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Strategic Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Roll-Forward of Strategic Investments
The following table presents the carrying value of our strategic investments at March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026December 31, 2025
Equity securities:
Non-marketable equity securities$837,597 $416,236 
Debt securities:
Non-marketable debt securities646 597 
Total strategic investments$838,243 $416,833 
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,
20262025
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 date158,869 30,825 
Unrealized losses, including impairments, on strategic investments still held at the reporting date— — 
Income from strategic investments, net$196,600 $167,321