v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of June 30, 2026 and December 31, 2025:
As of June 30, 2026Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$3,291 $— $— $3,291 
Commercial paper— 105,197 — 105,197 
Corporate bonds— 1,065 — 1,065 
Total cash equivalents$3,291 $106,262 $— $109,553 
Marketable securities:
U.S. agency securities$— $99,243 $— $99,243 
U.S. treasury securities— 512,807 — 512,807 
Commercial paper— 83,845 — 83,845 
Corporate bonds— 476,055 — 476,055 
Bitcoin exchange traded fund49,343 — — 49,343 
Total marketable securities$49,343 $1,171,950 $— $1,221,293 
Digital assets, current
USDC$15,820 $— $— $15,820 
Digital assets, non-current
Bitcoin$10,115 $— $— $10,115 
As of December 31, 2025Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$9,543 $— $— $9,543 
Commercial paper— 69,844 — 69,844 
Corporate bonds— 5,778 — 5,778 
Total cash equivalents$9,543 $75,622 $— $85,165 
Marketable securities:
U.S. agency securities$— $93,754 $— $93,754 
U.S. treasury securities— 515,359 — 515,359 
Commercial paper— 123,517 — 123,517 
Corporate bonds— 446,155 — 446,155 
Bitcoin exchange traded fund73,689 — — 73,689 
Total marketable securities$73,689 $1,178,785 $— $1,252,474 
Digital assets, current
USDC$15,575 $— $— $15,575 
Digital assets, non-current
Bitcoin$15,116 $— $— $15,116 
The Company classifies its highly liquid money market funds, Bitcoin exchange traded fund, and digital assets within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its U.S. agency securities, U.S. treasury securities, commercial paper, and corporate bonds within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The carrying amounts of the Company’s cash, restricted cash, accounts receivable, and accounts payable approximate their fair values due to their short-term nature and are excluded from the fair value table above.
Strategic investments
As of June 30, 2026, the Company holds $17.8 million of strategic investments, included in Other assets on the condensed consolidated balance sheets, that consist of non-marketable equity investments in privately held companies in which the Company does not have a controlling interest. These investments do not have readily determinable fair values and are accounted for under the measurement alternative. Accordingly, they are measured at cost, less impairment, if any, and adjusted for observable price changes resulting from orderly transactions involving identical or similar investments of the same issuer during the period. These investments are classified within Level 3 in the fair value hierarchy. Changes to the carrying value of strategic investments are recorded through Other income, net in the condensed consolidated statements of operations. The tables above exclude the carrying values of strategic investments. The Company’s strategic investments were $13.0 million as of December 31, 2025.
The Company had no transfers between levels of the fair value hierarchy during any period presented.