Strategic Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Roll-Forward of Strategic Investments

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 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.