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Cash Equivalents and Investments (Tables) | 3 Months Ended
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Mar. 31, 2026
Cash and Cash Equivalents [Abstract] |
Schedule of Cash Equivalents and Short-Term 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.
Schedule of AFS 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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