v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy consists of the following three levels:

•Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;
•Level 2 — Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and
•Level 3 — Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company's management about the assumptions market participants would use in pricing the asset or liability.
The Company is required to maintain a cash balance in a collateralized account to secure the Company’s credit cards. Additionally, the Company holds restricted cash related to an outstanding letter of credit issued by J.P. Morgan, which was obtained to secure certain Company obligations relating to tenant improvements. Recursion also holds restricted cash as required by a lease agreement. The Company also holds restricted cash as required by several grant agreements.

The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis:

March 31, 2026Basis of fair value measurement
(in thousands)Level 1Level 2Level 3
Assets
Cash and cash equivalents:
Cash$45,442 $45,442 $— $— 
Money market funds609,031 609,031 — — 
Restricted cash10,707 10,707 — — 
Total
$665,180 $665,180 $— $— 

December 31, 2025Basis of fair value measurement
(in thousands)Level 1Level 2Level 3
Assets
Cash and cash equivalents:
Cash$72,627 $72,627 $— $— 
Money market funds670,667 670,667 — — 
Restricted cash10,627 10,627 — — 
Total
$753,921 $753,921 $— $— 

In addition to the financial instruments that are recognized at fair value on the Condensed Consolidated Balance Sheet, the Company has certain financial instruments that are recognized at amortized cost or some basis other than fair value. The carrying amount of these instruments are considered to be representative of their approximate fair values.

The following tables summarize the Company’s financial instruments that are not measured at fair value:

Book valuesFair values
(in thousands)March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Liabilities
Notes payable and financing lease liabilities, current$9,265 $9,091 $9,265 $9,091 
Notes payable and financing lease liabilities, non-current7,181 9,564 7,181 9,564 
Total liabilities$16,446 $18,655 $16,446 $18,655