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Investments (Tables)
3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Schedule of Unrealized Gains and Losses and Estimated Fair Value of Investments Classified as Available-for-Sale Debt Securities
The following tables summarize the unrealized gains and losses and estimated fair value of our investments classified as available-for-sale debt securities as of the dates indicated (in millions):
 March 31, 2025
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Corporate debt securities$1,540 $— $(1)$1,539 
Government and agency securities (1)
253 — (2)251 
$1,793 $— $(3)$1,790 
Long-term investments:
Corporate debt securities$1,310 $$(1)$1,317 
Government and agency securities144   —   (3) 141 
$1,454 $$(4)$1,458 
(1)As of March 31, 2025, “Customer accounts and funds receivable” in our condensed consolidated balance sheet includes $30 million of fixed-income investments with original maturities greater than three months when purchased, which are disclosed as “Short-term investments” in these notes to the condensed consolidated financial statements.
 December 31, 2024
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Corporate debt securities$3,095 $$(2)$3,094 
Government and agency securities367 — (4)363 

$3,462 $$(6)$3,457 
Long-term investments:
Corporate debt securities$1,117 $$(2)$1,119 
Government and agency securities194   —   (4) 190 
$1,311 $$(6)$1,309 
Schedule of Estimated Fair Values of Short-term and Long-term Investments Classified as Available-for-Sale Debt Securities by Date of Contractual Maturity
The following table presents estimated fair values of our short-term and long-term investments classified as available-for-sale debt securities by date of contractual maturity as of the date indicated (in millions):
 March 31,
2025
One year or less$1,790 
One year through two years
626 
Two years through three years564 
Three years through four years211 
Four years through five years52 
Thereafter
Total$3,248 
Schedule of Equity Method Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationMarch 31,
2025
December 31,
2024
Equity investments without readily determinable fair values
Long-term investments$1,003 $1,011 
Equity investments under the equity method of accountingLong-term investments65 65 
Equity investments under the fair value option
Long-term investments60 54 
Total equity investments$1,128 $1,130 
Schedule of Unrealized Gains and Losses on Equity Investments
The following table summarizes unrealized gains and losses on equity investments for the three months ended March 31, 2025 and 2024 as presented within “Loss on equity investments and warrant, net” for the periods indicated (in millions):
 Three Months Ended
March 31,
20252024
Net losses recognized during the period on equity investments
$(2)$(246)
Less: Net gains recognized on equity investments sold during the period
— 
Total unrealized losses on equity investments held, end of period
$(4)$(246)