v3.26.1
Fair Value Measurements and Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements and Fair Value of Financial Instruments
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2026 and December 31, 2025:
March 31, 2026
Fair Value
Hierarchy Level
Amortized
Cost
Gross
Unrealized Gains
Gross
Unrealized Losses
Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$89,150 $— $— $89,150 
Money market fundsLevel 144,366 — — 44,366 
Commercial paperLevel 2110,866 — (17)110,849 
Asset-backed securitiesLevel 216,480 — (2)16,478 
Total cash and cash equivalents 260,862 — (19)260,843 
Investments: 
U.S. Treasury securitiesLevel 1887,530 667 (905)887,292 
Commercial paperLevel 224,006 — (1)24,005 
Corporate debt Level 21,178,119 680 (3,105)1,175,694 
Asset-backed securitiesLevel 2142,414 40 (411)142,043 
U.S. government agency securitiesLevel 2211,753 62 (497)211,318 
Certificate of DepositsLevel 240,000 — — 40,000 
Total investments2,483,822 1,449 (4,919)2,480,352 
Total assets measured at fair value $2,744,684 $1,449 $(4,938)$2,741,195 
December 31, 2025
Fair Value
Hierarchy Level
Amortized
Cost
Gross
Unrealized Gains
Gross
Unrealized Losses
Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$85,417 $— $— $85,417 
Money market fundsLevel 152,302 — — 52,302 
Commercial paperLevel 236,245 — (5)36,240 
Total cash and cash equivalents173,964 — (5)173,959 
Investments:
U.S. Treasury securitiesLevel 1945,072 1,969 (40)947,001 
Commercial paperLevel 228,763 3 — 28,766 
Corporate debt Level 2897,564 2,862 (30)900,396 
Asset backed securitiesLevel 2152,164 249 (27)152,386 
U.S. government agency securitiesLevel 2219,854 289 (28)220,115 
Certificate of DepositLevel 220,000 — — 20,000 
Total investments2,263,417 5,372 (125)2,268,664 
Total assets measured at fair value$2,437,381 $5,372 $(130)$2,442,623 
We had no Level 3 securities either as of March 31, 2026 or 2025.
There were no transfers within the hierarchies during the three months ended March 31, 2026.
As of March 31, 2026 and December 31, 2025, we had investments with a total fair market value of $1.6 billion and $0.3 billion, respectively, in an unrealized loss position, of which $491.9 million and $120.2 million, respectively, were in a continuous unrealized loss position for more than 12 months. As of March 31, 2026, the gross unrealized losses of securities that have been in a continuous unrealized loss position was $4.9 million, of which $4.4 million related to securities that have been in a continuous unrealized loss position for less than 12 months. As of December 31, 2025, the gross unrealized losses of securities that have been in a continuous unrealized loss position was immaterial.
Unrealized losses related to our investments are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our investments during the three months ended March 31, 2026 or 2025.
The following table presents the contractual maturities of our investments as of March 31, 2026 (in thousands):
Fair Value
Due in less than one year$1,476,335 
Due in one to five years1,004,017 
Total$2,480,352