As of December 31, 2025 and June 30, 2026, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for identical unrestricted assets in active markets, similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of unrestricted securities in active markets, securities in inactive markets, or quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.


	December 31, 2025		June 30, 2026
	Total Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash and time deposits	$	16,145	$	14,497	$	—	$	—	$	14,497
Level 1:
Money market funds	29,777		40,845		—		—		40,845
Equity securities (1)	3,687								3,498
Level 2:
U.S. government and agency securities	5,222		4,558		—		(24)		4,534
Corporate debt securities	69,585		59,458		6		(33)		59,431
Asset-backed securities	1,780		1,690		1		(10)		1,681
Other financial instruments	129		27		—		—		27
Equity securities (1)	$	—							$	1,189
	$	126,325	$	121,075	$	7	$	(67)	$	125,702
Less: Restricted cash, cash equivalents, and marketable securities (2)	(3,296)								(2,714)
Total cash, cash equivalents, and marketable securities	$	123,029							$	122,988

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”

Anthropic — From Q3 2023 to Q4 2025, we invested $8.0 billion in convertible notes from Anthropic, which are classified as available-for-sale and reported at fair value with unrealized gains and losses included in “Accumulated other comprehensive income (loss)” and as Level 3 assets. In making these estimates, we utilized valuation methods based on information available, including the rights and obligations of the convertible notes, other outstanding classes of securities, observable transactions such as new securities offerings, estimates of expected time to and type of liquidity events and anticipated securities offerings, and discounts for lack of marketability. The convertible notes are subject to our ownership cap, which may be waived at our election.

In Q1 2025 and Q1 2026, a portion of the then-outstanding notes was converted to nonvoting preferred stock. The investments in nonvoting preferred stock are initially recorded at their estimated fair value at the time of each conversion and are accounted for as a component of our equity investments in private companies not accounted for under the equity-method, with future adjustments for observable changes in prices or impairments representing Level 3 fair value measurements

recognized in “Other income (expense), net” on our consolidated statements of operations. As a result of these conversions, a portion of the unrealized gain associated with the notes included in “Accumulated other comprehensive income (loss)” was reclassified and gains of approximately $3.3 billion and $4.5 billion for the six months ended June 30, 2025 and 2026 were recorded in “Other income (expense), net.”

In Q2 2026, we invested $5.0 billion in Anthropic Series G nonvoting preferred stock. We also amended our commercial arrangement primarily for the provision of AWS cloud services, which includes contractual obligations related to the performance of AWS chips. Additionally, we entered into a financing arrangement to make available to Anthropic an aggregate facility not to exceed $20.0 billion that will expire 30 months after an Anthropic liquidity event, including an initial public offering (“IPO”). At inception, there is no amount available to be drawn against and as we reach certain delivery milestones of compute capacity under the amended commercial arrangement, amounts under this facility are made available for Anthropic to draw upon at its discretion. Draws against the facility will be in the form of new Anthropic convertible notes or, after an IPO or other liquidity event and subject to our ownership cap, Anthropic common stock, which will be issued to us in exchange for cash. Under this financing arrangement, in Q2 2026, we exercised our option to participate in subsequent Anthropic equity financings by investing $5.0 billion in Anthropic Series H nonvoting preferred stock, which reduced the amount available under the facility to $15.0 billion.

We recorded upward adjustments of approximately $50.5 billion in Q2 2026 and $62.8 billion for the six months ended June 30, 2026 to our nonvoting preferred stock in “Other income (expense), net” to reflect observable changes in price related to Anthropic’s fundings. In making these Level 3 fair value measurements, we utilized valuation methods based on information available, including the rights and obligations of the nonvoting preferred stock, other outstanding classes of securities, estimates of expected time to and type of liquidity events and anticipated securities offerings, and discounts for lack of marketability.

As of December 31, 2025 and June 30, 2026, the amounts recorded on our consolidated balance sheets for nonvoting preferred stock were approximately $14.8 billion and $92.5 billion. As of December 31, 2025 and June 30, 2026, the estimated fair value of our convertible notes recorded on our consolidated balance sheets was approximately $45.8 billion and $97.9 billion, and the associated unrealized gain included in “Accumulated other comprehensive income (loss)” was $39.5 billion and $92.0 billion.

In the event Anthropic consummates an IPO or other liquidity event, then-outstanding notes would be converted to nonvoting common stock, subject to our ownership cap, and nonvoting preferred stock would be converted to nonvoting common stock. Any then-outstanding notes that are not converted to nonvoting common stock would continue to be convertible to nonvoting common stock, subject to our ownership cap. We expect to be subject to a customary lock-up period following an IPO, and thereafter will remain subject to applicable securities laws restrictions.

OpenAI — In Q1 2026, we and OpenAI entered into (i) a commercial arrangement primarily for the provision of AWS cloud services, which includes the use and performance of AWS chips, and (ii) a joint collaboration agreement pursuant to which certain services using OpenAI models will be made available to the Company and on AWS. We also invested $15.0 billion in Series C Preferred Stock of OpenAI and entered into an equity commitment letter agreement (the “Letter Agreement”), pursuant to which we agreed to purchase additional shares of Series C Preferred Stock (the “Commitment Shares”) with an aggregate purchase price of $35.0 billion (the “Commitment Amount”). In Q2 2026, we invested $13.7 billion of the Commitment Amount in Series C Preferred Stock. We account for our $28.7 billion investment in Series C Preferred Stock recorded on our consolidated balance sheet as of June 30, 2026, and the remaining Commitment Amount as a component of our equity investments in private companies not accounted for under the equity-method, with future adjustments for observable changes in prices or impairments representing Level 3 fair value measurements recognized in “Other income (expense), net” on our consolidated statements of operations.

In the event OpenAI consummates an IPO or other liquidity event, then-outstanding Series C Preferred Stock would be converted to common stock. We expect to be subject to a customary lock-up period following an IPO and thereafter will remain subject to applicable securities laws restrictions.

As of December 31, 2025 and June 30, 2026, equity investments in private companies not accounted for under the equity-method, which primarily relate to nonvoting preferred stock in Anthropic and preferred stock in OpenAI, had a carrying value of $16.2 billion and $122.3 billion, with adjustments for observable changes in prices or impairments representing Level 3 fair value measurements recognized in “Other income (expense), net” on our consolidated statements of operations.

We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2025 and June 30, 2026, these warrants had a fair value of $2.7 billion and $4.3 billion, with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are classified as Level 2 and 3 assets.

Certain of our investments, including our investments in Anthropic and OpenAI, represent a variable interest in entities that we do not consolidate because we are not the primary beneficiary. Our maximum exposure to loss is generally limited to the current carrying values of these investments and any future funding commitments.

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2025		June 30, 2026
Cash and cash equivalents	$	86,810	$	78,213
Restricted cash included in “Accounts receivable, net and other”	300		283
Restricted cash included in “Other assets”	2,996		2,431
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	90,106	$	80,927