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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of June 30, 2026 and December 31, 2025:

									As of June 30, 2026
			Fair Value Hierarchy						Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Estimated Fair Value
									(in thousands)
Cash									$	539,648					$	—					$	—					$	539,648
Cash equivalents:
Money market funds			Level 1						418,033						—						—						418,033
U.S. government securities			Level 1						1,167						—						—						1,167
Total cash and cash equivalents									958,848						—						—						958,848
Marketable debt securities:
U.S. government securities			Level 1						1,595,252						392						(5,299)						1,590,345
Corporate debt securities			Level 2						103,625						6						(351)						103,280
Total marketable debt securities									1,698,877						398						(5,650)						1,693,625
Total									$	2,657,725					$	398					$	(5,650)					$	2,652,473

									As of December 31, 2025
			Fair Value Hierarchy						Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Total Estimated Fair Value
									(in thousands)
Cash									$	399,573					$	—					$	—					$	399,573
Cash equivalents:
Money market funds			Level 1						630,862						—						—						630,862
Total cash and cash equivalents									1,030,435						—						—						1,030,435
Marketable debt securities:
U.S. government securities			Level 1						1,796,271						6,479						(5)						1,802,745
Corporate debt securities			Level 2						97,701						161						(6)						97,856
Total marketable debt securities									1,893,972						6,640						(11)						1,900,601
Total									$	2,924,407					$	6,640					$	(11)					$	2,931,036

Schedule of Gain (Loss) on Strategic Investments

Gains and losses recognized during the periods presented were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(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 date			727						—						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 recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
			(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net			$	15					$	—					$	(754)					$	—
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net			(131)						1,887						(658)						(2,326)
Gains (losses) on publicly traded equity securities, net			$	(116)					$	1,887					$	(1,412)					$	(2,326)

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows.

			As of June 30,
			2026						2025
			(in thousands)
Cash and cash equivalents			$	958,848					$	925,973
Restricted cash, included in other assets			1,643						2,964
Total cash, cash equivalents, and restricted cash			$	960,491					$	928,937

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheets to the total of the amounts in the consolidated statements of cash flows.

			As of June 30,
			2026						2025
			(in thousands)
Cash and cash equivalents			$	958,848					$	925,973
Restricted cash, included in other assets			1,643						2,964
Total cash, cash equivalents, and restricted cash			$	960,491					$	928,937

X

- 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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- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
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Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
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