v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands):
As of September 30, 2026
Level 1Level 2Total Fair
Value
Cash equivalents
Money market funds$127,756 $— $127,756 
U.S. treasury and agency securities— 25,966 25,966 
Commercial paper— 15,959 15,959 
Total cash equivalents$127,756 $41,925 $169,681 
Marketable securities
U.S. treasury and agency securities$— $238,479 $238,479 
Commercial paper— 15,350 15,350 
Corporate debt securities— 915,018 915,018 
Total marketable securities$— $1,168,847 $1,168,847 
As of December 31, 2025
Level 1Level 2Total Fair
Value
Cash equivalents
Money market funds$142,772 $— $142,772 
Commercial paper— 5,495 5,495 
Total cash equivalents$142,772 $5,495 $148,267 
Marketable securities
U.S. treasury and agency securities$— $203,794 $203,794 
Commercial paper— 11,462 11,462 
Corporate debt securities— 805,949 805,949 
Total marketable securities$— $1,021,205 $1,021,205 
As of September 30, 2026 and December 31, 2025, there were no marketable securities with Level 3 fair value hierarchy measurement.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Goodwill, intangible assets, property and equipment, and certain equity investments without readily determinable fair values are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, these assets are measured at fair value during such period. There was no impairment on these assets during the three and nine months ended September 30, 2026 and 2025. In addition, when the Company identifies observable price changes in orderly transactions for the equity investments without readily determinable fair values, it shall measure the equity security at fair value as of the date that the observable transaction occurred. During the three and nine months ended September 30, 2026, the Company recorded an increase in fair value of zero and $1.5 million, respectively, related to its equity investments in interest and other income within the condensed consolidated statement of operations and comprehensive income.

As of September 30, 2026 and December 31, 2025, the Company had no liabilities required to be measured at fair value on a nonrecurring basis.

Assets and Liabilities Not Measured at Fair Value
The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities.