Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements

Summary of fair values and levels within the fair value hierarchy in which the fair value measurements fall for assets and liabilities measured on a recurring basis

The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements are included, for assets and liabilities measured on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


		Fair Value Measurements at June 30, 2026
		Level 1			Level 2			Level 3			Total
Cash and cash equivalents		$	1,854,794		$	—		$	—		$	1,854,794
U.S. Treasury bills		$	—		$	51,604		$	—		$	51,604
Contingent earn-out obligations		$	—		$	—		$	44,727		$	44,727

		Fair Value Measurements at December 31, 2025
		Level 1			Level 2			Level 3			Total
Cash and cash equivalents		$	981,898		$	—		$	—		$	981,898
U.S. Treasury bills		$	—		$	34,357		$	—		$	34,357
Contingent earn-out obligations		$	—		$	—		$	34,842		$	34,842

Schedule of reconciliation of the fair value of contingent earn-out obligations that use significant unobservable inputs (Level 3)

The table below presents a reconciliation of the fair value of our contingent earn-out obligations that use significant unobservable inputs (Level 3) (in thousands):


		Six Months Ended			Year Ended
		June 30, 2026			December 31, 2025
Balance at beginning of period		$	34,842		$	140,156
Issuances			17,618			4,059
Settlements			(20,148)			(142,846)
Adjustments to fair value			12,415			33,473
Balance at end of period		$	44,727		$	34,842

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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