The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measurement as of June 30, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | Money market funds | | $ | 138 | | | $ | — | | | $ | — | | | $ | 138 | | | U.S. treasury securities | | — | | | 222 | | | — | | | 222 | | | Corporate securities and commercial paper | | — | | | 406 | | | — | | | 406 | | | | | | | | | | | | Certificate of deposit | | — | | | 9 | | | — | | | 9 | | | Total assets measured at fair value | | $ | 138 | | | $ | 637 | | | $ | — | | | $ | 775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair value measurement as of December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | | Money market funds | | $ | 155 | | | $ | — | | | $ | — | | | $ | 155 | | | U.S. treasury securities | | — | | | 359 | | | — | | | 359 | | | Corporate securities and commercial paper | | — | | | 487 | | | — | | | 487 | | | | | | | | | | | | Certificate of deposit | | — | | | 9 | | | — | | | 9 | | | Total assets measured at fair value | | $ | 155 | | | $ | 855 | | | $ | — | | | $ | 1,010 | |
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