Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

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):


	June 30, 2026
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	201,464	$	—	$	—	$	201,464
Money market deposit accounts	362,776		—		—		362,776
Certificates of deposit	159,015		24		(75)		158,964
Commercial paper	166,156		8		(163)		166,001
Corporate bonds	319,577		254		(703)		319,128
U.S. government and agency securities	58,805		—		(46)		58,759
Total unrestricted cash equivalents and short-term investments	1,267,793		286		(987)		1,267,092
Restricted Balances(2)
Money market funds	35,314		—		—		35,314
Certificates of deposit	13,307		2		—		13,309
Commercial paper	1,243,537		21		(247)		1,243,311
U.S. government and agency securities	770,250		2		(579)		769,673
Total restricted cash equivalents and investments	2,062,408		25		(826)		2,061,607
Total unrestricted and restricted cash equivalents and investments	$	3,330,201	$	311	$	(1,813)	$	3,328,699

_______________

(1)Excludes $527.4 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 $3.1 million of restricted cash, which is included within the $2.1 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 $31.3 million and $63.5 million for the three and six months ended June 30, 2026, respectively, and $39.0 million and $78.6 million for the three and six months ended June 30, 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 June 30, 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 June 30, 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):


	June 30, 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	$	69,997	$	(75)	$	—	$	—	$	69,997	$	(75)
Corporate bonds	40,988		(46)		98,995		(559)		139,983		(605)
Commercial paper	592,366		(390)		—		—		592,366		(390)
U.S. government and agency securities	634,328		(588)		25,038		(132)		659,366		(720)
Total available-for-sale debt securities in an unrealized loss position	$	1,337,679	$	(1,099)	$	124,033	$	(691)	$	1,461,712	$	(1,790)


	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):


	June 30, 2026		December 31, 2025
Due within one year	$	1,755,270	$	1,745,834
Due within one year to three years	206,975		190,096
Total	$	1,962,245	$	1,935,930