Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

All of our available-for-sale debt investments as of March 31, 2026 are available to fund current operations and are recorded at fair value (Note 14).

The following table summarizes our cash equivalents and available-for-sale debt investments:


	March 31, 2026
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents

Certificate of deposits	$	1,452	$	—	$	—	$	1,452	$	1,452	$	—
Commercial paper	50,654		—		—		50,654		—		50,654


Money market funds	188,407		—		—		188,407		188,407		—



U.S. government bonds	24,774		1		—		24,775		24,775		—
Variable rate demand notes	1,016		—		—		1,016		—		1,016
Total cash equivalents (2)	266,303		1		—		266,304		214,634		51,670

Short-term investments
Asset-backed securities	89,484		64		(130)		89,418		—		89,418
Certificate of deposits	19,431		—		—		19,431		19,431		—
Commercial paper	64,145		—		—		64,145		—		64,145
Corporate bonds	382,446		169		(1,646)		380,969		—		380,969
Foreign government bonds	6,559		—		(11)		6,548		—		6,548
Mortgage-backed securities	913		—		(2)		911		—		911
Municipal bonds	1,011		1		—		1,012		—		1,012
U.S. government agency bonds	12,713		1		(37)		12,677		—		12,677
U.S. government bonds	140,750		37		(457)		140,330		140,330		—
Variable rate demand notes	8,011		—		—		8,011		—		8,011
Total short-term investments	725,463		272		(2,283)		723,452		159,761		563,691
Total	$	991,766	$	273	$	(2,283)	$	989,756	$	374,395	$	615,361


	December 31, 2025
									Fair Value Level
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)		Total Fair Value		Level 1		Level 2
	(In thousands)
Cash equivalents

Certificate of deposits	$	2,501	$	—	$	—	$	2,501	$	2,501	$	—
Commercial paper	63,421		—		—		63,421		—		63,421

Money market funds	359,721		—		—		359,721		359,721		—



U.S. government bonds	21,988		2		—		21,990		21,990		—
Variable rate demand notes	1,007		—		—		1,007		—		1,007
Total cash equivalents	448,638		2		—		448,640		384,212		64,428

Short-term investments
Asset-backed securities	69,433		118		(53)		69,498		—		69,498
Certificate of deposits	10,318		—		—		10,318		10,318		—
Commercial paper	67,967		—		—		67,967		—		67,967
Corporate bonds	334,361		592		(73)		334,880		—		334,880

Mortgage-backed securities	912		2		—		914		—		914
Municipal bonds	3,042		4		—		3,046		—		3,046
U.S. government agency bonds	8,614		—		(12)		8,602		—		8,602
U.S. government bonds	106,705		130		(15)		106,820		106,820		—
Variable rate demand notes	7,053		—		—		7,053		—		7,053
Total short-term investments	608,405		846		(153)		609,098		117,138		491,960
Total	$	1,057,043	$	848	$	(153)	$	1,057,738	$	501,350	$	556,388

(1)All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases.

(2)For the three months ended March 31, 2026 and 2025, we sold cash equivalent investments for proceeds of $2.0 million and $2.0 million, respectively, and realized no gain or loss on such sales.

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of March 31, 2026:


	Amortized Cost		Fair Value
	(In thousands)
Within 1 year	$	607,243	$	607,159
After 1 year through 5 years	286,115		284,257
After 5 years	8,011		8,011

Asset- and mortgage-backed securities	90,397		90,329
Total	$	991,766	$	989,756

Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations.

As of March 31, 2026 and December 31, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $3.9 million for both periods.