Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

6. Cash Equivalents and Investments

The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):


	March 31, 2026
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	165,585	$	—	$	—	$	165,585
Money market deposit accounts	363,337		—		—		363,337
Certificates of deposit	160,010		56		(43)		160,023
Commercial paper	176,947		8		(214)		176,741
Corporate bonds	316,353		472		(406)		316,419
U.S. government and agency securities	77,472		24		(1)		77,495
Total unrestricted cash equivalents and short-term investments	1,259,704		560		(664)		1,259,600
Restricted Balances(2)
Money market funds	29,594		—		—		29,594
Certificates of deposit	53,959		10		—		53,969
Commercial paper	1,064,383		42		(385)		1,064,040
U.S. government and agency securities	847,837		72		(248)		847,661
Total restricted cash equivalents and investments	1,995,773		124		(633)		1,995,264
Total unrestricted and restricted cash equivalents and investments	$	3,255,477	$	684	$	(1,297)	$	3,254,864

_______________

(1)Excludes $461.3 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)Excludes $3.0 million of restricted cash, which is included within the $2.0 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets.


	December 31, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	276,077	$	—	$	—	$	276,077
Money market deposit accounts	360,127		—		—		360,127
Certificates of deposit	143,325		146		—		143,471
Commercial paper	216,420		105		—		216,525
Corporate bonds	266,199		1,300		(8)		267,491
U.S. government and agency securities	134,210		70		—		134,280
Total unrestricted cash equivalents and short-term investments	1,396,358		1,621		(8)		1,397,971
Restricted Balances(2)
Money market funds	47,264		—		—		47,264
Certificates of deposit	104,310		60		—		104,370
Commercial paper	921,902		462		—		922,364
Corporate bonds	15,022		15		—		15,037
U.S. government and agency securities	843,661		402		—		844,063
Total restricted cash equivalents and investments	1,932,159		939		—		1,933,098
Total unrestricted and restricted cash equivalents and investments	$	3,328,517	$	2,560	$	(8)	$	3,331,069

_______________

(1)Excludes $439.2 million of cash, which is included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

(2)Excludes $3.0 million of restricted cash, which is included within the $1.9 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets.

The Company’s investments consist of available-for-sale debt securities. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.

Interest income earned by the Company included in other income, net in the condensed consolidated statements of operations was $32.2 million and $39.5 million for the three months ended March 31, 2026 and 2025, respectively.

The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of March 31, 2026. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of March 31, 2026 for the Company’s marketable and non-marketable debt securities.

The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type and maturity (in thousands):


	March 31, 2026
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	57,807	$	(43)	$	—	$	—	$	57,807	$	(43)
Corporate bonds	33,190		(43)		103,526		(306)		136,716		(349)
Commercial paper	593,826		(569)		—		—		593,826		(569)
U.S. government and agency securities	469,699		(246)		8,012		(57)		477,711		(303)
Total available-for-sale debt securities in an unrealized loss position	$	1,154,522	$	(901)	$	111,538	$	(363)	$	1,266,060	$	(1,264)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	9,720	$	—	$	2,000	$	—	$	11,720	$	—
Corporate bonds	9,084		(2)		8,368		(6)		17,452		(8)
Commercial paper	2,612		—		—		—		2,612		—
Total available-for-sale debt securities in an unrealized loss position	$	21,416	$	(2)	$	10,368	$	(6)	$	31,784	$	(8)

The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):


	March 31, 2026		December 31, 2025
Due within one year	$	1,658,980	$	1,745,834
Due within one year to three years	232,879		190,096
Total	$	1,891,859	$	1,935,930

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