Strategic Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

During the three months ended March 31, 2026, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $189.8 million. We also recognized a gain of $158.8 million related to an observable price change for existing investments in the same strategic investee. During the three months ended March 31, 2026, we also acquired equity interests in a separate strategic investee for an aggregate amount of $49.9 million.

During the three months ended March 31, 2025, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $203.4 million. We also 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 for cash consideration of $340.7 million in the same strategic investee. A majority of the sales closed during the quarter ended March 31, 2025, resulting in the Company receiving $290.9 million in cash consideration and realizing previously unrealized gains of $273.5 million, net of $1.3 million of transaction costs. The remaining sale closed in April 2025 for cash consideration of $49.8 million.

The following table presents the carrying value of our strategic investments at March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026		December 31, 2025
Equity securities:
Non-marketable equity securities	$	837,597	$	416,236
Debt securities:
Non-marketable debt securities	646		597
Total strategic investments	$	838,243	$	416,833

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 March 31, 2026 were $174.4 million and $15.4 million, respectively.

As of March 31, 2026 and December 31, 2025, the carrying value of our variable interest assets in unconsolidated non-public variable interest entities was $101.7 million and $9.4 million, respectively. These balances reflect the maximum exposure to loss, which is limited to the carrying value of the interest.

The following table summarizes the gains and losses associated with our strategic investments during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Realized gains recognized on strategic investments during the period, net	$	37,731	$	273,478
Reversal of prior period cumulative unrealized (gains) losses, net, for securities sold during the period	—		(136,982)
Unrealized gains on strategic investments still held at the reporting date	158,869		30,825
Unrealized losses, including impairments, on strategic investments still held at the reporting date	—		—
Income from strategic investments, net	$	196,600	$	167,321