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Investments and Fair Value Measurements (Tables)
 9 Months Ended
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
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$971,705 $971,705 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,834 — 4,834 — 
Marketable securities:
U.S. Treasury securities4,779,769 — 4,779,769 — 
Publicly-traded equity securities42,081 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 CostUnrealized GainsUnrealized LossesFair 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 CostUnrealized GainsUnrealized LossesFair 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