v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Derivative Assets and Liability
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 (in thousands):
Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$449,911 $— $— $449,911 
Digital assets241,355 — — 241,355 
Total assets measured at fair value on a recurring basis
$691,266 $— $— $691,266 
Liabilities:
Contingent value rights1
$2,589 $— $— $2,589 
Warrants1,330,483 — — 1,330,483 
Total liabilities measured at fair value on a recurring basis$1,333,072 $— $— $1,333,072 
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.
The following presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

Fair Value Hierarchy
Level 1Level 2Level 3Fair value
Assets:
Cash and cash equivalents
Money market funds
$832,213 $— $— $832,213 
Digital assets23,893 — — 23,893 
Total assets measured at fair value on a recurring basis
$856,106 $— $— $856,106 
Liabilities:
Contingent value rights1
$4,272 $— $— $4,272 
Warrants1,097,285 — — 1,097,285 
Total liabilities measured at fair value on a recurring basis$1,101,557 $— $— $1,101,557 
1 The fair value of contingent value rights is included within other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets, based on the expected timing of settlement.
Schedule of Carrying Amounts and Estimated Fair Values of the Convertible Notes The following tables present the carrying amounts and estimated fair values of the Convertible Notes as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Carrying Amount
Fair ValueFair Value Hierarchy
3.00% Convertible Senior Notes due 2029
$460,000 $826,582 
Level 1
0.00% Convertible Senior Notes due 2031
$625,000 $701,493 Level 1

December 31, 2024
Carrying Amount
Fair Value
Fair Value Hierarchy
3.00% Convertible Senior Notes due 2029
$460,000 $703,100 
Level 1
0.00% Convertible Senior Notes due 2031
$625,000 $615,800 Level 1