v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value represents the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The Company's financial assets and liabilities measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy based on the priority of the inputs used in the fair value valuation technique.

The levels of the fair value hierarchy are as follows:

•Level 1: Inputs utilize quoted (unadjusted) prices in active markets for identical assets or liabilities.
•Level 2: Inputs utilize quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; or model-derived valuations in which all significant inputs are observable in active markets.
•Level 3: Inputs utilized are unobservable but significant to the fair value measurement for the asset or liability. The unobservable inputs are used to measure fair value to the extent relevant observable inputs are not available. The unobservable inputs typically reflect management’s own estimates about the assumptions a market participant would use in pricing the asset or liability.

The following tables summarize fair value measurements by level for assets and liabilities measured at fair value on a recurring basis:
June 30, 2026
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents
$81,098$107,528$—$188,626
Investments
U.S. treasury and agency securities
$— $3,203,030 $— $3,203,030 
Corporate notes
— 771,299 — 771,299 
Certificates of deposit
— 1,965,000 — 1,965,000 
Commercial paper
— 99,721 — 99,721 
Asset-backed securities— 38,717 — 38,717 
Restricted investments
U.S. treasury securities
— 4,512 — 4,512 
Total assets$81,098 $6,189,807 $— $6,270,905 

December 31, 2025
(in thousands)
Level 1
Level 2
Level 3
Total
Assets
Cash equivalents$49,552 $— $— $49,552 
Investments
U.S. treasury and agency securities
$— $2,090,980 $— $2,090,980 
Corporate notes
— 560,414 — 560,414 
Asset-backed securities— 33,645 — 33,645 
Restricted investments
U.S. treasury securities— 2,979 — 2,979 
Total assets$49,552 $2,688,018 $— $2,737,570