The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds	$	201,464	$	—	$	—	$	201,464
Certificates of deposit	—		158,964		—		158,964
Commercial paper	—		166,001		—		166,001
Corporate bonds	—		319,128		—		319,128
U.S. government and agency securities	—		58,759		—		58,759
Total unrestricted cash equivalents and short-term investments	201,464		702,852		—		904,316
Restricted cash equivalents and investments(2)
Money market funds	35,314		—		—		35,314
Certificates of deposit	—		13,309		—		13,309
Commercial paper	—		1,243,311		—		1,243,311
U.S. government and agency securities	—		769,673		—		769,673
Total restricted cash equivalents and investments	35,314		2,026,293		—		2,061,607
Total financial assets	$	236,778	$	2,729,145	$	—	$	2,965,923

(1)$527.4 million of cash and $362.8 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$3.1 million of restricted cash is not subject to recurring fair value measurement and is therefore excluded from this table. However, this balance is included within the $2.1 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds	$	276,077	$	—	$	—	$	276,077
Certificates of deposit	—		143,471		—		143,471
Commercial paper	—		216,525		—		216,525
Corporate bonds	—		267,491		—		267,491
U.S. government and agency securities	—		134,280		—		134,280
Total unrestricted cash equivalents and short-term investments	276,077		761,767		—		1,037,844
Restricted cash equivalents and investments(2)
Money market funds	47,264		—		—		47,264
Certificates of deposit	—		104,370		—		104,370
Commercial paper	—		922,364		—		922,364
Corporate bonds	—		15,037		—		15,037
U.S. government and agency securities	—		844,063		—		844,063
Total restricted cash equivalents and investments	47,264		1,885,834		—		1,933,098
Total financial assets	$	323,341	$	2,647,601	$	—	$	2,970,942

(1)$439.2 million of cash and $360.1 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)$3.0 million of restricted cash is not subject to recurring fair value measurement and is therefore excluded from this table. However, this balance is included within the $1.9 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets.