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Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
•Level 1: Quoted market prices in active markets for identical assets or liabilities
•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
•Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs from inactive markets
We classify our cash equivalents and marketable securities within Level 1 or Level 2 because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. There were no transfers between levels during the periods presented.
The following tables set forth our financial assets that are measured at fair value on a recurring basis:
March 31, 2026
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$1,194,437 $— $— $1,194,437 
U.S. treasury securities
Level 1
24,151 — — 24,151 
Commercial paperLevel 215,908 — (3)15,905 
Time depositsLevel 226,192 — — 26,192 
Marketable securities:
U.S. treasury securities Level 1352,039 356 (391)352,004 
U.S. agency bonds Level 2428,126 — (1,427)426,699 
Corporate bonds Level 2273,647 196 (413)273,430 
Time depositsLevel 2140,000 — — 140,000 
Commercial paper Level 2204,206 20 (75)204,151 
Total $2,658,706 $572 $(2,309)$2,656,969 
December 31, 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$825,323 $— $— $825,323 
U.S. treasury securitiesLevel 111,934 1 — 11,935 
Time depositsLevel 225,949 — — 25,949 
Marketable securities:
U.S. treasury securities Level 1450,474 1,035 (2)451,507 
U.S. agency bondsLevel 2410,655 167 (134)410,688 
Corporate bondsLevel 2306,321 820 (13)307,128 
Time depositsLevel 2140,000 — — 140,000 
Commercial paperLevel 2213,767 152 — 213,919 
Total $2,384,423 $2,175 $(149)$2,386,449 
Gross unrealized losses within accumulated other comprehensive income (loss) were immaterial as of March 31, 2026 and December 31, 2025. There were no impairment charges due to credit losses during the three months ended March 31, 2026 and 2025.
As of March 31, 2026, the amortized cost of marketable securities with maturities less than one year was $803.7 million. The amortized cost of marketable securities with maturities between one and five years was $594.4 million.