Strategic Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

During the year ended December 31, 2025, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $235.1 million.

During the first quarter of 2025, we recognized a gain of $167.4 million related to an observable price change of a separate existing strategic investee. Furthermore, we entered into a series of transactions to sell certain interests and recognized proceeds from the sales of $340.7 million for the year ended December 31, 2025. Previously unrealized gains of $320.8 million were realized from the collective sales, net of $1.3 million of transaction costs.

During the year ended December 31, 2025, a strategic investee completed a change-of-control transaction resulting in liquidation of the entity and distribution of consideration to its shareholders. In connection with the transaction, we received consideration of $37.2 million. We recognized a gain of $14.8 million from the sale to date, net of $0.1 million of transaction costs. Previously unrealized gains of $2.6 million were realized as a result of this sale.

The following tables provide details on the balance of strategic investments (in thousands):


	December 31, 2025		December 31, 2024
Equity securities:
Non-marketable equity securities	$	416,236	$	323,966
Debt securities:
Non-marketable debt securities	597		8,584
Total strategic investments	$	416,833	$	332,550

The life to date cumulative upward and downward adjustments to the carrying value of our strategic equity investments accounted for under the ASC 321 measurement alternative and still held as of the year ended December 31, 2025 were $15.7 million and $15.4 million, respectively.

As of the years ended December 31, 2025 and 2024, the carrying value of our variable interest assets in unconsolidated non-public VIEs was $9.4 million and $25.2 million, respectively. These balances reflect the maximum exposure to loss, which is limited to the carrying value of the interest.

The following tables summarize the gains and losses associated with our strategic investments during the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Realized gains (losses) recognized on strategic investments during the period, net (1)	$	337,501	$	90,760	$	—
Reversal of prior period cumulative unrealized (gains) losses, net, for securities sold during the period (1)	(160,928)		390		—
Unrealized gains on strategic investments still held at the reporting date (2)	11,867		76,723		—
Unrealized losses, including impairments, on strategic investments still held at the reporting date	(2,048)		(4,986)		(82,525)
Gains (losses) on strategic investments, net	$	186,392	$	162,887	$	(82,525)

(1)Includes realized gains and reversal of prior unrealized gains of $2.6 million and $1.1 million, respectively, for a debt security strategic investment instrument due to a liquidation event for the year ended December 31, 2025.

(2)Includes unrealized gains of $0.1 million and $1.1 million related to debt security strategic investments for the years ended December 31, 2025 and 2024.