Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
Cash equivalents
Money market funds	$	480	$	—	$	—	$	480
Commercial paper	—		24		—		24
Total cash equivalents	480		24		—		504
Short-term marketable securities
Commercial paper	—		60		—		60
U.S. government and government agency debt securities	—		140		—		140
Corporate debt securities	—		9		—		9
Total short-term marketable securities	—		209		—		209
Long-term marketable securities
U.S. government and government agency debt securities	—		26		—		26
Corporate debt securities	—		2		—		2
Total long-term marketable securities	—		28		—		28
Total	$	480	$	261	$	—	$	741

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in millions)
Cash equivalents
Money market funds	$	1,002	$	—	$	—	$	1,002
U.S. government and government agency debt securities	—		229		—		229
Total cash equivalents	1,002		229		—		1,231
Short-term marketable securities
U.S. government and government agency debt securities	—		47		—		47
Corporate debt securities	—		2		—		2
Total short-term marketable securities	—		49		—		49
Total	$	1,002	$	278	$	—	$	1,280

The Company’s investments in commercial paper, U.S. government and government agency debt securities, and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data. The Series A redeemable convertible preferred stock that was issued during the year ended December 31, 2023 represents a non-recurring Level 3 financial measurement at issuance. Refer to Note 11 — Redeemable Convertible Preferred Stock for further discussion.

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the years ended December 31, 2022 and 2023.