Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at September 30, 2025 and December 31, 2024 (in thousands):


	As of September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	878,921	$	—	$	—	$	878,921	$	878,921	$	—	$	—

Level 1:
Money market funds	334,128		—		—		334,128		334,128		—		—
U.S. Treasury bills	213,516		69		—		213,585		151,483		—		62,102
Marketable securities	36,794		31,385		—		68,179		—		68,179		—
Agency bonds	25,911		4		—		25,915		—		—		25,915
U.S. Government bonds	6,485		—		—		6,485		—		—		6,485
Subtotal	616,834		31,458		—		648,292		485,611		68,179		94,502
Level 2:
Term deposits	749,618		—		—		749,618		59,339		—		690,279
Corporate bonds	125,936		68		(7)		125,997		—		—		125,997
Commercial paper	40,507		—		—		40,507		—		—		40,507
Certificates of deposit	1,500		1		—		1,501		—		—		1,501
Subtotal	917,561		69		(7)		917,623		59,339		—		858,284
Total	$	2,413,316	$	31,527	$	(7)	$	2,444,836	$	1,423,871	$	68,179	$	952,786

During the three and nine months ended September 30, 2025, proceeds from the sale of available-for-sale securities were $24.0 million. As of September 30, 2025, we had $191.0 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.

Acquired common stock is recorded as marketable securities in the consolidated balance sheets and its fair value is adjusted every reporting period. Changes in fair value are recorded in the consolidated statements of operations and comprehensive income (loss) as unrealized gain (or loss) on marketable securities, which is included in other income, net. During the three and nine months ended September 30, 2025, net proceeds from the sales of marketable securities were $84.1 million, representing a $30.9 million net realized gain from the time of purchase. During the three and nine months ended September 30, 2025, net losses of $1.0 million and $33.1 million were recognized for securities sold in the period, respectively, within other income, net in the consolidated statements of operations and comprehensive income (loss). During the three and nine months ended September 30, 2025, we recorded an unrealized gain of $9.3 million and an unrealized loss of $12.9 million on marketable securities still held as of the reporting date, respectively. We recorded an unrealized gain on marketable securities of $44.0 million and $73.6 million, respectively, for the same periods in the prior year.


	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	94,919	$	—	$	—	$	94,919	$	94,919	$	—	$	—

Level 1:
Money market funds	322,874		—		—		322,874		322,874		—		—
Marketable securities	90,000		108,270		—		198,270		—		198,270		—
U.S. Government bonds	75,994		7		(5)		75,996		—		—		75,996
U.S. Treasury bills	14,431		25		—		14,456		—		—		14,456
Agency bonds	996		—		—		996		—		—		996
Subtotal	504,295		108,302		(5)		612,592		322,874		198,270		91,448
Level 2:
Term deposits	136,480		—		—		136,480		11,480		—		125,000
Corporate bonds	122,018		10		(63)		121,965		24,075		—		97,890
Commercial paper	20,393		—		—		20,393		1,496		—		18,897
Subtotal	278,891		10		(63)		278,838		37,051		—		241,787
Total	$	878,105	$	108,312	$	(68)	$	986,349	$	454,844	$	198,270	$	333,235

As of December 31, 2024, we had $136.7 million of available-for-sale investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.