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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4.Fair Value Measurements
The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

As of December 31, 2023

Level 1Level 2Level 3Total

(in millions)
Cash equivalents
Money market funds$1,002 $— $— $1,002 
U.S. government and government agency debt securities— 229 — 229 
Total cash equivalents1,002 229 — 1,231 
Short-term marketable securities
U.S. government and government agency debt securities— 47 — 47 
Corporate debt securities— 2 — 2 
Total short-term marketable securities— 49 — 49 
Total$1,002 $278 $— $1,280 

As of June 30, 2024

Level 1Level 2Level 3Total

(in millions)
Cash equivalents
Money market funds$597 $— $— $597 
U.S. government and government agency debt securities— 113 — 113 
Total cash equivalents597 113 — 710 
Short-term marketable securities
U.S. government and government agency debt securities— 9 — 9 
Total short-term marketable securities— 9 — 9 
Total$597 $122 $— $719 

The Company’s investments in U.S. government and government agency debt securities and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. The Series A redeemable convertible preferred stock that was issued during the year ended December 31, 2023 represents a non-recurring Level 3 financial measurement at issuance. Refer to Note 10 — Redeemable Convertible Preferred Stock for further discussion.
There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the three or six months ended June 30, 2023 or 2024.