The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands):


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	84,575	$	—	$	—	$	84,575



Total cash equivalents	$	84,575	$	—	$	—	$	84,575
Marketable securities
U.S. treasury and agency securities	$	228,121	$	54	$	(1,003)	$	227,172
Commercial paper	19,371		—		(27)		19,344
Corporate debt securities	897,382		634		(3,027)		894,989


Total marketable securities	$	1,144,874	$	688	$	(4,057)	$	1,141,505


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash equivalents
Money market funds	$	142,772	$	—	$	—	$	142,772

Commercial paper	5,496		—		(1)		5,495
Total cash equivalents	$	148,268	$	—	$	(1)	$	148,267
Marketable securities
U.S. treasury and agency securities	$	203,175	$	630	$	(11)	$	203,794
Commercial paper	11,459		4		(1)		11,462
Corporate debt securities	802,261		3,800		(112)		805,949


Total marketable securities	$	1,016,895	$	4,434	$	(124)	$	1,021,205

As of June 30, 2026 and December 31, 2025, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. Unrealized

losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses.

The contractual maturities of cash equivalents and marketable securities classified as available-for-sale are as follows (in thousands):


	As of June 30, 2026				As of December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	458,030	$	458,109	$	463,417	$	464,282
Due after one year through five years	771,419		767,971		701,746		705,190
Total available-for-sale securities	$	1,229,449	$	1,226,080	$	1,165,163	$	1,169,472

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The Company did not recognize any material allowance for credit losses as of June 30, 2026 and December 31, 2025 or impairment charges for the three and six months ended June 30, 2026 and 2025.