Cash, cash equivalents and marketable securities

12 Months Ended

Dec. 31, 2025

Cash, cash equivalents and marketable securities consist of the following (in thousands):



	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	160,698	$	—	$	—	$	160,698
Money market funds	452,315		—		—		452,315
Commercial paper	286,897		6		(24)		286,879
U.S. treasury securities	64,926		8		—		64,934
Corporate bonds	4,516		—		—		4,516

Total cash and cash equivalents	969,352		14		(24)		969,342
Marketable securities:
Corporate bonds	704,069		2,277		(58)		706,288
U.S. treasury securities	373,920		929		(5)		374,844
Commercial paper	253,304		163		(1)		253,466
Certificates of deposit	163,081		132		—		163,213




Total marketable securities	1,494,374		3,501		(64)		1,497,811
Total	$	2,463,726	$	3,515	$	(88)	$	2,467,153


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	111,718	$	—	$	—	$	111,718
Money market funds	861,824		—		—		861,824
Commercial paper	150,464		1		(9)		150,456

Corporate bonds	8,307		—		(3)		8,304
Certificates of deposit	4,158		—		—		4,158
Total cash and cash equivalents	1,136,471		1		(12)		1,136,460
Marketable securities:
Corporate bonds	515,301		1,385		(474)		516,212

U.S. treasury securities	425,677		439		(763)		425,353
Commercial paper	260,205		191		(11)		260,385
Certificates of deposit	171,892		151		(22)		172,021


Non-U.S. government and supranational bonds	2,437		1		—		2,438
Total marketable securities	1,375,512		2,167		(1,270)		1,376,409
Total	$	2,511,983	$	2,168	$	(1,282)	$	2,512,869

Our allowance for credit losses for our marketable securities was not material as of December 31, 2025 and 2024.

The fair value of our marketable securities by contractual maturity is as follows (in thousands):

Net realized gains and losses from sales of available-for-sale securities were not material for any period presented.