Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Financial Assets and Liabilities

The following table details the fair value measurements within the fair value hierarchy of the Company’s financial assets and liabilities at September 30, 2024 and December 31, 2023:
 

	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	15,211	$	—	$	—	$	15,211
Commercial paper		—		12,008		—		12,008
Corporate bonds		—		275,485		—		275,485
U.S. Government agency securities		—		119,140		—		119,140
U.S. Treasury securities		—		1,288,410		—		1,288,410
Strategic investments		—		—		12,703		12,703
Restricted cash:
Money market funds		—		4,053		—		4,053
Total assets	$	15,211	$	1,699,096	$	12,703	$	1,727,010
Accrued expenses and other current liabilities:
Foreign currency derivative liabilities	$	—	$	766	$	—	$	766
Total liabilities	$	—	$	766	$	—	$	766

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents and investments:
Money market funds	$	20,003	$	—	$	—	$	20,003
Commercial paper		—		13,504		—		13,504
Corporate bonds		—		237,406		—		237,406
U.S. Government agency securities		—		122,758		—		122,758
U.S. Treasury securities		—		960,763		—		960,763
Strategic investments		—		—		13,159		13,159
Restricted cash:
Money market funds		—		4,053		—		4,053
Total	$	20,003	$	1,338,484	$	13,159	$	1,371,646

Summary of Composition of Short and Long Term Investments

The following tables summarize the composition of our short- and long-term investments at September 30, 2024 and December 31, 2023.
 

	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	10,516	$	—	$	—		$	10,516
Corporate bonds		274,178		1,386		(79	)		275,485
U.S. Government agency securities		118,597		586		(43	)		119,140
U.S. Treasury securities		1,287,149		1,293		(32	)		1,288,410
Total	$	1,690,440	$	3,265	$	(154	)	$	1,693,551

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
	(in thousands)
Commercial paper	$	11,513	$	—	$	—		$	11,513
Corporate bonds		237,662		422		(678	)		237,406
U.S. Government agency securities		122,414		520		(176	)		122,758
U.S. Treasury securities		953,457		1,087		(273	)		954,271
Total	$	1,325,046	$	2,029	$	(1,127	)	$	1,325,948

Summary of Contractual Maturities of Short and Long Term Investments

The contractual maturities of short-term and long-term investments held at September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024				December 31, 2023
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
	(in thousands)				(in thousands)
Due within one year	$	1,526,159	$	1,527,928	$	1,000,447	$	1,000,245
Due after 1 year through 2 years		164,281		165,623		324,599		325,703
Total	$	1,690,440	$	1,693,551	$	1,325,046	$	1,325,948