v3.26.3
Fair Value
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
Fair Value Measured at Reporting Date Using
September 30, 2026Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,367,804 $— $— $2,367,804 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,889 $4,889 

Fair Value Measured at Reporting Date Using
December 31, 2025Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,386,583 $— $— $2,386,583 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,607 $5,607 
The changes in the Level 3 financial liabilities during the nine months ended September 30, 2026, were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2025
$5,607 
EPP liability settlement(493)
Changes in fair value(225)
Liabilities at September 30, 2026
$4,889 
In March 2026, according to an EPP agreement with one of our customers, we paid $0.5 million, which was recorded as a reduction to our balance of embedded EPP derivative liability as of September 30, 2026.
For additional information on money market funds and EPP derivatives, see Part II, Item 8, Note 5—Fair Value, section Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis in our 2025 Form 10-K.
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis
Debt Instruments—The term loans and convertible senior notes are based on rates currently offered for instruments with similar maturities and terms (Level 2). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
September 30, 2026December 31, 2025
Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
Debt instruments
Recourse:
0% Convertible Senior Notes due November 20301
$2,450,891 $4,155,551 $2,442,091 $2,140,536 
3.0% Green Convertible Senior Notes due June 20291
22,608 304,704 73,473 313,740 
3.0% Green Convertible Senior Notes due June 20281
— — 98,162 456,764 
Non-recourse:
4.6% Term Loan due October 2026
2,950 3,355 2,769 3,009 
4.6% Term Loan due April 2026
$— $— $1,384 $1,550 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.