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Fair Value Measurements and Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024:
June 30, 2025
Fair Value
Hierarchy Level
Amortized
Cost
Gross
Unrealized Gains
Gross
Unrealized Losses
Fair
Value
Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$52,495 $— $— $52,495 
Money market fundsLevel 158,697 — — 58,697 
Commercial paperLevel 2195,588 — (36)195,552 
Total cash and cash equivalents 306,780 — (36)306,744 
Investments: 
U.S. Treasury securitiesLevel 11,176,944 1,528 (1,539)1,176,933 
Commercial paperLevel 224,752 — (13)24,739 
Corporate debtLevel 2920,741 1,820 (378)922,183 
Asset-backed securitiesLevel 2169,026 103 (52)169,077 
U.S. government agency securitiesLevel 2226,910 206 (274)226,842 
Total investments2,518,373 3,657 (2,256)2,519,774 
Total assets measured at fair value $2,825,153 $3,657 $(2,292)$2,826,518 
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 six months ended June 30, 2025.
As of June 30, 2025 and December 31, 2024, we had investments with a total fair market value of $1.3 billion and $1.5 billion, respectively, in an unrealized loss position, of which $4.1 million and $10.5 million, respectively, were in a continuous unrealized loss position for more than 12 months. As of June 30, 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 $2.3 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 and six months ended June 30, 2025 or 2024.
The following table presents the contractual maturities of our investments as of June 30, 2025 (in thousands):
Fair Value
Due in less than one year$1,354,683 
Due in one to five years1,165,091 
Total$2,519,774