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Cash, Cash Equivalents and Investments | 6 Months Ended
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Jun. 30, 2025
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at June 30, 2025 and December 31, 2024 (in thousands):
| As of June 30, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 112,410 |  | $ | — |  | $ | — |  | $ | 112,410 |  |  | $ | 112,410 |  | $ | — |  | $ | —
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 298,128 |  | — |  | — |  | 298,128 |  |  | 298,128 |  | — |  | —
U.S. Treasury bills | 224,731 |  | 27 |  | (17) |  |  | 224,741 |  |  | 55,488 |  | — |  | 169,253
Marketable securities | 90,000 |  | 54,000 |  | — |  | 144,000 |  |  | — |  | 144,000 |  | —
Agency bonds | 37,263 |  | — |  | (24) |  |  | 37,239 |  |  | 13,019 |  | — |  | 24,220
U.S. Government bonds | 18,458 |  | 1 |  | (7) |  |  | 18,452 |  |  | — |  | — |  | 18,452
Subtotal | 668,580 |  | 54,028 |  | (48) |  |  | 722,560 |  |  | 366,635 |  | 144,000 |  | 211,925
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 884,648 |  | — |  | — |  | 884,648 |  |  | 69,648 |  | — |  | 815,000
Corporate bonds | 373,743 |  | 75 |  | (133) |  | 373,685 |  |  | 42,902 |  | — |  | 330,783
Commercial paper | 136,499 |  | — |  | — |  | 136,499 |  |  | 23,901 |  | — |  | 112,598
State and municipal obligations | 997 |  | 1 |  | — |  | 998 |  |  | — |  | — |  | 998
Subtotal | 1,395,887 |  | 76 |  | (133) |  | 1,395,830 |  |  | 136,451 |  | — |  | 1,259,379
Total | $ | 2,176,877 |  | $ | 54,104 |  | $ | (181) |  | $ | 2,230,800 |  |  | $ | 615,496 |  | $ | 144,000 |  | $ | 1,471,304
As of June 30, 2025, we had $358.2 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases. Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations and comprehensive income as unrealized gain (or loss) on marketable securities, which is included in other income (loss), net. During the three and six months ended June 30, 2025, we recorded an unrealized loss on marketable securities of $30.9 million and $54.3 million, respectively. We recorded an unrealized gain on marketable securities of $7.8 million and $29.6 million, respectively, for the same period in the prior year.
| As of December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  |  | Cash and Cash Equivalents |  | Marketable Securities |  | Short-Term Investments
Cash | $ | 94,919 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,919 |  |  |  | $ | 94,919 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 322,874 |  |  | — |  |  | — |  |  | 322,874 |  |  |  | 322,874 |  |  | — |  |  | — |
Marketable securities | 90,000 |  |  | 108,270 |  |  | — |  |  | 198,270 |  |  |  | — |  |  | 198,270 |  |  | — |
U.S. Government bonds | 75,994 |  |  | 7 |  |  | (5) |  |  | 75,996 |  |  |  | — |  |  | — |  |  | 75,996 |
U.S. Treasury bills | 14,431 |  |  | 25 |  |  | — |  |  | 14,456 |  |  |  | — |  |  | — |  |  | 14,456 |
Agency bonds | 996 |  |  | — |  |  | — |  |  | 996 |  |  |  | — |  |  | — |  |  | 996 |
Subtotal | 504,295 |  | 108,302 |  | (5) |  |  | 612,592 |  |  | 322,874 |  | 198,270 |  | 91,448
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term deposits | 136,480 |  |  | — |  |  | — |  |  | 136,480 |  |  |  | 11,480 |  |  | — |  |  | 125,000 |
Corporate bonds | 122,018 |  |  | 10 |  |  | (63) |  |  | 121,965 |  |  |  | 24,075 |  |  | — |  |  | 97,890 |
Commercial paper | 20,393 |  |  | — |  |  | — |  |  | 20,393 |  |  |  | 1,496 |  |  | — |  |  | 18,897 |
Subtotal | 278,891 |  |  | 10 |  |  | (63) |  |  | 278,838 |  |  |  | 37,051 |  |  | — |  |  | 241,787 |
Total | $ | 878,105 |  |  | $ | 108,312 |  |  | $ | (68) |  |  | $ | 986,349 |  |  |  | $ | 454,844 |  |  | $ | 198,270 |  |  | $ | 333,235 |
As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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