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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments All of our available-for-sale debt investments as of September 30, 2025 are available to fund current operations and are recorded at fair value (Note 14). The following table summarizes our cash equivalents and available-for-sale debt investments:
| September 30, 2025
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 104,623 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,623 |  |  | $ | — |  |  | $ | 104,623 |
Money market funds | 781,489 |  |  | — |  |  | — |  |  | 781,489 |  |  | 781,489 |  |  | — |
U.S. government bonds | 13,946 |  |  | — |  |  | — |  |  | 13,946 |  |  | 13,946 |  |  | — |
Total cash equivalents (2) | 900,058 |  |  | — |  |  | — |  |  | 900,058 |  |  | 795,435 |  |  | 104,623 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 69,830 |  |  | 176 |  |  | (11) |  |  | 69,995 |  |  | — |  |  | 69,995 |
Certificate of deposits | 17,359 |  |  | — |  |  | — |  |  | 17,359 |  |  | 17,359 |  |  | — |
Commercial paper | 43,429 |  |  | — |  |  | — |  |  | 43,429 |  |  | — |  |  | 43,429 |
Corporate bonds | 335,150 |  |  | 850 |  |  | (59) |  |  | 335,941 |  |  | — |  |  | 335,941 |
Foreign government bonds | 3,074 |  |  | — |  |  | (1) |  |  | 3,073 |  |  | — |  |  | 3,073 |
Mortgage-backed securities | 913 |  |  | 2 |  |  | — |  |  | 915 |  |  | — |  |  | 915 |
Municipal bonds | 1,017 |  |  | 5 |  |  | — |  |  | 1,022 |  |  | — |  |  | 1,022 |
U.S. government agency bonds | 7,138 |  |  | — |  |  | (4) |  |  | 7,134 |  |  | — |  |  | 7,134 |
U.S. government bonds | 131,712 |  |  | 247 |  |  | (70) |  |  | 131,889 |  |  | 131,889 |  |  | — |
Total short-term investments | 609,622 |  |  | 1,280 |  |  | (145) |  |  | 610,757 |  |  | 149,248 |  |  | 461,509 |
Total | $ | 1,509,680 |  |  | $ | 1,280 |  |  | $ | (145) |  |  | $ | 1,510,815 |  |  | $ | 944,683 |  |  | $ | 566,132 |
| December 31, 2024
|  |  | Fair Value Level
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses (1) |  | Total Fair Value |  | Level 1 |  | Level 2
| (In thousands)
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 53,110 |  |  | $ | — |  |  | $ | — |  |  | $ | 53,110 |  |  | $ | — |  |  | $ | 53,110 |
Corporate bonds | 755 |  |  | — |  |  | — |  |  | 755 |  |  | — |  |  | 755 |
Money market funds | 146,679 |  |  | — |  |  | — |  |  | 146,679 |  |  | 146,679 |  |  | — |
U.S. government bonds | 16,450 |  |  | 4 |  |  | — |  |  | 16,454 |  |  | 16,454 |  |  | — |
Total cash equivalents | 216,994 |  |  | 4 |  |  | — |  |  | 216,998 |  |  | 163,133 |  |  | 53,865 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | 63,256 |  |  | 168 |  |  | (1,038) |  |  | 62,386 |  |  | — |  |  | 62,386 |
Certificate of deposits | 15,121 |  |  | — |  |  | — |  |  | 15,121 |  |  | 15,121 |  |  | — |
Commercial paper | 36,829 |  |  | — |  |  | — |  |  | 36,829 |  |  | — |  |  | 36,829 |
Corporate bonds | 258,191 |  |  | 567 |  |  | (101) |  |  | 258,657 |  |  | — |  |  | 258,657 |
Foreign government bonds | 1,590 |  |  | — |  |  | — |  |  | 1,590 |  |  | — |  |  | 1,590 |
Mortgage-backed securities | 11,159 |  |  | 2 |  |  | (18) |  |  | 11,143 |  |  | — |  |  | 11,143 |
Municipal bonds | 1,007 |  |  | 2 |  |  | — |  |  | 1,009 |  |  | — |  |  | 1,009 |
U.S. government agency bonds | 11,392 |  |  | — |  |  | (25) |  |  | 11,367 |  |  | — |  |  | 11,367 |
U.S. government bonds | 110,522 |  |  | 102 |  |  | (170) |  |  | 110,454 |  |  | 110,454 |  |  | — |
Total short-term investments | 509,067 |  |  | 841 |  |  | (1,352) |  |  | 508,556 |  |  | 125,575 |  |  | 382,981 |
Total | $ | 726,061 |  |  | $ | 845 |  |  | $ | (1,352) |  |  | $ | 725,554 |  |  | $ | 288,708 |  |  | $ | 436,846 |
(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2)For nine months ended September 30, 2025 and 2024, we sold cash equivalent investments for proceeds of $20.4 million and $18.1 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2025:
|  | Amortized Cost |  | Fair Value |  |  |  |  |  |  |  |
|  | (In thousands) |  |  |  |  |  |  |  |
Within 1 year |  | $ | 1,239,037 |  |  | $ | 1,239,475 |  |  |  |  |  |  |  |  |
After 1 year through 5 years |  | 199,900 |  |  | 200,430 |  |  |  |  |  |  |  |  |
Asset- and mortgage-backed securities |  | 70,743 |  |  | 70,910 |  |  |  |  |  |  |  |  |
Total |  | $ | 1,509,680 |  |  | $ | 1,510,815 |  |  |  |  |  |  |  |  |
Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations. As of September 30, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $3.9 million. As of December 31, 2024, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $4.4 million.

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