| Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis |
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash and cash equivalents: | | | | | | | | | Money market funds | $ | 477,208 | | | $ | 477,208 | | | $ | — | | | $ | — | | | Prepaid expenses and other current assets and other assets: | | | | | | | | | Certificates of deposit | 4,822 | | | — | | | 4,822 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 5,022,804 | | | — | | | 5,022,804 | | | — | | | Publicly-traded equity securities | 48,071 | | | 48,071 | | | — | | | — | | | Total | $ | 5,552,905 | | | $ | 525,279 | | | $ | 5,027,626 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Cash and cash equivalents: | | | | | | | | | Money market funds | $ | 1,823,046 | | | $ | 1,823,046 | | | $ | — | | | $ | — | | | Prepaid expenses and other current assets and other assets: | | | | | | | | | Certificates of deposit | 4,826 | | | — | | | 4,826 | | | — | | | Marketable securities: | | | | | | | | | U.S. Treasury securities | 3,110,687 | | | — | | | 3,110,687 | | | — | | | Publicly-traded equity securities | 20,776 | | | 20,776 | | | — | | | — | | | Total | $ | 4,959,335 | | | $ | 1,843,822 | | | $ | 3,115,513 | | | $ | — | |
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| Debt Securities, Available-for-Sale |
As of June 30, 2025 and December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2025 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. Treasury securities | $ | 5,024,728 | | | $ | 10 | | | $ | (1,934) | | | $ | 5,022,804 | | | Total debt securities | $ | 5,024,728 | | | $ | 10 | | | $ | (1,934) | | | $ | 5,022,804 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | U.S. Treasury securities | $ | 3,110,278 | | | $ | 1,022 | | | $ | (613) | | | $ | 3,110,687 | | | Total debt securities | $ | 3,110,278 | | | $ | 1,022 | | | $ | (613) | | | $ | 3,110,687 | | | | | | | | | | | | | | | | | |
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