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Financial Instruments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2024 and March 31, 2025, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data.
The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2024March 31, 2025
  
Total
Estimated
Fair Value		Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Cash$17,055 $15,794 $— $— $15,794 
Level 1 securities:
Money market funds28,282 18,357 — — 18,357 
Equity securities (1)3,318 3,001 
Level 2 securities:
Foreign government and agency securities177 180 — — 180 
U.S. government and agency securities3,401 4,709 5 (40)4,674 
Corporate debt securities50,912 54,744 9 (28)54,725 
Asset-backed securities1,523 1,471 2 (15)1,458 
Other debt securities67 62 — — 62 
$104,735 $95,317 $16 $(83)$98,251 
Less: Restricted cash, cash equivalents, and marketable securities (2)(3,533)(3,686)
Total cash, cash equivalents, and marketable securities$101,202 $94,565 
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(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(2.1) billion and $(205) million in Q1 2024 and Q1 2025.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”
The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of March 31, 2025 (in millions):
Amortized
Cost		Estimated
Fair Value
Due within one year$71,764 $71,743 
Due after one year through five years6,436 6,423 
Due after five years through ten years538 534 
Due after ten years785 756 
Total$79,523 $79,456 
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.
Non-Marketable Investments
In Q3 2023, we invested in a $1.25 billion note from Anthropic, PBC, which is convertible to equity. In Q1 2024, we invested $2.75 billion in a second convertible note. In Q4 2024, we entered into an agreement and invested $1.3 billion in a third convertible note, and will invest an additional $2.7 billion by Q4 2025. The notes are classified as available-for-sale and reported at fair value with unrealized gains and losses included in “Accumulated other comprehensive income (loss).” The notes are classified as Level 3 assets, and as of December 31, 2024 had an estimated fair value of approximately $13.8 billion. In making these estimates, we utilized valuation methods based on information available, including the rights and obligations of the convertible notes, other outstanding classes of securities, observable transactions such as new securities offerings, estimates of expected time to and type of liquidity events and anticipated securities offerings, and discounts for lack of marketability. In Q1 2025, a portion of the notes were converted to nonvoting preferred stock. As a result of conversions, a significant portion of the unrealized gain associated with the notes as of December 31, 2024 was reclassified and a gain of approximately $3.3 billion was recorded in “Other income (expense), net” in our consolidated statement of operations. The investment in nonvoting preferred stock was initially recorded at its estimated fair value at the time of the conversion and will be accounted for as a
component of our equity investments in private companies not accounted for under the equity-method, with future adjustments for observable changes in prices or impairments recognized in “Other income (expense), net” on our consolidated statements of operations. As of March 31, 2025, the estimated fair value of our convertible notes and amounts recorded for nonvoting preferred stock investments was approximately $13.8 billion. We also have a commercial arrangement primarily for the provision of AWS cloud services, which includes the use of AWS chips.
As of December 31, 2024 and March 31, 2025, equity investments in private companies not accounted for under the equity-method had a carrying value of $989 million and $6.1 billion, with adjustments for observable changes in prices or impairments recognized in “Other income (expense), net” on our consolidated statements of operations.
As of December 31, 2024 and March 31, 2025, equity investments accounted for under the equity-method of accounting, including investments for which we have elected the fair value option, had a carrying value of $1.2 billion.
We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2024 and March 31, 2025, these warrants had a fair value of $2.7 billion and $1.9 billion, with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are classified as Level 2 and 3 assets.
These non-marketable investments are included within “Other assets” on our consolidated balance sheets.
Certain of our investments represent a variable interest in an entity for which we do not consolidate because we are not the primary beneficiary.
Consolidated Statements of Cash Flows Reconciliation
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2024March 31, 2025
Cash and cash equivalents$78,779 $66,207 
Restricted cash included in accounts receivable, net and other247 365 
Restricted cash included in other assets3,286 3,321 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$82,312 $69,893