We invest in certain commercial paper and U.S. government money market funds, treasury bills, and agency discount notes classified as cash equivalents. Our marketable securities consist of high investment grade fixed income securities that are invested in U.S. treasury bills and notes.


	September 30, 2026
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value

	(in thousands)
Cash equivalents:
Money market funds	$	313,677	$	—	$	—	$	313,677
U.S. Treasury securities	359,493		—		(7)		359,486

Commercial paper	546,093		—		(88)		546,005
Total cash equivalents	1,219,263		—		(95)		1,219,168
Marketable securities:
U.S. Treasury securities	1,999		—		—		1,999
Agency discount notes	3,493		—		—		3,493
Total marketable securities	5,492		—		—		5,492
Total cash equivalents and marketable securities	$	1,224,755	$	—	$	(95)	$	1,224,660


	December 31, 2025
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value

	(in thousands)
Cash equivalents:
Money market funds	$	132,602	$	—	$	—	$	132,602
U.S. Treasury securities	11,957		3		—		11,960
Agency discount notes	25,933		5		—		25,938
Total cash equivalents	170,492		8		—		170,500
Marketable securities:
U.S. Treasury securities	9,419		2		—		9,421
Agency discount notes	7,940		2		—		7,942
Total marketable securities	17,359		4		—		17,363
Total cash equivalents and marketable securities	$	187,851	$	12	$	—	$	187,863

The contractual maturities of securities classified as available-for-sale, regardless of their classification on our condensed consolidated balance sheets, are less than one year.