FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 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	$	495,575	$	—	$	—	$	495,575	$	495,575	$	—	$	—
Level 1:
Money market funds	661,932		—		—		661,932		661,932		—		—
U.S. Treasury securities	2,110,009		214		(3,054)		2,107,169		162,832		1,411,255		533,082
Subtotal	2,771,941		214		(3,054)		2,769,101		824,764		1,411,255		533,082
Level 2:
Certificates of deposit	23,313		6		—		23,319		—		23,319		—
Time deposits	100,000		—		—		100,000		—		100,000		—
Commercial paper	112,951		—		(41)		112,910		18,803		94,107		—
Corporate debt securities	403,412		211		(458)		403,165		14,439		234,167		154,559
Subtotal	639,676		217		(499)		639,394		33,242		451,593		154,559
Total	$	3,907,192	$	431	$	(3,553)	$	3,904,070	$	1,353,581	$	1,862,848	$	687,641

	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:

	June 30, 2024
	Amortized cost		Estimated Fair Value
Within one year	$	1,864,118	$	1,862,848
After one year through three years	689,493		687,641
Total	$	2,553,611	$	2,550,489

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 June 30,						Six Months Ended June 30
	2024				2023		2024				2023
	Derivative Liability		Common Stock Warrant Liability		Common Stock Warrant Liability		Derivative Liability		Common Stock Warrant Liability		Common Stock Warrant Liability
Fair value-beginning of period	$	497,100	$	26,610	$	181,392	$	—	$	53,664	$	140,590
Issuance	—		—		—		497,100		—		—
Change in fair value	(103,000)		(7,539)		(42,133)		(103,000)		(34,593)		(1,331)
Fair value-end of period	$	394,100	$	19,071	$	139,259	$	394,100	$	19,071	$	139,259