FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Subject to 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 March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash	$	1,388,590	$	—	$	—	$	1,388,590	$	1,388,590	$	—	$	—
Level 1:
Money market funds	638,232		—		—		638,232		638,232		—		—
U.S. Treasury securities	1,798,047		408		(2,627)		1,795,828		92,667		1,219,989		483,172
Subtotal	2,436,279		408		(2,627)		2,434,060		730,899		1,219,989		483,172
Level 2:
Certificates of deposit	67,899		50		(13)		67,936		—		67,936		—
Time deposits	100,000		—		—		100,000		50,000		50,000		—
Commercial paper	171,352		24		(17)		171,359		—		171,359		—
Corporate debt securities	460,025		451		(441)		460,035		—		315,616		144,419
Subtotal	799,276		525		(471)		799,330		50,000		604,911		144,419
Total	$	4,624,145	$	933	$	(3,098)	$	4,621,980	$	2,169,489	$	1,824,900	$	627,591

	December 31, 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	$	516,673	$	—	$	—	$	516,673	$	516,673	$	—	$	—
Level 1:
Money market funds	698,702		—		—		698,702		698,702		—		—
U.S. Treasury securities	2,033,711		2,480		(2,073)		2,034,118		104,572		1,638,537		291,009
Subtotal	2,732,413		2,480		(2,073)		2,732,820		803,274		1,638,537		291,009
Level 2:
Certificates of deposit	105,993		97		(22)		106,068		—		106,068		—
Time Deposits	50,000		—		—		50,000		50,000		—		—
Commercial paper	299,248		191		(8)		299,431		—		299,431		—
Corporate debt securities	615,350		1,101		(669)		615,782		—		445,762		170,020
Subtotal	1,070,591		1,389		(699)		1,071,281		50,000		851,261		170,020
Total	$	4,319,677	$	3,869	$	(2,772)	$	4,320,774	$	1,369,947	$	2,489,798	$	461,029

Schedule of Available-for-Sale Securities by Contractual Maturity

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

	March 31, 2024
	Amortized cost		Estimated Fair Value
Within one year	$	1,826,205	$	1,824,900
After one year through three years	628,450		627,591
Total	$	2,454,655	$	2,452,491

Schedule of Reconciliation of Common Stock Warrant Liability and Derivative Liability Measured and Recorded at Fair Value on a Recurring Basis

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

	Three Months Ended March 31,
	2024				2023
	Derivative Liability		Common Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	—	$	53,664	$	140,590
Issuance	497,100		—		—
Change in fair value	—		(27,054)		40,802
Fair value-end of period	$	497,100	$	26,610	$	181,392