| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | Fair Value | | Level I | | Level II | | Level III | | Fair Value | | Level I | | Level II | | Level III | | Certificates of deposit and time deposits | $ | 13,397 | | | $ | — | | | $ | 13,397 | | | $ | — | | | $ | 14,600 | | | $ | — | | | $ | 14,600 | | | $ | — | | | U.S. government securities | 7,936 | | | — | | | 7,936 | | | — | | | 7,321 | | | — | | | 7,321 | | | — | | | Commercial paper | 6,804 | | | — | | | 6,804 | | | — | | | 5,617 | | | — | | | 5,617 | | | — | | | Money market funds | 2,133 | | | 2,133 | | | | | — | | | 1,890 | | | 1,890 | | | — | | | — | | | SpaceX equity investment | 2,002 | | | — | | | 2,002 | | | — | | | — | | | — | | | — | | | — | | | Digital assets (1) | 786 | | | 786 | | | — | | | — | | | 1,008 | | | 1,008 | | | — | | | — | | | Corporate debt securities | 3 | | | — | | | 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.
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| Schedule of Cash, Cash Equivalents and Investments Classified by Security Type |
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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,470 | | | $ | — | | | $ | — | | | $ | 14,470 | | | $ | 14,470 | | | $ | — | | | Certificates of deposit and time deposits | 13,398 | | | — | | | (1) | | | 13,397 | | | — | | | 13,397 | | | U.S. government securities | 7,942 | | | 2 | | | (8) | | | 7,936 | | | — | | | 7,936 | | | Commercial paper | 6,808 | | | — | | | (4) | | | 6,804 | | | — | | | 6,804 | | | Money market funds | 2,133 | | | — | | | — | | | 2,133 | | | 2,133 | | | — | | | Corporate debt securities | 3 | | | — | | | — | | | 3 | | | — | | | 3 | | | Total cash, cash equivalents and short-term investments | $ | 44,754 | | | $ | 2 | | | $ | (13) | | | $ | 44,743 | | | $ | 16,603 | | | $ | 28,140 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,623 | | | $ | — | | | $ | — | | | $ | 14,623 | | | $ | 14,623 | | | $ | — | | | Certificates of deposit and time deposits | 14,598 | | | 2 | | | — | | | 14,600 | | | — | | | 14,600 | | | U.S. government securities | 7,318 | | | 5 | | | (2) | | | 7,321 | | | — | | | 7,321 | | | Commercial paper | 5,619 | | | — | | | (2) | | | 5,617 | | | — | | | 5,617 | | | Money market funds | 1,890 | | | — | | | — | | | 1,890 | | | 1,890 | | | — | | | Corporate debt securities | 8 | | | — | | | — | | | 8 | | | — | | | 8 | | | Total cash, cash equivalents and short-term investments | $ | 44,056 | | | $ | 7 | | | $ | (4) | | | $ | 44,059 | | | $ | 16,513 | | | $ | 27,546 | |
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