v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of June 30, 2026 and December 31, 2025:
As of June 30, 2026
Fair Value HierarchyCost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$539,648 $— $— $539,648 
Cash equivalents:
Money market fundsLevel 1418,033 — — 418,033 
U.S. government securitiesLevel 11,167 — — 1,167 
Total cash and cash equivalents958,848 — — 958,848 
Marketable debt securities:
U.S. government securitiesLevel 11,595,252 392 (5,299)1,590,345 
Corporate debt securitiesLevel 2103,625 6 (351)103,280 
Total marketable debt securities1,698,877 398 (5,650)1,693,625 
Total$2,657,725 $398 $(5,650)$2,652,473 
As of December 31, 2025
Fair Value HierarchyCost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$399,573 $— $— $399,573 
Cash equivalents:
Money market fundsLevel 1630,862 — — 630,862 
Total cash and cash equivalents1,030,435 — — 1,030,435 
Marketable debt securities:
U.S. government securitiesLevel 11,796,271 6,479 (5)1,802,745 
Corporate debt securitiesLevel 297,701 161 (6)97,856 
Total marketable debt securities1,893,972 6,640 (11)1,900,601 
Total$2,924,407 $6,640 $(11)$2,931,036 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Gains recognized on strategic investments sold during the period, net$— $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)
Schedule of Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows.
As of June 30,
20262025
(in thousands)
Cash and cash equivalents$958,848 $925,973 
Restricted cash, included in other assets1,643 2,964 
Total cash, cash equivalents, and restricted cash$960,491 $928,937 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows.
As of June 30,
20262025
(in thousands)
Cash and cash equivalents$958,848 $925,973 
Restricted cash, included in other assets1,643 2,964 
Total cash, cash equivalents, and restricted cash$960,491 $928,937