v3.25.4

Investments | 12 Months Ended
--- | ---
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 6. Investments Available-for-sale Investments The following tables summarize the composition of our short- and long-term investments at December 31, 2025 and 2024:
|  | December 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
|  | (in thousands) |
Corporate bonds |  | $ | 252,863 |  |  | $ | 903 |  |  | $ | (1 | ) |  | $ | 253,765 |
U.S. Government agency securities |  |  | 45,649 |  |  |  | 64 |  |  |  | (3 | ) |  |  | 45,710 |
U.S. Treasury securities |  |  | 658,387 |  |  |  | 352 |  |  |  | — |  |  |  | 658,739 |
Total |  | $ | 956,899 |  |  | $ | 1,319 |  |  | $ | (4 | ) |  | $ | 958,214 |
|  | December 31, 2024 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Aggregate Fair Value |
|  | (in thousands) |
Commercial paper |  | $ | 4,941 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,941 |
Corporate bonds |  |  | 284,337 |  |  |  | 533 |  |  |  | (295 | ) |  |  | 284,575 |
U.S. Government agency securities |  |  | 117,158 |  |  |  | 260 |  |  |  | (49 | ) |  |  | 117,369 |
U.S. Treasury securities |  |  | 1,303,384 |  |  |  | 780 |  |  |  | (9 | ) |  |  | 1,304,155 |
Total |  | $ | 1,709,820 |  |  | $ | 1,573 |  |  | $ | (353 | ) |  | $ | 1,711,040 |
For all of our securities for which the amortized cost basis was greater than the fair value at December 31, 2025 and 2024, the Company has concluded that there is no plan to sell the security nor is it more likely than not that the Company would be required to sell the security before its anticipated recovery. The Company further assesses whether the decline in fair value below amortized cost is due to credit or non-credit related factors by considering the extent to which fair value is less than amortized cost, credit ratings, the financial health of the industry and sector of the issuer, the overall risk profile of the securities, overall macroeconomic conditions, and more. As of December 31, 2025 and 2024, no allowance for credit losses in investments has been recorded. The contractual maturities of short-term and long-term investments held as follows:
|  | December 31, 2025 |  |  | December 31, 2024 |
|  | Amortized Cost Basis |  |  | Aggregate Fair Value |  |  | Amortized Cost Basis |  |  | Aggregate Fair Value |
|  | ( in thousands) |
Due within one year |  | $ | 820,831 |  |  | $ | 821,552 |  |  | $ | 1,555,656 |  |  | $ | 1,556,828 |
Due after 1 year and within 2 years |  |  | 136,068 |  |  |  | 136,662 |  |  |  | 154,164 |  |  |  | 154,212 |
Total |  | $ | 956,899 |  |  | $ | 958,214 |  |  | $ | 1,709,820 |  |  | $ | 1,711,040 |
Strategic Investments The Company holds strategic investments in non-marketable equity securities of privately held companies. These investments are included in other assets on the consolidated balance sheets. The carrying values of Company’s strategic investments broken down by category are as follows:
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Measurement alternative method |  | $ | 89,737 |  |  | $ | 72,456 |
Fair value |  |  | 19,076 |  |  |  | 9,409 |
Equity method |  |  | 14,251 |  |  |  | 11,678 |
Total carrying value |  | $ | 123,064 |  |  | $ | 93,543 |
The following table summarizes the activity associated with the Company’s strategic investments, which is reported on the Company’s consolidated statement of operations as other (expense) income:
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
Strategic investments: |  |  |  |  |  |  |  |  |
Gains |  | $ | 5,500 |  |  | $ | 21,245 |  |  | $ | — |
Impairments |  |  | (5,923 | ) |  |  | (5,306 | ) |  |  | (1,704 | )
Total included in other income (expense) |  | $ | (423 | ) |  | $ | 15,939 |  |  | $ | (1,704 | )

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration