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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Financial Instruments Measured on a Recurring Basis
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 
Schedule of Fair Value of Marketable Securities by Contractual Maturity
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