Cash, Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

The following table summarizes our cash, cash equivalents, marketable securities and available-for-sale debt investments at December 31, 2025 (in thousands):


	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	168,294	$	—	$	—	$	168,294	$	168,294	$	—	$	—

Level 1:
Money market funds	821,711		—		—		821,711		821,711		—		—
U.S. Treasury bills	231,766		69		—		231,835		200,200		—		31,635
Marketable securities	15,093		12,120		—		27,213		—		27,213		—
Agency bonds	6,456		3		—		6,459		—		—		6,459

Subtotal	1,075,026		12,192		—		1,087,218		1,021,911		27,213		38,094
Level 2:
Term deposits	385,942		—		—		385,942		10,942		—		375,000
Corporate bonds	72,322		42		(3)		72,361		—		—		72,361
Commercial paper	18,462		—		—		18,462		—		—		18,462
Certificates of deposit	1,500		—		—		1,500		—		—		1,500

Subtotal	478,226		42		(3)		478,265		10,942		—		467,323
Total	$	1,721,546	$	12,234	$	(3)	$	1,733,777	$	1,201,147	$	27,213	$	505,417

During the year ended December 31, 2025, proceeds from the sale of available-for-sale securities were $24.0 million. As of December 31, 2025, we had $9.7 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.

During the year ended December 31, 2025, net proceeds from the sales of marketable securities were $124.6 million, representing a $49.7 million net realized gain from the time of purchase. During the year ended December 31, 2025, net losses of $40.4 million were recognized for securities sold in the period within other income (loss), net in the consolidated statements of operations and comprehensive income. During the year ended December 31, 2025, we recorded an unrealized loss of $6.0 million on marketable securities still held as of the reporting date.

The following table summarizes our cash, cash equivalents and available-for-sale investments at December 31, 2024 (in thousands):


	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. During the years ended December 31, 2024 and 2023, we recorded unrealized gains on marketable securities of $120.3 million and $38.7 million, respectively.