v3.26.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
As of June 30, 2026 and December 31, 2025 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:
June 30, 2026
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$2,039,015 $— $— $2,039,015 
Marketable securities, current:
Certificates of deposit— 32,130 — 32,130 
Commercial paper— 36,302 — 36,302 
Corporate debt securities— 82,669 — 82,669 
Yankee bonds— 2,140 — 2,140 
U.S. Treasury securities19,460 — — 19,460 
Marketable securities, non-current
Corporate debt securities— 12,629 — 12,629 
Yankee bonds— 2,732 — 2,732 
U.S. Treasury securities34,843 — — 34,843 
Asset-backed securities— 35,200 — 35,200 
Total$2,093,318 $203,802 $— $2,297,120 
Liabilities:
Other non-current liabilities:
Contingent consideration$— $— $13,674 $13,674 
Total$— $— $13,674 $13,674 
December 31, 2025
Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$741,498 $— $— $741,498 
Certificates of deposit— 1,556 — 1,556 
Marketable securities, current:
Certificates of deposit— 9,294 — 9,294 
Commercial paper— 27,776 — 27,776 
Corporate debt securities— 103,077 — 103,077 
Yankee bonds— 5,351 — 5,351 
U.S. Treasury securities40,576 — — 40,576 
Asset-backed securities— 1,843 — 1,843 
Marketable securities, non-current
Certificates of deposit— 2,327 — 2,327 
Corporate debt securities— 33,509 — 33,509 
U.S. Treasury securities8,492 — — 8,492 
Asset-backed securities— 37,919 — 37,919 
Total$790,566 $222,652 $— $1,013,218 
Liabilities:
Other non-current liabilities:
Contingent consideration$— $— $7,634 $7,634 
Total$— $— $7,634 $7,634 

The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.
There were no transfers between fair value measurement levels for the six months ended June 30, 2026.
Contingent Consideration
The Company recorded contingent consideration liabilities related to potential earnout payments based on revenue targets pursuant to the GEOST Purchase Agreement and the Motiv Purchase Agreement. The estimated fair value of the contingent consideration is recorded using significant unobservable measures and other fair value inputs and is therefore classified as a Level 3 financial instrument.
The following table presents contingent consideration obligations measured on a recurring basis using Level 3 inputs as of June 30, 2026 and December 31, 2025:
December 31, 2025$7,634 
Addition5,654 
Fair value adjustments386 
June 30, 2026$13,674 
Convertible Senior Notes
The Company measures the fair value of its convertible senior notes on a quarterly basis for disclosure purposes. The Company considers the fair value of its convertible senior notes as of June 30, 2026 to be a Level 2 measurement due to limited trading activity of the convertible senior notes. As of June 30, 2026, the net carrying amount of the convertible senior notes was $13,129, with unamortized discount and debt issuance costs of $237. As of June 30, 2026, the total estimated fair value (Level 2) of the convertible senior notes was $280,789. The fair value was determined based on the closing trading price of the convertible senior notes as of the last day of trading for the period.