v3.25.1
Strategic Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Strategic Investments
The following table summarizes our strategic investments as of March 31, 2025 and December 31, 2024:
As of
March 31, 2025
As of
December 31, 2024
(in thousands)
Initial cost$105,112 $106,052 
Cumulative upward adjustments146,201 146,201 
Cumulative downward adjustments, including impairments(74,558)(63,910)
Carrying value$176,755 $188,343 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, net$— $— 
Unrealized gains on strategic investments still held at the reporting date— 182 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(11,588)(6,449)
Gains (losses) on strategic investments, net$(11,588)$(6,267)
Gains and losses recognized during the periods presented, which are included within other income (expense), net on our consolidated statements of operations, were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Gains (losses) recognized on publicly traded equity securities sold during the period, net$— $— 
Unrealized gains (losses) on publicly traded equity securities still held at the reporting date, net(4,213)(2,721)
Gains (losses) on publicly traded equity securities, net$(4,213)$(2,721)