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Marketable Securities | 12 Months Ended
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Dec. 31, 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 consolidated balance sheet as of December 31, 2025 and 2024 (in thousands):
| December 31, 2025
| Amortized Cost |  | Unrealized Gain |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 2,577,421 |  |  | $ | 6,103 |  |  | $ | (131) |  |  | $ | 2,583,393 |
U.S. government treasury securities | 693,907 |  |  | 1,993 |  |  | (6) |  |  | 695,894 |
Commercial paper | 599,663 |  |  | 304 |  |  | — |  |  | 599,967 |
Certificates of deposit | 192,685 |  |  | 99 |  |  | — |  |  | 192,784 |
U.S. government agency securities | 1,490 |  |  | 3 |  |  | — |  |  | 1,493 |
Marketable securities | $ | 4,065,166 |  |  | $ | 8,502 |  |  | $ | (137) |  |  | $ | 4,073,531 |
| 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 |
Interest receivable of $33.6 million and $26.8 million is included in prepaid expenses and other current assets on the consolidated balance sheets as of December 31, 2025 and 2024, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of December 31, 2025 and 2024 because such potential losses were not material. As of December 31, 2025, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):
Due within one year | $ | 2,546,806 |
Due in one year through five years | 1,526,725 |
Total | $ | 4,073,531 |
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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