The following table presents the carrying value of our strategic investments at June 30, 2026 and December 31, 2025 (in thousands):


	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 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.