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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

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- 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

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X

- References

No definition available.

+ Details

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