| Summary of Cash Equivalents and Marketable Securities Recorded at Fair Value |
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 $295.4 million of cash at September 30, 2026 and December 31, 2025, respectively.
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Fair Value |
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September 30, 2026 |
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Cash equivalents: |
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Money market funds |
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$ |
30,394 |
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$ |
— |
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$ |
— |
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$ |
30,394 |
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Total cash equivalents |
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30,394 |
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— |
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— |
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30,394 |
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Marketable securities: |
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Corporate debt securities |
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1,388,175 |
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71 |
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(10,862 |
) |
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1,377,384 |
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Certificates and term deposits |
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322,236 |
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— |
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— |
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322,236 |
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Government-sponsored enterprise securities |
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306,871 |
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1 |
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(3,332 |
) |
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303,540 |
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Commercial paper |
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59,339 |
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— |
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(53 |
) |
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59,286 |
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Total marketable debt securities |
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2,076,621 |
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72 |
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(14,247 |
) |
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2,062,446 |
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Corporate equity securities |
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22,096 |
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Total marketable securities |
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2,084,542 |
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Total cash equivalents and marketable securities |
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$ |
2,114,936 |
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December 31, 2025 |
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Cash equivalents: |
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Money market funds |
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$ |
37,255 |
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$ |
— |
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$ |
— |
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$ |
37,255 |
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Commercial paper |
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14,896 |
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— |
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(4 |
) |
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|
14,892 |
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Total cash equivalents |
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52,151 |
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— |
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(4 |
) |
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52,147 |
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Marketable securities: |
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Corporate debt securities |
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1,152,319 |
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3,827 |
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(181 |
) |
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1,155,965 |
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Certificates of deposit |
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101,100 |
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— |
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— |
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101,100 |
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Government-sponsored enterprise securities |
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304,259 |
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1,054 |
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(15 |
) |
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305,298 |
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Commercial paper |
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49,432 |
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28 |
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— |
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49,460 |
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Total marketable debt securities |
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1,607,110 |
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4,909 |
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(196 |
) |
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1,611,823 |
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Corporate equity securities |
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16,446 |
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Total marketable securities |
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1,628,269 |
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Total cash equivalents and marketable securities |
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$ |
1,680,416 |
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| Summary of Aggregate Fair Value of Marketable Debt Securities |
The following table summarizes the aggregate fair value of marketable debt securities that were in an unrealized loss position as of September 30, 2026 and December 31, 2025 by the length of time the security has been in a loss position (in thousands):
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September 30, 2026 |
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December 31, 2025 |
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Debt securities in an unrealized loss position for 12 months or less |
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$ |
1,587,181 |
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$ |
193,841 |
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Debt securities in an unrealized loss position for more than 12 months |
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4,021 |
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— |
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Total debt securities in an unrealized loss position |
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$ |
1,591,202 |
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$ |
193,841 |
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