Rambus invests its excess cash and cash equivalents primarily in U.S. government-sponsored obligations, non-U.S. government-sponsored obligations, corporate bonds, commercial paper and notes, time deposits and money market funds that mature within three years.

All cash equivalents and marketable securities are classified as available-for-sale. Total cash, cash equivalents and marketable securities are summarized as follows:


	As of March 31, 2026
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	99,218	$	99,218	$	—	$	—
Cash equivalents:
Money market funds		35,106		35,106		—		—
Total cash equivalents		35,106		35,106		—		—
Total cash and cash equivalents		134,324		134,324		—		—
Marketable securities:
Time deposits		16,050		16,050		—		—
U.S. Government bonds and notes		184,226		184,501		35		(310	)
Non-U.S. Government bonds and notes		3,996		3,996		—		—
Corporate bonds, commercial paper and notes		447,543		448,225		57		(739	)
Total marketable securities		651,815		652,772		92		(1,049	)
Total cash, cash equivalents and marketable securities	$	786,139	$	787,096	$	92	$	(1,049	)


	As of December 31, 2025
(In thousands)	Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses
Cash	$	67,833	$	67,833	$	—	$	—
Cash equivalents:
Money market funds		47,277		47,277		—		—
U.S. Government bonds and notes		16,936		16,932		4		—
Corporate bonds, commercial paper and notes		50,780		50,780		3		(3	)
Total cash equivalents		114,993		114,989		7		(3	)
Total cash and cash equivalents		182,826		182,822		7		(3	)
Marketable securities:
Time deposits		15,540		15,540		—		—
U.S. Government bonds and notes		161,361		161,231		180		(50	)
Non-U.S. Government bonds and notes		3,983		3,980		3		—
Corporate bonds, commercial paper and notes		398,121		397,755		429		(63	)
Total marketable securities		579,005		578,506		612		(113	)
Total cash, cash equivalents and marketable securities	$	761,831	$	761,328	$	619	$	(116	)

The Company continues to invest in highly rated, liquid debt securities. The Company holds all of its marketable securities as available-for-sale, marks them to market, and regularly reviews its portfolio to ensure adherence to its investment policy and to monitor individual investments for risk analysis, proper valuation, and impairment.

The estimated fair value and gross unrealized losses of cash equivalents and marketable securities classified by the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025 were as follows:


	Fair Value				Gross Unrealized Losses
(In thousands)	March 31, 2026		December 31, 2025		March 31, 2026			December 31, 2025
Less than 12 months
U.S. Government bonds and notes	$	126,285	$	38,473	$	(309	)	$	(48	)
Corporate bonds, commercial paper and notes		338,170		88,597		(738	)		(65	)
Total cash equivalents and marketable securities in a continuous unrealized loss position for less than 12 months		464,455		127,070		(1,047	)		(113	)
12 months or greater
U.S. Government bonds and notes		346		1,692		(1	)		(2	)
Corporate bonds, commercial paper and notes		1,665		1,660		(1	)		(1	)
Total marketable securities in a continuous unrealized loss position for 12 months or greater		2,011		3,352		(2	)		(3	)
Total cash equivalents and marketable securities in a continuous unrealized loss position	$	466,466	$	130,422	$	(1,049	)	$	(116	)

The gross unrealized losses as of March 31, 2026 and December 31, 2025 were not material in relation to the Company’s total available-for-sale portfolio. The gross unrealized losses can be primarily attributed to a combination of market conditions, as well as the demand for and duration of the U.S. government-sponsored obligations and corporate bonds, commercial paper and notes. The Company reasonably believes that there is no need to sell these investments and that it can recover the amortized cost of these investments. The Company has found no evidence of impairment due to credit losses in its portfolio. Therefore, these unrealized losses were recorded in other comprehensive income (loss). The Company cannot provide any assurance that its portfolio of cash, cash equivalents and marketable securities will not be impacted by adverse conditions in the financial markets, which may require the Company in the future to record an impairment charge for credit losses which could adversely impact its financial results.

Refer to Note 8, “Fair Value of Financial Instruments,” for a discussion regarding the fair value of the Company’s cash equivalents and marketable securities.