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Cash, Cash Equivalents, and Marketable Securities (Tables)
 9 Months Ended
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, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$230,397 $— $— $230,397 
Money market funds6,337 — — 6,337 
Commercial paper100,991 1 (7)100,985 
Corporate bonds166 — — 166 
U.S. agency securities— — — — 
U.S. treasury securities2,600 — — 2,600 
Total cash and cash equivalents340,491 1 (7)340,485 
Debt securities:
U.S. agency securities88,962 268 (4)89,226 
U.S. treasury securities503,693 1,748 (40)505,401 
Commercial paper146,921 38 (8)146,951 
Corporate bonds397,618 1,480 (50)399,048 
Total debt securities1,137,194 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, 2024Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$398,910 $— $— $398,910 
Money market funds1,865 — — 1,865 
Commercial paper86,184 2 (7)86,179 
Total cash and cash equivalents486,959 2 (7)486,954 
Debt securities:
U.S. agency securities100,793 285 (18)101,060 
U.S. treasury securities371,209 915 (200)371,924 
Commercial paper190,072 93 (10)190,155 
Corporate bonds228,706 555 (308)228,953 
Total debt securities890,780 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 year589,836 592,385 
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 year352,216 352,945 
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 monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$16,728 $(4)$— $— $16,728 $(4)
U.S. treasury securities30,598 (28)15,214 (11)45,812 (39)
Commercial paper126,511 (16)— — 126,511 (16)
Corporate bonds38,448 (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 monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$11,892 $(18)$— $— $11,892 $(18)
U.S. treasury securities68,843 (195)7,527 (5)76,370 (200)
Commercial paper131,268 (17)— — 131,268 (17)
Corporate bonds71,854 (308)— — 71,854 (308)
Total
$283,857 $(538)$7,527 $(5)$291,384 $(543)