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FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 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 December 31, 2024 and 2023 (in thousands):
December 31, 2024
Reported As:
Amortized costGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-Term InvestmentsLong-Term Investments
Cash$610,201 $— $— $610,201 $610,201 $— $— 
Level 1:
Money market funds677,712 — — 677,712 677,712 — — 
U.S. Treasury securities2,310,538 2,820 (531)2,312,827 173,341 1,605,369 534,117 
Subtotal2,988,250 2,820 (531)2,990,539 851,053 1,605,369 534,117 
Level 2:
Certificates of deposit3,998 1 — 3,999 — 3,999 — 
Time deposits(1)
515,000 — — 515,000 60,000 435,000 20,000 
Commercial paper141,525 25 (4)141,546 75,442 66,104 — 
Corporate debt securities781,178 1,281 (553)781,906 10,169 313,631 458,106 
Subtotal1,441,701 1,307 (557)1,442,451 145,611 818,734 478,106 
Total
$5,040,152 $4,127 $(1,088)$5,043,191 $1,606,865 $2,424,103 $1,012,223 
(1) Included $35.0 million of time deposit with GIB in short-term investments and long-term investments. GIB is a related party of the PIF, which is an affiliate of Ayar. See Note 16 “Related Party Transactions” for more information.
December 31, 2023
Reported As:
Amortized costGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCash and cash equivalentsShort-Term InvestmentsLong-Term Investments
Cash $516,673 $— $— $516,673 $516,673 $— $— 
Level 1:
Money market funds698,702 — — 698,702 698,702 — — 
U.S. Treasury securities2,033,711 2,480 (2,073)2,034,118 104,572 1,638,537 291,009 
Subtotal2,732,413 2,480 (2,073)2,732,820 803,274 1,638,537 291,009 
Level 2:
Certificates of deposit105,993 97 (22)106,068 — 106,068 — 
Time deposits
50,000 — — 50,000 50,000 — — 
Commercial paper299,248 191 (8)299,431 — 299,431 — 
Corporate debt securities615,350 1,101 (669)615,782 — 445,762 170,020 
Subtotal1,070,591 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:
December 31, 2024
Amortized costEstimated Fair Value
Within one year$2,422,138 $2,424,103 
After one year through three years1,011,184 1,012,223 
Total$3,433,322 $3,436,326 
Schedule of Reconciliation 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):
Year Ended December 31,
2024
2023
Fair value-beginning of period$53,664 $140,590 
Change in fair value(34,150)(86,926)
Fair value-end of period$19,514 $53,664 
The following table presents a reconciliation of the derivative liabilities associated with the Redeemable Convertible Preferred Stock measured and recorded at fair value on a recurring basis (in thousands):
Year Ended December 31, 2024
Series A Derivative Liability
Series B Derivative Liability
Fair value-beginning of period$— $— 
Issuance
497,100 297,675 
Change in fair value(88,300)(67,050)
Fair value-end of period$408,800 $230,625