Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of financial assets measured at fair value on a recurring basis

The following tables provide the financial assets measured at fair value on a recurring basis:


						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months												Fair Value Hierarchy as of June 30, 2026																		Aggregate Fair Value
																								Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	571,680					$	—					$	—											$	571,680					$	—					$	—					$	571,680

Commercial paper						21,579						—						—												—						21,579						—						21,579
U.S. Treasury bills						3,000						—						—												3,000						—						—						3,000
Total included in cash and cash equivalents						596,259						—						—												574,680						21,579						—						596,259
Marketable securities:
Debt securities:
U.S. Treasury securities						190,136						135						(710)												189,561						—						—						189,561

Corporate debt securities and commercial paper						1,638,200						1,683						(5,605)												—						1,634,278						—						1,634,278
Total debt securities						1,828,336						1,818						(6,315)												189,561						1,634,278						—						1,823,839
Equity securities						9,230						—						—												9,230						—						—						9,230
Total marketable securities						1,837,566						1,818						(6,315)												198,791						1,634,278						—						1,833,069
Total financial assets						$	2,433,825					$	1,818					$	(6,315)											$	773,471					$	1,655,857					$	—					$	2,429,328


						Amortized Cost or Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses Less Than 12 Months						Gross Unrealized Losses More Than 12 Months												Fair Value Hierarchy as of December 31, 2025																		Aggregate Fair Value
																														Level 1						Level 2						Level 3
Financial Assets:						(In thousands)
Cash and cash equivalents:
Money market funds						$	454,505					$	—					$	—					$	—											$	454,505					$	—					$	—					$	454,505

Commercial paper						37,517						—						—						—																		37,517												37,517

Total included in cash and cash equivalents						492,022						—						—						—												454,505						37,517						—						492,022
Marketable securities:
Debt securities:
U.S. Treasury securities						249,396						1,190						(9)						—												250,577						—						—						250,577

Corporate debt securities and commercial paper						1,523,935						9,360						(84)						(1)												—						1,533,210						—						1,533,210
Total debt securities						1,773,331						10,550						(93)						(1)												250,577						1,533,210						—						1,783,787
Equity securities						4,220						—						—						—												4,220						—						—						4,220
Total marketable securities						1,777,551						10,550						(93)						(1)												254,797						1,533,210						—						1,788,007
Total financial assets						$	2,269,573					$	10,550					$	(93)					$	(1)											$	709,302					$	1,570,727					$	—					$	2,280,029

Schedule of contractual maturities of marketable securities

The following table summarizes the contractual maturities of debt securities:


						As of June 30,												As of December 31,
						2026												2025
						Amortized Cost						Aggregate Fair Value						Amortized Cost						Aggregate Fair Value
Financial Assets:						(In thousands)
Less than one year						$	737,062					$	738,146					$	588,022					$	590,997
One to three years						1,091,274						1,085,693						1,185,309						1,192,790
Total						$	1,828,336					$	1,823,839					$	1,773,331					$	1,783,787