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Cash Equivalents and Investments | 3 Months Ended
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Mar. 31, 2026
Cash and Cash Equivalents [Abstract] |
Cash Equivalents and Investments | 6. 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):
| March 31, 2026
| Cost or Amortized Cost |  | Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
Unrestricted Balances(1) |  |  |  |  |  |  |
Money market funds | $ | 165,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 165,585 |
Money market deposit accounts | 363,337 |  |  | — |  |  | — |  |  | 363,337 |
Certificates of deposit | 160,010 |  |  | 56 |  |  | (43) |  |  | 160,023 |
Commercial paper | 176,947 |  |  | 8 |  |  | (214) |  |  | 176,741 |
Corporate bonds | 316,353 |  |  | 472 |  |  | (406) |  |  | 316,419 |
U.S. government and agency securities | 77,472 |  |  | 24 |  |  | (1) |  |  | 77,495 |
Total unrestricted cash equivalents and short-term investments | 1,259,704 |  |  | 560 |  |  | (664) |  |  | 1,259,600 |
Restricted Balances(2) |  |  |  |  |  |  |
Money market funds | 29,594 |  |  | — |  |  | — |  |  | 29,594 |
Certificates of deposit | 53,959 |  |  | 10 |  |  | — |  |  | 53,969 |
Commercial paper | 1,064,383 |  |  | 42 |  |  | (385) |  |  | 1,064,040 |
U.S. government and agency securities | 847,837 |  |  | 72 |  |  | (248) |  |  | 847,661 |
Total restricted cash equivalents and investments | 1,995,773 |  |  | 124 |  |  | (633) |  |  | 1,995,264 |
Total unrestricted and restricted cash equivalents and investments | $ | 3,255,477 |  |  | $ | 684 |  |  | $ | (1,297) |  |  | $ | 3,254,864 |
_______________ (1)Excludes $461.3 million of cash, which is included within the $1.7 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2)Excludes $3.0 million of restricted cash, which is included within the $2.0 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets.
| December 31, 2025
| Cost or Amortized Cost |  | Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
Unrestricted Balances(1) |  |  |  |  |  |  |
Money market funds | $ | 276,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 276,077 |
Money market deposit accounts | 360,127 |  |  | — |  |  | — |  |  | 360,127 |
Certificates of deposit | 143,325 |  |  | 146 |  |  | — |  |  | 143,471 |
Commercial paper | 216,420 |  |  | 105 |  |  | — |  |  | 216,525 |
Corporate bonds | 266,199 |  |  | 1,300 |  |  | (8) |  |  | 267,491 |
U.S. government and agency securities | 134,210 |  |  | 70 |  |  | — |  |  | 134,280 |
Total unrestricted cash equivalents and short-term investments | 1,396,358 |  |  | 1,621 |  |  | (8) |  |  | 1,397,971 |
Restricted Balances(2) |  |  |  |  |  |  |
Money market funds | 47,264 |  |  | — |  |  | — |  |  | 47,264 |
Certificates of deposit | 104,310 |  |  | 60 |  |  | — |  |  | 104,370 |
Commercial paper | 921,902 |  |  | 462 |  |  | — |  |  | 922,364 |
Corporate bonds | 15,022 |  |  | 15 |  |  | — |  |  | 15,037 |
U.S. government and agency securities | 843,661 |  |  | 402 |  |  | — |  |  | 844,063 |
Total restricted cash equivalents and investments | 1,932,159 |  |  | 939 |  |  | — |  |  | 1,933,098 |
Total unrestricted and restricted cash equivalents and investments | $ | 3,328,517 |  |  | $ | 2,560 |  |  | $ | (8) |  |  | $ | 3,331,069 |
_______________ (1)Excludes $439.2 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. (2)Excludes $3.0 million of restricted cash, which is included within the $1.9 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets. The Company’s investments consist of available-for-sale debt securities. The Company considers 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 $32.2 million and $39.5 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026. 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 March 31, 2026 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):
| March 31, 2026
| 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 | $ | 57,807 |  |  | $ | (43) |  |  | $ | — |  |  | $ | — |  |  | $ | 57,807 |  |  | $ | (43) |
Corporate bonds | 33,190 |  |  | (43) |  |  | 103,526 |  |  | (306) |  |  | 136,716 |  |  | (349) |
Commercial paper | 593,826 |  |  | (569) |  |  | — |  |  | — |  |  | 593,826 |  |  | (569) |
U.S. government and agency securities | 469,699 |  |  | (246) |  |  | 8,012 |  |  | (57) |  |  | 477,711 |  |  | (303) |
Total available-for-sale debt securities in an unrealized loss position | $ | 1,154,522 |  |  | $ | (901) |  |  | $ | 111,538 |  |  | $ | (363) |  |  | $ | 1,266,060 |  |  | $ | (1,264) |
| December 31, 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 | $ | 9,720 |  |  | $ | — |  |  | $ | 2,000 |  |  | $ | — |  |  | $ | 11,720 |  |  | $ | — |
Corporate bonds | 9,084 |  |  | (2) |  |  | 8,368 |  |  | (6) |  |  | 17,452 |  |  | (8) |
Commercial paper | 2,612 |  |  | — |  |  | — |  |  | — |  |  | 2,612 |  |  | — |
Total available-for-sale debt securities in an unrealized loss position | $ | 21,416 |  |  | $ | (2) |  |  | $ | 10,368 |  |  | $ | (6) |  |  | $ | 31,784 |  |  | $ | (8) |
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
| March 31, 2026 |  | December 31, 2025
Due within one year | $ | 1,658,980 |  |  | $ | 1,745,834 |
Due within one year to three years | 232,879 |  |  | 190,096 |
Total | $ | 1,891,859 |  |  | $ | 1,935,930 |

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- Definition The entire disclosure of cash, cash equivalent, and short-term investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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