XML 48 R38.htm IDEA: XBRL DOCUMENT v3.25.3
OTHER CONSOLIDATED BALANCE SHEET COMPONENTS (NON-CURRENT) (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Non-Current Assets
The following table presents the detail of other non-current assets (in thousands):
  September 30, 2025December 31, 2024
Bitcoin investment (i)
$1,001,419 $792,282 
Investment in non-marketable equity securities (ii)
418,198 245,557 
Property and equipment, net343,222 314,432 
Operating lease right-of-use assets213,944 219,954 
Investments in long-term debt securities176,784 471,977 
Restricted cash73,786 69,915 
Other211,432 131,794 
Total$2,438,785 $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. During the quarter ended September 30, 2025, one of the Company's investments closed on an additional financing round, which the Company assessed as an observable price change in an orderly transaction. The Company recorded a $171.6 million upward adjustment to the carrying value of this investment, resulting in a carrying value of $329.8 million as of September 30, 2025. Adjustments are recorded within other expense (income), net on the condensed consolidated statements of operations.
Schedule 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
September 30,		Nine Months Ended
September 30,
2025202420252024
Carrying amount, beginning of period$246,558 $213,315 $245,557 $205,268 
Net additions (reductions)— 500 1,001 4,500 
Gross unrealized gains171,640 — 171,640 4,145 
Gross unrealized losses and impairments— (2,250)— (2,348)
Carrying amount, end of period$418,198 $211,565 $418,198 $211,565 
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):
  September 30, 2025December 31, 2024
Upward adjustments$326,969 $155,329 
Downward adjustments (including impairment)$(2,061)$(2,061)
Schedule of Other Non-Current Liabilities
The following table presents the detail of other non-current liabilities (in thousands):
  September 30, 2025December 31, 2024
Operating lease liabilities, non-current$259,469 $278,617 
Deferred tax liabilities162,335 162,435 
Other122,810 152,164 
Total$544,614 $593,216