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Investments (Tables)
9 Months Ended
Sep. 30, 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):
 September 30, 2025
 Gross
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Short-term investments:
Corporate debt securities$924 $$— $926 
Government and agency securities
30 — (1)29 
$954 $$(1)$955 
Long-term investments:
Corporate debt securities$1,795 $17 $(1)$1,811 
Government and agency securities135   —   (1) 134 
$1,930 $17 $(2)$1,945 
 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):
 September 30,
2025
One year or less$955 
One year through two years
888 
Two years through three years651 
Three years through four years313 
Four years through five years57 
Thereafter
36 
Total$2,900 
Schedule of Equity Method Investments
The following table summarizes our equity investments as of the dates indicated (in millions):
 Balance Sheet LocationSeptember 30,
2025
December 31,
2024
Equity investments without readily determinable fair values
Long-term investments$798 $1,011 
Equity investments under the equity method of accountingLong-term investments54 65 
Equity investments under the fair value option
Long-term investments51 54 
Total equity investments$903 $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 and nine months ended September 30, 2025 and 2024 as presented within “Gain (loss) on equity investments and warrant, net” for the periods indicated (in millions):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Net gains (losses) recognized during the period on equity investments
$(13)$19 $(19)$(166)
Less: Net gains (losses) recognized on equity investments sold during the period
(4)— (2)78 
Total unrealized gains (losses) on equity investments held, end of period
$(9)$19 $(17)$(244)