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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026
Reported As:
Amortized costGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-Term Investments
Cash$378,128 $— $— $378,128 $378,128 $— 
Level 1:
Money market funds90,713 — — 90,713 90,713 — 
U.S. Treasury securities222,534 — (2)222,532 198,616 23,916 
Subtotal313,247 — (2)313,245 289,329 23,916 
Level 2:
Certificates of deposit4,803 — (7)4,796 — 4,796 
Commercial paper65,148 — (4)65,144 65,144 — 
Subtotal69,951 — (11)69,940 65,144 4,796 
Total$761,326 $— $(13)$761,313 $732,601 $28,712 
December 31, 2025
Reported As:
Amortized costGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-Term InvestmentsLong-Term Investments
Cash $762,077 $— $— $762,077 $762,077 $— $— 
Level 1:
Money market funds235,750 — — 235,750 235,750 — — 
U.S. Treasury securities575,159 3,655 — 578,814 — 398,011 180,803 
Subtotal810,909 3,655 — 814,564 235,750 398,011 180,803 
Level 2:
Time deposits(1)
65,000 — — 65,000 — 65,000 — 
Corporate debt securities471,819 3,442 — 475,261 — 168,082 307,179 
Subtotal536,819 3,442 — 540,261 — 233,082 307,179 
Total$2,109,805 $7,097 $— $2,116,902 $997,827 $631,093 $487,982 
(1) Included $50.0 million of time deposits with GIB in short-term investments. GIB is a related party of the PIF, which is an affiliate of Ayar. See Note 15 “Related Party Transactions” for more information.
Schedule of Debt Securities, Available-for-Sale
The following table summarizes our available-for-sale securities by contractual maturity:
June 30, 2026
Amortized costEstimated Fair Value
Within one year$28,719 $28,712 
Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis
The following tables present a reconciliation of the common stock warrant liability and derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands):
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Series A Derivative LiabilitySeries B Derivative LiabilitySeries C Derivative LiabilitySeries A Derivative LiabilitySeries B Derivative LiabilitySeries C Derivative Liability
Fair value-beginning of period$5,900 $2,925 $— $10,800 $5,400 $— 
Issuance— — 115,390 — — 115,390 
Change in fair value(5,200)(2,550)47,190 (10,100)(5,025)47,190 
Fair value-end of period$700 $375 $162,580 $700 $375 $162,580 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Series A Derivative LiabilitySeries B Derivative LiabilityCommon Stock Warrant Liability
Series A Derivative Liability
Series B Derivative LiabilityCommon Stock Warrant Liability
Fair value-beginning of period$232,100 $125,625 $6,653 $408,800 $230,625 $19,514 
Change in fair value(76,900)(34,575)(5,322)(253,600)(139,575)(18,183)
Fair value-end of period$155,200 $91,050 $1,331 $155,200 $91,050 $1,331