The Company classifies its U.S. Treasury securities, which are accounted for as available-for-sale, and time deposits within Level 2 in the fair value hierarchy because it uses quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.

The following tables summarize the Company’s investments (in thousands):


	June 30, 2026
	Fair Value Hierarchy(1)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	1,173,730	$	5,624	$	—	$	—	$	1,179,354
Time deposits	Level 2	36		—		—		—		36
Total		$	1,173,766	$	5,624	$	—	$	—	$	1,179,390

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(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.


	December 31, 2025
	Fair Value Hierarchy(1)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Accrued Interest		Fair Value
U.S. Treasury securities	Level 2	$	404,321	$	2,174	$	—	$	—	$	406,495
Time deposits	Level 2	36		—		—		—		36
Total		$	404,357	$	2,174	$	—	$	—	$	406,531

_______________

(1)Refer to Note 7 - Fair Value Measurements for a description of fair value hierarchy inputs.

All of the Company’s investments have a stated contractual maturity date of less than one year.