v3.26.1
Strategic Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Strategic Investments
The following table summarizes our strategic investments held as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026
As of
December 31, 2025
(in thousands)
Initial cost$117,615 $115,761 
Cumulative upward adjustments146,659 145,932 
Cumulative downward adjustments, including impairments(78,365)(77,956)
Carrying value$185,909 $183,737 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Gains recognized on strategic investments sold during the period, net$— $3,249 $— $3,249 
Unrealized gains on strategic investments still held at the reporting date727 — 727 — 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(409)(4,433)$(409)$(16,021)
Gains (losses) on strategic investments, net$318 $(1,184)$318 $(12,772)
Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net$15 $— $(754)$— 
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net(131)1,887 (658)(2,326)
Gains (losses) on publicly traded equity securities, net$(116)$1,887 $(1,412)$(2,326)