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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | The following table sets forth our financial assets that are measured at fair value on a recurring basis:
|  |  | June 30, 2025
| Fair value hierarchy level |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
|  |  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds | Level 1 |  | $ | 621,940 |  |  | $ | — |  |  | $ | — |  |  | $ | 621,940 |
U.S. treasury securities | Level 1 |  | 19,967 |  |  | — |  |  | — |  |  | 19,967 |
Certificates of deposit | Level 2 |  | 25,397 |  |  | — |  |  | — |  |  | 25,397 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities | Level 1 |  | 665,971 |  |  | 899 |  |  | (70) |  |  | 666,800 |
U.S. agency bonds | Level 2 |  | 301,916 |  |  | 77 |  |  | (207) |  |  | 301,786 |
Corporate bonds | Level 2 |  | 239,906 |  |  | 586 |  |  | (16) |  |  | 240,476 |
Commercial paper | Level 2 |  | 116,831 |  |  | 6 |  |  | (18) |  |  | 116,819 |
Total |  |  | $ | 1,991,928 |  |  | $ | 1,568 |  |  | $ | (311) |  |  | $ | 1,993,185 |
|  |  | December 31, 2024
| Fair value hierarchy level |  | Cost or amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value
|  |  | (in thousands)
Cash equivalents: |  |  |  |  |  |  |  |  |
Money market funds | Level 1 |  | $ | 497,461 |  |  | $ | — |  |  | $ | — |  |  | $ | 497,461 |
U.S. treasury securities | Level 1 |  | 5,979 |  |  | 2 |  |  | — |  |  | 5,981 |
Corporate bonds | Level 2 |  | 1,066 |  |  | 2 |  |  | — |  |  | 1,068 |
Marketable securities: |  |  |  |  |  |  |  |  |
U.S. treasury securities | Level 1 |  | 817,996 |  |  | 1,120 |  |  | (396) |  |  | 818,720 |
U.S. agency bonds | Level 2 |  | 117,965 |  |  | 15 |  |  | (62) |  |  | 117,918 |
Corporate bonds | Level 2 |  | 159,424 |  |  | 400 |  |  | (86) |  |  | 159,738 |
Commercial paper | Level 2 |  | 182,264 |  |  | 99 |  |  | (22) |  |  | 182,341 |
Total |  |  | $ | 1,782,155 |  |  | $ | 1,638 |  |  | $ | (566) |  |  | $ | 1,783,227 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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