Strategic Investments (Tables)

9 Months Ended

Sep. 30, 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 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 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.