v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities Available-for-Sale
The following table summarizes our cash equivalents and available-for-sale debt investments:
June 30, 2026
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Commercial paper$114,779 $— $(4)$114,775 $— $114,775 
Corporate bonds54,948 — (14)54,934 — 54,934 
Money market funds332,373 — — 332,373 332,373 — 
U.S. government bonds105,285 — (5)105,280 105,280 — 
Total cash equivalents (2)607,385 — (23)607,362 437,653 169,709 
Short-term investments
Asset-backed securities61,072 24 (151)60,945 — 60,945 
Certificate of deposits15,000 — — 15,000 15,000 — 
Commercial paper119,427 — — 119,427 — 119,427 
Corporate bonds445,447 84 (1,415)444,116 — 444,116 
Foreign government bonds5,627 — (19)5,608 — 5,608 
Municipal bonds1,022 — — 1,022 — 1,022 
U.S. government agency bonds12,638 — (61)12,577 — 12,577 
U.S. government bonds298,427 2 (932)297,497 297,497 — 
Total short-term investments958,660 110 (2,578)956,192 312,497 643,695 
Total$1,566,045 $110 $(2,601)$1,563,554 $750,150 $813,404 
December 31, 2025
Fair Value Level
Amortized CostGross Unrealized GainsGross Unrealized Losses (1)Total Fair ValueLevel 1Level 2
 (In thousands)
Cash equivalents
Certificate of deposits$2,501 $— $— $2,501 $2,501 $— 
Commercial paper63,421 — — 63,421 — 63,421 
Money market funds359,721 — — 359,721 359,721 — 
U.S. government bonds21,988 2 — 21,990 21,990 — 
Variable rate demand notes1,007 — — 1,007 — 1,007 
Total cash equivalents448,638 2 — 448,640 384,212 64,428 
Short-term investments
Asset-backed securities69,433 118 (53)69,498 — 69,498 
Certificate of deposits10,318 — — 10,318 10,318 — 
Commercial paper67,967 — — 67,967 — 67,967 
Corporate bonds334,361 592 (73)334,880 — 334,880 
Mortgage-backed securities912 2 — 914 — 914 
Municipal bonds3,042 4 — 3,046 — 3,046 
U.S. government agency bonds8,614 — (12)8,602 — 8,602 
U.S. government bonds106,705 130 (15)106,820 106,820 — 
Variable rate demand notes7,053 — — 7,053 — 7,053 
Total short-term investments608,405 846 (153)609,098 117,138 491,960 
Total$1,057,043 $848 $(153)$1,057,738 $501,350 $556,388 
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.
(2)For the six months ended June 30, 2026 and 2025, we sold cash equivalent investments for proceeds of $17.8 million and $7.5 million, respectively, and realized no gain or loss on such sales.
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of June 30, 2026:
Amortized CostFair Value
(In thousands)
Within 1 year$1,294,883 $1,294,389 
After 1 year through 5 years210,090 208,220 
Asset-backed securities61,072 60,945 
Total$1,566,045 $1,563,554