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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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):
December 31, 2023December 31, 2022
Level ILevel IILevel IIITotalLevel ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $1,015,705 $— $— $1,015,705 $322,294 $— $— $322,294 
Commercial paper— 1,999 — 1,999 — 5,422 — 5,422 
Agency securities— — — — — 17,559 — 17,559 
U.S. government notes— — — — 51,986 — — 51,986 
1,015,705 1,999 — 1,017,704 374,280 22,981 — 397,261 
Marketable Securities:
Certificates of deposits (1)
— 5,000 — 5,000 — 10,492 — 10,492 
U.S. government notes1,044,859 — — 1,044,859 993,955 — — 993,955 
Corporate bonds— 1,362,124 — 1,362,124 — 1,113,134 — 1,113,134 
Agency securities— 657,379 — 657,379 — 215,380 — 215,380 
Marketable equity securities(2)
— — — — 19,061 — — 19,061 
1,044,859 2,024,503 — 3,069,362 1,013,016 1,339,006 — 2,352,022 
Other Assets:
Money market funds - restricted858 — — 858 4,271 — — 4,271 
Total Financial Assets$2,061,422 $2,026,502 $— $4,087,924 $1,391,567 $1,361,987 $— $2,753,554 
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(1) As of December 31, 2023 and 2022, all of our certificates of deposits were domestic deposits.
(2) During the year ended December 31, 2023, the Company sold all its shares of its marketable equity security for $23.9 million. This publicly-traded equity investment generated an unrealized gain of $4.8 million and $10.7 million for the year ended December 31, 2023 and 2022, respectively. The initial cost of this investment was $3.0 million with no changes since our initial investment. The cumulative gain from the initial purchase was $20.9 million, the majority of which has been reflected in prior periods as net unrealized gains. The realized and unrealized gains/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):
December 31, 2023December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government1,043,445 2,874 (1,460)1,044,859 1,007,175 3 (13,223)993,955 
Corporate bonds1,361,132 2,810 (1,818)1,362,124 1,125,920 271 (13,057)1,113,134 
Agency securities657,118 1,143 (882)657,379 217,893 83 (2,596)215,380 
Total $3,061,695 $6,827 $(4,160)$3,064,362 $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):
December 31, 2023
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$317,376 $(1,076)$108,739 $(384)$426,115 $(1,460)
Corporate bonds610,086 (1,423)141,943 (395)752,029 (1,818)
Agency securities340,537 (772)20,809 (110)361,346 (882)
Total $1,267,999 $(3,271)$271,491 $(889)$1,539,490 $(4,160)
Schedule of Fair Value of Available-for-sale Marketable Securities by Remaining Contractual Maturity The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
December 31, 2023
Due in 1 year or less$1,627,780 
Due in 1 year through 2 years1,436,582 
Total marketable securities$3,064,362 
Schedule of Gain and Losses on Non-marketable Equity Securities Unrealized gains for our non-marketable equity securities are summarized below (in thousands):
Year Ended December 31,
202320222021
Unrealized gains on non-marketable equity securities (1)
$13,901 $16,731 $— 
(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 December 31, 2023 and December 31, 2022 (in thousands):
December 31, 2023December 31, 2022
Cost of investments (1)
$31,656 $23,625 
Cumulative impairment and downward adjustments— (888)
Cumulative upward adjustments
30,632 16,731 
Carrying amount of investments (included in other assets)$62,288 $39,468 
(1) During the year ended December 31, 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 investment