v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cost, Gross Unrealized Losses, Gross Unrealized Gains, and Fair Values Company’s Investments
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.
Schedule of Unrealized Loss and Fair Value of Debt Securities Available-for-Sale
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 $(12)$— $— 
Schedule of Estimated Fair Value Liability Component 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