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Investments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis | 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 September 30, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 971,705 |  |  | $ | 971,705 |  |  | $ | — |  |  | $ | — |
Prepaid expenses and other current assets and other assets: |  |  |  |  |  |  |
Certificates of deposit | 4,834 |  |  | — |  |  | 4,834 |  |  | — |
Marketable securities: |  |  |  |  |  |  |
U.S. Treasury securities | 4,779,769 |  |  | — |  |  | 4,779,769 |  |  | — |
Publicly-traded equity securities | 42,081 |  |  | 42,081 |  |  | — |  |  | — |
Total | $ | 5,798,389 |  |  | $ | 1,013,786 |  |  | $ | 4,784,603 |  |  | $ | — |
Debt Securities, Available-for-Sale | As of September 30, 2025 and December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
| As of September 30, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 4,773,008 |  |  | $ | 7,095 |  |  | $ | (334) |  |  | $ | 4,779,769 |
Total debt securities | $ | 4,773,008 |  |  | $ | 7,095 |  |  | $ | (334) |  |  | $ | 4,779,769 |
| As of December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. Treasury securities | $ | 3,110,278 |  |  | $ | 1,022 |  |  | $ | (613) |  |  | $ | 3,110,687 |
Total debt securities | $ | 3,110,278 |  |  | $ | 1,022 |  |  | $ | (613) |  |  | $ | 3,110,687 |

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