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