The following table summarizes the Company’s cash, cash equivalents and available-for-sale securities’ amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents, restricted cash short-term, restricted cash, or available-for-sale securities as of June 30, 2026 and December 31, 2025.


(in thousands)									Reported as:
June 30, 2026	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale Securities		Restricted Cash (Current)
Cash	$	68,677	$	—	$	—	$	68,677	$	56,514	$	—	$	12,163
Level I:
Money market funds	1,057,923		—		—		1,057,923		1,057,923		—		—
Level II:

Corporate bonds	1,149,508		175		(3,785)		1,145,898		—		1,145,898		—
U.S. treasury securities	1,640,490		280		(2,037)		1,638,733		462,366		1,176,367		—
U.S. government agency securities	177,989		—		(1,229)		176,760		—		176,760		—
Commercial paper	86,970		—		—		86,970		86,970		—		—
Subtotal	3,054,957		455		(7,051)		3,048,361		549,336		2,499,025		—
Total assets measured at fair value on a recurring basis	$	4,181,557	$	455	$	(7,051)	$	4,174,961	$	1,663,773	$	2,499,025	$	12,163


(in thousands)									Reported as:
December 31, 2025	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value		Cash & Cash Equivalents		Available-for-sale Securities		Restricted Cash (Current and Non-Current)
Cash	$	68,297	$	—	$	—	$	68,297	$	57,476	$	—	$	10,821
Level I:
Money market funds	587,823		—		—		587,823		587,823		—		—
Level II:
Time deposits	100,000		—		—		100,000		100,000		—		—
Corporate bonds	1,271,232		3,304		(54)		1,274,482		—		1,274,482		—
U.S. treasury securities	1,760,179		3,859		(4)		1,764,034		59,768		1,704,266		—
U.S. government agency securities	146,986		22		(78)		146,930		—		146,930		—
Commercial paper	170,506		—		—		170,506		138,469		32,037		—
Subtotal	3,448,903		7,185		(136)		3,455,952		298,237		3,157,715		—
Total assets measured at fair value on a recurring basis	$	4,105,023	$	7,185	$	(136)	$	4,112,072	$	943,536	$	3,157,715	$	10,821