v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
The following tables set forth our financial assets that are measured at fair value on a recurring basis:
March 31, 2026
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$1,194,437 $— $— $1,194,437 
U.S. treasury securities
Level 1
24,151 — — 24,151 
Commercial paperLevel 215,908 — (3)15,905 
Time depositsLevel 226,192 — — 26,192 
Marketable securities:
U.S. treasury securities Level 1352,039 356 (391)352,004 
U.S. agency bonds Level 2428,126 — (1,427)426,699 
Corporate bonds Level 2273,647 196 (413)273,430 
Time depositsLevel 2140,000 — — 140,000 
Commercial paper Level 2204,206 20 (75)204,151 
Total $2,658,706 $572 $(2,309)$2,656,969 
December 31, 2025
Fair value
hierarchy
level		Cost or
amortized
cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
value
(in thousands)
Cash equivalents:
Money market funds Level 1$825,323 $— $— $825,323 
U.S. treasury securitiesLevel 111,934 1 — 11,935 
Time depositsLevel 225,949 — — 25,949 
Marketable securities:
U.S. treasury securities Level 1450,474 1,035 (2)451,507 
U.S. agency bondsLevel 2410,655 167 (134)410,688 
Corporate bondsLevel 2306,321 820 (13)307,128 
Time depositsLevel 2140,000 — — 140,000 
Commercial paperLevel 2213,767 152 — 213,919 
Total $2,384,423 $2,175 $(149)$2,386,449