
	As of September 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	2,994,667	$	2,994,667	$	—	$	—

Prepaid expenses and other current assets and other assets:
Certificates of deposit	4,860		—		4,860		—
Marketable securities:							—
U.S. Treasury securities	6,756,734		—		6,756,734		—
Publicly-traded equity securities	185,383		185,383		—		—
Total	$	9,941,644	$	3,180,050	$	6,761,594	$	—


	As of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	945,330	$	945,330	$	—	$	—
Prepaid expenses and other current assets and other assets:
Certificates of deposit	4,846		—		4,846		—
Marketable securities:
U.S. Treasury securities	5,729,892		—		5,729,892		—
Publicly-traded equity securities	23,355		23,355		—		—
Total	$	6,703,423	$	968,685	$	5,734,738	$	—

As of September 30, 2026 and December 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):


	As of September 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	6,770,451	$	957	$	(14,674)	$	6,756,734
Total debt securities	$	6,770,451	$	957	$	(14,674)	$	6,756,734


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
U.S. Treasury securities	$	5,720,869	$	9,158	$	(135)	$	5,729,892
Total debt securities	$	5,720,869	$	9,158	$	(135)	$	5,729,892

No available-for-sale debt securities were sold during the three and nine months ended September 30, 2026 or during the three months ended September 30, 2025. The Company sold $280 million of available-for-sale debt securities during the nine months ended September 30, 2025. The realized gains and losses from those sales were immaterial. As of September 30, 2026 and December 31, 2025, available-for-sale debt securities of $5.9 billion and $0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of September 30, 2026 or December 31, 2025 were in a continuous unrealized loss position for greater than 12 months and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis. The Company did not recognize any credit losses related to available-for-sale debt securities during the three and nine months ended September 30, 2026 and 2025.

The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three and nine months ended September 30, 2026, the Company recognized net unrealized losses of $25 million and net unrealized gains of $42

million, respectively, from publicly-traded equity securities held at the end of each period, the majority of which are subject to short-term restrictions on the ability to sell. The net unrealized losses from publicly-traded equity securities at the end of each period were immaterial for the three and nine months ended September 30, 2025.

The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative. As of September 30, 2026 and December 31, 2025, the total amount of privately-held equity securities included in other assets on the condensed consolidated balance sheets was $217 million and $170 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three and nine months ended September 30, 2026 and 2025. Cumulative upward and downward adjustments and impairments on privately-held equity securities held by the Company as of September 30, 2026 were not material.