During the six months ended June 30, 2026, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $189.8 million. We also recognized a gain of $158.8 million related to an observable price change for existing investments in the same strategic investee. During the six months ended June 30, 2026, we also acquired equity interests in a separate strategic investee for an aggregate amount of $49.9 million.

During the six months ended June 30, 2025, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $215.1 million. We also recognized a gain of $167.4 million related to an observable price change of a separate existing strategic investee. Furthermore, we entered into a series of transactions to sell certain interests for cash consideration of $340.7 million in the same strategic investee, which was received during the six months ended June 30, 2025. Previously unrealized gains of $320.8 million were realized from the collective sales, net of $1.3 million of transaction costs.


	June 30, 2026		December 31, 2025
Equity securities:
Non-marketable equity securities (1)	$	848,099	$	416,236
Debt securities:
Non-marketable debt securities	5,743		597
Total strategic investments	$	853,842	$	416,833

(1)As of June 30, 2026 and December 31, 2025, the carrying value of our strategic investments held under the equity method of accounting was $24.5 million and $1.6 million, respectively.

The life to date cumulative upward and downward adjustments to the carrying value of our strategic equity investments accounted for under the ASC 321 measurement alternative and still held as of June 30, 2026 were $176.0 million and $15.4 million, respectively.

As of June 30, 2026 and December 31, 2025, the carrying value of our variable interest assets in unconsolidated non-public variable interest entities was $126.1 million and $9.4 million, respectively. These balances reflect the maximum exposure to loss, which is limited to the carrying value of the interest.

The following table summarizes the gains and losses associated with our strategic investments during the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized gains recognized on strategic investments during the period, net	$	240	$	47,339	$	37,971	$	320,817
Reversal of prior period cumulative unrealized (gains) losses, net, for securities sold during the period	—		(47,339)		—		(160,736)
Unrealized gains on strategic investments still held at the reporting date (1)	5,566		751		164,435		7,991
Unrealized losses, including impairments, on strategic investments still held at the reporting date (1)	(97)		(2,048)		(97)		(2,048)
Income (loss) from strategic investments, net	$	5,709	$	(1,297)	$	202,309	$	166,024

(1)Includes immaterial income (losses) from strategic investments held under the equity method of accounting, as well as immaterial unrealized gains (losses) for debt security strategic investments.