v3.26.1
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis by Level Within the Fair Value Hierarchy
The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Estimated Fair Value
Cash$571,167 
Level 1:
Money market funds129,189 
Cash and cash equivalents
$700,356 
December 31, 2025
Reported As:
Amortized costGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-Term InvestmentsLong-Term Investments
Cash $762,077 $— $— $762,077 $762,077 $— $— 
Level 1:
Money market funds235,750 — — 235,750 235,750 — — 
U.S. Treasury securities575,159 3,655 — 578,814 — 398,011 180,803 
Subtotal810,909 3,655 — 814,564 235,750 398,011 180,803 
Level 2:
Time deposits(1)
65,000 — — 65,000 — 65,000 — 
Corporate debt securities471,819 3,442 — 475,261 — 168,082 307,179 
Subtotal536,819 3,442 — 540,261 — 233,082 307,179 
Total$2,109,805 $7,097 $— $2,116,902 $997,827 $631,093 $487,982 
(1) Included $50.0 million of time deposits with GIB in short-term investments. GIB is a related party of the PIF, which is an affiliate of Ayar. See Note 15 “Related Party Transactions” for more information.
Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis
The following table presents a reconciliation of the common stock warrant liability and derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands):
Three Months Ended March 31,
20262025
Series A Derivative LiabilitySeries B Derivative Liability
Series A Derivative Liability
Series B Derivative Liability
Common Stock Warrant Liability
Fair value-beginning of period$10,800 $5,400 $408,800 $230,625 $19,514 
Change in fair value(4,900)(2,475)(176,700)(105,000)(12,861)
Fair value-end of period$5,900 $2,925 $232,100 $125,625 $6,653