v3.26.3
Investments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):
As of September 30, 2026
TotalLevel 1Level 2Level 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 deposit4,860 — 4,860 — 
Marketable securities:— 
U.S. Treasury securities6,756,734 — 6,756,734 — 
Publicly-traded equity securities185,383 185,383 — — 
Total$9,941,644 $3,180,050 $6,761,594 $— 
Debt Securities, Available-for-Sale
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 CostUnrealized GainsUnrealized LossesFair 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 CostUnrealized GainsUnrealized LossesFair 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 
Investments Classified by Contractual Maturity Date
The fair value of debt securities by remaining contractual years-to-maturity consisted of the following (in thousands):
As of September 30,
2026		As of December 31,
2025
Due within 1 year$5,858,761 $5,729,892 
Due in 1 to 2 years897,973 — 
Total$6,756,734 $5,729,892