FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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 June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash	$	436,273	$	—	$	—	$	436,273	$	436,273	$	—	$	—
Level 1:
Money market funds	1,871,962		—		—		1,871,962		1,871,962		—		—
U.S. Treasury securities	2,297,523		246		(8,149)		2,289,620		259,284		1,894,287		136,049
Subtotal	4,169,485		246		(8,149)		4,161,582		2,131,246		1,894,287		136,049
Level 2:
U.S. government agency securities	54,481		3		(95)		54,389		—		54,389		—
Certificates of deposit	79,747		21		(88)		79,680		—		79,680		—
Commercial paper	358,295		34		(134)		358,195		163,433		194,762		—
Corporate debt securities	449,630		388		(2,762)		447,256		44,387		250,837		152,032
Subtotal	942,153		446		(3,079)		939,520		207,820		579,668		152,032
Total	$	5,547,911	$	692	$	(11,228)	$	5,537,375	$	2,775,339	$	2,473,955	$	288,081

	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	$	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	$	4,454,542	$	535	$	(12,107)	$	4,442,970	$	1,735,765	$	2,177,231	$	529,974

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

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

	June 30, 2023
	Amortized cost		Estimated Fair Value
Within one year	$	2,482,283	$	2,473,955
After one year through three years	290,363		288,081
Total	$	2,772,646	$	2,762,036

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fair value-beginning of period	$	181,392	$	871,478	$	140,590	$	1,394,808
Change in fair value	(42,133)		(334,843)		(1,331)		(858,173)
Fair value-end of period	$	139,259	$	536,635	$	139,259	$	536,635