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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on 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):

			June 30, 2026
			Level 1						Level 2						Level 3						Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds			$	201,464					$	—					$	—					$	201,464
Certificates of deposit			—						158,964						—						158,964
Commercial paper			—						166,001						—						166,001
Corporate bonds			—						319,128						—						319,128
U.S. government and agency securities			—						58,759						—						58,759
Total unrestricted cash equivalents and short-term investments			201,464						702,852						—						904,316
Restricted cash equivalents and investments(2)
Money market funds			35,314						—						—						35,314
Certificates of deposit			—						13,309						—						13,309
Commercial paper			—						1,243,311						—						1,243,311
U.S. government and agency securities			—						769,673						—						769,673
Total restricted cash equivalents and investments			35,314						2,026,293						—						2,061,607
Total financial assets			$	236,778					$	2,729,145					$	—					$	2,965,923

_______________

(1)$527.4 million of cash and $362.8 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)$3.1 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 $2.1 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.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- References

No definition available.

+ Details

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