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Strategic Investments
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Strategic Investments
10. Strategic Investments
We hold strategic investments primarily in privately held companies, which consist of equity securities without readily determinable fair values, and to a lesser extent, debt securities. These strategic investments are primarily recorded at fair value on a non-recurring basis. The estimation of fair value for these privately held strategic investments requires the use of significant unobservable inputs, such as the issuance of new equity by the company, and as a result, we deem these assets as Level 3 financial instruments within the fair value measurement framework.
The following table summarizes our strategic investments held as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026
As of
December 31, 2025
(in thousands)
Initial cost$117,615 $115,761 
Cumulative upward adjustments146,659 145,932 
Cumulative downward adjustments, including impairments(78,365)(77,956)
Carrying value$185,909 $183,737 
Gains and losses recognized during the periods presented were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Gains recognized on strategic investments sold during the period, net$— $3,249 $— $3,249 
Unrealized gains on strategic investments still held at the reporting date727 — 727 — 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(409)(4,433)$(409)$(16,021)
Gains (losses) on strategic investments, net$318 $(1,184)$318 $(12,772)
Gains and losses on all strategic investments are included within other income (expense), net on our consolidated statements of operations and included as an adjustment to reconcile net loss to net cash provided by operating activities in our consolidated statements of cash flows. Strategic investments are included within other assets on our consolidated balance sheets.