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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 7. 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):
| March 31, 2026
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Unrestricted cash equivalents and short-term investments(1) |  |  |  |  |  |  |
Money market funds | $ | 165,585 |  |  | $ | — |  |  | $ | — |  |  | $ | 165,585 |
Certificates of deposit | — |  |  | 160,023 |  |  | — |  |  | 160,023 |
Commercial paper | — |  |  | 176,741 |  |  | — |  |  | 176,741 |
Corporate bonds | — |  |  | 316,419 |  |  | — |  |  | 316,419 |
U.S. government and agency securities | — |  |  | 77,495 |  |  | — |  |  | 77,495 |
Total unrestricted cash equivalents and short-term investments | 165,585 |  |  | 730,678 |  |  | — |  |  | 896,263 |
Restricted cash equivalents and investments(2) |  |  |  |  |  |  |
Money market funds | 29,594 |  |  | — |  |  | — |  |  | 29,594 |
Certificates of deposit | — |  |  | 53,969 |  |  | — |  |  | 53,969 |
Commercial paper | — |  |  | 1,064,040 |  |  | — |  |  | 1,064,040 |
U.S. government and agency securities | — |  |  | 847,661 |  |  | — |  |  | 847,661 |
Total restricted cash equivalents and investments | 29,594 |  |  | 1,965,670 |  |  | — |  |  | 1,995,264 |
Total financial assets | $ | 195,179 |  |  | $ | 2,696,348 |  |  | $ | — |  |  | $ | 2,891,527 |
_______________ (1)$461.3 million of cash and $363.3 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 $1.7 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2)$3.0 million of restricted cash is not subject to recurring fair value measurement and is therefore excluded from this table. However, this balance 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
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Unrestricted cash equivalents and short-term investments(1) |  |  |  |  |  |  |
Money market funds | $ | 276,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 276,077 |
Certificates of deposit | — |  |  | 143,471 |  |  | — |  |  | 143,471 |
Commercial paper | — |  |  | 216,525 |  |  | — |  |  | 216,525 |
Corporate bonds | — |  |  | 267,491 |  |  | — |  |  | 267,491 |
U.S. government and agency securities | — |  |  | 134,280 |  |  | — |  |  | 134,280 |
Total unrestricted cash equivalents and short-term investments | 276,077 |  |  | 761,767 |  |  | — |  |  | 1,037,844 |
Restricted cash equivalents and investments(2) |  |  |  |  |  |  |
Money market funds | 47,264 |  |  | — |  |  | — |  |  | 47,264 |
Certificates of deposit | — |  |  | 104,370 |  |  | — |  |  | 104,370 |
Commercial paper | — |  |  | 922,364 |  |  | — |  |  | 922,364 |
Corporate bonds | — |  |  | 15,037 |  |  | — |  |  | 15,037 |
U.S. government and agency securities | — |  |  | 844,063 |  |  | — |  |  | 844,063 |
Total restricted cash equivalents and investments | 47,264 |  |  | 1,885,834 |  |  | — |  |  | 1,933,098 |
Total financial assets | $ | 323,341 |  |  | $ | 2,647,601 |  |  | $ | — |  |  | $ | 2,970,942 |
_______________ (1)$439.2 million of cash and $360.1 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. (2)$3.0 million of restricted cash is not subject to recurring fair value measurement and is therefore excluded from this table. However, this balance is included within the $1.9 billion of restricted cash and cash equivalents and restricted investments on the condensed consolidated balance sheets. The following are the hierarchical levels of inputs to measure fair value: Level 1 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 Inputs 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 3 Unobservable 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 three months ended March 31, 2026, the Company did not make any transfers between the levels of the fair value hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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