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Moderna, Inc
(NASDAQ:MRNA) 

MRNA stock logo

Moderna, Inc., a biotechnology company, develops therapeutics and vaccines based on messenger RNA for the treatment of infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases, and auto-immune diseases. As of March 9, 2021, the company had 13 programs in clinical trials and a tot...

Founded: 2010
IPO Price: $23 (Dec 07, 2018)
Full Time Employees: 3,900 (Dec 2022)
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
  • COVID-19 Franchise Continues to Drive Results, but Normalization Weighs on Growth: Revenue remains tied to demand for COVID-19 vaccines, with variability driven by booster uptake, seasonality, and market normalization versus pandemic-era levels.
  • Pipeline Progress Focused on Respiratory Vaccines (RSV, Flu, Combo): Moderna’s near- to mid-term value creation centers on advancing respiratory products, including RSV and seasonal flu programs, and potential combination vaccines that could improve commercial durability.
  • R&D Spend Remains Elevated as Company Funds Broad mRNA Platform Expansion: The company continues to invest heavily in clinical development across multiple therapeutic areas, which supports long-term optionality but pressures near-term profitability.
  • Cash Position Provides Runway, While Profitability Depends on New Product Launches: A sizable balance sheet helps fund operations and pipeline execution, but a return to sustained profitability likely hinges on successful approvals, launches, and uptake beyond COVID.
  • Regulatory and Competitive Dynamics Are Key Swing Factors: Outcomes depend on trial readouts and regulatory timelines, as well as competition in vaccines and other mRNA modalities that may affect pricing, share, and adoption.
Bull Thesis:
  • Diversified mRNA Pipeline Beyond COVID-19: Moderna's extensive pipeline includes promising candidates for RSV, Flu, CMV, cancer, and rare diseases, demonstrating the broad applicability and potential of its mRNA platform beyond the initial COVID-19 success. Positive clinical readouts in these areas could unlock significant new revenue streams.
  • Strong Late-Stage Clinical Progress: Several key programs, particularly for RSV and Flu, are in late-stage clinical trials with positive data emerging. Successful approval and commercialization of these products could provide substantial new revenue in the near to medium term, diversifying the company's product portfolio.
  • Robust Financial Position for R&D and Growth: The substantial cash reserves accumulated from COVID-19 vaccine sales provide Moderna with significant capital to fund ongoing research and development, pursue strategic partnerships, and potentially engage in M&A to expand its therapeutic areas and accelerate pipeline development.
  • Established Manufacturing and Distribution Network: Moderna has built a global, scalable manufacturing and distribution infrastructure during the pandemic. This asset can be leveraged for efficiently producing and delivering future mRNA vaccines and therapeutics worldwide, providing a competitive advantage.
Bear Thesis:
  • Steep Decline in COVID-19 Vaccine Revenue: Post-pandemic, the demand for COVID-19 vaccines has significantly decreased, leading to a sharp drop in Moderna's primary revenue source. The future market for COVID-19 vaccines is expected to be much smaller and more competitive, creating a challenging environment for top-line growth.
  • High Pipeline Execution Risk and Intense Competition: While promising, many pipeline candidates face significant clinical and regulatory hurdles. Furthermore, new products will enter highly competitive markets with established players (e.g., flu, RSV), making market penetration and achieving significant market share challenging.
  • Uncertainty of Future Revenue Streams and Profitability: The timing and magnitude of revenue from new products (e.g., RSV, Flu) are still speculative. There's no guarantee they will offset the decline in COVID-19 vaccine sales sufficiently to restore previous levels of profitability or meet investor expectations.
  • Valuation Still Reflects Significant Future Success: Despite the revenue contraction and pipeline risks, some analysts argue that Moderna's current valuation still prices in a high degree of future pipeline success and market penetration. This could leave limited upside if execution falters or new product launches underperform.
Main Competitors:
  • Pfizer Inc. / BioNTech SE ($PFE (Pfizer), BNTX (BioNTech)) (Comirnaty (COVID-19 vaccine), mRNA flu vaccine candidates, oncology therapeutics), Pfizer and BioNTech are Moderna's most direct and significant competitors in the mRNA vaccine space. Their jointly developed Comirnaty COVID-19 vaccine is the primary alternative to Moderna's Spikevax. They are actively collaborating on other mRNA vaccine candidates (e.g., flu) and BioNTech has a strong independent mRNA oncology pipeline, directly challenging Moderna's broader mRNA platform strategy and market share.
  • Sanofi S.A. ($SNY) (Fluzone/Flublok (flu vaccines), RSV vaccine candidates, mRNA vaccine pipeline), Sanofi is a global pharmaceutical giant with a long-standing and dominant presence in the traditional vaccine market, particularly for influenza. They are actively investing in and developing their own mRNA vaccine platform, aiming to compete with Moderna in future generations of vaccines for infectious diseases like flu and RSV, leveraging their extensive manufacturing and global distribution networks.
  • GSK plc ($GSK) (Arexvy (RSV vaccine), Shingrix (shingles vaccine), meningitis vaccines, mRNA vaccine research), GSK is another major global vaccine player with a strong portfolio of established vaccines and a robust pipeline. Their recently approved RSV vaccine, Arexvy, directly competes with Moderna's own RSV vaccine candidate. GSK is also exploring mRNA technology and other advanced platforms to develop new vaccines, posing competition across various infectious disease areas and leveraging their deep market penetration.
  • Novavax, Inc. ($NVAX) (Nuvaxovid (COVID-19 vaccine), NanoFlu (flu vaccine candidate), RSV vaccine candidate), Novavax competes with Moderna in the infectious disease vaccine market, particularly for respiratory viruses. While using a protein-based platform rather than mRNA, their Nuvaxovid COVID-19 vaccine offers an alternative to mRNA vaccines. They are also developing a nanoparticle-based flu vaccine and an RSV vaccine, directly competing for market share in these critical areas with a different technological approach.
Moat:
Moderna's primary competitive advantage (moat) stems from its pioneering work and rapid advancement of mRNA technology, particularly its successful application in the COVID-19 vaccine. This has provided a significant head start in manufacturing, regulatory experience, and a deep understanding of mRNA delivery and formulation. Its extensive and diverse pipeline, built entirely on the mRNA platform across infectious diseases, oncology, and rare diseases, represents a potential long-term differentiator. However, competition is intense, with direct mRNA competitors like Pfizer/BioNTech rapidly expanding their pipelines, and established pharmaceutical giants (Sanofi, GSK) leveraging vast resources, global distribution, and existing vaccine franchises to either develop their own mRNA capabilities or advance alternative, highly effective vaccine technologies. Moderna's challenge is to translate its early lead and pipeline into sustained commercial success beyond COVID-19, demonstrating the versatility and superiority of its mRNA platform across multiple therapeutic areas while fending off well-resourced competitors.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                  
      revenue:
    		                              
      net product sales
    		352,000,000 646,000,000 973,000,000 114,000,000 86,000,000 938,000,000 1,820,000,000 184,000,000 167,000,000 2,793,000,000 1,757,000,000 293,000,000 1,828,000,000 4,859,000,000 3,120,000,000 4,531,000,000 5,925,000,000 6,935,000,000 4,810,000,000 4,197,000,000 1,733,000,000          
      other revenue
    		37,000,000 32,000,000 43,000,000 28,000,000 22,000,000 28,000,000 42,000,000 57,000,000  18,000,000 74,000,000 51,000,000 34,000,000                  
      total revenue
    		389,000,000 678,000,000 1,016,000,000 142,000,000 108,000,000 966,000,000 1,862,000,000 241,000,000 167,000,000 2,811,000,000 1,831,000,000 344,000,000 1,862,000,000 5,084,000,000 3,364,000,000 4,749,000,000 6,066,000,000 7,211,000,000 4,969,000,000 4,354,000,000 1,937,000,000 570,745,000 157,910,000 66,351,000 8,389,000 14,055,000 17,046,000 13,083,000 16,025,000  
      yoy
    		260.19% -29.81% -45.44% -41.08% -35.33% -65.64% 1.69% -29.94% -91.03% -44.71% -45.57% -92.76% -69.30% -29.50% -32.30% 9.07% 213.16% 1163.44% 3046.73% 6462.07% 22989.76% 3960.80% 826.38% 407.15% -47.65%      
      qoq
    		-42.63% -33.27% 615.49% 31.48% -88.82% -48.12% 672.61% 44.31% -94.06% 53.52% 432.27% -81.53% -63.38% 51.13% -29.16% -21.71% -15.88% 45.12% 14.12% 124.78% 239.38% 261.44% 137.99% 690.93% -40.31% -17.55% 30.29% -18.36%   
      operating expenses:
    		                              
      cost of sales
    		955,000,000 452,000,000 207,000,000 119,000,000 90,000,000 739,000,000 514,000,000 115,000,000 96,000,000 929,000,000 2,241,000,000 731,000,000 792,000,000 1,918,000,000 1,100,000,000 1,381,000,000 1,017,000,000 952,000,000 722,000,000 750,000,000 193,000,000          
      research and development
    		649,000,000 775,000,000 801,000,000 700,000,000 856,000,000 1,122,000,000 1,137,000,000 1,221,000,000 1,063,000,000 1,406,000,000 1,160,000,000 1,148,000,000 1,131,000,000 1,211,000,000 820,000,000 710,000,000 554,000,000 648,000,000 521,000,000 421,000,000 401,000,000 758,860,000 344,486,000 151,856,000 115,137,000 117,523,000 119,715,000 128,496,000 130,575,000  
      selling, general and administrative
    		173,000,000 308,000,000 268,000,000 230,000,000 212,000,000 351,000,000 281,000,000 268,000,000 274,000,000 470,000,000 442,000,000 332,000,000 305,000,000 375,000,000 278,000,000 211,000,000 268,000,000 201,000,000 168,000,000 121,000,000 77,000,000          
      total operating expenses
    		1,777,000,000 1,535,000,000 1,276,000,000 1,049,000,000 1,158,000,000 2,212,000,000 1,932,000,000 1,604,000,000 1,433,000,000 2,805,000,000 3,843,000,000 2,211,000,000 2,228,000,000 3,504,000,000 2,198,000,000 2,302,000,000 1,839,000,000 1,801,000,000 1,411,000,000 1,292,000,000 671,000,000 845,783,000 393,027,000 188,478,000 139,251,000 143,149,000 147,903,000 157,019,000 157,858,000  
      income from operations
    		-1,388,000,000 -857,000,000 -260,000,000 -907,000,000 -1,050,000,000 -1,246,000,000 -70,000,000 -1,363,000,000 -1,266,000,000 6,000,000 -2,012,000,000 -1,867,000,000 -366,000,000 1,580,000,000 1,166,000,000 2,447,000,000 4,227,000,000 5,410,000,000 3,558,000,000 3,062,000,000 1,266,000,000 -275,038,000 -235,117,000 -122,127,000 -130,862,000 -129,094,000 -130,857,000 -143,936,000 -141,833,000  
      yoy
    		32.19% -31.22% 271.43% -33.46% -17.06% -20866.67% -96.52% -27.00% 245.90% -99.62% -272.56% -176.30% -108.66% -70.79% -67.23% -20.08% 233.89% -2067.00% -1613.29% -2607.23% -1067.43% 113.05% 79.67% -15.15% -7.74%      
      qoq
    		61.96% 229.62% -71.33% -13.62% -15.73% 1680.00% -94.86% 7.66% -21200.00% -100.30% 7.77% 410.11% -123.16% 35.51% -52.35% -42.11% -21.87% 52.05% 16.20% 141.86% -560.30% 16.98% 92.52% -6.67% 1.37% -1.35% -9.09% 1.48%   
      operating margin %
    		-356.81% -126.40% -25.59% -638.73% -972.22% -128.99% -3.76% -565.56% -758.08% 0.21% -109.89% -542.73% -19.66% 31.08% 34.66% 51.53% 69.68% 75.02% 71.60% 70.33% 65.36% -48.19% -148.89% -184.06% -1559.92% -918.49% -767.67% -1100.18% -885.07%  
      interest income
    		72,000,000 70,000,000 73,000,000 81,000,000 90,000,000 91,000,000 103,000,000 111,000,000 120,000,000 103,000,000 105,000,000 104,000,000 109,000,000 87,000,000 58,000,000 40,000,000 15,000,000 7,000,000 4,000,000 3,000,000 4,000,000 4,200,000 5,571,000 7,092,000 7,852,000 7,984,000 9,252,000 10,322,000 10,972,000  
      other expense
    		-18,000,000    -4,000,000 -29,000,000 -12,000,000  -19,000,000 -39,000,000 -51,000,000  -48,000,000 -12,000,000 -7,000,000 -13,000,000 -13,000,000 -7,000,000 -10,000,000 -2,000,000 -10,000,000   -1,530,000 -1,154,000 -1,337,750 -1,767,000  -1,820,000  
      income before income taxes
    		-1,334,000,000 -799,000,000 -187,000,000 -818,000,000 -964,000,000 -1,184,000,000 21,000,000 -1,279,000,000 -1,165,000,000 70,000,000 -1,958,000,000 -1,749,000,000 -305,000,000 1,655,000,000 1,217,000,000 2,474,000,000 4,229,000,000 5,410,000,000 3,552,000,000 3,063,000,000 1,260,000,000 -118,375,250 -232,772,000 -116,565,000 -124,164,000 -97,857,750 -123,372,000 -135,378,000   
      provision for income taxes
    		9,000,000 6,750,000 13,000,000 7,000,000 7,000,000 -64,000,000 8,000,000  10,000,000 -147,000,000 1,672,000,000 -369,000,000 -384,000,000 190,000,000 174,000,000 277,000,000 572,000,000 542,000,000 219,000,000 283,000,000 39,000,000   148,000 66,000 -169,000 -178,000 -324,000   
      net income
    		-1,343,000,000 -826,000,000 -200,000,000 -825,000,000 -971,000,000 -1,120,000,000 13,000,000 -1,279,000,000 -1,175,000,000 217,000,000 -3,630,000,000 -1,380,000,000 79,000,000 1,465,000,000 1,043,000,000 2,197,000,000 3,657,000,000 4,868,000,000 3,333,000,000 2,780,000,000 1,221,000,000 -272,485,000 -233,636,000 -116,713,000 -124,230,000 -123,116,000 -123,194,000 -135,054,000 -132,657,000  
      yoy
    		38.31% -26.25% -1638.46% -35.50% -17.36% -616.13% -100.36% -7.32% -1587.34% -85.19% -448.03% -162.81% -97.84% -69.91% -68.71% -20.97% 199.51% -1886.52% -1526.58% -2481.91% -1082.85% 121.32% 89.65% -13.58% -6.35%      
      qoq
    		62.59% 313.00% -75.76% -15.04% -13.30% -8715.38% -101.02% 8.85% -641.47% -105.98% 163.04% -1846.84% -94.61% 40.46% -52.53% -39.92% -24.88% 46.05% 19.89% 127.68% -548.10% 16.63% 100.18% -6.05% 0.90% -0.06% -8.78% 1.81%   
      net income margin %
    		-345.24% -121.83% -19.69% -580.99% -899.07% -115.94% 0.70% -530.71% -703.59% 7.72% -198.25% -401.16% 4.24% 28.82% 31.00% 46.26% 60.29% 67.51% 67.08% 63.85% 63.04% -47.74% -147.96% -175.90% -1480.87% -875.96% -722.72% -1032.29% -827.81%  
      net income per share
    		                     -0.7 -0.59 -0.31 -0.35 -0.36 -0.37 -0.41 -0.4  
      basic and diluted
    		-3.4   -2.13 -2.52   -3.33                       
      weighted-average common shares used in calculation of net loss per share
    		                              
      basic and diluted
    		395 389  388 386   384                       
      other income
    		 1,000,000  8,000,000    -27,000,000    14,000,000          -174,000 -3,226,000     -1,764,000   
      net earnings per share
    		                              
      basic
    		 -1.288 -0.51                            
      diluted
    		 -1.288 -0.51                            
      weighted-average common shares used in calculation of net earnings per share
    		                              
      basic
    		  390   384 385  382 382 381 381 386 394 390 396 402 403 404 402 400          
      diluted
    		  390   384 399  382 382 381 381 405 416 412 419 426 431 434 431 430          
      earnings per share:
    		                              
      basic
    		     -2.91 0.03  -3.07 0.56 -9.53 -3.62 0.2 3.85 2.67 5.55 9.09 12.06 8.27 6.93 3.05          
      diluted
    		     -2.91 0.03  -3.07 0.56 -9.53 -3.62 0.19 3.66 2.53 5.24 8.58 11.29 7.7 6.46 2.84          
      weighted-average common shares used in calculation of earnings per share:
    		                              
      basic
    		  390   384 385  382 382 381 381 386 394 390 396 402 403 404 402 400          
      diluted
    		  390   384 399  382 382 381 381 405 416 412 419 426 431 434 431 430          
      weighted-average common shares used in calculation of net loss per share:
    		                              
      basic and diluted
    		395 389  388 386   384                       
      grant revenue
    		             -65,000,000 144,000,000 183,000,000 126,000,000 262,000,000 140,000,000 139,000,000 194,000,000 341,370,000 145,694,000 37,909,000 3,932,000 3,502,000 3,708,000 3,053,000 1,910,000  
      collaboration revenue
    		             290,000,000 100,000,000 35,000,000 15,000,000 14,000,000 19,000,000 18,000,000 10,000,000 29,503,000 12,216,000 28,442,000 3,187,000 10,046,000 9,614,000 9,842,000 13,301,000  
      weighted-average common shares used in calculation of earnings per share
    		                              
      basic
    		  390   384 385  382 382 381 381 386 394 390 396 402 403 404 402 400          
      diluted
    		  390   384 399  382 382 381 381 405 416 412 419 426 431 434 431 430          
      general and administrative
    		                     27,319,250 48,541,000 36,622,000 24,114,000 25,626,000 28,188,000 28,523,000 27,283,000  
      benefit from income taxes
    		                     269,500 864,000      -24,000  
      net income per share
    		                     -0.7 -0.59 -0.31 -0.35 -0.36 -0.37 -0.41 -0.4  
      weighted-average common shares used in net income per share, basic and diluted
    		                      394,682,744        
      weighted-average common shares used in net loss per share, basic and diluted
    		                       380,531,488 353,105,021      
      collaboration revenue from related party
    		                        1,270,000 507,000 3,724,000 188,000 814,000  
      net loss attributable to common stockholders
    		                         -123,116,000 -123,194,000 -135,054,000 -132,657,000  
      weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted
    		                     381,333,059    330,802,136 330,769,341 329,176,107 328,809,986  
      loss before benefit from income taxes
    		                            -132,681,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 
                                    
        assets
      		                              
        current assets:
      		                              
        cash and cash equivalents
      		1,908,000,000 2,595,000,000 1,132,000,000 1,279,000,000 1,623,000,000 1,927,000,000 1,644,000,000 2,478,000,000 2,051,000,000 2,907,000,000 2,932,000,000 3,801,000,000 3,441,000,000 3,205,000,000 3,027,000,000 2,873,000,000 5,048,000,000 6,848,000,000 5,550,000,000 5,603,000,000 5,442,000,000 2,623,850,000 1,505,581,000 1,761,629,000 391,720,000 235,876,000 173,711,000 151,624,000 502,934,000 658,364,000 
        investments
      		3,297,000,000 3,204,000,000 3,372,000,000 3,852,000,000 4,352,000,000 5,098,000,000 5,223,000,000 6,010,000,000 6,472,000,000 5,697,000,000 4,641,000,000 4,658,000,000 5,482,000,000 6,697,000,000 5,321,000,000 5,024,000,000 5,067,000,000 3,879,000,000 3,356,000,000 2,387,000,000 2,293,000,000 1,983,758,000 1,770,721,000 955,384,000 825,981,000 867,124,000 884,829,000 918,722,000 605,990,000 863,063,000 
        accounts receivable
      		71,000,000 184,000,000 1,046,000,000 36,000,000 78,000,000 358,000,000 1,564,000,000 163,000,000 137,000,000 892,000,000 1,866,000,000 232,000,000 1,113,000,000 1,385,000,000 2,695,000,000 2,691,000,000 3,173,000,000 3,175,000,000 3,142,000,000 2,020,000,000 3,210,000,000 1,390,560,000 190,501,000 33,362,000 5,617,000 5,032,000 2,800,000 3,498,000 5,646,000 11,686,000 
        inventory
      		146,000,000 153,000,000 332,000,000 240,000,000 128,000,000 117,000,000 412,000,000 399,000,000 295,000,000 202,000,000 487,000,000 715,000,000 732,000,000 949,000,000 2,077,000,000 1,921,000,000 1,942,000,000 1,441,000,000 965,000,000 643,000,000 494,000,000 46,527,000         
        prepaid expenses and other current assets
      		348,000,000 408,000,000 716,000,000 764,000,000 585,000,000 599,000,000 823,000,000 611,000,000 645,000,000 627,000,000 873,000,000 1,193,000,000 1,354,000,000 1,195,000,000 1,177,000,000 1,054,000,000 1,120,000,000 728,000,000 412,000,000 316,000,000 264,000,000 252,152,000 109,376,000 45,337,000 23,903,000 19,403,000 26,678,000 22,492,000 25,292,000 28,399,000 
        total current assets
      		5,770,000,000 6,544,000,000 6,598,000,000 6,171,000,000 6,766,000,000 8,099,000,000 9,666,000,000 9,661,000,000 9,600,000,000 10,325,000,000 10,799,000,000 10,599,000,000 12,122,000,000 13,431,000,000 14,297,000,000 13,563,000,000 16,350,000,000 16,071,000,000 13,425,000,000 10,969,000,000 11,703,000,000 6,297,879,000 3,577,211,000 2,796,744,000 1,249,936,000 1,128,804,000 1,094,466,000 1,097,418,000 1,140,827,000 1,563,006,000 
        investments, non-current
      		2,251,000,000 2,336,000,000 2,143,000,000 2,374,000,000 2,418,000,000 2,494,000,000 2,335,000,000 2,326,000,000 3,638,000,000 4,677,000,000 5,273,000,000 6,105,000,000 7,442,000,000 8,318,000,000 8,655,000,000 10,162,000,000 9,171,000,000 6,843,000,000 6,442,000,000 4,207,000,000 468,000,000 638,848,000 691,969,000 354,916,000 502,479,000 159,987,000 279,860,000 365,032,000 437,659,000 172,990,000 
        property, plant and equipment
      		2,086,000,000 2,134,000,000 2,126,000,000 2,169,000,000 2,212,000,000 2,196,000,000 2,381,000,000 2,196,000,000 2,063,000,000 1,945,000,000 1,952,000,000 2,280,000,000 2,018,000,000 2,018,000,000                 
        right-of-use assets, operating leases
      		706,000,000 719,000,000 738,000,000 750,000,000 752,000,000 759,000,000 784,000,000 775,000,000 697,000,000 713,000,000 765,000,000 130,000,000 117,000,000 121,000,000 113,000,000 122,000,000 132,000,000 142,000,000 115,000,000 104,000,000 89,000,000 90,201,000 91,684,000 92,046,000 100,533,000 86,414,000     
        other non-current assets
      		675,000,000 605,000,000 530,000,000 546,000,000 556,000,000 594,000,000 556,000,000 641,000,000 650,000,000 685,000,000 661,000,000 1,290,000,000 1,164,000,000 988,000,000 38,000,000 75,000,000 82,000,000 34,000,000 4,000,000 2,000,000 1,000,000 1,880,000 2,047,000 1,570,000 1,736,000 1,931,000 2,094,000 2,558,000 2,438,000 2,644,000 
        total assets
      		11,488,000,000 12,338,000,000 12,135,000,000 12,010,000,000 12,704,000,000 14,142,000,000 15,803,000,000 15,680,000,000 16,729,000,000 18,426,000,000 19,450,000,000 21,884,000,000 24,125,000,000 25,858,000,000 26,056,000,000 26,043,000,000 27,609,000,000 24,669,000,000 20,923,000,000 16,153,000,000 12,694,000,000 7,336,750,000 4,650,873,000 3,486,006,000 2,067,541,000 1,589,422,000 1,590,899,000 1,685,279,000 1,806,207,000 1,962,149,000 
        liabilities and stockholders’ equity
      		                              
        current liabilities:
      		                              
        accounts payable
      		161,000,000 317,000,000 267,000,000 175,000,000 226,000,000 405,000,000 373,000,000 279,000,000 183,000,000 520,000,000 494,000,000 310,000,000 389,000,000 487,000,000 330,000,000 181,000,000 199,000,000 302,000,000 87,000,000 77,000,000 8,000,000 18,359,000 20,521,000 18,817,000 11,034,000 7,090,000 11,737,000 29,609,000 38,509,000 31,210,000 
        accrued liabilities
      		1,912,000,000 1,386,000,000 1,178,000,000 987,000,000 1,001,000,000 1,427,000,000 1,376,000,000 1,333,000,000 1,396,000,000 1,798,000,000 2,224,000,000 1,490,000,000 1,613,000,000 2,101,000,000 1,856,000,000 1,780,000,000 1,608,000,000 1,472,000,000 1,076,000,000 848,000,000 753,000,000 469,591,000 208,832,000 89,204,000 55,020,000 67,652,000 60,079,000 44,589,000 42,183,000 79,073,000 
        deferred revenue
      		102,000,000 99,000,000 163,000,000 218,000,000 125,000,000 153,000,000 379,000,000 702,000,000 559,000,000 568,000,000 1,372,000,000 1,040,000,000 1,219,000,000 2,038,000,000 4,002,000,000 4,093,000,000 5,599,000,000 6,253,000,000 7,977,000,000 7,302,000,000 7,531,000,000 3,867,193,000 1,234,506,000 45,244,000 58,842,000 63,310,000 70,191,000 83,401,000 73,958,000 109,056,000 
        other current liabilities
      		220,000,000 185,000,000 73,000,000 192,000,000 252,000,000 221,000,000 69,000,000 42,000,000 190,000,000 66,000,000 239,000,000 236,000,000 212,000,000 249,000,000 553,000,000 409,000,000 240,000,000 225,000,000 252,000,000 613,000,000 149,000,000 33,665,000 9,702,000 8,382,000 9,686,000 5,063,000 5,835,000 4,388,000 4,509,000 3,464,000 
        total current liabilities
      		2,395,000,000 1,987,000,000 1,681,000,000 1,572,000,000 1,604,000,000 2,206,000,000 2,201,000,000 2,363,000,000 2,380,000,000 3,015,000,000 4,385,000,000 3,123,000,000 3,499,000,000 4,923,000,000 6,807,000,000 6,812,000,000 9,238,000,000 9,128,000,000 9,957,000,000 8,840,000,000 8,441,000,000 4,388,808,000 1,473,561,000 161,647,000 134,582,000 143,115,000 147,842,000 161,987,000 159,159,000 222,803,000 
        deferred revenue, non-current
      		154,000,000 153,000,000 157,000,000 65,000,000 58,000,000 58,000,000 95,000,000 95,000,000 58,000,000 83,000,000 166,000,000 692,000,000 673,000,000 673,000,000 175,000,000 405,000,000 464,000,000 615,000,000 498,000,000 175,000,000 179,000,000 177,419,000 207,768,000 208,478,000 142,989,000 138,995,000 143,438,000 139,923,000 156,862,000 165,352,000 
        operating lease liabilities, non-current
      		645,000,000 653,000,000 660,000,000 666,000,000 667,000,000 671,000,000 679,000,000 668,000,000 637,000,000 643,000,000 697,000,000 104,000,000 96,000,000 92,000,000 79,000,000 87,000,000 95,000,000 106,000,000 105,000,000 105,000,000 96,000,000 97,421,000 98,954,000 99,636,000  93,675,000     
        financing lease liabilities, non-current
      		13,000,000 20,000,000 26,000,000 32,000,000 35,000,000 39,000,000 625,000,000 576,000,000 575,000,000 575,000,000 575,000,000 843,000,000 831,000,000 912,000,000 922,000,000 641,000,000 646,000,000 599,000,000 238,000,000 328,000,000 138,000,000 109,874,000 108,609,000 68,136,000 38,930,000 38,689,000     
        long-term debt
      		590,000,000 590,000,000                             
        other non-current liabilities
      		283,000,000 285,000,000 281,000,000 276,000,000 274,000,000 267,000,000 276,000,000 266,000,000 262,000,000 256,000,000 172,000,000 173,000,000 163,000,000 135,000,000 81,000,000 113,000,000 91,000,000 76,000,000 1,000,000 1,000,000 2,000,000 1,853,000 2,183,000 1,224,000 1,247,000 138,000 161,000 188,000 213,000 258,000 
        total liabilities
      		4,080,000,000 3,688,000,000 2,805,000,000 2,611,000,000 2,638,000,000 3,241,000,000 3,876,000,000 3,968,000,000 3,912,000,000 4,572,000,000 5,995,000,000 4,935,000,000 5,262,000,000 6,735,000,000 8,064,000,000 8,058,000,000 10,534,000,000 10,524,000,000 10,799,000,000 9,449,000,000 8,856,000,000 4,775,375,000 1,891,075,000 539,121,000 426,667,000 414,612,000 339,092,000 346,725,000 360,174,000 431,908,000 
        commitments and contingencies
      		                              
        stockholders’ equity:
      		                              
        preferred stock, par value 0.0001...
      		                              
        common stock, par value 0.0001...
      		                     40,000 40,000 39,000 37,000 34,000 33,000 33,000 33,000 33,000 
        additional paid-in capital
      		1,503,000,000 1,382,000,000 1,254,000,000 1,127,000,000 982,000,000 866,000,000 751,000,000 631,000,000 487,000,000 371,000,000 277,000,000 193,000,000 731,000,000 1,173,000,000 1,488,000,000 2,413,000,000 3,644,000,000 4,211,000,000 5,003,000,000 4,931,000,000 4,860,000,000 4,801,849,000 4,726,007,000 4,675,987,000 3,267,648,000 2,669,426,000 2,618,492,000 2,582,134,000 2,556,709,000 2,538,155,000 
        accumulated other comprehensive income
      		25,000,000 45,000,000 27,000,000 23,000,000 10,000,000  11,000,000           -24,000,000 31,000,000 16,000,000 1,000,000  4,784,000 8,256,000 -6,127,000  2,830,000 2,741,000 591,000  
        retained earnings
      		5,880,000,000 7,223,000,000 8,049,000,000 8,249,000,000 9,074,000,000 10,045,000,000 11,165,000,000 11,152,000,000 12,431,000,000 13,606,000,000 13,389,000,000 17,019,000,000 18,399,000,000 18,320,000,000 16,855,000,000 15,812,000,000 13,615,000,000 9,958,000,000 5,090,000,000 1,757,000,000           
        total stockholders’ equity
      		7,408,000,000 8,650,000,000 9,330,000,000 9,399,000,000 10,066,000,000 10,901,000,000 11,927,000,000 11,712,000,000 12,817,000,000 13,854,000,000 13,455,000,000 16,949,000,000 18,863,000,000 19,123,000,000 17,992,000,000 17,985,000,000 17,075,000,000 14,145,000,000 10,124,000,000 6,704,000,000 3,838,000,000 2,561,375,000 2,759,798,000 2,946,885,000 1,640,874,000 1,174,810,000 1,251,807,000 1,338,554,000 1,446,033,000 1,530,241,000 
        total liabilities and stockholders’ equity
      		11,488,000,000 12,338,000,000 12,135,000,000 12,010,000,000 12,704,000,000 14,142,000,000 15,803,000,000 15,680,000,000 16,729,000,000 18,426,000,000 19,450,000,000 21,884,000,000 24,125,000,000 25,858,000,000 26,056,000,000 26,043,000,000 27,609,000,000 24,669,000,000 20,923,000,000 16,153,000,000 12,694,000,000 7,336,750,000 4,650,873,000 3,486,006,000 2,067,541,000 1,589,422,000 1,590,899,000 1,685,279,000 1,806,207,000  
        preferred stock, 0.0001; 162 shares authorized as of december 31, 2025 and 2024; no shares issued or outstanding at december 31, 2025 and 2024
      		                              
        preferred stock, 0.0001; 162 shares authorized as of december 31, 2024 and 2023; no shares issued or outstanding at december 31, 2024 and 2023
      		                              
        accumulated other comprehensive loss
      		     -10,000,000  -71,000,000 -101,000,000 -123,000,000 -211,000,000 -263,000,000 -267,000,000 -370,000,000 -351,000,000 -240,000,000 -184,000,000             -1,320,000 
        deferred tax assets
      		      81,000,000 81,000,000 81,000,000 81,000,000  1,480,000,000 1,262,000,000 982,000,000 920,000,000 785,000,000 521,000,000 326,000,000 81,000,000 66,000,000 50,000,000          
        income taxes payable
      		      4,000,000 7,000,000 52,000,000 63,000,000 56,000,000 47,000,000 66,000,000 48,000,000 66,000,000 349,000,000 1,592,000,000 876,000,000 565,000,000            
        preferred stock, 0.0001; 162 shares authorized as of december 31, 2023 and 2022; no shares issued or outstanding at december 31, 2023 and 2022
      		                              
        preferred stock, 0.0001; 162 shares authorized as of december 31, 2022 and 2021; no shares issued or outstanding at december 31, 2022 and 2021
      		                              
        property and equipment
      		              2,019,000,000 1,324,000,000 1,341,000,000 1,241,000,000 845,000,000 794,000,000 372,000,000 296,889,000 276,909,000 229,939,000 202,066,000 201,495,000 203,688,000 208,509,000 213,460,000 211,977,000 
        restricted cash, non-current
      		              14,000,000 12,000,000 12,000,000 12,000,000 11,000,000 11,000,000 11,000,000 11,053,000 11,053,000 10,791,000 10,791,000 10,791,000 10,791,000 11,762,000 11,823,000 11,532,000 
        preferred stock, 0.0001; 162 shares authorized as of december 31, 2021 and 2020; no shares issued or outstanding at december 31, 2021 and 2020
      		                              
        accumulated deficit
      		                    -1,023,000,000 -2,243,518,000 -1,971,033,000 -1,737,397,000 -1,620,684,000 -1,496,454,000 -1,369,548,000 -1,246,354,000 -1,111,300,000 -1,006,627,000 
        restricted cash
      		                     1,032,000 1,032,000 1,032,000 1,032,000 1,032,000 1,032,000 62,000  595,000 
        preferred stock, 0.0001 par value...
      		                              
        accumulated other comprehensive gain
      		                     3,004,000    1,804,000     
        accounts receivable from related party
      		                        1,683,000 337,000 5,416,000 1,020,000 965,000  
        operating lease obligation, non-current
      		                        108,919,000      
        deferred lease obligation, non-current
      		                          13,850,000 11,039,000 10,556,000 10,006,000 
        lease financing obligation
      		                          33,801,000 33,588,000 33,384,000 33,489,000 
        accounts receivable from affiliate
      		                             899,000 
        liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                              
        redeemable convertible preferred stock, par value 0.0001...
      		                              
        stockholders’ equity
      		                              
        total liabilities, redeemable convertible preferred stock and stockholders’ equity
      		                             1,962,149,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 
                                     
          operating activities
        		                             
          net loss
        		-1,343,000,000 -826,000,000 -200,000,000 -825,000,000 -971,000,000  13,000,000                 -116,713,000 -124,230,000 -123,116,000 -123,194,000 -135,054,000 -132,657,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                             
          stock-based compensation
        		104,000,000 113,000,000 125,000,000 130,000,000 115,000,000 104,000,000 112,000,000 112,000,000 101,000,000 79,000,000 77,000,000 74,000,000 75,000,000 62,000,000 70,000,000 50,000,000 44,000,000 37,000,000 40,000,000 35,000,000 30,000,000 25,479,000 23,206,000 23,923,000 20,413,000 20,326,000 20,804,000 21,495,000 18,497,000 
          depreciation and amortization
        		59,000,000 67,000,000 52,000,000 57,000,000 39,000,000 60,000,000 52,000,000 41,000,000 36,000,000 202,000,000 249,000,000 92,000,000 78,000,000 80,000,000 113,000,000 76,000,000 79,000,000 78,000,000 70,000,000 69,000,000 15,000,000 7,706,000 8,500,000 7,596,000 7,449,000 8,939,000 7,265,000 7,489,000 7,328,000 
          amortization/accretion of investments
        		-11,000,000 -13,000,000 -17,000,000 -18,000,000 -19,000,000 -19,000,000 -21,000,000 -28,000,000 -27,000,000 -20,000,000 -12,000,000 -12,000,000 -17,000,000 -4,000,000 6,000,000 11,000,000 18,000,000 21,000,000 20,000,000 8,000,000 5,000,000 5,132,000 3,106,000 1,432,000 515,000 -314,000    
          loss on equity investments
        		2,000,000 3,000,000 -3,000,000 0 8,000,000 9,000,000 8,000,000 22,000,000 13,000,000 19,000,000   18,000,000                 
          other non-cash items
        		6,000,000 27,000,000 14,000,000 34,000,000 2,000,000 54,000,000 -1,000,000 4,000,000 3,000,000 -18,000,000 37,000,000 -8,000,000 -4,000,000 -8,000,000 21,000,000               
          changes in assets and liabilities:
        		                             
          accounts receivable
        		114,000,000 859,000,000 -1,013,000,000 30,000,000 280,000,000 1,206,000,000 -1,401,000,000 -26,000,000 755,000,000 974,000,000 -1,634,000,000 881,000,000 272,000,000 1,310,000,000 -4,000,000 483,000,000 1,000,000 -33,000,000 -1,122,000,000 1,190,000,000 -1,819,000,000 -1,200,059,000 -157,139,000 -27,408,000 -585,000 -2,232,000 698,000 2,148,000 6,040,000 
          prepaid expenses and other assets
        		54,000,000 237,000,000 66,000,000 -196,000,000 46,000,000 292,000,000 -150,000,000 0 3,000,000 202,000,000 914,000,000 70,000,000 -212,000,000 -1,030,000,000 -345,000,000 90,000,000 -414,000,000 -303,000,000 -76,000,000 -98,000,000 -12,000,000 -173,047,000 -56,206,000 -7,483,000 -4,305,000 11,158,000 -3,722,000 -998,000 3,313,000 
          inventory
        		6,000,000 179,000,000 -91,000,000 -114,000,000 -8,000,000 291,000,000 -11,000,000 -104,000,000 -93,000,000 285,000,000 228,000,000 18,000,000 216,000,000 1,128,000,000 -156,000,000 21,000,000 -501,000,000 -476,000,000 -322,000,000 -148,000,000 -448,000,000         
          right-of-use assets, operating leases
        		11,000,000 10,000,000 9,000,000 10,000,000 9,000,000 10,000,000 -1,000,000 -78,000,000 16,000,000 52,000,000 -648,000,000 -13,000,000 4,000,000 -8,000,000 9,000,000 10,000,000 10,000,000 -33,000,000 -11,000,000 -16,000,000 2,000,000 2,575,000 -730,000 1,732,000 -14,119,000     
          accounts payable
        		-120,000,000 22,000,000 89,000,000 -47,000,000 -156,000,000 34,000,000 96,000,000 104,000,000 -303,000,000 21,000,000 179,000,000 -70,000,000 -117,000,000 151,000,000 145,000,000 -21,000,000 -35,000,000 178,000,000 -18,000,000 59,000,000 -15,000,000 -1,758,000 2,160,000 9,142,000 2,331,000 -4,779,000 -17,714,000 -3,202,000 1,731,000 
          accrued liabilities
        		464,000,000 194,000,000 199,000,000 -14,000,000 -381,000,000 30,000,000 49,000,000 -66,000,000 -398,000,000 -403,000,000 696,000,000 -138,000,000 -495,000,000 258,000,000 49,000,000 191,000,000 114,000,000 389,000,000 233,000,000 82,000,000 285,000,000 256,018,000 112,185,000 33,142,000 -12,953,000 4,891,000 19,543,000 4,761,000 -32,557,000 
          deferred revenue
        		5,000,000 -67,000,000 40,000,000 97,000,000 -29,000,000 -262,000,000 -323,000,000 179,000,000 -33,000,000 -887,000,000 -194,000,000 -160,000,000 -819,000,000 -1,466,000,000 -321,000,000 -1,565,000,000 -805,000,000 -1,607,000,000 998,000,000 -233,000,000 3,666,000,000 2,602,338,000 1,188,552,000 51,891,000 -474,000 -11,324,000 -9,695,000 -7,496,000 -15,604,000 
          operating lease liabilities
        		-7,000,000 -6,000,000 -5,000,000 -5,000,000 -5,000,000 -5,000,000 8,000,000 31,000,000 -6,000,000 -54,000,000 593,000,000 8,000,000 4,000,000 13,000,000 -8,000,000 -9,000,000 -10,000,000 9,000,000 0 10,000,000 -2,000,000 -2,625,000 410,000 -1,237,000 15,244,000     
          other liabilities
        		26,000,000 131,000,000 -112,000,000 -58,000,000 33,000,000 83,000,000 6,000,000 -141,000,000 130,000,000 52,000,000 39,000,000 -3,000,000 -15,000,000 -185,000,000 10,000,000 228,000,000 35,000,000 100,000,000 -417,000,000 347,000,000 93,000,000 -695,000 2,279,000 -1,327,000 5,732,000 -7,786,000 1,564,000 -431,000 484,000 
          net cash from operating activities
        		-630,000,000 930,000,000 -847,000,000 -919,000,000 -1,037,000,000 825,000,000 -1,566,000,000 -1,274,000,000 -989,000,000 622,000,000 -1,600,000,000 -915,000,000 -1,225,000,000 1,662,000,000 252,000,000 304,000,000 2,763,000,000 3,310,000,000 3,276,000,000 4,063,000,000 2,971,000,000 1,264,289,000 892,748,000 -23,875,000 -106,191,000 -95,773,000 -107,048,000 -112,220,000 -143,927,000 
          capital expenditures
        		-27,000,000 -39,000,000 -38,000,000 -6,000,000 -67,000,000 -522,000,000 -159,000,000 -187,000,000 -105,000,000 -220,000,000 -97,000,000 -227,000,000 -15,000,000 0 -58,000,000 -102,000,000 -68,000,000 -75,000,000 -78,000,000 -6,000,000 -14,000,000 -18,964,000 -15,222,000 -16,032,000 387,000 -3,849,000 -10,922,000 -18,639,000 6,532,000 
          free cash flows
        		-657,000,000 891,000,000 -885,000,000 -925,000,000 -1,104,000,000 303,000,000 -1,725,000,000 -1,461,000,000 -1,094,000,000 402,000,000 -1,697,000,000 -1,142,000,000 -1,240,000,000 1,662,000,000 194,000,000 202,000,000 2,695,000,000 3,235,000,000 3,198,000,000 4,057,000,000 2,957,000,000 1,245,325,000 877,526,000 -39,907,000 -105,804,000 -99,622,000 -117,970,000 -130,859,000 -137,395,000 
          investing activities
        		                             
          purchases of marketable securities
        		-1,348,000,000 -1,547,000,000 -1,162,000,000 -1,295,000,000 -1,764,000,000 -1,888,000,000 -1,251,000,000 -846,000,000 -2,544,000,000 -1,663,000,000 -816,000,000 -196,000,000 -1,085,000,000 -2,510,000,000 -191,000,000 -3,162,000,000 -5,572,000,000 -2,373,000,000 -3,720,000,000 -5,833,000,000 -726,000,000 -630,154,000 -1,422,528,000 -282,356,000 -621,257,000 -195,949,000 -105,964,000 -413,796,000 -429,517,000 
          proceeds from maturities of marketable securities
        		732,000,000 929,000,000 1,210,000,000 1,491,000,000 1,933,000,000 914,000,000 1,112,000,000 1,963,000,000 1,573,000,000 864,000,000 1,447,000,000 1,904,000,000 1,360,000,000 929,000,000 813,000,000 968,000,000 441,000,000 263,000,000 215,000,000 521,000,000 339,000,000 388,977,000 231,239,000 247,180,000 269,733,000 245,335,000 184,212,000 159,694,000 403,940,000 
          proceeds from sales of marketable securities
        		602,000,000 609,000,000 685,000,000 371,000,000 688,000,000 957,000,000 1,011,000,000 714,000,000 1,285,000,000 481,000,000 298,000,000 470,000,000 1,957,000,000 630,000,000 412,000,000 1,129,000,000 1,377,000,000 1,122,000,000 277,000,000 1,464,000,000 242,000,000 74,349,000 32,321,000 66,287,000 41,729,000 87,624,000 41,830,000 17,787,000 21,413,000 
          purchases of property, plant and equipment
        		-62,000,000 -39,000,000 -33,000,000 -3,000,000 -117,000,000 -522,000,000 -151,000,000 -182,000,000 -196,000,000 -220,000,000 -140,000,000 -234,000,000 -113,000,000                 
          purchase of intangible asset
        		 0 0 0 -10,000,000                         
          net cash from investing activities
        		-76,000,000 -48,000,000 700,000,000 564,000,000 730,000,000 -539,000,000 721,000,000 1,649,000,000 118,000,000 -538,000,000 789,000,000 1,944,000,000 2,011,000,000 -1,048,000,000 945,000,000 -1,152,000,000 -3,921,000,000 -1,138,000,000 -3,327,000,000 -3,878,000,000 -180,000,000 -190,129,000 -1,178,260,000 12,479,000 -316,018,000 130,348,000 113,367,000 -246,901,000 -11,759,000 
          financing activities
        		                             
          proceeds from issuance of common stock through equity plans
        		19,000,000 16,000,000 2,000,000 14,000,000 3,000,000 11,000,000 8,000,000 32,000,000 15,000,000 15,000,000 6,000,000 16,000,000 9,000,000 25,000,000 11,000,000 17,000,000 12,000,000 28,000,000 32,000,000 36,000,000 28,000,000  26,815,000 78,197,000 28,357,000  15,554,000 3,930,000 57,000 
          tax payments related to net share settlements on equity awards
        		-2,000,000 -1,000,000 0 0 -1,000,000                         
          changes in financing lease liabilities
        		 -12,000,000 -3,000,000 -5,000,000 2,000,000 -14,000,000 3,000,000 2,000,000 -1,000,000 -124,000,000 -65,000,000 -56,000,000 -25,000,000 -61,000,000 -46,000,000 -46,000,000 -31,000,000 -44,000,000 -34,000,000 -60,000,000 -2,000,000         
          net cash from financing activities
        		17,000,000 581,000,000 -1,000,000 9,000,000 4,000,000 -3,000,000 11,000,000 34,000,000 14,000,000 -109,000,000 -58,000,000 -668,000,000 -542,000,000 -438,000,000 -1,041,000,000 -1,327,000,000 -642,000,000   -24,000,000 26,000,000 44,109,000 29,726,000 1,381,305,000 578,053,000 27,590,000 15,767,000 7,812,000 -48,000 
          effect of changes in exchange rates on cash and cash equivalents
        		1,000,000 0 1,000,000                           
          net decrease in cash, cash equivalents and restricted cash
        		-688,000,000  -147,000,000 -345,000,000 -303,000,000 282,000,000                       -155,734,000 
          cash, cash equivalents and restricted cash, beginning of year
        		2,597,000,000 0 0 0 1,929,000,000 0 0 0 2,928,000,000 0 0 0 3,217,000,000 0 0 0 6,860,000,000 0 0 0 2,636,000,000 0 0 0 247,699,000 0 0 0 670,491,000 
          cash, cash equivalents and restricted cash, end of period
        		1,909,000,000  -147,000,000 -345,000,000 1,626,000,000  -833,000,000 409,000,000 2,071,000,000  -869,000,000 361,000,000 3,461,000,000  156,000,000 -2,175,000,000 5,060,000,000  -53,000,000 161,000,000 5,453,000,000  -255,786,000 1,369,909,000 403,543,000  22,086,000 -351,309,000 514,757,000 
          non-cash investing and financing activities
        		                             
          purchases of property and equipment included in accounts payable and accrued liabilities
        		35,000,000  -5,000,000 -3,000,000 50,000,000  -8,000,000 -5,000,000 91,000,000  43,000,000 7,000,000 98,000,000  31,000,000 -15,000,000 64,000,000 45,000,000 21,000,000 24,000,000 21,000,000 4,337,000 4,070,000 2,600,000 6,610,000 2,813,000 -4,211,000 -8,053,000 14,127,000 
          purchases of intangible asset included in accounts payable and accrued liabilities
        		74,000,000                             
          acquisition of business, net of cash acquired
        		         0 0 0 -85,000,000                 
          investment in convertible notes and equity securities
        		         0 0 0 -23,000,000                 
          proceeds from credit facility
        		                             
          payment of credit facility issuance costs
        		                             
          net increase in cash, cash equivalents and restricted cash
        		       409,000,000 -857,000,000   361,000,000 244,000,000 176,000,000 156,000,000 -2,175,000,000 -1,800,000,000 1,299,000,000 -53,000,000 161,000,000 2,817,000,000 1,118,269,000 -255,786,000 1,369,909,000 155,844,000 62,165,000 22,086,000   
          cash, cash equivalents and restricted cash, end of year
        		                             
          supplemental cash flow information
        		                             
          cash paid for income taxes
        		                             
          cash paid for interest
        		                             
          purchases of property, plant and equipment included in accounts payable and accrued liabilities
        		                             
          right-of-use assets obtained in exchange for financing lease liabilities
        		              687,000,000 0 94,000,000  0           
          net income
        		        -1,175,000,000 217,000,000 -3,630,000,000 -1,380,000,000 79,000,000 1,465,000,000 1,043,000,000 2,197,000,000 3,657,000,000 4,868,000,000 3,333,000,000 2,780,000,000 1,221,000,000         
          adjustments to reconcile net income to net cash from operating activities:
        		                             
          changes in assets and liabilities, net of acquisition of business:
        		                             
          repurchase of common stock, including excise tax
        		         0                    
          deferred income taxes
        		         -106,000,000 1,464,000,000 -220,000,000 -310,000,000 -86,000,000 -97,000,000 -230,000,000 -146,000,000 -229,000,000 -17,000,000 -22,000,000 -50,000,000         
          income taxes payable
        		      -2,000,000 -45,000,000 -11,000,000 7,000,000 9,000,000 -19,000,000 18,000,000 -18,000,000 -283,000,000 -1,243,000,000 716,000,000 311,000,000            
          right-of-use assets obtained through finance lease modifications and reassessments
        		          163,000,000        1,000,000 312,000,000 51,000,000         
          gain on equity investments
        		                             
          repurchase of common stock
        		           -628,000,000 -526,000,000  -1,006,000,000 -1,298,000,000 -623,000,000             
          right-of-use assets reduced through finance lease modifications and reassessments
        		            -60,000,000                 
          leased assets expensed
        		                             
          proceeds from offerings of common stock, net of issuance costs
        		                             
          repurchases of common stock
        		                             
          purchases of property and equipment
        		              -89,000,000 -87,000,000 -132,000,000 -120,000,000 -99,000,000 -30,000,000 -35,000,000 -23,301,000 -19,292,000 -18,632,000 -6,223,000 -6,662,000 -6,711,000 -10,586,000 -7,595,000 
          investment in convertible notes
        		              0 0 -35,000,000             
          proceeds from public offerings of common stock, net of issuance costs
        		                             
          loss on disposal of property and equipment
        		                     -49,000 61,000 89,000 137,000 246,000 56,000 -5,000 19,000 
          deferred lease obligation
        		                          2,811,000 483,000 550,000 
          proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
        		                             
          repurchases of redeemable convertible preferred stock
        		                             
          proceeds from issuance of common stock under equity plans
        		                             
          proceeds from purchase of common stock under employee stock purchase plan
        		                     4,123,000        
          charges to financing lease liabilities
        		                     -6,254,000        
          reimbursement of assets under financing lease obligation
        		                             
          payments on financing lease obligation
        		                          213,000 204,000 -105,000 
          issuance costs included in accounts payable and accrued liabilities
        		                            796,000 
          leasehold improvements included in prepaid and other current assets
        		                          0 -3,779,000 10,089,000 
          lease financing obligation
        		                            10,089,000 
          proceeds from public offering of common stock, net of issuance costs
        		                       1,303,304,000 549,455,000     
          charges to financing lease obligation
        		                       -196,000 241,000     
          accounts receivable from related party
        		                        -1,346,000 5,079,000 -4,396,000 -55,000 -66,000 
          proceeds from initial public offering of common stock, net of issuance costs
        		                             
          distributions to preferred and common unit holders
        		                             
          income taxes paid
        		                             
          interest in connection with financing lease obligation
        		                             
          reimbursement of assets under lease financing obligation
        		                          0   
          amortization of investment premiums
        		                           -1,355,000 -1,005,000 
          amortization of investment premiums and discounts
        		                             
          accounts receivable from affiliate
        		                             
          decrease in restricted cash
        		                             
          net increase in cash and cash equivalents
        		                             
          cash and cash equivalents, beginning of year
        		                             
          cash and cash equivalents, end of year
        		                             
          dividends and accretion of redeemable convertible preferred units
        		                             
          tax distributions to members included in accounts payable and accrued liabilities