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Cash, Cash Equivalents, and Marketable Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Cash and Cash Equivalents [Abstract] |
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of the Cash, Cash Equivalents and Marketable Securities | The amortized cost, unrealized gains and losses and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2025 and December 31, 2024 consisted of the following:
As of September 30, 2025 | Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Fair value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 230,397 |  |  | $ | — |  |  | $ | — |  |  | $ | 230,397 |
Money market funds | 6,337 |  |  | — |  |  | — |  |  | 6,337 |
Commercial paper | 100,991 |  |  | 1 |  |  | (7) |  |  | 100,985 |
Corporate bonds | 166 |  |  | — |  |  | — |  |  | 166 |
U.S. agency securities | — |  |  | — |  |  | — |  |  | — |
U.S. treasury securities | 2,600 |  |  | — |  |  | — |  |  | 2,600 |
Total cash and cash equivalents | 340,491 |  |  | 1 |  |  | (7) |  |  | 340,485 |
Debt securities: |  |  |  |  |  |  |
U.S. agency securities | 88,962 |  |  | 268 |  |  | (4) |  |  | 89,226 |
U.S. treasury securities | 503,693 |  |  | 1,748 |  |  | (40) |  |  | 505,401 |
Commercial paper | 146,921 |  |  | 38 |  |  | (8) |  |  | 146,951 |
Corporate bonds | 397,618 |  |  | 1,480 |  |  | (50) |  |  | 399,048 |
Total debt securities | 1,137,194 |  |  | 3,534 |  |  | (102) |  |  | 1,140,626 |
Total cash, cash equivalent, and debt securities | $ | 1,477,685 |  |  | $ | 3,535 |  |  | $ | (109) |  |  | $ | 1,481,111 |
Other: |  |  |  |  |  |  |
Bitcoin exchange traded fund(1) |  |  |  |  |  |  | 96,422 |
Total cash, cash equivalents, and marketable securities |  |  |  |  |  |  | $ | 1,577,533 |
__________________ (1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2024 | Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Fair value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash | $ | 398,910 |  |  | $ | — |  |  | $ | — |  |  | $ | 398,910 |
Money market funds | 1,865 |  |  | — |  |  | — |  |  | 1,865 |
Commercial paper | 86,184 |  |  | 2 |  |  | (7) |  |  | 86,179 |
Total cash and cash equivalents | 486,959 |  |  | 2 |  |  | (7) |  |  | 486,954 |
Debt securities: |  |  |  |  |  |  |
U.S. agency securities | 100,793 |  |  | 285 |  |  | (18) |  |  | 101,060 |
U.S. treasury securities | 371,209 |  |  | 915 |  |  | (200) |  |  | 371,924 |
Commercial paper | 190,072 |  |  | 93 |  |  | (10) |  |  | 190,155 |
Corporate bonds | 228,706 |  |  | 555 |  |  | (308) |  |  | 228,953 |
Total debt securities | 890,780 |  |  | 1,848 |  |  | (536) |  |  | 892,092 |
Total cash, cash equivalent, and debt securities | $ | 1,377,739 |  |  | $ | 1,850 |  |  | $ | (543) |  |  | $ | 1,379,046 |
Other: |  |  |  |  |  |  |
Bitcoin exchange traded fund(1) |  |  |  |  |  |  | 78,791 |
Total cash, cash equivalents, and marketable securities |  |  |  |  |  |  | $ | 1,457,837 |
__________________ (1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Schedule of Debt Securities | The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
| As of September 30, 2025
Amortized Cost |  | Fair Value
Due in less than one year | $ | 651,115 |  |  | $ | 651,992 |
Due in more than one year | 589,836 |  |  | 592,385 |
Total | $ | 1,240,951 |  |  | $ | 1,244,377 |
| As of December 31, 2024
Amortized Cost |  | Fair Value
Due in less than one year | $ | 624,748 |  |  | $ | 625,326 |
Due in more than one year | 352,216 |  |  | 352,945 |
Total | $ | 976,964 |  |  | $ | 978,271 |
Schedule of Unrealized Loss Position on Investments | The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of September 30, 2025 and December 31, 2024:
| As of September 30, 2025
Less than twelve months |  | More than twelve months |  | Total
Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. agency securities | $ | 16,728 |  |  | $ | (4) |  |  | $ | — |  |  | $ | — |  |  | $ | 16,728 |  |  | $ | (4) |
U.S. treasury securities | 30,598 |  |  | (28) |  |  | 15,214 |  |  | (11) |  |  | 45,812 |  |  | (39) |
Commercial paper | 126,511 |  |  | (16) |  |  | — |  |  | — |  |  | 126,511 |  |  | (16) |
Corporate bonds | 38,448 |  |  | (48) |  |  | 2,767 |  |  | (2) |  |  | 41,215 |  |  | (50) |
Total | $ | 212,285 |  |  | $ | (96) |  |  | $ | 17,981 |  |  | $ | (13) |  |  | $ | 230,266 |  |  | $ | (109) |
| As of December 31, 2024
Less than twelve months |  | More than twelve months |  | Total
Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
U.S. agency securities | $ | 11,892 |  |  | $ | (18) |  |  | $ | — |  |  | $ | — |  |  | $ | 11,892 |  |  | $ | (18) |
U.S. treasury securities | 68,843 |  |  | (195) |  |  | 7,527 |  |  | (5) |  |  | 76,370 |  |  | (200) |
Commercial paper | 131,268 |  |  | (17) |  |  | — |  |  | — |  |  | 131,268 |  |  | (17) |
Corporate bonds | 71,854 |  |  | (308) |  |  | — |  |  | — |  |  | 71,854 |  |  | (308) |
Total | $ | 283,857 |  |  | $ | (538) |  |  | $ | 7,527 |  |  | $ | (5) |  |  | $ | 291,384 |  |  | $ | (543) |

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