v3.26.1
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC 820, Fair Value Measurement, states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
 June 30, 2026December 31, 2025
 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILevel IILevel III
Certificates of deposit and time deposits$13,034 $— $13,034 $— $14,600 $— $14,600 $— 
U.S. government securities8,254 — 8,254 — 7,321 — 7,321 — 
Commercial paper7,017 — 7,017 — 5,617 — 5,617 — 
SpaceX equity investment (1)3,007 — 3,007 — — — — — 
Money market funds1,871 1,871 — — 1,890 1,890 — — 
Digital assets (2)674 674 — — 1,008 1,008 — — 
Corporate debt securities— — — — 8 — 8 — 
Total$33,857 $2,545 $31,312 $— $30,444 $2,898 $27,546 $— 
(1)The investment is classified as Level 2 within the fair value hierarchy based on observable market inputs used to estimate the $238 million discount for lack of marketability due to regulatory restrictions expiring in September 2026. For the three months ended June 30, 2026, we recorded a $1.00 billion net gain on our SpaceX equity investment. In addition, we are subject to customary sales restrictions in connection with the SpaceX initial public offering that expire in December 2026.
(2)As of June 30, 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.
Our cash, cash equivalents and short-term investments classified by security type as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
 June 30, 2026
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$13,348 $— $— $13,348 $13,348 $— 
Certificates of deposit and time deposits13,037 — (3)13,034 — 13,034 
U.S. government securities8,273 1 (20)8,254 — 8,254 
Commercial paper7,021 1 (5)7,017 — 7,017 
Money market funds1,871 — — 1,871 1,871 — 
Total cash, cash equivalents and short-term investments$43,550 $2 $(28)$43,524 $15,219 $28,305 
 December 31, 2025
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,623 $— $— $14,623 $14,623 $— 
Certificates of deposit and time deposits14,598 2 — 14,600 — 14,600 
U.S. government securities7,318 5 (2)7,321 — 7,321 
Commercial paper5,619 — (2)5,617 — 5,617 
Money market funds1,890 — — 1,890 1,890 — 
Corporate debt securities8 — — 8 — 8 
Total cash, cash equivalents and short-term investments$44,056 $7 $(4)$44,059 $16,513 $27,546 
As of June 30, 2026 and December 31, 2025, short-term investments held and restricted for our insurance business were $286 million and $254 million, respectively.
As of June 30, 2026, the majority of our short-term investments had contractual maturity dates within one year.
Disclosure of Fair Values
Our financial instruments that are not re-measured at fair value include accounts receivable, financing receivables, other receivables, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments materially approximate their fair values.