Cash, Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2026

Cash and Cash Equivalents [Abstract]

The following tables summarize our cash, cash equivalents, marketable securities and available-for-sale debt investments at September 30, 2026 and December 31, 2025 (in thousands):


	As of September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities		Short-Term Investments
Cash	$	160,684	$	—	$	—	$	160,684	$	160,684	$	—	$	—

Level 1:
Money market funds	1,057,391		—		—		1,057,391		1,057,391		—		—
U.S. Treasury bills	99,138		—		(7)		99,131		50,110		—		49,021
Marketable securities	13,100		1,651		—		14,751		—		14,751		—
Agency bonds	400		—		—		400		—		—		400

Subtotal	1,170,029		1,651		(7)		1,171,673		1,107,501		14,751		49,421
Level 2:
Term deposits	219,257		—		—		219,257		143,558		—		75,699
Corporate bonds	88,981		9		(38)		88,952		43,355		—		45,597
Commercial paper	10,871		—		(1)		10,870		—		—		10,870
Certificates of deposit	3,719		—		—		3,719		3,719		—		—
Subtotal	322,828		9		(39)		322,798		190,632		—		132,166
Total	$	1,653,541	$	1,660	$	(46)	$	1,655,155	$	1,458,817	$	14,751	$	181,587

During the nine months ended September 30, 2026, proceeds from the sale of available-for-sale securities were $70.5 million. As of September 30, 2026, we held $150.4 million of available-for-sale debt investments with unrealized losses, of which none have been in a continuous unrealized loss position for 12 months or longer.

During the nine months ended September 30, 2026, net proceeds from the sales of marketable securities were $3.7 million, representing net realized gains of $1.7 million from the time of purchase. During the three and nine months ended September 30, 2026, we recorded an unrealized loss of $4.4 million and $8.9 million on marketable securities still held as of the reporting date, respectively. We recorded an unrealized gain of $9.3 million and an unrealized loss of $12.9 million on marketable securities, respectively, for the same periods 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.