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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The fair values of the financial instruments we measure at fair value on a recurring basis are as follows (in thousands):
September 30, 2025
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$561,898 $— $— $561,898 
Commercial paper— 348,595 — 348,595 
U.S. treasury securities79,937 — — 79,937 
Marketable securities:
Corporate bonds— 680,825 — 680,825 
U.S. treasury securities313,444 — — 313,444 
Commercial paper— 294,712 — 294,712 
Certificates of deposit— 246,340 — 246,340 
Non-U.S. government and supranational bonds— 3,560 — 3,560 
Other assets:
Certificates of deposit$— $4,800 $— $4,800 
December 31, 2024
Level 1Level 2Level 3Total
Cash equivalents:
Money market funds$861,824 $— $— $861,824 
Commercial paper— 150,456 — 150,456 
Corporate bonds— 8,304 — 8,304 
Certificates of deposit— 4,158 — 4,158 
Marketable securities:
Corporate bonds— 516,212 — 516,212 
U.S. treasury securities425,353 — — 425,353 
Commercial paper— 260,385 — 260,385 
Certificates of deposit— 172,021 — 172,021 
Non-U.S. government and supranational bonds— 2,438 — 2,438 
Other assets:
Certificates of deposit$— $4,761 $— $4,761 
We classify our marketable securities within Level 1 or Level 2 because we determine their fair values using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Gross unrealized gains and losses on our marketable securities were not material in the aggregate as of September 30, 2025 and December 31, 2024. We evaluated all available evidence and did not recognize any allowance for credit losses for our marketable securities as of September 30, 2025 and December 31, 2024.
The fair value of our marketable securities by contractual maturity is as follows (in thousands):
September 30, 2025
Due in one year or less $1,094,289 
Due after one to five years 444,592 
Total $1,538,881 
Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.