Cash, Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	182,231	$	—	$	—	$	182,231	$	182,231	$	—	$	—

Level 1:
Money market funds	269,513		—		—		269,513		269,513		—		—

Marketable securities	13,100		4,952		—		18,052		—		18,052		—


Subtotal	282,613		4,952		—		287,565		269,513		18,052		—
Level 2:
Term deposits	267,177		—		—		267,177		7,177		—		260,000



Subtotal	267,177		—		—		267,177		7,177		—		260,000
Total	$	732,021	$	4,952	$	—	$	736,973	$	458,921	$	18,052	$	260,000

During the three months ended March 31, 2026, proceeds from the sale of available-for-sale securities were $70.5 million. As of March 31, 2026, we held no available-for-sale debt investments with unrealized losses.

During the three months ended March 31, 2026, net proceeds from the sales of marketable securities were $3.7 million, representing a $1.7 million net realized gain from the time of purchase. During the three months ended March 31, 2026, we recorded an unrealized loss of $5.6 million on marketable securities still held as of the reporting date. We recorded an unrealized loss on marketable securities of $23.4 million for the same period in the prior year.


	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		—		—
Marketable securities	15,093		12,120		—		27,213		—		27,213		—
U.S. Treasury bills	231,766		69		—		231,835		200,200		—		31,635
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

As of December 31, 2025, we had $9.7 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. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.