v3.26.1
Financial Instruments
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values (in millions):

June 30, 2026
Level 1Level 2Level 3Total
Assets:
Money market funds$636 $— $— $636 
Commercial paper— 58 — 58 
Certificates of deposit— 35 — 35 
Corporate bonds— 291 — 291 
Treasury bonds— 188 — 188 
Asset-backed securities— 126 — 126 
$636 $698 $— $1,334 
Liabilities:
Warrants to purchase common stock$— $— $12 $12 
$— $— $12 $12 

December 31, 2025
Level 1Level 2Level 3Total
Assets:
Money market funds$951 $— $— $951 
Commercial paper— 96 — 96 
Certificates of deposit— 23 — 23 
Corporate bonds— 261 — 261 
U.S. government agency securities— 7 — 7 
Treasury bonds— 134 — 134 
Asset-backed securities— 142 — 142 
$951 $663 $— $1,614 
Liabilities:
Warrants to purchase common stock$— $— $19 $19 
$— $— $19 $19 

During the six months ended June 30, 2026 and 2025, there were no transfers into or out of Level 3 measurements within the fair value hierarchy.

The Company did not recognize any credit losses or non-credit-related impairments related to available-for-sale marketable debt securities for the six months ended June 30, 2026 and 2025. Unrealized losses were immaterial and recognized in other comprehensive income (loss).

Marketable Securities

The fair values of the marketable securities by contractual maturities at June 30, 2026 were as follows (in millions):

  June 30, 2026
Due within 1 year$402 
Due after 1 year through 5 years294 
Due after 5 years and thereafter2 
Total marketable securities$698 
Fair Value of Liabilities

The aggregate fair value of the common stock warrant liability, which is measured using Level 3 inputs, decreased from $19 million as of December 31, 2025 to $12 million as of June 30, 2026, resulting in a $7 million gain during the period.

As of June 30, 2026, the maximum number of shares of the Company’s common stock that could be required to be issued upon the exercise of outstanding warrants was 1 million.