FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table sets forth the Company’s financial assets subject to fair value measurements on a recurring basis by level within the fair value hierarchy as of December 31, 2022 and 2021 (in thousands):


	December 31, 2022
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash and cash equivalents	$	321,667	$	—	$	—	$	321,667	$	321,667	$	—	$	—
Level 1:
Money market funds	1,377,540		—		—		1,377,540		1,377,540		—		—
U.S. Treasury securities	1,861,449		151		(9,431)		1,852,169		—		1,570,591		281,578
Subtotal	3,238,989		151		(9,431)		3,229,709		1,377,540		1,570,591		281,578
Level 2:
U.S. government agency securities	43,477		46		(18)		43,505		—		43,505		—
Certificates of deposit	174,037		67		(132)		173,972		—		173,972		—
Commercial paper	238,224		63		(122)		238,165		19,761		218,404		—
Corporate debt securities	438,148		208		(2,404)		435,952		16,797		170,759		248,396
Subtotal	893,886		384		(2,676)		891,594		36,558		606,640		248,396
Total assets measured at fair value	$	4,454,542	$	535	$	(12,107)	$	4,442,970	$	1,735,765	$	2,177,231	$	529,974


	December 31, 2021
	Reported As:
	Cash and cash equivalents
Cash	$	160,888
Level 1:
Money market funds	6,102,017
Total assets measured at fair value	$	6,262,905

Summary of Available-for-sale Debt Securities by Contractual Maturity

The following table summarizes our available-for-sale securities by contractual maturity:


	December 31, 2022
	Amortized cost		Estimated Fair Value
Within one year	$	2,181,532	$	2,177,231
After one year through three years	537,243		529,974
Total	$	2,718,775	$	2,707,205

Schedule of Reconciliation of Liabilities Measured at Fair Value on a Recurring Basis

The following table presents a reconciliation of the contingent forward contract liability, convertible preferred stock warrant liability and common stock warrant liability measured and recorded at fair value on a recurring basis (in thousands):


	Year Ended December 31,
	2022		2021
	Common Stock Warrant Liability		Contingent Forward Contract Liability		Convertible Preferred Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	1,394,808	$	—	$	2,960	$	—
Issuance	—		2,167,332		—		812,048
Change in fair value	(1,254,218)		454,546		6,976		582,760
Settlement	—		(2,621,878)		(9,936)		—
Fair value-end of period	$	140,590	$	—	$	—	$	1,394,808