Fair Value Measurements

6 Months Ended

Jun. 30, 2026


4.						Fair Value Measurements

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	293	$	—	$	—	$	293
Commercial paper	—		13		—		13
U.S. government and government agency debt securities	—		10		—		10
Total cash equivalents	293		23		—		316
Short-term marketable securities
Commercial paper	—		7		—		7
U.S. government and government agency debt securities	—		41		—		41
Corporate debt securities	—		2		—		2
Total short-term marketable securities	—		50		—		50
Long-term marketable securities
U.S. government and government agency debt securities	—		81		—		81

Total long-term marketable securities	—		81		—		81
Total	$	293	$	153	$	—	$	446


	As of June 30, 2026
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	409	$	—	$	—	$	409
Commercial paper	—		25		—		25

Corporate debt securities	—		3		—		3
Total cash equivalents	409		28		—		436
Short-term marketable securities
Commercial paper	—		9		—		9
U.S. government and government agency debt securities	—		82		—		82
Corporate debt securities	—		2		—		2
Total short-term marketable securities	—		93		—		93
Long-term marketable securities
U.S. government and government agency debt securities	—		35		—		35

Total long-term marketable securities	—		35		—		35
Total	$	409	$	156	$	—	$	565

The Company’s investments in commercial paper, U.S. government and government agency debt securities, and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data.

The Series A redeemable convertible preferred stock that was issued during the year ended December 31, 2023 represented a non-recurring Level 3 financial measurement at issuance. Refer to Note 12 — Redeemable Convertible Preferred Stock for further information.

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 for the three or six months ended June 30, 2025 or 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details