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Investments and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Investments and Fair Value Measurements | Investments and Fair Value Measurements 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 June 30, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 385,721 |  |  | $ | 385,721 |  |  | $ | — |  |  | $ | — |
Certificates of deposit | 9,358 |  |  | — |  |  | 9,358 |  |  | — |
Restricted cash, current and noncurrent |  |  |  |  |  |  |
Certificates of deposit | 32,292 |  |  | — |  |  | 32,292 |  |  | — |
Marketable securities: |  |  |  |  |  |  |
Marketable securities | 99,210 |  |  | 99,210 |  |  | — |  |  | — |
Total | $ | 526,581 |  |  | $ | 484,931 |  |  | $ | 41,650 |  |  | $ | — |
| As of December 31, 2021
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 507,317 |  |  | $ | 507,317 |  |  | $ | — |  |  | $ | — |
Certificates of deposit | 6,844 |  |  | — |  |  | 6,844 |  |  | — |
Restricted cash, current and noncurrent |  |  |  |  |  |  |
Certificates of deposit | 45,048 |  |  | — |  |  | 45,048 |  |  | — |
Marketable securities: |  |  |  |  |  |  |
Marketable securities | 234,153 |  |  | 234,153 |  |  | — |  |  | — |
Total | $ | 793,362 |  |  | $ | 741,470 |  |  | $ | 51,892 |  |  | $ | — |
Certificates of Deposit The Company’s Level 2 instruments consist of restricted cash invested in certificates of deposit. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Marketable Securities Marketable securities consist of equity securities in publicly-traded companies and are recorded at fair market value each reporting period. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. During the three and six months ended June 30, 2022, the Company recorded net unrealized losses of $122.8 million and $174.7 million, respectively, and realized losses of $15.7 million and $26.6 million, respectively, within other income (expense), net on the condensed consolidated statements of operations. Investments Since 2021, the Company has approved and entered into certain agreements (“Investment Agreements”) to purchase, or commit to purchase, as further discussed in Note 7. Commitments and Contingencies—Investment Commitments, shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, and commitments to purchase, the “Investments”). In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services. The total value of such commercial contracts was $754.9 million as of June 30, 2022, which is inclusive of $116.2 million of contractual options. The terms of such contracts, including contractual options, range from three to ten years. The majority of these commercial contracts are subject to various termination provisions, including for convenience in the event a proposed business combination is not completed. The Company assesses the concurrent agreements under the non-monetary guidance within ASC 606—Revenue from Contracts with Customers as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under each contract. The total revenue recognized from these commercial contracts during the three and six months ended June 30, 2022 was $31.4 million and $70.6 million, respectively. During the six months ended June 30, 2022 and the year ended December 31, 2021, the Company purchased shares for a total investment of $89.5 million and $326.0 million, respectively. No investments were purchased under such Investment Agreements during the three months ended June 30, 2022. Alternative Investments During the year ended December 31, 2021, the Company purchased $50.9 million in 100-ounce gold bars. The gold bars are kept in a secure third-party facility located in the northeastern United States. The Company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice.

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