FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 (in thousands):

	March 31, 2025
									Reported As:
	Amortized cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-Term Investments		Long-Term Investments
Cash	$	655,680	$	—	$	—	$	655,680	$	655,680	$	—	$	—
Level 1:
Money market funds	962,608		—		—		962,608		962,608		—		—
U.S. Treasury securities	1,623,916		4,094		(56)		1,627,954		116,247		1,076,832		434,875
Subtotal	2,586,524		4,094		(56)		2,590,562		1,078,855		1,076,832		434,875
Level 2:
Certificates of deposit	3,101		—		—		3,101		—		3,101		—
Time deposits(1)	515,000		—		—		515,000		60,000		405,000		50,000
Commercial paper	77,417		3		(8)		77,412		44,688		32,724		—
Corporate debt securities	688,180		2,629		(71)		690,738		15,656		238,369		436,713
Subtotal	1,283,698		2,632		(79)		1,286,251		120,344		679,194		486,713
Total	$	4,525,902	$	6,726	$	(135)	$	4,532,493	$	1,854,879	$	1,756,026	$	921,588

(1) Included $15.0 million and $50.0 million of time deposits with GIB in short-term investments and long-term investments, respectively. 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, 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	$	610,201	$	—	$	—	$	610,201	$	610,201	$	—	$	—
Level 1:
Money market funds	677,712		—		—		677,712		677,712		—		—
U.S. Treasury securities	2,310,538		2,820		(531)		2,312,827		173,341		1,605,369		534,117
Subtotal	2,988,250		2,820		(531)		2,990,539		851,053		1,605,369		534,117
Level 2:
Certificates of deposit	3,998		1		—		3,999		—		3,999		—
Time deposits(1)	515,000		—		—		515,000		60,000		435,000		20,000
Commercial paper	141,525		25		(4)		141,546		75,442		66,104		—
Corporate debt securities	781,178		1,281		(553)		781,906		10,169		313,631		458,106
Subtotal	1,441,701		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 $15.0 million and $20.0 million of time deposits with GIB in short-term investments and long term investments, respectively. See Note 16 “Related Party Transactions” for more information.

Schedule of Available-for-Sale Securities by Contractual Maturity

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

	March 31, 2025
	Amortized cost		Estimated Fair Value
Within one year	$	1,754,210	$	1,756,026
After one year through three years	916,805		921,588
Total	$	2,671,015	$	2,677,614

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 measured and recorded at fair value on a recurring basis (in thousands):

	Three Months Ended March 31,
	2025		2024
Fair value-beginning of period	$	19,514	$	53,664
Change in fair value	(12,861)		(27,054)
Fair value-end of period	$	6,653	$	26,610

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):

	Three Months Ended March 31,
	2025				2024
	Series A Derivative Liability		Series B Derivative Liability		Series A Derivative Liability
Fair value-beginning of period	$	408,800	$	230,625	$	—
Issuance	—		—		497,100
Change in fair value	(176,700)		(105,000)		—
Fair value-end of period	$	232,100	$	125,625	$	497,100