Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Cash, Cash Equivalents and Debt Investments by Significant Category

The following tables show our cash, cash equivalents, and debt investments by significant investment category:


	September 30, 2025
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	88,119	$	-	$	-	$	88,119	$	88,119	$	-	$	-
Level 1
Money market funds	531,867		-		-		531,867		531,867		-		-
Time deposits	78,757		-		-		78,757		78,757		-		-
U.S. Treasury securities	954,297		4,262		-		958,559		-		696,607		257,690
Corporate debt securities	18,432		44		-		18,476		-		18,432		-
Subtotal	1,583,353		4,306		-		1,587,659		610,624		715,039		257,690
Level 3
Corporate debt security(1)	15,201		40		-		15,241		-		3,200		12,001
Notes receivable(2)	3,898		394		-		4,292		-		4,292		-
Subtotal	19,099		434		-		19,533		-		7,492		12,001
Total	$	1,690,571	$	4,740	$	-	$	1,695,311	$	698,743	$	722,531	$	269,691


	December 31, 2024
	Adjusted cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Investments		Long-term Investments
Cash	$	95,969	$	-	$	-	$	95,969	$	95,969	$	-	$	-
Level 1
Money market funds	574,689		-		-		574,689		574,689		-		-
Time deposits	77,879		-		-		77,879		77,879		-		-
U.S. Treasury securities	1,404,777		4,831		693		1,408,915		-		635,392		769,385
Corporate debt securities	48,210		116		-		48,326		-		34,736		13,474
Subtotal	2,105,555		4,947		693		2,109,809		652,568		670,128		782,859
Level 3
Corporate debt security(1)	16,401		11		-		16,412		-		2,000		14,401
Notes receivable(2)	3,763		250		-		4,013		-		2,250		1,763
Subtotal	20,164		261		-		20,425		-		4,250		16,164
Total	$	2,221,688	$	5,208	$	693	$	2,226,203	$	748,537	$	674,378	$	799,023

(1)The fair value of the corporate debt security is measured using Level 3 (unobservable) inputs. We determined the fair value for the corporate debt security using an internally-developed valuation model and unobservable inputs include credit and liquidity spreads and effective maturity.

(2)We have elected to measure our investment in convertible notes receivable of private companies at fair value under the fair value option. The fair value of the notes receivable are measured using Level 3 (unobservable) inputs. We determined the fair value for the notes receivable using an internally-developed valuation model and unobservable inputs include estimates of the equity value of the underlying business and the timing and probability of future financing events.