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Marketable Securities
 12 Months Ended
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 securities693,907 1,993 (6)695,894 
Commercial paper599,663 304 — 599,967 
Certificates of deposit192,685 99 — 192,784 
U.S. government agency securities1,490 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 securities466,765 484 (789)466,460 
Commercial paper390,058 241 (16)390,283 
Certificates of deposit187,711 113 (22)187,802 
U.S. government agency securities1,490 — — 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 years1,526,725 
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.