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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 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.
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 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value 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)
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, 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 
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, 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