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Marketable Securities and Equity Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities and Equity Investments Marketable Securities and Equity Investments
A summary of our cash equivalents and marketable debt and equity securities, which are recorded at fair value, is shown below:
As of September 30, 2025As 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
$1,216.6 $— $— $1,216.6 $1,687.1 $— $— $1,687.1 
Marketable securities:
U.S. Treasury securities1,926.0 11.9 (0.2)1,937.7 1,603.9 3.6 (5.5)1,602.0 
U.S. government agency securities
189.6 1.1 (0.1)190.6 240.5 0.5 (0.5)240.5 
Asset-backed securities1,354.6 6.6 (0.2)1,361.0 1,239.6 5.1 (0.5)1,244.2 
Certificates of deposit24.4 — — 24.4 — — — — 
Corporate debt securities
3,513.2 25.5 (0.3)3,538.4 3,519.4 10.6 (4.1)3,525.9 
Commercial paper
8.7 — — 8.7 5.0 — — 5.0 
Total marketable available-for-sale debt securities
7,016.5 45.1 (0.8)7,060.8 6,608.4 19.8 (10.6)6,617.6 
Corporate equity securities
25.0 — (15.6)9.4 72.1 3.0 (38.5)36.6 
Total marketable securities
7,041.5 45.1 (16.4)7,070.2 6,680.5 22.8 (49.1)6,654.2 
Total cash equivalents and marketable securities$8,258.1 $45.1 $(16.4)$8,286.8 $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 September 30, 2025As of December 31, 2024
(in millions)
Cash and cash equivalents$1,216.6 $1,687.1 
Marketable securities
1,347.4 1,546.3 
Long-term marketable securities5,722.8 5,107.9 
Total
$8,286.8 $8,341.3 
Marketable available-for-sale debt securities by contractual maturity were as follows:
As of September 30, 2025As of December 31, 2024
(in millions)
Matures within one year$1,338.0 $1,509.7 
Matures after one year through five years
5,633.2 5,034.4 
Matures after five years89.6 73.5 
Total
$7,060.8 $6,617.6 
We did not record any allowances for credit losses to adjust the fair value of our marketable available-for-sale debt securities during the three and nine months ended September 30, 2025 and 2024. Additionally, we did not record any realized gains or losses that were material to our condensed consolidated statements of income (loss) during the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, we held marketable available-for-sale debt securities with a total fair value of $463.1 million that were in unrealized loss positions totaling $0.8 million. Included in this amount were marketable available-for sale debt securities with a total fair value of $9.9 million and total unrealized loss of $0.1 million that had been in unrealized loss positions for greater than twelve months. We intend to hold these investments until maturity and do not expect to incur realized losses on these investments when they mature.
We record changes in the fair value of our investments in corporate equity securities to “Other expense, net” in our condensed consolidated statements of income (loss). During the three and nine months ended September 30, 2025 and 2024, our net unrealized (losses) gains on corporate equity securities with readily determinable fair values held at the conclusion of each period were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net unrealized (losses) gains
$(1.5)$2.8 $(18.6)$(12.6)
        
As of September 30, 2025, the carrying value of our equity investments without readily determinable fair values, which are recorded in “Other assets” on our condensed consolidated balance sheets, was $81.5 million. During the three and nine months ended September 30, 2024, we reduced the carrying value of one of our equity investments without a readily determinable fair value by $13.3 million and $37.6 million, respectively, based on an observable change in price.