Cash, Cash Equivalents and Short-Term Investments, Net

6 Months Ended

Jun. 30, 2026

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash, Cash Equivalents and Short-Term Investments, Net

Note 4—Cash, Cash Equivalents and Short-Term Investments, Net

Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands):


	As of June 30, 2026
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	301,288	$	—	$	301,288
Level 1:
Money market funds	639,743		—		639,743
Level 2:
Certificates of deposit	55,000		—		55,000
Commercial paper	107,009		82,476		189,485
Corporate debt securities	—		94,488		94,488
U.S. government and agency securities	19,939		185,390		205,329
Total	$	1,122,979	$	362,354	$	1,485,333


	As of December 31, 2025
	Cash and Cash Equivalents		Short-Term Investments, Net		Total
Cash	$	240,916	$	—	$	240,916
Level 1:
Money market funds	306,658		—		306,658
Level 2:
Commercial paper	83,180		133,222		216,402
Corporate debt securities	—		358,919		358,919
U.S. government and agency securities	27,421		152,741		180,162
Total	$	658,175	$	644,882	$	1,303,057

The Company’s gross unrealized gains and losses from its short-term investments, recorded at fair value, for the three and six months ended June 30, 2026 and 2025, were immaterial. Gains and losses realized on sales of short-term investments were immaterial for the three and six months ended June 30, 2026.

The contractual maturities of the Company’s short-term investments are as follows (in thousands):


	June 30, 2026
Due in one year	$	280,034
Due in one to two years	82,320
Total	$	362,354