Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Financial Instruments that were Measured at Fair Value by Level within the Fair Value Hierarchy on a Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis as of the dates indicated (in thousands):

				As of December 31, 2021
	Balance Sheet Location	Total		Level 1		Level 2		Level 3
Financial Assets:
Unrestricted Balances
Money market funds	Cash and cash equivalents	$	1,070,979	$	1,070,979	$	—	$	—
Marketable equity securities	Prepaid expenses and other current assets	$	2,532	$	2,532	$	—	$	—
Restricted Balances
Money market funds	Restricted cash equivalents	$	1,050,000	$	1,050,000	$	—	$	—
Total financial assets		$	2,123,511	$	2,123,511	$	—	$	—

				As of December 31, 2020
	Balance Sheet Location	Total		Level 1		Level 2		Level 3
Financial Asset:
Money market funds	Cash and cash equivalents	$	6,413	$	6,413	$	—	$	—
Embedded derivative	Long-term debt	$	5,680	$	—	$	—	$	5,680
Total financial assets		$	12,093	$	6,413	$	—	$	5,680
Financial Liability:
Convertible security	Deferred acquisition costs, current	$	46,500	$	—	$	—	$	46,500

Summary of Reconciliation of the Company's Financial Asset and Liability Measured at Fair Value

The following table presents a reconciliation of the Company’s financial asset and liability measured at fair value as of December 31, 2021 using significant unobservable inputs (Level 3), and the change in fair value (in thousands):

	Embedded Derivative		Convertible Security
Balance as of December 31, 2019	$	—	$	—
Balance as of Initial fair value recognition	—		45,000
Change in fair value recognized in earnings	5,680		1,500
Balance as of December 31, 2020	$	5,680	$	46,500
Addition related to the issuance of term loans in February 2021	5,630		—
Extinguishment of term loans in February 2021	(1,130)		—
Change in fair value recognized in earnings	7,640		3,500
Settlement	(17,820)		—
Transfers	—		(50,000)
Balance as of December 31, 2021	$	—	$	—