| Fair value of assets and liabilities measured on a recurring basis |
At September 30, 2026 and December 31, 2025, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | September 30,
2026 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 2,298 | | | $ | 2,298 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 13,230 | | | 13,230 | | | — | | | — | | | Marketable securities: | | | | | | | | | | Time deposits | | 48,072 | | | 48,072 | | | — | | | — | | | Restricted marketable securities | | 202,497 | | | — | | | 202,497 | | | — | | | Derivative assets | | 1,140 | | | — | | | 1,140 | | | — | | | Total assets | | $ | 267,237 | | | $ | 63,600 | | | $ | 203,637 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 839 | | | $ | — | | | $ | 839 | | | $ | — | | | Total liabilities | | $ | 839 | | | $ | — | | | $ | 839 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting
Date Using |
| | December 31,
2025 | | Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant Unobservable Inputs (Level 3) | | Assets: | | | | | | | | | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 197,195 | | | $ | 197,195 | | | $ | — | | | $ | — | | | Restricted cash equivalents: | | | | | | | | | | Money market funds | | 6,900 | | | 6,900 | | | — | | | — | | | Marketable securities: | | | | | | | | | | Time deposits | | 42,562 | | | 42,562 | | | — | | | — | | | U.S. debt | | 9,287 | | | — | | | 9,287 | | | — | | | Restricted marketable securities | | 217,172 | | | — | | | 217,172 | | | — | | | Derivative assets | | 4,001 | | | — | | | 4,001 | | | — | | | Total assets | | $ | 477,117 | | | $ | 246,657 | | | $ | 230,460 | | | $ | — | | | Liabilities: | | | | | | | | | | Derivative liabilities | | $ | 2,357 | | | $ | — | | | $ | 2,357 | | | $ | — | | | Total liabilities | | $ | 2,357 | | | $ | — | | | $ | 2,357 | | | $ | — | |
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| Carrying value and fair value of financial instruments not measured at fair value |
At September 30, 2026 and December 31, 2025, the carrying values and fair values of our financial instruments not measured at fair value were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 |
| | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value | | Assets: | | | | | | | | | | Government grants receivable – noncurrent | | $ | 1,587,950 | | | $ | 1,564,400 | | | $ | 125,607 | | | $ | 104,391 | | | Liabilities: | | | | | | | | | | Long-term debt, including current maturities (1) | | $ | — | | | $ | — | | | $ | 373,651 | | | $ | 382,318 | |
—————————— (1)Excludes unamortized issuance costs.
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