| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Fair Value | | Level I | | Level II | | Level III | | Fair Value | | Level I | | Level II | | Level III | | Certificates of deposit and time deposits | $ | 13,034 | | | $ | — | | | $ | 13,034 | | | $ | — | | | $ | 14,600 | | | $ | — | | | $ | 14,600 | | | $ | — | | | U.S. government securities | 8,254 | | | — | | | 8,254 | | | — | | | 7,321 | | | — | | | 7,321 | | | — | | | Commercial paper | 7,017 | | | — | | | 7,017 | | | — | | | 5,617 | | | — | | | 5,617 | | | — | | | SpaceX equity investment (1) | 3,007 | | | — | | | 3,007 | | | — | | | — | | | — | | | — | | | — | | | Money market funds | 1,871 | | | 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.
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| Schedule of Cash, Cash Equivalents and Investments Classified by Security Type |
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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 13,348 | | | $ | — | | | $ | — | | | $ | 13,348 | | | $ | 13,348 | | | $ | — | | | Certificates of deposit and time deposits | 13,037 | | | — | | | (3) | | | 13,034 | | | — | | | 13,034 | | | U.S. government securities | 8,273 | | | 1 | | | (20) | | | 8,254 | | | — | | | 8,254 | | | Commercial paper | 7,021 | | | 1 | | | (5) | | | 7,017 | | | — | | | 7,017 | | | Money market funds | 1,871 | | | — | | | — | | | 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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,623 | | | $ | — | | | $ | — | | | $ | 14,623 | | | $ | 14,623 | | | $ | — | | | Certificates of deposit and time deposits | 14,598 | | | 2 | | | — | | | 14,600 | | | — | | | 14,600 | | | U.S. government securities | 7,318 | | | 5 | | | (2) | | | 7,321 | | | — | | | 7,321 | | | Commercial paper | 5,619 | | | — | | | (2) | | | 5,617 | | | — | | | 5,617 | | | Money market funds | 1,890 | | | — | | | — | | | 1,890 | | | 1,890 | | | — | | | Corporate debt securities | 8 | | | — | | | — | | | 8 | | | — | | | 8 | | | Total cash, cash equivalents and short-term investments | $ | 44,056 | | | $ | 7 | | | $ | (4) | | | $ | 44,059 | | | $ | 16,513 | | | $ | 27,546 | |
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