The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):


	March 31, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	348,269	$	—	$	—	$	348,269
Money market deposit accounts	268,049		—		—		268,049
Certificates of deposit	201,366		139		(25)		201,480
Commercial paper	587,200		226		(396)		587,030
Corporate bonds	103,745		380		(13)		104,112
U.S. government and agency securities	320,670		201		(13)		320,858
Total unrestricted cash equivalents and short-term investments	1,829,299		946		(447)		1,829,798
Restricted Balances
Money market funds	13,400		—		—		13,400
Certificates of deposit	258,995		177		(29)		259,143
Commercial paper	881,205		211		(715)		880,701
Corporate bonds	27,559		15		(4)		27,570
U.S. government and agency securities	454,915		215		(22)		455,108
Total restricted cash equivalents and investments	1,636,074		618		(770)		1,635,922
Total unrestricted and restricted cash equivalents and investments	$	3,465,373	$	1,564	$	(1,217)	$	3,465,720

_______________


	December 31, 2024
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Unrestricted Balances(1)
Money market funds	$	189,839	$	—	$	—	$	189,839
Money market deposit accounts	304,716		—		—		304,716
Certificates of deposit	171,352		150		(144)		171,358
Commercial paper	762,405		529		(388)		762,546
Corporate bonds	70,207		29		(5)		70,231
U.S. government and agency securities	352,984		295		(5)		353,274
Total unrestricted cash equivalents and short-term investments	1,851,503		1,003		(542)		1,851,964
Restricted Balances
Money market funds	42,699		—		—		42,699
Term deposits	2,194		—		—		2,194
Certificates of deposit	189,694		144		(242)		189,596
Commercial paper	782,491		433		(368)		782,556
Corporate bonds	59,254		19		(7)		59,266
U.S. government and agency securities	465,516		349		(8)		465,857
Total restricted cash equivalents and investments	1,541,848		945		(625)		1,542,168
Total unrestricted and restricted cash equivalents and investments	$	3,393,351	$	1,948	$	(1,167)	$	3,394,132

_______________

The Company’s investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The Company considered debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.

Interest income earned by the Company on its available-for-sale debt securities included in other income (expense), net in the condensed consolidated statements of operations was $39.5 million and $38.6 million for the three months ended March 31, 2025 and 2024, respectively.

The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of March 31, 2025. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of March 31, 2025 for the Company’s marketable and non-marketable debt securities.

The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands):


	March 31, 2025
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	42,245	$	(55)	$	—	$	—	$	42,245	$	(55)
Corporate bonds	17,748		(6)		5,502		(11)		23,250		(17)
Commercial paper	230,241		(1,105)		—		—		230,241		(1,105)
U.S. government and agency securities	189,538		(33)		—		—		189,538		(33)
Total available-for-sale debt securities in an unrealized loss position	$	479,772	$	(1,199)	$	5,502	$	(11)	$	485,274	$	(1,210)


	December 31, 2024
	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Certificates of deposit	$	99,144	$	(386)	$	—	$	—	$	99,144	$	(386)
Corporate bonds	49,516		(12)		—		—		49,516		(12)
Commercial paper	241,805		(756)		—		—		241,805		(756)
U.S. government and agency securities	62,787		(13)		—		—		62,787		(13)
Total available-for-sale debt securities in an unrealized loss position	$	453,252	$	(1,167)	$	—	$	—	$	453,252	$	(1,167)