FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 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	$	684,563	$	—	$	—	$	684,563	$	684,563	$	—	$	—
Level 1:
Money market funds	858,305		—		—		858,305		858,305		—		—
U.S. Treasury securities	1,051,568		3,769		(33)		1,055,304		155,475		555,793		344,036
Subtotal	1,909,873		3,769		(33)		1,913,609		1,013,780		555,793		344,036
Level 2:
Time deposits(1)	405,000		—		—		405,000		75,000		300,000		30,000
Commercial paper	27,863		—		(3)		27,860		22,376		5,484		—
Corporate debt securities	568,353		3,161		(10)		571,504		—		168,863		402,641
Subtotal	1,001,216		3,161		(13)		1,004,364		97,376		474,347		432,641
Total	$	3,595,652	$	6,930	$	(46)	$	3,602,536	$	1,795,719	$	1,030,140	$	776,677

(1) Included $35.0 million and $30.0 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:

	June 30, 2025
	Amortized cost		Estimated Fair Value
Within one year	$	1,028,547	$	1,030,140
After one year through three years	771,387		776,677
Total	$	1,799,934	$	1,806,817

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Fair value-beginning of period	$	6,653	$	26,610	$	19,514	$	53,664
Change in fair value	(5,322)		(7,539)		(18,183)		(34,593)
Fair value-end of period	$	1,331	$	19,071	$	1,331	$	19,071

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 June 30,						Six Months Ended June 30,
	2025				2024		2025				2024
	Series A Derivative Liability		Series B Derivative Liability		Series A Derivative Liability		Series A Derivative Liability		Series B Derivative Liability		Series A Derivative Liability
Fair value-beginning of period	$	232,100	$	125,625	$	497,100	$	408,800	$	230,625	$	—
Issuance	—		—		—		—		—		497,100
Change in fair value	(76,900)		(34,575)		(103,000)		(253,600)		(139,575)		(103,000)
Fair value-end of period	$	155,200	$	91,050	$	394,100	$	155,200	$	91,050	$	394,100