The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):


	Fair Value Measurement as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	286,722	$	—	$	—	$	286,722
Commercial paper	—		45,230		—		45,230

Corporate debt securities	—		4,680		—		4,680

Marketable securities:
Corporate debt securities	—		2,596,966		—		2,596,966
Commercial paper	—		875,106		—		875,106
U.S. government treasury securities	—		757,391		—		757,391
Certificates of deposit	—		321,018		—		321,018

Derivative assets—included in prepaid expenses and other current assets:
Cash flow hedges	—		63				63
Total financial assets	$	286,722	$	4,600,454	$	—	$	4,887,176

Liabilities:
Derivative liabilities—included in accrued expenses and other current liabilities:
Cash flow hedges	$	—	$	3,398	$	—	$	3,398
Total liabilities	$	—	$	3,398	$	—	$	3,398


	Fair Value Measurement as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	311,106	$	—	$	—	$	311,106
Commercial paper	—		29,879		—		29,879
Corporate debt securities	—		1,524		—		1,524
Marketable securities:
Corporate debt securities	—		2,583,393		—		2,583,393
U.S. government treasury securities	—		695,894		—		695,894
Commercial paper	—		599,967		—		599,967
Certificates of deposit	—		192,784		—		192,784
U.S. government agency securities	—		1,493		—		1,493
Total financial assets	$	311,106	$	4,104,934	$	—	$	4,416,040