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Strategic Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Roll-Forward of Strategic Investments | The following table presents the carrying value of our strategic investments (in thousands) as of:
| September 30, 2025
| Strategic investments |  | Warrants |  | Call options |  | Total
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities | $ | 368,184 |  |  | $ | 6,617 |  |  | $ | 11,600 |  |  | $ | 386,401 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities | 546 |  |  | — |  |  | — |  |  | 546 |
Total strategic investments | $ | 368,730 |  |  | $ | 6,617 |  |  | $ | 11,600 |  |  | $ | 386,947 |
| December 31, 2024
| Strategic investments |  | Warrants |  | Call options |  | Total
Equity securities: |  |  |  |  |  |  |
Non-marketable equity securities | $ | 319,598 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 323,966 |
Debt securities: |  |  |  |  |  |  |
Non-marketable debt securities | 8,584 |  |  | — |  |  | — |  |  | 8,584 |
Total strategic investments | $ | 328,182 |  |  | $ | 4,368 |  |  | $ | — |  |  | $ | 332,550 |
The following tables summarize the gains and losses associated with our strategic investments during the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| Strategic Investments |  | Warrants |  | Call options |  | Total |  | Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains recognized on strategic investments during the period, net | $ | 17,157 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,157 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period | (2,585) |  |  | — |  |  | — |  |  | (2,585) |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains on strategic investments still held at the reporting date (1) | 46 |  |  | — |  |  | — |  |  | 46 |  |  | 449 |  |  | — |  |  | — |  |  | 449 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Gains on strategic investments, net | $ | 14,618 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,618 |  |  | $ | 449 |  |  | $ | — |  |  | $ | — |  |  | $ | 449 |
(1)Includes unrealized gains of $0.5 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the three months ended September 30, 2024.
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| Strategic Investments |  | Warrants |  | Call options |  | Total |  | Strategic Investments |  | Warrants |  | Call options |  | Total
Realized gains (losses) recognized on strategic investments during the period, net (1) | $ | 337,974 |  |  | $ | — |  |  | $ | — |  |  | $ | 337,974 |  |  | $ | 45,162 |  |  | $ | — |  |  | $ | (2,849) |  |  | $ | 42,313 |
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period (1) | (161,820) |  |  | — |  |  | — |  |  | (161,820) |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains on strategic investments still held at the reporting date (2) | 6,536 |  |  | — |  |  | — |  |  | 6,536 |  |  | 75,370 |  |  | 855 |  |  | — |  |  | 76,225 |
Unrealized losses, including impairments, on strategic investments still held at the reporting date | (2,048) |  |  | — |  |  | — |  |  | (2,048) |  |  | — |  |  | — |  |  | — |  |  | — |
Gains (losses) on strategic investments, net | $ | 180,642 |  |  | $ | — |  |  | $ | — |  |  | $ | 180,642 |  |  | $ | 120,532 |  |  | $ | 855 |  |  | $ | (2,849) |  |  | $ | 118,538 |
(1)Includes realized gains and reversal of prior unrealized gains of $2.6 million and $1.1 million, respectively, for a hybrid debt security strategic investment instrument related to a strategic investee liquidation event for the nine months ended September 30, 2025. (2)Includes unrealized gains of $0.6 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the nine months ended September 30, 2024.

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