v3.26.1
Investments - Summary of Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2026
Dec. 31, 2025
Investments [Abstract]        
Amortized cost $ 1,137,717   $ 1,137,717 $ 1,577,325
Gross unrealized gains 425   425 1,937
Gross unrealized losses (1,101)   (1,101) (45)
Estimated fair value 1,137,041   1,137,041 1,579,217
Amortized cost 651,145   651,145 771,627
Gross unrealized gains 91   91 2,285
Gross unrealized losses (3,911)   (3,911) (201)
Estimated fair value 647,325   647,325 773,711
Amortized cost 1,788,862   1,788,862 2,348,952
Gross unrealized gains 516   516 4,222
Gross unrealized losses (5,012)   (5,012) (246)
Estimated fair value 1,784,366   1,784,366 2,352,928
Amortized cost 21,897   21,897 16,802
Gross unrealized gains 55,486   55,486 54,430
Gross unrealized losses (9,799)   (9,799) (16,011)
Estimated fair value 67,584   67,584 55,221
Amortized cost 1,810,759   1,810,759 2,365,754
Gross unrealized gains 56,002   56,002 58,652
Gross unrealized losses (14,811)   (14,811) (16,257)
Estimated fair value 1,851,950   1,851,950 2,408,149
Corporate Debt Securities [Member]        
Investments [Abstract]        
Amortized cost [1] 638,688   638,688 746,814
Gross unrealized gains 311   311 991
Gross unrealized losses (474)   (474) (27)
Estimated fair value 638,525   638,525 747,778
Amortized cost 349,545   349,545 435,350
Gross unrealized gains 87   87 1,586
Gross unrealized losses (1,692)   (1,692) (106)
Estimated fair value 347,940   347,940 436,830
Debt Securities Issued by U.S. Government Agencies [Member]        
Investments [Abstract]        
Amortized cost 26,439   26,439 55,768
Gross unrealized gains 26   26 92
Gross unrealized losses (20)   (20) (5)
Estimated fair value 26,445   26,445 55,855
Amortized cost 119,701   119,701 92,770
Gross unrealized gains 4   4 100
Gross unrealized losses (878)   (878) (94)
Estimated fair value 118,827   118,827 92,776
Debt Securities Issued by the U.S. Treasury [Member]        
Investments [Abstract]        
Amortized cost [1] 467,565   467,565 769,034
Gross unrealized gains 88   88 843
Gross unrealized losses (604)   (604) (13)
Estimated fair value 467,049   467,049 769,864
Amortized cost 181,168   181,168 242,288
Gross unrealized gains 0   0 595
Gross unrealized losses (1,340)   (1,340) (1)
Estimated fair value 179,828   179,828 242,882
Debt Securities Issued by States of the U.S. and Political Subdivisions of the States [Member]        
Investments [Abstract]        
Amortized cost 5,025   5,025 5,709
Gross unrealized gains 0   0 11
Gross unrealized losses (3)   (3) 0
Estimated fair value 5,022   5,022 5,720
Amortized cost 731   731  
Gross unrealized gains 0   0  
Gross unrealized losses (1)   (1)  
Estimated fair value 730   730  
Publicly Traded Equity Securities [Member]        
Investments [Abstract]        
Amortized cost [2] 11,897   11,897 11,897
Gross unrealized gains 45,670   45,670 35
Gross unrealized losses (9,799)   (9,799) (8,920)
Estimated fair value 47,768   47,768 3,012
Unrealized gain on equity securities   $ 23,400    
Unrealized loss on equity securities 10,200   900  
Privately Held Equity Securities [Member]        
Investments [Abstract]        
Amortized cost [3] 10,000   10,000 4,905 [2]
Gross unrealized gains 9,816   9,816 54,395
Gross unrealized losses 0   0 (7,091)
Estimated fair value 19,816   19,816 52,209
Other Municipal Debt Securities [Member]        
Investments [Abstract]        
Amortized cost       1,219
Gross unrealized gains       4
Gross unrealized losses       0
Estimated fair value       $ 1,223
Equity Securities of Privately Held Investee that Became Publicly Traded Entity [Member]        
Investments [Abstract]        
Estimated fair value $ 45,700 $ 55,800 $ 45,700  
[1] Includes investments classified as cash equivalents in our condensed consolidated balance sheets.
[2] Our publicly traded equity securities are included in other current assets. We recognize publicly traded equity securities at fair value. In the first quarter of 2026, one of our privately held investees became a publicly traded entity after completing an initial public offering. As a result, we recorded a $23.4 million unrealized gain in our condensed consolidated statements of operations in the first quarter of 2026, which reflected the difference between the carrying value of this investment as of December 31, 2025 and its fair value of $55.8 million as of March 31, 2026. In the second quarter of 2026, we recorded an unrealized loss of $10.2 million, which reflected the difference between the carrying value of this investment as of March 31, 2026 and its fair value of $45.7 million as of June 30, 2026. This investment is subject to a 12-month contractual sale restriction that ends in January 2027. In the six months ended June 30, 2026, we recorded a $0.9 million net unrealized loss in our condensed consolidated statements of operations related to changes in the fair value of our other investments in publicly traded companies.
[3] Our privately held equity securities are included in deposits and other assets. We recognize our privately held equity securities at cost minus impairments, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer, which are Level 3 inputs. In the six months ended June 30, 2026, there were no changes to the carrying value of our privately held equity securities.