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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value of Financial Assets by Level | The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands):
|  | December 31, 2023 |  | December 31, 2022
|  | Level I |  | Level II |  | Level III |  | Total |  | Level I |  | Level II |  | Level III |  | Total
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,015,705 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,015,705 |  |  | $ | 322,294 |  |  | $ | — |  |  | $ | — |  |  | $ | 322,294 |
Commercial paper |  | — |  |  | 1,999 |  |  | — |  |  | 1,999 |  |  | — |  |  | 5,422 |  |  | — |  |  | 5,422 |
Agency securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,559 |  |  | — |  |  | 17,559 |
U.S. government notes |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,986 |  |  | — |  |  | — |  |  | 51,986 |
|  | 1,015,705 |  |  | 1,999 |  |  | — |  |  | 1,017,704 |  |  | 374,280 |  |  | 22,981 |  |  | — |  |  | 397,261 |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposits (1) |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |  |  | — |  |  | 10,492 |  |  | — |  |  | 10,492 |
U.S. government notes |  | 1,044,859 |  |  | — |  |  | — |  |  | 1,044,859 |  |  | 993,955 |  |  | — |  |  | — |  |  | 993,955 |
Corporate bonds |  | — |  |  | 1,362,124 |  |  | — |  |  | 1,362,124 |  |  | — |  |  | 1,113,134 |  |  | — |  |  | 1,113,134 |
Agency securities |  | — |  |  | 657,379 |  |  | — |  |  | 657,379 |  |  | — |  |  | 215,380 |  |  | — |  |  | 215,380 |
Marketable equity securities(2) |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,061 |  |  | — |  |  | — |  |  | 19,061 |
|  | 1,044,859 |  |  | 2,024,503 |  |  | — |  |  | 3,069,362 |  |  | 1,013,016 |  |  | 1,339,006 |  |  | — |  |  | 2,352,022 |
Other Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds - restricted |  | 858 |  |  | — |  |  | — |  |  | 858 |  |  | 4,271 |  |  | — |  |  | — |  |  | 4,271 |
Total Financial Assets |  | $ | 2,061,422 |  |  | $ | 2,026,502 |  |  | $ | — |  |  | $ | 4,087,924 |  |  | $ | 1,391,567 |  |  | $ | 1,361,987 |  |  | $ | — |  |  | $ | 2,753,554 |
______________________________________ (1) As of December 31, 2023 and 2022, all of our certificates of deposits were domestic deposits. (2) During the year ended December 31, 2023, the Company sold all its shares of its marketable equity security for $23.9 million. This publicly-traded equity investment generated an unrealized gain of $4.8 million and $10.7 million for the year ended December 31, 2023 and 2022, respectively. The initial cost of this investment was $3.0 million with no changes since our initial investment. The cumulative gain from the initial purchase was $20.9 million, the majority of which has been reflected in prior periods as net unrealized gains. The realized and unrealized gains/losses are included in Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statements Details. The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands):
|  | December 31, 2023 |  | December 31, 2022
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
U.S. government |  | 1,043,445 |  |  | 2,874 |  |  | (1,460) |  |  | 1,044,859 |  |  | 1,007,175 |  |  | 3 |  |  | (13,223) |  |  | 993,955 |
Corporate bonds |  | 1,361,132 |  |  | 2,810 |  |  | (1,818) |  |  | 1,362,124 |  |  | 1,125,920 |  |  | 271 |  |  | (13,057) |  |  | 1,113,134 |
Agency securities |  | 657,118 |  |  | 1,143 |  |  | (882) |  |  | 657,379 |  |  | 217,893 |  |  | 83 |  |  | (2,596) |  |  | 215,380 |
Total |  | $ | 3,061,695 |  |  | $ | 6,827 |  |  | $ | (4,160) |  |  | $ | 3,064,362 |  |  | $ | 2,350,988 |  |  | $ | 357 |  |  | $ | (28,876) |  |  | $ | 2,322,469 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table is an analysis of our marketable debt securities in unrealized loss positions (in thousands):
|  | December 31, 2023
|  | Unrealized Losses within 12 months |  | Unrealized Losses 12 months or greater |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government notes |  | $ | 317,376 |  |  | $ | (1,076) |  |  | $ | 108,739 |  |  | $ | (384) |  |  | $ | 426,115 |  |  | $ | (1,460) |
Corporate bonds |  | 610,086 |  |  | (1,423) |  |  | 141,943 |  |  | (395) |  |  | 752,029 |  |  | (1,818) |
Agency securities |  | 340,537 |  |  | (772) |  |  | 20,809 |  |  | (110) |  |  | 361,346 |  |  | (882) |
Total |  | $ | 1,267,999 |  |  | $ | (3,271) |  |  | $ | 271,491 |  |  | $ | (889) |  |  | $ | 1,539,490 |  |  | $ | (4,160) |
Schedule of Fair Value of Available-for-sale Marketable Securities by Remaining Contractual Maturity | The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
|  | December 31, 2023
Due in 1 year or less |  | $ | 1,627,780 |
Due in 1 year through 2 years |  | 1,436,582 |
Total marketable securities |  | $ | 3,064,362 |
Schedule of Gain and Losses on Non-marketable Equity Securities | Unrealized gains for our non-marketable equity securities are summarized below (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Unrealized gains on non-marketable equity securities (1) |  | $ | 13,901 |  |  | $ | 16,731 |  |  | $ | — |
(1) These unrealized gains were recorded on investments that were re-measured to fair value as of the date observable transactions occurred.
Schedule of Equity Securities without Readily Determinable Fair Value | The following table summarizes the activity related to our non-marketable equity securities as of December 31, 2023 and December 31, 2022 (in thousands):
|  | December 31, 2023 |  | December 31, 2022
Cost of investments (1) |  | $ | 31,656 |  |  | $ | 23,625 |
Cumulative impairment and downward adjustments |  | — |  |  | (888) |
Cumulative upward adjustments |  | 30,632 |  |  | 16,731 |
Carrying amount of investments (included in other assets) |  | $ | 62,288 |  |  | $ | 39,468 |
(1) During the year ended December 31, 2023, we had an $8.0 million convertible note previously included in other assets, plus accrued interest of $0.6 million, that was converted to an equity investment and included in cost of investment

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