Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2025

Cash and Cash Equivalents [Abstract]

4. Cash Equivalents and Investments

The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):


	June 30, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	206,472	$	—	$	—	$	206,472
Money market deposit accounts	285,033		—		—		285,033
Certificates of deposit	162,345		54		(7)		162,392
Commercial paper	369,833		44		(190)		369,687
Corporate bonds	159,439		740		(11)		160,168
U.S. government and agency securities	226,547		16		(48)		226,515
Total unrestricted cash equivalents and short-term investments	1,409,669		854		(256)		1,410,267
Restricted Balances
Money market funds	18,310		—		—		18,310
Certificates of deposit	222,265		55		(17)		222,303
Commercial paper	949,826		60		(474)		949,412
Corporate bonds	24,404		1		(2)		24,403
U.S. government and agency securities	500,268		38		(68)		500,238
Total restricted cash equivalents and investments	1,715,073		154		(561)		1,714,666
Total unrestricted and restricted cash equivalents and investments	$	3,124,742	$	1,008	$	(817)	$	3,124,933

_______________

(1)Excludes $381.9 million of cash, which is included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.


	December 31, 2024
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	189,839	$	—	$	—	$	189,839
Money market deposit accounts	304,716		—		—		304,716
Certificates of deposit	171,352		150		(144)		171,358
Commercial paper	762,405		529		(388)		762,546
Corporate bonds	70,207		29		(5)		70,231
U.S. government and agency securities	352,984		295		(5)		353,274
Total unrestricted cash equivalents and short-term investments	1,851,503		1,003		(542)		1,851,964
Restricted Balances
Money market funds	42,699		—		—		42,699
Term deposits	2,194		—		—		2,194
Certificates of deposit	189,694		144		(242)		189,596
Commercial paper	782,491		433		(368)		782,556
Corporate bonds	59,254		19		(7)		59,266
U.S. government and agency securities	465,516		349		(8)		465,857
Total restricted cash equivalents and investments	1,541,848		945		(625)		1,542,168
Total unrestricted and restricted cash equivalents and investments	$	3,393,351	$	1,948	$	(1,167)	$	3,394,132

_______________

(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.

The Company’s investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The Company considered debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.

Interest income earned by the Company included in other income, net in the condensed consolidated statements of operations was $39.0 million and $78.6 million for the three and six months ended June 30, 2025, respectively, and $40.1 million and $78.6 million for the three and six months ended June 30, 2024, respectively.

The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of June 30, 2025. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of June 30, 2025 for the Company’s marketable and non-marketable debt securities.

The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type and maturity (in thousands):


	June 30, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	87,446	$	(24)	$	—	$	—	$	87,446	$	(24)
Corporate bonds	17,887		(4)		12,564		(9)		30,451		(13)
Commercial paper	507,532		(654)		—		—		507,532		(654)
U.S. government and agency securities	487,270		(116)		—		—		487,270		(116)
Total available-for-sale debt securities in an unrealized loss position	$	1,100,135	$	(798)	$	12,564	$	(9)	$	1,112,699	$	(807)


	December 31, 2024
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	99,144	$	(386)	$	—	$	—	$	99,144	$	(386)
Corporate bonds	49,516		(12)		—		—		49,516		(12)
Commercial paper	241,805		(756)		—		—		241,805		(756)
U.S. government and agency securities	62,787		(13)		—		—		62,787		(13)
Total available-for-sale debt securities in an unrealized loss position	$	453,252	$	(1,167)	$	—	$	—	$	453,252	$	(1,167)

The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):


	June 30, 2025		December 31, 2024
Due within one year	$	2,000,841	$	2,578,381
Due within one year to three years	130,877		—
Total	$	2,131,718	$	2,578,381