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Fair Value Measurements and Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value of Financial Instruments Fair Value Measurements and Fair Value of Financial Instruments
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at March 31, 2025 and December 31, 2024:
March 31, 2025
Fair Value
Hierarchy Level
Amortized
Cost
Gross
Unrealized Gains
Gross
Unrealized Losses
Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$65,380 $— $— $65,380 
Money market fundsLevel 1117,218 — — 117,218 
 Commercial paperLevel 2164,287 — (35)164,252 
Total cash and cash equivalents 346,885 — (35)346,850 
Investments:  
U.S. Treasury securitiesLevel 11,269,088 1,863 (2,186)1,268,765 
Commercial paperLevel 2112,126 — (29)112,097 
Corporate debtLevel 2824,006 1,308 (617)824,697 
Asset-backed securitiesLevel 2191,604 138 (88)191,654 
U.S. government agency securitiesLevel 2206,641 276 (218)206,699 
Total investments2,603,465 3,585 (3,138)2,603,912 
Total assets measured at fair value $2,950,350 $3,585 $(3,173)$2,950,762 
December 31, 2024
Fair Value
Hierarchy Level
Amortized
Cost
Gross
Unrealized Gains
Gross
Unrealized Losses
Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$60,531 $— $— $60,531 
Money market fundsLevel 173,566 — — 73,566 
U.S. Treasury securities
Level 1
8,983 2 — — 8,985 
Commercial paperLevel 2244,833 1 (38)244,796 
Total cash and cash equivalents387,913 3 (38)387,878 
Investments:
U.S. Treasury securitiesLevel 11,463,329 1,533 (5,305)1,459,557 
Commercial paperLevel 2182,308 48 (18)182,338 
Corporate debtLevel 2691,972 888 (1,331)691,529 
Asset-backed securitiesLevel 2195,801 309 (72)196,038 
U.S. government agency securitiesLevel 2217,617 243 (482)217,378 
Total investments2,751,027 3,021 (7,208)2,746,840 
Total assets measured at fair value$3,138,940 $3,024 $(7,246)$3,134,718 
There were no transfers within the hierarchies during the three months ended March 31, 2025.
As of March 31, 2025 and December 31, 2024, we had investments with a total fair market value of $1.2 billion and $1.5 billion, respectively, in an unrealized loss position, of which $5.8 million and $10.5 million, respectively, were in a continuous unrealized loss position for more than 12 months. As of March 31, 2025 and December 31, 2024, the gross
unrealized losses of securities that have been in a continuous unrealized loss position for both less than and greater than 12 months were $3.2 million and $7.2 million, respectively.
Unrealized losses related to our investments are primarily due to interest rate fluctuations as opposed to credit quality. We do not intend to sell any of the securities in an unrealized loss position and it is not likely that we would be required to sell these securities before recovery of their amortized cost basis, which may be at maturity. We did not recognize any credit losses related to our investments during the three months ended March 31, 2025 or 2024.
The following table presents the contractual maturities of our investments as of March 31, 2025 (in thousands):
Fair Value
Due in less than one year$1,324,881 
Due in one to five years1,279,031 
Total$2,603,912