| Summary of fair value measurements on a recurring basis and the level of inputs |
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
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Fair Value Measured as of |
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September 30, 2026 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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Cash, cash equivalents and restricted cash: |
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Cash and money market funds(1) |
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$ |
216,474 |
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$ |
— |
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|
$ |
— |
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|
$ |
216,474 |
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Certificates of deposit |
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|
— |
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|
534 |
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|
534 |
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U.S. government and agency |
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|
— |
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|
|
— |
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|
|
— |
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|
|
— |
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Total cash, cash equivalents and restricted cash |
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$ |
216,474 |
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$ |
534 |
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$ |
— |
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$ |
217,008 |
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Short-term investments: |
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Certificates of deposit |
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— |
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|
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— |
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|
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— |
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|
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— |
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U.S. government and agency |
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|
— |
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|
788,458 |
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— |
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|
788,458 |
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Total short-term investments |
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$ |
— |
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$ |
788,458 |
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$ |
— |
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$ |
788,458 |
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Prepaid expenses and other current assets: |
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Strategic investments |
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71,598 |
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|
|
— |
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|
|
— |
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|
71,598 |
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Total prepaid expense and other current assets |
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$ |
71,598 |
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$ |
— |
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$ |
— |
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$ |
71,598 |
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Long-term investments: |
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U.S. government and agency |
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— |
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|
664,482 |
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— |
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|
664,482 |
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Total long-term investments |
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$ |
— |
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|
$ |
664,482 |
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|
$ |
— |
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|
$ |
664,482 |
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Other noncurrent assets: |
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Strategic investments |
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— |
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— |
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148,134 |
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|
148,134 |
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Total other noncurrent assets |
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$ |
— |
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$ |
— |
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$ |
148,134 |
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$ |
148,134 |
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Total assets |
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$ |
288,072 |
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$ |
1,453,474 |
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$ |
148,134 |
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|
$ |
1,889,680 |
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Liabilities |
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Warrant liabilities |
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$ |
— |
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$ |
— |
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$ |
2,124,224 |
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$ |
2,124,224 |
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Total liabilities |
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$ |
— |
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$ |
— |
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|
$ |
2,124,224 |
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|
$ |
2,124,224 |
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|
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|
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Fair Value Measured as of |
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|
December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets |
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|
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|
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|
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Cash, cash equivalents and restricted cash: |
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Cash and money market funds(1) |
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$ |
538,195 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
538,195 |
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U.S. government and agency |
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|
— |
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|
499,553 |
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|
|
— |
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|
499,553 |
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Total cash, cash equivalents and restricted cash |
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$ |
538,195 |
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|
$ |
499,553 |
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|
$ |
— |
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$ |
1,037,748 |
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Short-term investments: |
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Corporate notes and bonds |
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— |
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|
1,999 |
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— |
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|
1,999 |
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U.S. government and agency |
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— |
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|
1,359,292 |
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— |
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|
1,359,292 |
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Total short-term investments |
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$ |
— |
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$ |
1,361,291 |
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$ |
— |
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$ |
1,361,291 |
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Long-term investments: |
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|
|
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U.S. government and agency |
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— |
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|
944,643 |
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— |
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|
944,643 |
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Total long-term investments |
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$ |
— |
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|
$ |
944,643 |
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|
$ |
— |
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|
$ |
944,643 |
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Other noncurrent assets: |
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|
|
|
|
|
|
|
|
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Strategic investments |
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|
— |
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|
|
— |
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|
|
61,010 |
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$ |
61,010 |
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Total other noncurrent assets |
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$ |
— |
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$ |
— |
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|
$ |
61,010 |
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$ |
61,010 |
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Total assets |
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$ |
538,195 |
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|
$ |
2,805,487 |
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|
$ |
61,010 |
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|
$ |
3,404,692 |
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Liabilities |
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Warrant liabilities |
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$ |
44,168 |
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|
$ |
— |
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|
$ |
2,427,409 |
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|
$ |
2,471,577 |
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Total liabilities |
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$ |
44,168 |
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|
$ |
— |
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|
$ |
2,427,409 |
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|
$ |
2,471,577 |
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Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company’s financial guarantees and certain other obligations.
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| Summary of Changes in Level 3 Assets and Liabilities Measured at Fair Value |
The following table summarizes changes in Level 3 assets and liabilities measured at fair value for the nine months ended September 30, 2026 (in thousands):
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Strategic Investments(1) |
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Contingent Consideration(2) |
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Warrant Liabilities(3) |
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Fair value as of December 31, 2025 |
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$ |
61,010 |
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|
$ |
— |
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|
$ |
(2,427,409 |
) |
Purchases |
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|
100,500 |
|
|
|
— |
|
|
|
— |
|
Issuances |
|
|
— |
|
|
|
(24,502 |
) |
|
|
— |
|
Transfer out of Level 3(4) |
|
|
(22,846 |
) |
|
|
— |
|
|
|
— |
|
Changes in fair value included in net income (loss) |
|
|
9,470 |
|
|
|
24,502 |
|
|
|
303,185 |
|
Changes in fair value included in other comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fair value as of September 30, 2026 |
|
$ |
148,134 |
|
|
$ |
— |
|
|
$ |
(2,124,224 |
) |
(1)The change in fair value of strategic investments is recorded in other income (expense), net in the condensed consolidated statements of operations. (2)The change in fair value of contingent consideration is recorded in general and administrative expenses in the condensed consolidated statements of operations. (3)The change in fair value of warrant liabilities is recorded in gain (loss) on change in fair value of warrant liabilities in the condensed consolidated statements of operations. (4)During the nine months ended September 30, 2026, the Company transferred one of its strategic investments from Level 3 to Level 1 due to the conversion of certain convertible debt securities into publicly-traded equity securities.
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