XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.25.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value on Recurring Basis | The following table provides the financial instruments measured at fair value on a recurring basis, within the fair value hierarchy as of September 30, 2025 and December 31, 2024:
As of September 30, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 6,337 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,337 |
Commercial paper | — |  |  | 100,985 |  |  | — |  |  | 100,985 |
Corporate bonds | — |  |  | 166 |  |  | — |  |  | 166 |
U.S. agency securities | — |  |  | — |  |  | — |  |  | — |
U.S. treasury securities | — |  |  | 2,600 |  |  | — |  |  | 2,600 |
Total cash equivalents | $ | 6,337 |  |  | $ | 103,751 |  |  | $ | — |  |  | $ | 110,088 |
Marketable securities: |  |  |  |  |  |  |
U.S. agency securities | $ | — |  |  | $ | 89,226 |  |  | $ | — |  |  | $ | 89,226 |
U.S. treasury securities | — |  |  | 505,401 |  |  | — |  |  | 505,401 |
Commercial paper | — |  |  | 146,951 |  |  | — |  |  | 146,951 |
Corporate bonds | — |  |  | 399,048 |  |  | — |  |  | 399,048 |
Bitcoin exchange traded fund | 96,422 |  |  | — |  |  | — |  |  | 96,422 |
Total marketable securities | $ | 96,422 |  |  | $ | 1,140,626 |  |  | $ | — |  |  | $ | 1,237,048 |
Digital assets | $ | 30,320 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,320 |
As of December 31, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 1,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,865 |
Commercial paper | — |  |  | 86,179 |  |  | — |  |  | 86,179 |
Total cash equivalents | $ | 1,865 |  |  | $ | 86,179 |  |  | $ | — |  |  | $ | 88,044 |
Marketable securities: |  |  |  |  |  |  |
U.S. agency securities | $ | — |  |  | $ | 101,060 |  |  | $ | — |  |  | $ | 101,060 |
U.S. treasury securities | — |  |  | 371,924 |  |  | — |  |  | 371,924 |
Commercial paper | — |  |  | 190,155 |  |  | — |  |  | 190,155 |
Corporate bonds | — |  |  | 228,953 |  |  | — |  |  | 228,953 |
Bitcoin exchange traded fund | 78,791 |  |  | — |  |  | — |  |  | 78,791 |
Total marketable securities | $ | 78,791 |  |  | $ | 892,092 |  |  | $ | — |  |  | $ | 970,883 |

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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