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OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables) | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Non-Current Assets | The following table presents the detail of other non-current assets (in thousands):
| March 31, 2025 |  | December 31, 2024
Bitcoin investment (i) | $ | 708,450 |  |  | $ | 792,282 |
Property and equipment, net | 311,333 |  |  | 314,432 |
Investments in long-term debt securities | 273,614 |  |  | 471,977 |
Investment in non-marketable equity securities (ii) | 243,058 |  |  | 245,557 |
Operating lease right-of-use assets | 209,980 |  |  | 219,954 |
Restricted cash | 69,838 |  |  | 69,915 |
Other | 205,800 |  |  | 131,794 |
Total | $ | 2,022,073 |  |  | $ | 2,245,911 |
(i) Refer to Note 11, Bitcoin for further details. (ii) Investment in non-marketable equity securities represents the Company's investments in equity of non-public entities. These investments are measured using the measurement alternative and are therefore carried at cost, less impairment, adjusted for observable price changes from orderly transactions for identical or similar investments of the same issuer. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.
Summary of Non-Marketable Equity Securities | The adjustments to the carrying value of the Company's non-marketable equity securities measured using the measurement alternative were as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Carrying amount, beginning of period | $ | 245,557 |  |  | $ | 205,268 |  |  |  |  |
Net additions (reductions) | (2,499) |  |  | 4,000 |  |  |  |  |
Gross unrealized gains | — |  |  | 334 |  |  |  |  |
Gross unrealized losses and impairments | — |  |  | (98) |  |  |  |  |
Carrying amount, end of period | $ | 243,058 |  |  | $ | 209,504 |  |  |  |  |
The following table summarizes the cumulative net unrealized upward and downward adjustments related to the Company's non-marketable equity securities measured using the measurement alternative (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Upward adjustments | $ | 155,329 |  |  | $ | 115,521 |
Downward adjustments (including impairment) | $ | (2,061) |  |  | $ | (2,476) |
Other Non-Current Liabilities | The following table presents the detail of other non-current liabilities (in thousands):
| March 31, 2025 |  | December 31, 2024
Operating lease liabilities, non-current | $ | 265,556 |  |  | $ | 278,617 |
Deferred tax liabilities | 162,718 |  |  | 162,435 |
Other | 118,124 |  |  | 152,164 |
Total | $ | 546,398 |  |  | $ | 593,216 |

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