v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
December 31, 2025
Level 1Level 2Level 3Total
Cash equivalents(1)
Money market funds$1,905 $— $— $1,905 
U.S. Treasury securities— 1 — 1 
Short-term investments(1)
Certificates of deposit— 25 — 25 
Commercial paper— 32 — 32 
Corporate bonds— 470 — 470 
U.S. government agency securities— 30 — 30 
U.S. Treasury securities— 361 — 361 
Mutual funds59 — — 59 
Long-term investments
Corporate bonds— 464 — 464 
U.S. government agency securities— 91 — 91 
U.S. Treasury securities— 282 — 282 
Other assets
Money market funds(2)
15 — — 15 
Non-marketable investment
— — 37 37 
Total$1,979 $1,756 $37 $3,772 
(1)Cash equivalents and short-term investments included $26 million and $151 million of time deposits, respectively, which are not subject to recurring fair value measurements.
(2)Other assets included $15 million of money market funds held in a trust account pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.
June 30, 2026
Level 1Level 2Level 3Total
Cash equivalents(1)
Money market funds$2,865 $— $— $2,865 
Commercial paper— 3 — 3 
Corporate bonds— 1 — 1 
U.S. Treasury securities— 2 — 2 
Short-term investments
Certificates of deposit— 25 — 25 
Commercial paper— 45 — 45 
Corporate bonds— 433 — 433 
U.S. government agency securities— 35 — 35 
U.S. Treasury securities— 327 — 327 
Mutual funds58 — — 58 
Long-term investments
Corporate bonds— 563 — 563 
U.S. government agency securities— 90 — 90 
U.S. Treasury securities— 216 — 216 
Other assets
Money market funds(2)
108 — — 108 
Non-marketable investment— — 40 40 
Total$3,031 $1,740 $40 $4,811 
(1)Cash equivalents included $4 million of time deposits which are not subject to recurring fair value measurements.
(2)Other assets included $108 million of money market funds held in trust accounts pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
In December 2025, the Company purchased €31 million (approximately $37 million) principal amount of convertible notes issued by a private company in which the Company has a pre-existing equity investment. The convertible notes investment is accounted for at fair value with changes in fair value recorded in earnings through other income, net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the fair value option to account for the convertible notes because the Company believes it accurately reflects the value of the convertible notes and embedded features in the financial statements.
As of June 30, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $40 million and was included in other assets on the condensed consolidated balance sheet. The fair value was estimated using a probability weighted discounted cash flow methodology and a Black-Scholes option-pricing model, based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing and market participant assumptions.

The fair value of the 2030 Notes (as defined in Note 8 - "Convertible Notes, Net") was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input. Refer to Note 8 - "Convertible Notes, Net" for the carrying amount and fair value of the 2030 Notes.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs. Non-marketable equity securities are recorded in other assets on the condensed consolidated balance sheets.
During the six months ended June 30, 2025 and 2026, the Company made investments in non-marketable equity securities of $1 million and $57 million, respectively. In the three and six months ended June 30, 2025 and 2026, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities.
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2025 and June 30, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
December 31,
2025		June 30,
2026
Initial cost basis$460 $515 
Upward adjustments24 24 
Downward adjustments (including impairment)(415)(415)
Total carrying value at the end of reporting period$69 $124