v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of March 31, 2026 and December 31, 2025:
As of March 31, 2026Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,156 $— $— $9,156 
Commercial paper— 89,136 — 89,136 
Corporate bonds— 352 — 352 
Total cash equivalents$9,156 $89,488 $— $98,644 
Marketable securities:
U.S. agency securities$— $108,048 $— $108,048 
U.S. treasury securities— 510,041 — 510,041 
Commercial paper— 88,342 — 88,342 
Corporate bonds— 469,360 — 469,360 
Bitcoin exchange traded fund57,019 — — 57,019 
Total marketable securities$57,019 $1,175,791 $— $1,232,810 
Digital assets, current
USDC$15,696 $— $— $15,696 
Digital assets, non-current
Bitcoin$11,787 $— $— $11,787 
As of December 31, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,543 $— $— $9,543 
Commercial paper— 69,844 — 69,844 
Corporate bonds— 5,778 — 5,778 
Total cash equivalents$9,543 $75,622 $— $85,165 
Marketable securities:
U.S. agency securities$— $93,754 $— $93,754 
U.S. treasury securities— 515,359 — 515,359 
Commercial paper— 123,517 — 123,517 
Corporate bonds— 446,155 — 446,155 
Bitcoin exchange traded fund73,689 — — 73,689 
Total marketable securities$73,689 $1,178,785 $— $1,252,474 
Digital assets, current
USDC$15,575 $— $— $15,575 
Digital assets, non-current
Bitcoin$15,116 $— $— $15,116 
The Company classifies its highly liquid money market funds, Bitcoin exchange traded fund, and digital assets within Level 1 of the fair value hierarchy because they are valued based on quoted market prices
in active markets. The Company classifies its U.S. agency securities, U.S. treasury securities, commercial paper, and corporate bonds within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The carrying amounts of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their fair values due to their short-term nature and are excluded from the fair value table above.
The Company had no transfers between levels of the fair value hierarchy during any period presented.