The classifications within the fair value hierarchy of our financial assets that were measured and recorded at fair value on a recurring basis were as follows (in thousands):


	June 30, 2026
	Level 1		Level 2		Total
Commercial paper	$	—	$	158,312	$	158,312
Corporate bonds	—		822,911		822,911
U.S. Treasury and government-sponsored enterprises	—		166,074		166,074
Municipal bonds	—		8,705		8,705
Total debt securities available-for-sale	—		1,156,002		1,156,002
Money market funds	171,852		—		171,852
Certificates of deposit	—		55,886		55,886
Total financial assets carried at fair value	$	171,852	$	1,211,888	$	1,383,740


	December 31, 2025
	Level 1		Level 2		Total
Commercial paper	$	—	$	241,439	$	241,439
Corporate bonds	—		886,500		886,500
U.S. Treasury and government-sponsored enterprises	—		155,139		155,139
Municipal bonds	—		8,764		8,764
Total debt securities available-for-sale	—		1,291,842		1,291,842
Money market funds	304,352		—		304,352
Certificates of deposit	—		66,388		66,388
Total financial assets carried at fair value	$	304,352	$	1,358,230	$	1,662,582