FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):

	September 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	$	755,638	$	—	$	—	$	755,638	$	755,638	$	—	$	—
Level 1:
Money market funds	743,253		—		—		743,253		743,253		—		—
U.S. Treasury securities	1,794,352		6,453		(91)		1,800,714		300,286		1,064,049		436,379
Subtotal	2,537,605		6,453		(91)		2,543,967		1,043,539		1,064,049		436,379
Level 2:
Certificates of deposit	3,000		2		—		3,002		3,002		—		—
Time deposits(1)	305,000		—		—		305,000		60,000		245,000		—
Commercial paper	72,321		48		(1)		72,368		24,299		48,069		—
Corporate debt securities	345,110		2,370		(13)		347,467		7,160		221,165		119,142
Subtotal	725,431		2,420		(14)		727,837		94,461		514,234		119,142
Total	$	4,018,674	$	8,873	$	(105)	$	4,027,442	$	1,893,638	$	1,578,283	$	555,521

(1) Included $15.0 million of time deposit with GIB in short-term investments. GIB is a related party of PIF, which is an affiliate of Ayar. See Note 16 “Related Party Transactions” for more information.

	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:

	September 30, 2024
	Amortized cost		Estimated Fair Value
Within one year	$	1,575,513	$	1,578,283
After one year through three years	549,608		555,521
Total	$	2,125,121	$	2,133,804

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 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,
	2024		2023		2024		2023
Fair value-beginning of period	$	19,071	$	139,259	$	53,664	$	140,590
Change in fair value	13,748		(60,316)		(20,845)		(61,647)
Fair value-end of period	$	32,819	$	78,943	$	32,819	$	78,943

The following table presents reconciliation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands):

	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
	Series A Derivative Liability		Series B Derivative Liability		Series A Derivative Liability		Series B Derivative Liability
Fair value-beginning of period	$	394,100	$	—	$	—	$	—
Issuance	—		297,675		497,100		297,675
Change in fair value	191,200		49,050		88,200		49,050
Fair value-end of period	$	585,300	$	346,725	$	585,300	$	346,725