The following table summarizes cash equivalents and marketable securities held at September 30, 2026 and December 31, 2025 (in thousands), which are recorded at fair value. The table below excludes $161.6 million and $295.4 million of cash at September 30, 2026 and December 31, 2025, respectively.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2026
Cash equivalents:
Money market funds	$	30,394	$	—	$	—		$	30,394
Total cash equivalents		30,394		—		—			30,394
Marketable securities:
Corporate debt securities		1,388,175		71		(10,862	)		1,377,384
Certificates and term deposits		322,236		—		—			322,236
Government-sponsored enterprise securities		306,871		1		(3,332	)		303,540
Commercial paper		59,339		—		(53	)		59,286
Total marketable debt securities		2,076,621		72		(14,247	)		2,062,446
Corporate equity securities									22,096
Total marketable securities									2,084,542
Total cash equivalents and marketable securities								$	2,114,936
December 31, 2025
Cash equivalents:
Money market funds	$	37,255	$	—	$	—		$	37,255
Commercial paper		14,896		—		(4	)		14,892
Total cash equivalents		52,151		—		(4	)		52,147
Marketable securities:
Corporate debt securities		1,152,319		3,827		(181	)		1,155,965
Certificates of deposit		101,100		—		—			101,100
Government-sponsored enterprise securities		304,259		1,054		(15	)		305,298
Commercial paper		49,432		28		—			49,460
Total marketable debt securities		1,607,110		4,909		(196	)		1,611,823
Corporate equity securities									16,446
Total marketable securities									1,628,269
Total cash equivalents and marketable securities								$	1,680,416

Unrealized gains and losses on the Company’s marketable debt securities are included in comprehensive loss in the condensed consolidated statements of operations and comprehensive loss. Unrealized gains and losses due to the change in fair value of the Company’s marketable equity securities are included in other income (expense), net, in the condensed consolidated statements of operations and comprehensive loss.

The Company determined that there is no material credit risk associated with the above investments as of September 30, 2026. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three and nine months ended September 30, 2026 and 2025. No available-for-sale debt securities held as of September 30, 2026 had remaining maturities greater than thirty-six months.

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values in which the Company does not have a controlling interest or significant influence. These investments had a carrying value of $31.9 million and $22.6 million as of September 30, 2026 and December 31, 2025, respectively, and are classified within other non-current assets on the condensed consolidated balance sheets. As of September 30, 2026, certain equity securities no longer qualified as equity securities without readily determinable fair value and, as of September 30, 2026, these securities were measured at fair value. Upward and downward adjustments for observable price changes or impairment for the three and nine months ended September 30, 2026 for these equity securities were not material. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and nine months ended September 30, 2025 related to these equity securities.