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Cash Equivalents and Investments (Tables)
 3 Months Ended
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		UnrealizedEstimated
Fair Value
GainsLosses
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 investments1,259,704 560 (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 investments1,995,773 124 (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		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$276,077 $— $— $276,077 
Money market deposit accounts360,127 — — 360,127 
Certificates of deposit143,325 146 — 143,471 
Commercial paper216,420 105 — 216,525 
Corporate bonds266,199 1,300 (8)267,491 
U.S. government and agency securities134,210 70 — 134,280 
Total unrestricted cash equivalents and short-term investments1,396,358 1,621 (8)1,397,971 
Restricted Balances(2)
Money market funds47,264 — — 47,264 
Certificates of deposit104,310 60 — 104,370 
Commercial paper921,902 462 — 922,364 
Corporate bonds15,022 15 — 15,037 
U.S. government and agency securities843,661 402 — 844,063 
Total restricted cash equivalents and investments1,932,159 939 — 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 greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$57,807 $(43)$— $— $57,807 $(43)
Corporate bonds 33,190 (43)103,526 (306)136,716 (349)
Commercial paper593,826 (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 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$9,720 $— $2,000 $— $11,720 $— 
Corporate bonds 9,084 (2)8,368 (6)17,452 (8)
Commercial paper2,612 — — — 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 years232,879 190,096 
Total$1,891,859 $1,935,930