v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC 820, Fair Value Measurement, states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
 March 31, 2026December 31, 2025
 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILevel IILevel III
Certificates of deposit and time deposits$13,397 $— $13,397 $— $14,600 $— $14,600 $— 
U.S. government securities7,936 — 7,936 — 7,321 — 7,321 — 
Commercial paper6,804 — 6,804 — 5,617 — 5,617 — 
Money market funds2,133 2,133 — 1,890 1,890 — — 
SpaceX equity investment2,002 — 2,002 — — — — — 
Digital assets (1)786 786 — — 1,008 1,008 — — 
Corporate debt securities3 — 3 — 8 — 8 — 
Total$33,061 $2,919 $30,142 $— $30,444 $2,898 $27,546 $— 
(1)As of March 31, 2026 and December 31, 2025, the majority of our digital assets were comprised of 11,509 units of Bitcoin held at an acquisition cost of $386 million.
Our cash, cash equivalents and short-term investments classified by security type as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
 March 31, 2026
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,470 $— $— $14,470 $14,470 $— 
Certificates of deposit and time deposits13,398 — (1)13,397 — 13,397 
U.S. government securities7,942 2 (8)7,936 — 7,936 
Commercial paper6,808 — (4)6,804 — 6,804 
Money market funds2,133 — — 2,133 2,133 — 
Corporate debt securities3 — — 3 — 3 
Total cash, cash equivalents and short-term investments$44,754 $2 $(13)$44,743 $16,603 $28,140 
 December 31, 2025
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,623 $— $— $14,623 $14,623 $— 
Certificates of deposit and time deposits14,598 2 — 14,600 — 14,600 
U.S. government securities7,318 5 (2)7,321 — 7,321 
Commercial paper5,619 — (2)5,617 — 5,617 
Money market funds1,890 — — 1,890 1,890 — 
Corporate debt securities8 — — 8 — 8 
Total cash, cash equivalents and short-term investments$44,056 $7 $(4)$44,059 $16,513 $27,546 
As of March 31, 2026 and December 31, 2025, short-term investments held and restricted for our insurance business were $282 million and $254 million, respectively.
As of March 31, 2026, the majority of our short-term investments had contractual maturity dates within one year.
Disclosure of Fair Values
Our financial instruments that are not re-measured at fair value include accounts receivable, financing receivables, other receivables, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments materially approximate their fair values.