Strategic Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Roll-Forward of Strategic Investments

The following table presents the carrying value of our strategic investments (in thousands) as of:

	September 30, 2025
	Strategic investments		Warrants		Call options		Total
Equity securities:
Non-marketable equity securities	$	368,184	$	6,617	$	11,600	$	386,401
Debt securities:
Non-marketable debt securities	546		—		—		546
Total strategic investments	$	368,730	$	6,617	$	11,600	$	386,947

	December 31, 2024
	Strategic investments		Warrants		Call options		Total
Equity securities:
Non-marketable equity securities	$	319,598	$	4,368	$	—	$	323,966
Debt securities:
Non-marketable debt securities	8,584		—		—		8,584
Total strategic investments	$	328,182	$	4,368	$	—	$	332,550

The following tables summarize the gains and losses associated with our strategic investments during the three and nine months ended September 30, 2025 and 2024 (in thousands):

	Three Months Ended September 30, 2025								Three Months Ended September 30, 2024
	Strategic Investments		Warrants		Call options		Total		Strategic Investments		Warrants		Call options		Total
Realized gains recognized on strategic investments during the period, net	$	17,157	$	—	$	—	$	17,157	$	—	$	—	$	—	$	—
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period	(2,585)		—		—		(2,585)		—		—		—		—
Unrealized gains on strategic investments still held at the reporting date (1)	46		—		—		46		449		—		—		449
Unrealized losses, including impairments, on strategic investments still held at the reporting date	—		—		—		—		—		—		—		—
Gains on strategic investments, net	$	14,618	$	—	$	—	$	14,618	$	449	$	—	$	—	$	449

(1)Includes unrealized gains of $0.5 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the three months ended September 30, 2024.

	Nine Months Ended September 30, 2025								Nine Months Ended September 30, 2024
	Strategic Investments		Warrants		Call options		Total		Strategic Investments		Warrants		Call options		Total
Realized gains (losses) recognized on strategic investments during the period, net (1)	$	337,974	$	—	$	—	$	337,974	$	45,162	$	—	$	(2,849)	$	42,313
Reversal of prior period cumulative unrealized gains, net, for securities sold during the period (1)	(161,820)		—		—		(161,820)		—		—		—		—
Unrealized gains on strategic investments still held at the reporting date (2)	6,536		—		—		6,536		75,370		855		—		76,225
Unrealized losses, including impairments, on strategic investments still held at the reporting date	(2,048)		—		—		(2,048)		—		—		—		—
Gains (losses) on strategic investments, net	$	180,642	$	—	$	—	$	180,642	$	120,532	$	855	$	(2,849)	$	118,538

(1)Includes realized gains and reversal of prior unrealized gains of $2.6 million and $1.1 million, respectively, for a hybrid debt security strategic investment instrument related to a strategic investee liquidation event for the nine months ended September 30, 2025.

(2)Includes unrealized gains of $0.6 million for the entire hybrid debt security strategic investment instrument of a strategic investee for the nine months ended September 30, 2024.