Cash, cash equivalents and marketable securities (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Summary of Composition of Cash, Cash Equivalents and Marketable Securities

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

Summary of Fair Value of Marketable Securities by Contractual Maturity

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

	December 31, 2025
Due in one year or less	$	1,028,215
Due after one to five years	469,596
Total	$	1,497,811