Strategic Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

During the nine months ended September 30, 2026, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $191.8 million. We also recognized an unrealized gain on investments still held as of September 30, 2026 of $229.7 million related to observable price changes for existing investments in the same strategic investee. During the nine months ended September 30, 2026, we also acquired equity interests in a separate strategic investee for an aggregate amount of $49.9 million.

During the nine months ended September 30, 2025, we closed a series of transactions to acquire additional equity interests in an existing strategic investee for an aggregate amount of $215.1 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, which was received during the nine months ended September 30, 2025. Previously unrealized gains of $320.8 million were realized from the collective sales, net of $1.3 million of transaction costs. Additionally, during the nine months ended September 30, 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 $36.9 million. We recognized a gain of $14.6 million from the sale, 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 table presents the carrying value of our strategic investments at September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026		December 31, 2025
Equity securities:
Non-marketable equity securities (1)	$	918,922	$	416,236
Debt securities:
Non-marketable debt securities	6,012		597
Total strategic investments	$	924,934	$	416,833

(1)As of September 30, 2026 and December 31, 2025, the carrying value of our strategic investments held under the equity method of accounting was $29.3 million and $1.6 million, respectively.

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 September 30, 2026 were $247.0 million and $15.4 million, respectively.

As of September 30, 2026 and December 31, 2025, the carrying value of our variable interest assets in unconsolidated non-public variable interest entities was $135.9 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 and nine months ended September 30, 2026 and 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Realized gains (losses) recognized on strategic investments during the period, net	$	(11,517)	$	17,157	$	26,454	$	337,974
Reversal of prior period cumulative unrealized (gains) losses, net, for securities sold during the period	(36,200)		(2,585)		—		(161,820)
Unrealized gains on strategic investments still held at the reporting date (1)	111,834		46		240,069		6,536
Unrealized losses, including impairments, on strategic investments still held at the reporting date (1)	—		—		(97)		(2,048)
Income from strategic investments, net	$	64,117	$	14,618	$	266,426	$	180,642

(1)Includes immaterial income (losses) from strategic investments held under the equity method of accounting, as well as immaterial unrealized gains (losses) for debt security strategic investments.