v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on Recurring Basis
The following tables set forth our financial assets that are measured at fair value on a recurring basis, excluding publicly traded equity securities, as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Fair Value HierarchyCost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$456,670 $— $— $456,670 
Cash equivalents:
Money market fundsLevel 1454,557 — — 454,557 
Total cash and cash equivalents911,227 — — 911,227 
Marketable debt securities:
U.S. government securitiesLevel 12,191,534 6,486 (1,233)2,196,787 
Corporate debt securitiesLevel 290,591 81 (3)90,669 
Total marketable debt securities2,282,125 6,567 (1,236)2,287,456 
Total$3,193,352 $6,567 $(1,236)$3,198,683 
As of December 31, 2024
Fair Value HierarchyCost or
Amortized Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total Estimated
Fair Value
(in thousands)
Cash$348,251 $— $— $348,251 
Cash equivalents:
Money market fundsLevel 1694,323 — (30)694,293 
U.S. government securitiesLevel 13,991 — (1)3,990 
Total cash and cash equivalents1,046,565 — (31)1,046,534 
Marketable debt securities:
U.S. government securitiesLevel 12,186,192 4,984 (3,292)2,187,884 
Corporate debt securitiesLevel 2129,217 229 (5)129,441 
Total marketable debt securities2,315,409 5,213 (3,297)2,317,325 
Total$3,361,974 $5,213 $(3,328)$3,363,859 
Schedule of Gain (Loss) on Strategic Investments
Gains and losses recognized during the periods presented were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Gains (losses) recognized on strategic investments sold during the period, net$— $— 
Unrealized gains on strategic investments still held at the reporting date— 182 
Unrealized losses, including impairments, on strategic investments still held at the reporting date(11,588)(6,449)
Gains (losses) on strategic investments, net$(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)
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows.
As of March 31,
20252024
(in thousands)
Cash and cash equivalents$911,227 $1,060,393 
Restricted cash, included in other assets4,852 3,487 
Total cash, cash equivalents, and restricted cash$916,079 $1,063,880 
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in our consolidated balance sheet to the total of the amounts in the consolidated statements of cash flows.
As of March 31,
20252024
(in thousands)
Cash and cash equivalents$911,227 $1,060,393 
Restricted cash, included in other assets4,852 3,487 
Total cash, cash equivalents, and restricted cash$916,079 $1,063,880