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Financial Instruments | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | 6. Financial Instruments Cash and Cash Equivalents and Investments The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of March 31, 2026 and December 31, 2025 (in millions):
|  | March 31, 2026
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,908 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 61 |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |  |  | — |
U.S. treasury bills |  | 610 |  |  | — |  |  | — |  |  | 610 |  |  | — |  |  | 610 |  |  | — |
U.S. treasury notes |  | 2,230 |  |  | 1 |  |  | (5) |  |  | 2,226 |  |  | — |  |  | 1,233 |  |  | 993 |
Corporate debt securities |  | 2,599 |  |  | 2 |  |  | (6) |  |  | 2,595 |  |  | — |  |  | 1,391 |  |  | 1,204 |
Government debt securities |  | 56 |  |  | — |  |  | — |  |  | 56 |  |  | — |  |  | 2 |  |  | 54 |
Total |  | $ | 7,464 |  |  | $ | 3 |  |  | $ | (11) |  |  | $ | 7,456 |  |  | $ | 1,908 |  |  | $ | 3,297 |  |  | $ | 2,251 |
|  | December 31, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 2,595 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,595 |  |  | $ | 2,595 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 91 |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 86 |  |  | 5 |
U.S. treasury bills |  | 653 |  |  | — |  |  | — |  |  | 653 |  |  | — |  |  | 653 |  |  | — |
U.S. treasury notes |  | 2,188 |  |  | 5 |  |  | (3) |  |  | 2,190 |  |  | — |  |  | 1,185 |  |  | 1,005 |
Corporate debt securities |  | 2,535 |  |  | 6 |  |  | (1) |  |  | 2,540 |  |  | — |  |  | 1,250 |  |  | 1,290 |
Government debt securities |  | 66 |  |  | — |  |  | — |  |  | 66 |  |  | — |  |  | 30 |  |  | 36 |
Total |  | $ | 8,128 |  |  | $ | 11 |  |  | $ | (4) |  |  | $ | 8,135 |  |  | $ | 2,595 |  |  | $ | 3,204 |  |  | $ | 2,336 |
The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of March 31, 2026 and December 31, 2025 were as follows (in millions):
|  | March 31, 2026
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 3,297 |  |  | $ | 3,297 |
Due after one year through five years |  | 2,259 |  |  | 2,251 |
Total |  | $ | 5,556 |  |  | $ | 5,548 |
|  | December 31, 2025
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 3,199 |  |  | $ | 3,204 |
Due after one year through five years |  | 2,334 |  |  | 2,336 |
Total |  | $ | 5,533 |  |  | $ | 5,540 |
In accordance with our investment policy, we place investments in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. We evaluate securities for impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment to allow for an anticipated recovery in fair value. Any impairment that is not credit related is recognized in other comprehensive loss, net of applicable taxes. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. We did not recognize any impairment charges related to available-for-sale securities for the three months ended March 31, 2026 and 2025. We did not record any credit-related allowance for available-for-sale securities as of March 31, 2026 and December 31, 2025. The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position as of March 31, 2026 and December 31, 2025 (in millions):
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value
As of March 31, 2026: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | — |  |  | $ | 1,023 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,023 |
U.S. treasury notes |  | (3) |  |  | 960 |  |  | (2) |  |  | 236 |  |  | (5) |  |  | 1,196 |
Corporate debt securities |  | (6) |  |  | 1,562 |  |  | — |  |  | 35 |  |  | (6) |  |  | 1,597 |
Government debt securities |  | — |  |  | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Total |  | $ | (9) |  |  | $ | 3,601 |  |  | $ | (2) |  |  | $ | 271 |  |  | $ | (11) |  |  | $ | 3,872 |
As of December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | — |  |  | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |
U.S. treasury notes |  | (1) |  |  | 176 |  |  | (2) |  |  | 235 |  |  | (3) |  |  | 411 |
Corporate debt securities |  | — |  |  | 608 |  |  | (1) |  |  | 40 |  |  | (1) |  |  | 648 |
Government debt securities |  | — |  |  | 36 |  |  | — |  |  | 8 |  |  | — |  |  | 44 |
Total |  | $ | (1) |  |  | $ | 931 |  |  | $ | (3) |  |  | $ | 283 |  |  | $ | (4) |  |  | $ | 1,214 |
As of March 31, 2026 and December 31, 2025, we held 292 and 108 available-for-sale securities, respectively, out of our total investment portfolio that were in a continuous unrealized loss position. We neither intend to sell these investments, nor do we believe that we are more-likely-than-not to conclude we will have to sell them before recovery of their carrying values. We also believe that we will be able to collect both principal and interest amounts due to us at maturity. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities: •Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; •Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or •Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in millions):
|  | Fair value at March 31, 2026 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Money market funds |  | $ | 595 |  |  | $ | 595 |  |  | $ | — |
Certificates of deposit |  | 61 |  |  | — |  |  | 61 |
U.S. treasury bills |  | 1,141 |  |  | — |  |  | 1,141 |
U.S. treasury notes |  | 2,226 |  |  | — |  |  | 2,226 |
Corporate debt securities |  | 2,978 |  |  | — |  |  | 2,978 |
Government debt securities |  | 56 |  |  | — |  |  | 56 |
Equity investments(1) |  | 2 |  |  | 2 |  |  | — |
Derivative instruments |  | 8 |  |  | — |  |  | 8 |
Total |  | $ | 7,067 |  |  | $ | 597 |  |  | $ | 6,470 |
|  | Fair value at December 31, 2025 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Money market funds |  | $ | 963 |  |  | $ | 963 |  |  | $ | — |
Certificates of deposit |  | 91 |  |  | — |  |  | 91 |
U.S. treasury bills |  | 1,445 |  |  | — |  |  | 1,445 |
U.S. treasury notes |  | 2,190 |  |  | — |  |  | 2,190 |
Corporate debt securities |  | 3,163 |  |  | — |  |  | 3,163 |
Government debt securities |  | 66 |  |  | — |  |  | 66 |
Equity Investments(1) |  | 6 |  |  | 6 |  |  | — |
Derivative instruments |  | 1 |  |  | — |  |  | 1 |
Total |  | $ | 7,925 |  |  | $ | 969 |  |  | $ | 6,956 |
Liabilities: |  |  |  |  |  |
Derivative instruments |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
_______ (1)Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other expense, net, in our condensed consolidated statements of operations. As of March 31, 2026 and December 31, 2025, we did not have non-financial assets or liabilities measured at fair value on a recurring basis and did not have any Level 3 financial assets or financial liabilities. For the three months ended March 31, 2026 and 2025, we recognized net losses of $2 million and $8 million, respectively, on equity investments from changes in fair value of the securities. Fair Value of Other Financial Instruments We estimate the fair value of our term loan using Level 2 inputs. The fair value of the term loan approximates its carrying value as of March 31, 2026 and December 31, 2025, as the instrument bears interest at a variable rate that reflects current market rates. See Note 11 for additional information.

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