v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 7 - Fair Value Measurements
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). As of June 30, 2026 and December 31, 2025, the Company did not hold any securities classified within Level 3 of the fair value hierarchy. The three levels of the fair value hierarchy are described below:
•Level 1 inputs are quoted prices in active markets for identical assets and liabilities;
•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 inputs are unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


Fair Value Measurements

Balance Sheet Captions
June 30,
2026
Level 1
Level 2
Total Gains(1)
Cash and cash equivalents
Money market funds$6,393,647 $6,393,647 $— $— 
U.S. Treasury securities348,509 — 348,509 1,010 
Restricted cash
Money market funds684,680 684,680 — — 
Investments
U.S. Treasury securities
1,179,354 — 1,179,354 5,624 
Time deposits
36 — 36 — 
Total investments
$1,179,390 $— $1,179,390 $5,624 
_______________
(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI. Realized gains have been recognized in the other income, net line item in the unaudited condensed consolidated statement of operations.


Fair Value Measurements

Balance Sheet Captions
December 31, 2025
Level 1
Level 2
Total Gains(1)
Cash and cash equivalents
Money market funds$598,544 $598,544 $— $— 
U.S. Treasury securities101,845—101,845632
Restricted cash
Money market funds224,006 224,006 — — 
Investments
U.S. Treasury securities
406,495 — 406,495 2,374 
Time deposits
36 — 36 — 
Total investments
$406,531 $— $406,531 $2,374 
_____________
(1)Unrealized gains from remeasurement of U.S. Treasury securities have been recognized in AOCI. Realized gains have been recognized in the other income, net line item in the unaudited condensed consolidated statement of operations.