Cash, Cash Equivalents, Restricted Cash And Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Cash and Cash Equivalents [Abstract] |
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| Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments |
The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash, and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):
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As of September 30, 2026 |
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As of December 31, 2025 |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair
Value |
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Amortized
Cost |
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Gross
Unrealized
Gains |
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Gross
Unrealized
Losses |
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Estimated
Fair
Value |
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Cash and money
market funds |
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$ |
216,474 |
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$ |
— |
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$ |
— |
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$ |
216,474 |
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$ |
538,195 |
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$ |
— |
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$ |
— |
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$ |
538,195 |
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Certificates of
deposit |
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534 |
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— |
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— |
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534 |
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— |
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— |
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— |
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— |
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Corporate notes and
bonds |
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— |
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— |
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— |
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— |
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1,999 |
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— |
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— |
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1,999 |
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U.S. government
and agency |
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1,468,709 |
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43 |
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(15,812 |
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1,452,940 |
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2,801,589 |
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2,334 |
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(435 |
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2,803,488 |
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Total cash, cash
equivalents,
restricted cash
and investments |
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$ |
1,685,717 |
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$ |
43 |
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$ |
(15,812 |
) |
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$ |
1,669,948 |
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$ |
3,341,783 |
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$ |
2,334 |
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$ |
(435 |
) |
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$ |
3,343,682 |
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| Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
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As of September 30, 2026 |
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair Value |
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Gross Unrealized
Losses |
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Fair Value |
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Gross Unrealized
Losses |
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Fair Value |
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Gross Unrealized
Losses |
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U.S. government and agency |
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$ |
1,049,128 |
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$ |
(13,630 |
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$ |
301,710 |
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$ |
(2,182 |
) |
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$ |
1,350,838 |
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$ |
(15,812 |
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Total |
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$ |
1,049,128 |
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$ |
(13,630 |
) |
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$ |
301,710 |
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$ |
(2,182 |
) |
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$ |
1,350,838 |
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$ |
(15,812 |
) |
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As of December 31, 2025 |
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Less than 12 Months |
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12 Months or Longer |
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Total |
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Fair Value |
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Gross Unrealized
Losses |
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Fair Value |
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Gross Unrealized
Losses |
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Fair Value |
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Gross Unrealized
Losses |
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U.S. government and agency |
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$ |
914,652 |
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$ |
(435 |
) |
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$ |
— |
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$ |
— |
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$ |
914,652 |
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$ |
(435 |
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Total |
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$ |
914,652 |
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$ |
(435 |
) |
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$ |
— |
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$ |
— |
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$ |
914,652 |
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$ |
(435 |
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| Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities |
The estimated fair value of the Company’s cash, cash equivalents, restricted cash, and investments in available-for-sale securities as of September 30, 2026, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):
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1 Year
or Less |
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Greater than
1 Year |
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Total |
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Cash and money market funds |
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$ |
209,434 |
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$ |
7,040 |
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$ |
216,474 |
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Certificates of deposit |
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|
534 |
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— |
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534 |
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U.S. government and agency |
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788,458 |
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664,482 |
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1,452,940 |
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Total |
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$ |
998,426 |
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$ |
671,522 |
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$ |
1,669,948 |
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