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Marketable Securities | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | Marketable Securities The following is a summary of available-for-sale marketable securities, excluding those securities classified within cash and cash equivalents on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025
| Amortized Cost |  | Unrealized Gain |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 2,310,834 |  |  | $ | 5,353 |  |  | $ | (605) |  |  | $ | 2,315,582 |
U.S. government treasury securities | 544,759 |  |  | 959 |  |  | (237) |  |  | 545,481 |
Commercial paper | 386,044 |  |  | 80 |  |  | (42) |  |  | 386,082 |
Certificates of deposit | 173,264 |  |  | 40 |  |  | (2) |  |  | 173,302 |
U.S. government agency securities | 1,490 |  |  | 3 |  |  | — |  |  | 1,493 |
Marketable securities | $ | 3,416,391 |  |  | $ | 6,435 |  |  | $ | (886) |  |  | $ | 3,421,940 |
| December 31, 2024
| Amortized Cost |  | Unrealized Gain |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 1,893,599 |  |  | $ | 4,243 |  |  | $ | (1,801) |  |  | $ | 1,896,041 |
U.S. government treasury securities | 466,765 |  |  | 484 |  |  | (789) |  |  | 466,460 |
Commercial paper | 390,058 |  |  | 241 |  |  | (16) |  |  | 390,283 |
Certificates of deposit | 187,711 |  |  | 113 |  |  | (22) |  |  | 187,802 |
U.S. government agency securities | 1,490 |  |  | — |  |  | — |  |  | 1,490 |
Marketable securities | $ | 2,939,623 |  |  | $ | 5,081 |  |  | $ | (2,628) |  |  | $ | 2,942,076 |
As of June 30, 2025, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):
Due within one year | $ | 2,084,925 |
Due in one year through five years | 1,337,015 |
Total | $ | 3,421,940 |
The Company does not believe that any unrealized losses are attributable to credit-related factors based on its evaluation of available evidence. To determine whether a decline in value is related to credit loss, the Company evaluates, among other factors: the extent to which the fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency and any adverse conditions specifically related to an issuer of a security or its industry. Unrealized gains and losses on marketable securities are presented net of tax.

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