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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial Assets
The following tables provide the financial assets measured at fair value on a recurring basis:
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
December 31, 2025		Aggregate
Fair Value
Level 1Level 2Level 3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$454,505 $— $— $— $454,505 $— $— $454,505 
Commercial paper37,517 — — — — 37,517 — 37,517 
Total included in cash
    and cash equivalents		492,022 — — — 454,505 37,517 — 492,022 
Marketable securities:
Debt securities:
U.S. Treasury securities249,396 1,190 (9)— 250,577 — — 250,577 
Corporate debt securities and commercial paper1,523,935 9,360 (84)(1)— 1,533,210 — 1,533,210 
Total debt securities1,773,331 10,550 (93)(1)250,577 1,533,210 — 1,783,787 
Equity securities4,220 — — — 4,220 — — 4,220 
Total marketable
   securities		1,777,551 10,550 (93)(1)254,797 1,533,210 — 1,788,007 
Total financial assets$2,269,573 $10,550 $(93)$(1)$709,302 $1,570,727 $— $2,280,029 
Amortized
Cost or
Carrying
Value		Gross
Unrealized
Gains		Gross
Unrealized
Losses Less Than 12 Months		Gross
Unrealized
Losses More
Than
12 Months		Fair Value Hierarchy as of
December 31, 2024		Aggregate
Fair Value
Level 1Level 2Level  3
Financial Assets:(In thousands)
Cash and cash equivalents:
Money market funds$207,323 $— $— $— $207,323 $— $— $207,323 
Commercial paper15,059 — — — — 15,059 — 15,059 
U.S. Treasury bills2,748 — — — 2,748 — — 2,748 
Total included in cash
    and cash equivalents		225,130 — — — 210,071 15,059 — 225,130 
Marketable securities:
Debt securities:
U.S. Treasury securities379,846 1,243 (296)(55)380,738 — — 380,738 
Non-U.S. government
   securities
2,909 27 — — 2,936 — — 2,936 
Corporate debt securities and commercial paper1,571,944 6,415 (1,594)(557)16,890 1,559,318 — 1,576,208 
Total debt securities1,954,699 7,685 (1,890)(612)400,564 1,559,318 — 1,959,882 
Equity securities3,220 — — — 3,220 — — 3,220 
Total marketable
   securities		1,957,919 7,685 (1,890)(612)403,784 1,559,318 — 1,963,102 
Total financial assets$2,183,049 $7,685 $(1,890)$(612)$613,855 $1,574,377 $— $2,188,232 
Debt Securities
The Company’s primary objective when investing excess cash is preservation of capital, hence the Company’s debt securities primarily consist of U.S. Treasury securities, non-U.S. government securities, high credit quality corporate debt securities and commercial paper. Because the Company views its debt securities as available to support its current operations, it has classified all available for sale securities as short-term.
Interest earned on marketable securities was $70.6 million, $90.2 million and $77.7 million in the years ended December 31, 2025, 2024 and 2023, respectively. The interest is recorded as other income, net, in the accompanying consolidated statements of operations.
The following table summarizes the contractual maturities of marketable securities:
As of December 31,
20252024
Amortized
Cost		Aggregate
Fair Value		Amortized
Cost		Aggregate
Fair Value
Financial Assets:(In thousands)
Less than one year$588,022 $590,997 $684,294 $685,091 
One to three years1,185,309 1,192,790 1,270,405 1,274,791 
Total$1,773,331 $1,783,787 $1,954,699 $1,959,882 
Strategic Investments
As of December 31, 2025 and 2024, the Company held strategic investments with an aggregate carrying value of $24.5 million and $23.5 million, respectively, recorded as other long-term assets in the accompanying consolidated balance sheets. There were no significant impairments or adjustments recorded in the years ended December 31, 2025 and 2024 related to these securities. In the year ended December 31, 2023, the Company remeasured to fair value one of its strategic investments acquired in 2021 due to an assessed impairment. The fair value measurement of the strategic investment is classified as Level 2 in the fair value hierarchy and the primary input used in the fair value measurement was the publicly available stock price of the issuer’s unrestricted security of the same class. The impairment loss of $46.2 million is recorded in other expenses, net, in the accompanying consolidated statement of operations for the year ended December 31, 2023.
Financial Liabilities
The Company’s financial liabilities that are measured at fair value on a recurring basis consist of foreign currency derivative liabilities and are classified as Level 2 financial instruments in the fair value hierarchy. As of December 31, 2025 and 2024, the aggregate fair value of these liabilities and the associated unrealized losses were not significant.
The Company’s financial liabilities that are not measured at fair value on a recurring basis are its 2029 Notes and its 2031 Notes. As of December 31, 2025, the fair value of the 2029 Notes and 2031 Notes were $489.7 million and $483.9 million, respectively. As of December 31, 2024, the fair value of the 2029 Notes and 2031 Notes were $464.9 million and $453.9 million, respectively. These fair values are classified as Level 2 in the fair value hierarchy.