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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets by Level The following tables summarize the fair value of these financial assets by significant investment category and their levels within the fair value hierarchy (in thousands):
June 30, 2023December 31, 2022
Level ILevel IILevel IIITotal Level ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $574,779 $— $— $574,779 $322,294 $— $— $322,294 
Commercial paper— — — — — 5,422 — 5,422 
U.S. government notes99,898 — — 99,898 51,986 — — 51,986 
Agency securities— 14,986 — 14,986 — 17,559 — 17,559 
674,677 14,986 — 689,663 374,280 22,981 — 397,261 
Marketable Securities:
Commercial paper— 88,960 — 88,960 — — — — 
Certificates of deposits(1)
— 6,998 — 6,998 — 10,492 — 10,492 
U.S. government notes783,513 — — 783,513 993,955 — — 993,955 
Corporate bonds— 1,051,495 — 1,051,495 — 1,113,134 — 1,113,134 
Agency securities— 523,491 — 523,491 — 215,380 — 215,380 
Marketable equity securities(2)
24,833 — — 24,833 19,061 — — 19,061 
808,346 1,670,944 — 2,479,290 1,013,016 1,339,006 — 2,352,022 
Other Assets:
Money market funds - restricted856 — — 856 4,271 — — 4,271 
Total Financial Assets$1,483,879 $1,685,930 $— $3,169,809 $1,391,567 $1,361,987 $— $2,753,554 
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(1) As of June 30, 2023 and December 31, 2022, all of our certificates of deposits were domestic deposits.
(2) The $24.8 million represents the fair value of marketable equity securities as of June 30, 2023. This publicly-traded equity investment generated an unrealized gain of $5.8 million for the six months ended June 30, 2023, and an unrealized gain of $11.3 million for the three months ended June 30, 2023. Total initial cost for this investment was $3.0 million with no changes since our initial investment. The unrealized gains and losses are included in Other income (expense), net on the unaudited Condensed Consolidated Statements of Operations. Refer to Note 3. Financial Statements Details.The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities measured at fair value on a recurring basis (in thousands):
June 30, 2023December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$88,960 $— $— $88,960 $— $— $— $— 
U.S. government790,970 34 (7,491)783,513 1,007,175 3 (13,223)993,955 
Corporate bonds1,059,915 111 (8,531)1,051,495 1,125,920 271 (13,057)1,113,134 
Agency securities527,766 8 (4,283)523,491 217,893 83 (2,596)215,380 
Total $2,467,611 $153 $(20,305)$2,447,459 $2,350,988 $357 $(28,876)$2,322,469 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value The following table is an analysis of our marketable debt securities in unrealized loss positions (in thousands):
June 30, 2023
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$457,325 $(3,346)$291,908 $(4,145)$749,233 $(7,491)
Corporate bonds743,043 (4,714)256,414 (3,817)999,457 (8,531)
Agency securities432,179 (3,063)61,730 (1,220)493,909 (4,283)
Total $1,632,547 $(11,123)$610,052 $(9,182)$2,242,599 $(20,305)
Schedule of Fair Value of Available-For-Sale Investments By Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
June 30, 2023
Fair Value
Due in 1 year or less$1,494,804 
Due in 1 to 2 years952,655 
Total debt securities $2,447,459 
Schedule of Gain and Losses on Non-Marketable Equity Securities Unrealized gains for our non-marketable equity securities are summarized below (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Unrealized gains on non-marketable equity securities (1)
$13,401 $— $13,401 $15,000 
(1) These unrealized gains were recorded on investments that were re-measured to fair value as of the date observable transactions occurred.
Schedule of Equity Securities without Readily Determinable Fair Value The following table summarizes the activity related to our non-marketable equity securities as of June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023December 31, 2022
Cost of investments(1)
$31,656 $23,625 
Cumulative impairment and downward adjustment— (888)
Cumulative upward adjustment 30,132 16,731 
Carrying amount of investments$61,788 $39,468 
(1) During the three months ended June 30, 2023, we had an $8.0 million convertible note previously included in other assets, plus accrued interest of $0.6 million, that was converted to an equity investment and included in cost of investments.