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Fair Value Measurements
 3 Months Ended
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 1Level 2Level 3Total
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 funds29,594 — — 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 investments29,594 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 1Level 2Level 3Total
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 investments276,077 761,767 — 1,037,844 
Restricted cash equivalents and investments(2)
Money market funds47,264 — — 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 investments47,264 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 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 three months ended March 31, 2026, the Company did not make any transfers between the levels of the fair value hierarchy.