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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy consists of the following three levels:

•Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets that the company has the ability to access;
•Level 2 — Valuations based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations in which all significant inputs are observable in the market; and
•Level 3 — Valuations using significant inputs that are unobservable in the market and include the use of judgment by the company's management about the assumptions market participants would use in pricing the asset or liability.

The Company is required to maintain a cash balance in a collateralized account to secure the Company’s credit cards. Additionally, the Company holds restricted cash related to an outstanding letter of credit issued by J.P. Morgan, which was obtained to secure certain Company obligations relating to tenant improvements. Recursion also holds restricted cash as required by a lease agreement.

The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis:

September 30, 2025Basis of fair value measurement
(in thousands)Level 1Level 2Level 3
Assets
Cash and cash equivalents:
Cash$436,675 $436,675 $— $— 
Money market funds223,161 223,161 — — 
Restricted cash7,309 7,309 — — 
Total
$667,145 $667,145 $— $— 

December 31, 2024Basis of fair value measurement
(in thousands)Level 1Level 2Level 3
Assets
Cash and cash equivalents:
Cash$198,050 $198,050 $— $— 
Money market funds235,812 235,812 $— $— 
Bank deposits160,487 160,487 — — 
Restricted cash8,675 8,675 — — 
Total
$603,024 $603,024 $— $— 

In addition to the financial instruments that are recognized at fair value on the Condensed Consolidated Balance Sheet, the Company has certain financial instruments that are recognized at amortized cost or some basis other than fair value. The carrying amount of these instruments are considered to be representative of their approximate fair values.
The following tables summarize the Company’s financial instruments that are not measured at fair value:

Book valuesFair values
(in thousands)September 30, 2025December 31, 2024September 30, 2025December 31, 2024
Liabilities
Notes payable and financing lease liabilities, current$8,919 $8,425 $8,919 $8,425 
Notes payable and financing lease liabilities, non-current11,902 19,022 11,902 19,022 
Total liabilities$20,821 $27,447 $20,821 $27,447