FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis by Level within the Fair Value Hierarchy

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

	September 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	$	522,195	$	—	$	—	$	522,195	$	522,195	$	—	$	—
Level 1:
Money market funds	557,476		—		—		557,476		557,476		—		—
U.S. Treasury securities	2,522,890		59		(6,232)		2,516,717		59,767		2,205,811		251,139
Subtotal	3,080,366		59		(6,232)		3,074,193		617,243		2,205,811		251,139
Level 2:
U.S. government agency securities	45,005		—		(26)		44,979		—		44,979		—
Certificates of deposit	144,180		49		(107)		144,122		—		144,122		—
Commercial paper	447,969		14		(210)		447,773		24,953		422,820		—
Corporate debt securities	671,591		274		(2,803)		669,062		—		440,474		228,588
Subtotal	1,308,745		337		(3,146)		1,305,936		24,953		1,052,395		228,588
Total	$	4,911,306	$	396	$	(9,378)	$	4,902,324	$	1,164,391	$	3,258,206	$	479,727

	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

Schedule of Available-for-Sale Securities by Contractual Maturity

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

	September 30, 2023
	Amortized cost		Estimated Fair Value
Within one year	$	3,264,410	$	3,258,206
After one year through three years	482,509		479,727
Total	$	3,746,919	$	3,737,933

Schedule of Common Stock Warrant Liability Measured and Recorded 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fair value-beginning of period	$	139,259	$	536,635	$	140,590	$	1,394,808
Change in fair value	(60,316)		(140,146)		(61,647)		(998,319)
Fair value-end of period	$	78,943	$	396,489	$	78,943	$	396,489