The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash, and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):


	As of June 30, 2026									As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Cash and money market funds	$	1,243,290	$	—	$	—		$	1,243,290	$	538,195	$	—	$	—		$	538,195
Certificates of deposit		531		—		—			531		—		—		—			—
Corporate notes and bonds		—		—		—			—		1,999		—		—			1,999
U.S. government and agency		1,732,561		31		(9,518	)		1,723,074		2,801,589		2,334		(435	)		2,803,488
Total cash, cash equivalents, restricted cash and investments	$	2,976,382	$	31	$	(9,518	)	$	2,966,895	$	3,341,783	$	2,334	$	(435	)	$	3,343,682

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):


	As of June 30, 2026
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Loses
U.S. government and agency	$	1,499,232	$	(9,464	)	$	41,963	$	(54	)	$	1,541,195	$	(9,518	)
Total	$	1,499,232	$	(9,464	)	$	41,963	$	(54	)	$	1,541,195	$	(9,518	)


	As of December 31, 2025
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Loses
U.S. government and agency	$	914,652	$	(435	)	$	—	$	—	$	914,652	$	(435	)
Total	$	914,652	$	(435	)	$	—	$	—	$	914,652	$	(435	)

The Company did not have any allowance for credit losses as of either June 30, 2026 or December 31, 2025. The Company neither intends to, nor believes that it is more likely than not that it will be required to, sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash, and investments in available-for-sale securities as of June 30, 2026, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):


	1 Year or Less		Greater than 1 Year		Total
Cash and money market funds	$	1,236,253	$	7,037	$	1,243,290
Certificates of deposit		531		—		531
U.S. government and agency		882,709		840,365		1,723,074
Total	$	2,119,493	$	847,402	$	2,966,895