
	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	2,277	$	11	$	—	$	2,288
Mortgage-backed and asset-backed securities	441		2		(2)		441
Government bonds	262		—		—		262
Commercial paper	182		—		—		182
Certificates of deposit	149		—		—		149
Total debt securities	3,311		13		(2)		3,322
Time deposits	1,132		—		—		1,132

Total short-term investments	$	4,443	$	13	$	(2)	$	4,454


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Short-term investments
Debt securities:
Corporate debt securities	$	3,090	$	2	$	(7)	$	3,085
Mortgage-backed and asset-backed securities	570		1		(4)		567
Government bonds	370		—		(1)		369
Certificates of deposit	56		—		—		56
Commercial paper	39		—		—		39
Total debt securities	4,125		3		(12)		4,116
Time deposits	1,132		—		—		1,132

Total short-term investments	$	5,257	$	3	$	(12)	$	5,248

As of December 31, 2025 and June 30, 2026, the Company did not have any available-for-sale debt securities for which the Company recorded credit-related losses.

Unrealized gains and losses, net of tax, before reclassifications from AOCI to other income (expense), net, were immaterial for the three and six months ended June 30, 2025, and were immaterial and $15 million for the three and six months ended June 30, 2026, respectively. Realized gains and losses reclassified from AOCI to other income (expense), net, were immaterial for the three and six months ended June 30, 2025 and 2026.


	December 31, 2025		June 30, 2026
Securities in an unrealized loss position
Estimated fair value	$	161	$	2,046
Gross unrealized losses	$	12	$	22

Securities in continuous unrealized loss position greater than 12 months
Estimated fair value	$	36	$	227
Unrealized losses	$	12	$	12

The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):


	June 30, 2026
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,238	$	1,239
Due after one year through five years	2,798		2,782
Due after five years	102		100
Total	$	4,138	$	4,121

As of December 31, 2025 and June 30, 2026, the carrying values of the Company’s equity method investments in privately-held companies were $47 million and $52 million, respectively. Impairment charges were immaterial for the three and six months ended June 30, 2025 and 2026. Unrealized losses were immaterial for the three and six months ended June 30, 2025 and 2026.

During the six months ended June 30, 2026, the Company recognized a realized gain of $71 million on the sale of an equity investment, which was recognized in other income (expense), net in the unaudited condensed consolidated statements of operations. The realized gain resulted from the cash proceeds received in connection with the acquisition of the investee by a third party and reflects the difference between the proceeds and the investment’s carrying value.

The Company holds equity investments in privately-held companies where fair values are not readily determinable and in which it lacks a controlling interest or significant influence. The investments are classified within other assets, noncurrent on the unaudited condensed consolidated balance sheets. The net carrying value of these investments was $11 million and $39 million as of December 31, 2025 and June 30, 2026, respectively.

During the six months ended June 30, 2025 and 2026, the Company recorded non-cash impairment charges of $30 million and $8 million, respectively, with no impairment charges recorded during the three months ended June 30, 2025 and 2026. There were no upward adjustments for observable price changes recorded for the three and six months ended June 30, 2025 and 2026.

As of June 30, 2026, the cumulative impairment and downward adjustments for observable price changes were $115 million.