v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 9—Fair Value Measurements
As of June 30, 2026 and December 31, 2025, the Company’s cash equivalents, short-term investments, and long-term investments primarily consisted of available-for-sale debt securities. These debt securities are measured at fair value and classified within Level 1 or Level 2 in the fair value hierarchy as the Company uses unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (Level 1) or quoted market prices in markets that are not active or model derived valuations in which all significant inputs are observable in active markets (Level 2).
As of June 30, 2026 and December 31, 2025, the Company’s short-term and long-term investments also consisted of investments in loan receivables and in third-party managed funds. The investments in loan receivables are measured on an amortized cost basis and classified in Level 3 of the fair value hierarchy as the fair value is derived from techniques in which one or more significant inputs are unobservable. The investments in third-party managed funds are measured on the net assets value (“NAV”) basis as a practical expedient. NAV is primarily determined based on the information provided by external fund administrators for which the most recent financial information is typically received on a lag within the quarter following the Company’s balance sheet date. These investments are intended to further the Company’s impact strategy as part of the Company’s Impact Investment Fund.
The following table sets forth the cost, gross unrealized losses, gross unrealized gains, and fair value of the Company’s investments as of the dates indicated (in thousands):
CostGross
Unrealized
Holding
Loss		Gross
Unrealized
Holding
Gain		Fair ValueCash and Cash EquivalentsShort-term InvestmentsLong-term Investments
June 30, 2026
Level 1
Money market funds (1)$686,107 $— $— $686,107 $658,891 $— $— 
U.S. Government securities74,417 (176)7 74,248 — 47,166 27,082 
760,524 (176)7 760,355 658,891 47,166 27,082 
Level 2
Certificate of deposit15,354 (6)4 15,352 — 15,352 — 
Commercial paper46,467 (38)1 46,430 2,992 43,438 — 
Corporate bonds216,489 (484)85 216,090 — 111,051 105,039 
278,310 (528)90 277,872 2,992 169,841 105,039 
Level 3
Loans receivable - held for investment17,500 — — 17,500 — 4,000 13,500 
17,500 — — 17,500 — 4,000 13,500 
$1,056,334 $(704)$97 $1,055,727 $661,883 $221,007 $145,621 
Measured at NAV (2)
Third-party managed funds— 15,044 
$221,007 $160,665 
December 31, 2025
Level 1
Money market funds$946,932 $— $— $946,932 $946,932 $— $— 
U.S. Government securities76,816 — 204 77,020 — 52,002 25,018 
1,023,748 — 204 1,023,952 946,932 52,002 25,018 
Level 2
Certificate of deposit20,913 — 30 20,943 — 19,240 1,703 
Commercial paper32,409 — 26 32,435 — 32,435 — 
Corporate bonds199,920 (12)549 200,457 — 118,411 82,046 
253,242 (12)605 253,835 — 170,086 83,749 
Level 3
Loans receivable - held for investment13,000 — — 13,000 — — 13,000 
13,000 — — 13,000 — — 13,000 
$1,289,990 $(12)$809 $1,290,787 $946,932 $222,088 $121,767 
Measured at NAV (2)
Third-party managed funds2,000 12,609 
$224,088 $134,376 
(1)$27.2 million of money market funds were classified as funds receivable and seller accounts as of June 30, 2026.
(2)Third-party managed funds measured on the NAV basis have not been categorized in the fair value hierarchy. The amount presented in the table is intended to permit reconciliation of the short-term and long-term investments in the fair value hierarchy to the amount presented in the Consolidated Balance Sheets.
The tables below show the fair value and gross unrealized loss related to available-for-sale debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of the dates indicated (in thousands):
As of June 30, 2026
Less than 12 Months
12 Months or Greater
Fair Value
Gross Unrealized Holding Loss
Fair Value
Gross Unrealized Holding Loss
U.S. Government securities$64,272 $(176)$— $— 
Certificate of deposit7,463 (6)— — 
Commercial paper38,466 (38)— — 
Corporate bonds152,736 (484)— — 
Total
$262,937 $(704)$— $— 
As of December 31, 2025
Less than 12 Months
12 Months or Greater
Fair ValueGross Unrealized Holding LossFair Value
Gross Unrealized Holding Loss
Corporate bonds$17,577 $(12)$— $— 
Total $17,577 $(12)$— $— 
The Company evaluates fair value for each individual security in the investment portfolio. When assessing the risk of credit loss, the Company considers factors such as the extent to which the fair value is less than the amortized cost basis, the credit rating, including whether there has been any changes to the rating of the security by a rating agency, available information relevant to the collectibility of the security, and management’s intended holding period and time horizon for selling the security. The Company did not recognize a credit loss in the three and six months ended June 30, 2026 or 2025.
Outside of the Company’s Impact Investment Fund, the Company typically invests in short- and long-term instruments, including fixed-income funds and U.S. Government securities aligned with the Company’s investment strategy. In accordance with the Company’s investment policy, all investments, other than investments made through its Impact Investment Fund, have maturities no longer than 37 months, with the average maturity of these investments maintained at 12 months or less.
Disclosure of Fair Values
The Company’s financial instruments that are not remeasured at fair value in the Consolidated Balance Sheets include the $700.0 million aggregate principal amount of 1.00% Convertible Senior Notes due 2030 (the “2025 Notes”), the $1.0 billion aggregate principal amount of 0.25% Convertible Senior Notes due 2028 (the “2021 Notes”), the $650.0 million aggregate principal amount of 0.125% Convertible Senior Notes due 2027 (the “2020 Notes”), and the $649.9 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2019 Notes” and, together with the 2025 Notes, 2021 Notes, and 2020 Notes, the “Notes”). See “Note 11—Debt” for additional information. The Company estimates the fair value of the Notes through inputs that are observable in the market, classified as Level 2 as described above. The following table presents the carrying value and estimated fair value of the Notes as of the dates indicated (in thousands):
As of June 30, 2026As of December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
2025 Notes$691,024 $808,640 $689,890 $709,800 
2021 Notes996,279 913,000 995,329 891,300 
2020 Notes648,608 614,575 648,011 608,595 
2019 Notes649,594 661,065 649,008 655,736 
$2,985,505 $2,997,280 $2,982,238 $2,865,431 
The carrying value of other financial instruments, including accounts receivable, funds receivable and seller accounts, accounts payable, and funds payable and amounts due to sellers approximate fair value due to the immediate or short-term maturity associated with these instruments.