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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets measured at fair values on a recurring basis
    We measure and report our cash equivalents, restricted cash, and available-for-sale marketable securities at fair value on a recurring basis. 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, 2024December 31, 2023
Level ILevel IILevel IIITotalLevel ILevel IILevel IIITotal
Financial Assets:
Cash Equivalents:
Money market funds $1,707,513 $— $— $1,707,513 $1,015,705 $— $— $1,015,705 
Commercial paper— — — — — 1,999 — 1,999 
Agency securities— 3,000 — 3,000 — — — — 
U.S. government notes31,366 — — 31,366 — — — — 
1,738,879 3,000 — 1,741,879 1,015,705 1,999 — 1,017,704 
Marketable Securities:
Commercial paper— 48,815 — 48,815 — — — — 
Certificates of deposits (1)
— — — — — 5,000 — 5,000 
U.S. government notes1,921,490 — — 1,921,490 1,044,859 — — 1,044,859 
Corporate bonds— 2,593,547 — 2,593,547 — 1,362,124 — 1,362,124 
Agency securities— 977,264 — 977,264 — 657,379 — 657,379 
1,921,490 3,619,626 — 5,541,116 1,044,859 2,024,503 — 3,069,362 
Other Assets:
Money market funds - restricted cash1,411 — — 1,411 858 — — 858 
Total Financial Assets$3,661,780 $3,622,626 $— $7,284,406 $2,061,422 $2,026,502 $— $4,087,924 
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(1) As of December 31, 2023, all of our certificates of deposits were domestic deposits.
During the year ended on December 31, 2024, the Company did not make any transfers between the levels of the fair value hierarchy.
    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, 2024December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$48,815 $— $— $48,815 $1,999 $— $— $1,999 
U.S. government1,954,733 2,739 (4,616)1,952,856 1,043,445 2,874 (1,460)1,044,859 
Corporate bonds2,595,682 4,356 (6,491)2,593,547 1,361,132 2,810 (1,818)1,362,124 
Agency securities981,041 1,641 (2,418)980,264 657,118 1,143 (882)657,379 
Total $5,580,271 $8,736 $(13,525)$5,575,482 $3,063,694 $6,827 $(4,160)$3,066,361 
For debt securities in unrealized loss positions, it is not likely that we will be required to sell such securities before recovery of their amortized cost basis nor do we have the intent to sell such securities before maturity; we invest in debt securities that have maximum maturities of three years and are generally deemed to be low risk based on their credit ratings from the major rating agencies. The longer the duration of these marketable securities, the more susceptible they are to changes in market interest rates and bond yields. Given the short-term and conservative nature of our portfolio, the unrealized losses are not subject to credit risk; therefore, we did not recognize any credit losses or non-credit-related impairments related to our available-for-sale marketable debt securities for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. All unrealized losses were recognized in other comprehensive income (loss). Realized losses were immaterial for the years ended December 31, 2024, December 31, 2023 and December 31, 2022.
    The following table is an analysis of our debt securities in unrealized loss positions (in thousands):
December 31, 2024
Unrealized Losses within 12 months Unrealized Losses 12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. government notes$771,014 $(4,598)$61,043 $(18)$832,057 $(4,616)
Corporate bonds1,027,448 (6,463)62,047 (28)1,089,495 (6,491)
Agency securities500,464 (2,418)9,500 — 509,964 (2,418)
Total $2,298,926 $(13,479)$132,590 $(46)$2,431,516 $(13,525)
As of December 31, 2024, we had no marketable debt securities with contractual maturities that exceed 36 months. The fair values of marketable debt securities, by remaining contractual maturities, are as follows (in thousands):
December 31, 2024
Due in 1 year or less$2,749,020 
Due in 1 year through 3 years2,792,096 
Total marketable securities$5,541,116 
The weighted-average remaining duration of our marketable debt securities is approximately 1.1 years as of December 31, 2024.
Assets measured at fair value on a non-recurring basis
    Non-Marketable Equity Securities
    We have non-marketable equity securities in privately-held companies that do not have readily-determinable fair values. Their initial cost is adjusted to fair value on a non-recurring basis based on observable price changes from orderly transactions of identical or similar securities of the same issuer, or for impairment. These investments are classified within Level III of the fair value hierarchy as we estimate the value based on valuation methods using the observable transaction price at the transaction date and other significant unobservable inputs, such as volatility, rights, and obligations related to these securities. In addition, the valuation requires management judgment due to the absence of market price and lack of liquidity.
    We did not record any realized gains for our non-marketable equity securities during the three years ended December 31, 2024, 2023 and 2022. We recorded immaterial amounts of unrealized gains, unrealized and realized losses during the three years ended December 31, 2024, 2023 and 2022. The unrealized gains were recorded on investments that were re-measured to fair value as of the date observable transactions occurred. We evaluate our non-marketable equity securities for impairment at each reporting period via a qualitative assessment with various potential impairment indicators, including, but not limited to, an assessment of a significant adverse change in the economic environment, significant adverse changes in the general market condition of the geographies and industries in which our investees operate, and other publicly-available information that may affect the value of the non-marketable equity securities.
    The following table summarizes the activity related to our non-marketable equity securities as of December 31, 2024 and December 31, 2023 (in thousands):
December 31, 2024December 31, 2023
Cost of investments$38,284 $31,656 
Cumulative impairment and downward adjustments— — 
Cumulative upward adjustments
43,032 30,632 
Carrying amount of investments (included in other assets)$81,316 $62,288