Marketable Securities and Equity Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Marketable Debt and Equity Securities

A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown below:

	As of June 30, 2025								As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Cash equivalents	$	1,012.6	$	—	$	—	$	1,012.6	$	1,687.1	$	—	$	—	$	1,687.1
Marketable securities:
U.S. Treasury securities	1,806.8		11.7		(0.4)		1,818.1		1,603.9		3.6		(5.5)		1,602.0
U.S. government agency securities	194.2		0.8		—		195.0		240.5		0.5		(0.5)		240.5
Asset-backed securities	1,391.9		5.7		(0.3)		1,397.3		1,239.6		5.1		(0.5)		1,244.2
Certificates of deposit	24.1		—		—		24.1		—		—		—		—
Corporate debt securities	3,540.8		22.8		(0.5)		3,563.1		3,519.4		10.6		(4.1)		3,525.9
Commercial paper	31.0		—		—		31.0		5.0		—		—		5.0
Total marketable available-for-sale debt securities	6,988.8		41.0		(1.2)		7,028.6		6,608.4		19.8		(10.6)		6,617.6
Corporate equity securities	60.0		—		(32.1)		27.9		72.1		3.0		(38.5)		36.6
Total marketable securities	7,048.8		41.0		(33.3)		7,056.5		6,680.5		22.8		(49.1)		6,654.2
Total cash equivalents and marketable securities	$	8,061.4	$	41.0	$	(33.3)	$	8,069.1	$	8,367.6	$	22.8	$	(49.1)	$	8,341.3

Amounts in the table above at fair value were classified on our condensed consolidated balance sheets as follows:

	As of June 30, 2025		As of December 31, 2024
	(in millions)
Cash and cash equivalents	$	1,012.6	$	1,687.1
Marketable securities	1,410.6		1,546.3
Long-term marketable securities	5,645.9		5,107.9
Total	$	8,069.1	$	8,341.3

Marketable available-for-sale debt securities by contractual maturity were as follows:

	As of June 30, 2025		As of December 31, 2024
	(in millions)
Matures within one year	$	1,382.7	$	1,509.7
Matures after one year through five years	5,545.9		5,034.4
Matures after five years	100.0		73.5
Total	$	7,028.6	$	6,617.6

Schedule of Company's Net Unrealized Gains (Losses) on Corporate Equity Securities

During the three and six months ended June 30, 2025 and 2024, our net unrealized gains (losses) on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Net unrealized gains (losses)	$	6.4	$	(12.7)	$	(8.6)	$	(15.4)