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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets Subject to Fair Value Measurements on a Recurring Basis by Level Within the Fair Value Hierarchy | The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024 |  |
|  |  |  |  |  |  |  |  | Reported As: |  |
| Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Cash and cash equivalents |  | Short-Term Investments |  | Long-Term Investments |  |
Cash | $ | 755,638 |  |  | $ | — |  |  | $ | — |  |  | $ | 755,638 |  |  | $ | 755,638 |  |  | $ | — |  |  | $ | — |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 743,253 |  |  | — |  |  | — |  |  | 743,253 |  |  | 743,253 |  |  | — |  |  | — |  |  |
U.S. Treasury securities | 1,794,352 |  |  | 6,453 |  |  | (91) |  |  | 1,800,714 |  |  | 300,286 |  |  | 1,064,049 |  |  | 436,379 |  |  |
Subtotal | 2,537,605 |  |  | 6,453 |  |  | (91) |  |  | 2,543,967 |  |  | 1,043,539 |  |  | 1,064,049 |  |  | 436,379 |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 3,000 |  |  | 2 |  |  | — |  |  | 3,002 |  |  | 3,002 |  |  | — |  |  | — |  |  |
Time deposits(1) | 305,000 |  |  | — |  |  | — |  |  | 305,000 |  |  | 60,000 |  |  | 245,000 |  |  | — |  |  |
Commercial paper | 72,321 |  |  | 48 |  |  | (1) |  |  | 72,368 |  |  | 24,299 |  |  | 48,069 |  |  | — |  |  |
Corporate debt securities | 345,110 |  |  | 2,370 |  |  | (13) |  |  | 347,467 |  |  | 7,160 |  |  | 221,165 |  |  | 119,142 |  |  |
Subtotal | 725,431 |  |  | 2,420 |  |  | (14) |  |  | 727,837 |  |  | 94,461 |  |  | 514,234 |  |  | 119,142 |  |  |
Total | $ | 4,018,674 |  |  | $ | 8,873 |  |  | $ | (105) |  |  | $ | 4,027,442 |  |  | $ | 1,893,638 |  |  | $ | 1,578,283 |  |  | $ | 555,521 |  |  |
(1) Included $15.0 million of time deposit with GIB in short-term investments. GIB is a related party of PIF, which is an affiliate of Ayar. See Note 16 “Related Party Transactions” for more information.
| December 31, 2023
|  |  |  |  |  |  |  |  | Reported As:
| Amortized cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Cash and cash equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | 516,673 |  |  | $ | — |  |  | $ | — |  |  | $ | 516,673 |  |  | $ | 516,673 |  |  | $ | — |  |  | $ | — |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | 698,702 |  |  | — |  |  | — |  |  | 698,702 |  |  | 698,702 |  |  | — |  |  | — |
U.S. Treasury securities | 2,033,711 |  |  | 2,480 |  |  | (2,073) |  |  | 2,034,118 |  |  | 104,572 |  |  | 1,638,537 |  |  | 291,009 |
Subtotal | 2,732,413 |  |  | 2,480 |  |  | (2,073) |  |  | 2,732,820 |  |  | 803,274 |  |  | 1,638,537 |  |  | 291,009 |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | 105,993 |  |  | 97 |  |  | (22) |  |  | 106,068 |  |  | — |  |  | 106,068 |  |  | — |
Time Deposits | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | — |  |  | — |
Commercial paper | 299,248 |  |  | 191 |  |  | (8) |  |  | 299,431 |  |  | — |  |  | 299,431 |  |  | — |
Corporate debt securities | 615,350 |  |  | 1,101 |  |  | (669) |  |  | 615,782 |  |  | — |  |  | 445,762 |  |  | 170,020 |
Subtotal | 1,070,591 |  |  | 1,389 |  |  | (699) |  |  | 1,071,281 |  |  | 50,000 |  |  | 851,261 |  |  | 170,020 |
Total | $ | 4,319,677 |  |  | $ | 3,869 |  |  | $ | (2,772) |  |  | $ | 4,320,774 |  |  | $ | 1,369,947 |  |  | $ | 2,489,798 |  |  | $ | 461,029 |
Schedule of Available-for-Sale Securities by Contractual Maturity | The following table summarizes our available-for-sale securities by contractual maturity:
| September 30, 2024
| Amortized cost |  | Estimated Fair Value
Within one year | $ | 1,575,513 |  |  | $ | 1,578,283 |
After one year through three years | 549,608 |  |  | 555,521 |
Total | $ | 2,125,121 |  |  | $ | 2,133,804 |
Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis | The following table presents reconciliation of the common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Fair value-beginning of period | $ | 19,071 |  |  | $ | 139,259 |  |  | $ | 53,664 |  |  | $ | 140,590 |
Change in fair value | 13,748 |  |  | (60,316) |  |  | (20,845) |  |  | (61,647) |
Fair value-end of period | $ | 32,819 |  |  | $ | 78,943 |  |  | $ | 32,819 |  |  | $ | 78,943 |
The following table presents reconciliation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands):
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| Series A Derivative Liability |  | Series B Derivative Liability |  | Series A Derivative Liability |  | Series B Derivative Liability
Fair value-beginning of period | $ | 394,100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Issuance | — |  |  | 297,675 |  |  | 497,100 |  |  | 297,675 |
Change in fair value | 191,200 |  |  | 49,050 |  |  | 88,200 |  |  | 49,050 |
Fair value-end of period | $ | 585,300 |  |  | $ | 346,725 |  |  | $ | 585,300 |  |  | $ | 346,725 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
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