Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of Composition of Short and Long Term Investments |
The following tables summarize the composition of our short- and long-term investments at June 30, 2026 and December 31, 2025.
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June 30, 2026 |
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Amortized
Cost |
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Unrealized
Gains |
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Unrealized
Losses |
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Aggregate
Fair Value |
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(in thousands) |
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Corporate bonds |
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$ |
183,141 |
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|
$ |
82 |
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|
$ |
(195 |
) |
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$ |
183,028 |
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U.S. Government agency securities |
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29,539 |
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— |
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(70 |
) |
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29,469 |
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U.S. Treasury securities |
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212,446 |
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1 |
|
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(50 |
) |
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212,397 |
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Total |
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$ |
425,126 |
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|
$ |
83 |
|
|
$ |
(315 |
) |
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$ |
424,894 |
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December 31, 2025 |
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Amortized
Cost |
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|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Aggregate
Fair Value |
|
|
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(in thousands) |
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Corporate bonds |
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$ |
252,863 |
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|
$ |
903 |
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|
$ |
(1 |
) |
|
$ |
253,765 |
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U.S. Government agency securities |
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45,649 |
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|
64 |
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(3 |
) |
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45,710 |
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U.S. Treasury securities |
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658,387 |
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|
352 |
|
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— |
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658,739 |
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Total |
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$ |
956,899 |
|
|
$ |
1,319 |
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|
$ |
(4 |
) |
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$ |
958,214 |
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| Summary of Contractual Maturities of Short-Term and Long-Term Investments Held |
The contractual maturities of short-term and long-term investments held at June 30, 2026 and December 31, 2025 are as follows:
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June 30, 2026 |
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December 31, 2025 |
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Amortized
Cost Basis |
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Aggregate
Fair Value |
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Amortized
Cost Basis |
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Aggregate
Fair Value |
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(in thousands) |
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(in thousands) |
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Due within one year |
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$ |
379,638 |
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$ |
379,629 |
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$ |
820,831 |
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$ |
821,552 |
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Due after 1 year through 2 years |
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45,488 |
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45,265 |
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136,068 |
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|
136,662 |
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Total |
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$ |
425,126 |
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$ |
424,894 |
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$ |
956,899 |
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$ |
958,214 |
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| Summary of Carrying Values Strategic Investments |
The carrying values of the Company’s strategic investments broken down by category are as follows:
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June 30, 2026 |
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December 31, 2025 |
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(in thousands) |
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Measurement alternative method |
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$ |
105,696 |
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$ |
89,737 |
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Fair value |
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15,087 |
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19,076 |
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Equity method |
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|
13,768 |
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|
14,251 |
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Total |
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$ |
134,551 |
|
|
$ |
123,064 |
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| Summary of Activity Associated with Strategic Investments Other Income (Expense) |
The following table summarizes the activity associated with the Company’s strategic investments, which is reported on the Company’s consolidated statement of operations as other (expense) income:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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(in thousands) |
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Strategic investments: |
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Gains |
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$ |
91 |
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|
$ |
1,754 |
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$ |
569 |
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$ |
1,869 |
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Impairments |
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(2,371 |
) |
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— |
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(3,014 |
) |
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(1,600 |
) |
Total included in other (expense) income |
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$ |
(2,280 |
) |
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$ |
1,754 |
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|
$ |
(2,445 |
) |
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$ |
269 |
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