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Marketable Securities | 6 Months Ended
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Jun. 30, 2026
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, 2026 and December 31, 2025 (in thousands):
| June 30, 2026
| Amortized Cost |  | Unrealized Gain |  | Unrealized Losses |  | Fair Value
Corporate debt securities | $ | 2,601,403 |  |  | $ | 710 |  |  | $ | (5,147) |  |  | $ | 2,596,966 |
Commercial paper | 875,857 |  |  | 3 |  |  | (754) |  |  | 875,106 |
U.S. government treasury securities | 760,773 |  |  | 51 |  |  | (3,433) |  |  | 757,391 |
Certificates of deposit | 321,162 |  |  | 12 |  |  | (156) |  |  | 321,018 |
Marketable securities | $ | 4,559,195 |  |  | $ | 776 |  |  | $ | (9,490) |  |  | $ | 4,550,481 |
| 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 |
As of June 30, 2026, the fair values of available-for-sale marketable securities, by remaining contractual maturity, were as follows (in thousands):
Due within one year | $ | 2,874,704 |
Due in one year through five years | 1,675,777 |
Total | $ | 4,550,481 |
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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