v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
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.