v3.26.3
Investments in Unconsolidated Affiliates
9 Months Ended
Sep. 30, 2026
Investments in Unconsolidated Affiliates [Abstract]  
Investments in Unconsolidated Affiliates
Note 8 - Investments in Unconsolidated Affiliates
As of September 30, 2026 and December 31, 2025, the Company held various equity method investments of $653 million and $101 million, respectively. For its equity method investment in TBC - The Boring Company (“TBC”), the Company elected the fair value option to measure the investment based on observable inputs. In September 2026, TBC completed a new round of financing with its investors. Following this observable price change, the Company’s investment in TBC was measured at fair value with an unrealized gain on investment of $561 million recorded in Other income (expense), net during the three months ended September 30, 2026. Refer to Note 17 - Related Party Transactions for additional details.