702,988 | | | $ | 1,706,762 | |
|