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, 2026	Level 1		Level 2		Level 3		Total
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 fund	49,343		—		—		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, 2025	Level 1		Level 2		Level 3		Total
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 fund	73,689		—		—		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