Our cash equivalents, marketable securities, and restricted cash equivalents are classified within Level 1 or Level 2 of the fair value hierarchy because their fair values are derived from quoted market prices or alternative pricing sources and models utilizing market observable inputs. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity.

The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):


			Fair Value Measurement at Reporting Date Using
	June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	5,223	$	5,223	$	—	$	—
U.S. government securities	2,077		2,077		—		—

Time deposits	350		—		350		—
Corporate debt securities	4,483		—		4,483		—
Total cash equivalents	12,133		7,300		4,833		—
Marketable securities:
U.S. government securities	41,724		41,724		—		—
U.S. government agency securities	940		940		—		—
Corporate debt securities	28,591		—		28,591		—
Marketable equity securities	3,543		3,543		—		—
Total marketable securities	74,798		46,207		28,591		—
Restricted cash equivalents	13,554		13,554		—		—
Other assets	114		—		—		114
Total	$	100,599	$	67,061	$	33,424	$	114


			Fair Value Measurement at Reporting Date Using
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	27,928	$	27,928	$	—	$	—
U.S. government securities	1,623		1,623		—		—

Time deposits	328		—		328		—
Corporate debt securities	1,603		—		1,603		—
Total cash equivalents	31,482		29,551		1,931		—
Marketable securities:
U.S. government securities	21,483		21,483		—		—
U.S. government agency securities	767		767		—		—
Corporate debt securities	17,477		—		17,477		—
Marketable equity securities	5,992		5,992		—		—
Total marketable securities	45,719		28,242		17,477		—
Restricted cash equivalents	2,539		2,539		—		—
Other assets	106		—		—		106
Total	$	79,846	$	60,332	$	19,408	$	106

As of June 30, 2026, our restricted cash equivalents of $13.55 billion include $10.80 billion of money market funds related to escrow requirements under certain multi-year infrastructure purchase agreements. These funds are restricted from general corporate use and are expected to be released between 2028 and 2030 upon satisfying the underlying purchase obligations. Based on the expected timing of the release of these restrictions, substantially all of our restricted cash equivalents were classified within other assets on our condensed consolidated balance sheets. See Note 9 — Commitments and Contingencies for additional information.

The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):


	June 30, 2026
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	38,575	$	(107)	$	212	$	(3)	$	38,787	$	(110)
U.S. government agency securities	407		(3)		25		—		432		(3)
Corporate debt securities	12,413		(45)		574		(5)		12,987		(50)
Total	$	51,395	$	(155)	$	811	$	(8)	$	52,206	$	(163)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	1,491	$	(2)	$	1,570	$	(18)	$	3,061	$	(20)
U.S. government agency securities	17		—		25		—		42		—
Corporate debt securities	1,213		(1)		1,534		(20)		2,747		(21)
Total	$	2,721	$	(3)	$	3,129	$	(38)	$	5,850	$	(41)

As of June 30, 2026 and December 31, 2025, the gross unrealized gains on our marketable debt securities were not material and $300 million, respectively, and the allowance for credit losses were not material for both periods.

The net unrealized losses on our marketable equity securities were $733 million and $511 million for the three months ended June 30, 2026 and 2025, respectively; and $2.30 billion and $374 million for the six months ended June 30, 2026 and 2025, respectively. These losses are recorded within interest and other income (expense), net on our condensed consolidated statements of income.