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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 5. Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
June 30, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$206,472 $— $— $206,472 
Certificates of deposit— 162,392 — 162,392 
Commercial paper— 369,687 — 369,687 
Corporate bonds— 160,168 — 160,168 
U.S. government and agency securities
— 226,515 — 226,515 
Total unrestricted cash equivalents and short-term investments206,472 918,762 — 1,125,234 
Restricted cash equivalents and investments
Money market funds18,310 — — 18,310 
Certificates of deposit— 222,303 — 222,303 
Commercial paper— 949,412 — 949,412 
Corporate bonds— 24,403 — 24,403 
U.S. government and agency securities
— 500,238 — 500,238 
Total restricted cash equivalents and investments18,310 1,696,356 — 1,714,666 
Total financial assets$224,782 $2,615,118 $— $2,839,900 
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(1)$381.9 million of cash and $285.0 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $1.8 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities
— 353,274 — 353,274 
Total unrestricted cash equivalents and short-term investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities
— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
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(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.
The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
During the six months ended June 30, 2025, the Company did not make any transfers between the levels of the fair value hierarchy.
During the three months ended June 30, 2025, the Company entered into foreign exchange forward contracts to reduce exposure in foreign currency translation for a notional amount of €35 million which were settled in the same period and recognized an immaterial gain in the statement of operations during the three months ended June 30, 2025 from such derivatives which were not designated as hedging instruments.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income, net in the condensed consolidated statements of operations.
There were $9.1 million of financial instruments measured at fair value on a non-recurring basis within other investments on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.