
4.						Fair Value Measurements

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	849	$	—	$	—	$	849

U.S. government and government agency debt securities	—		35		—		35
Total cash equivalents	849		35		—		884
Short-term marketable securities

U.S. government and government agency debt securities	—		91		—		91

Total short-term marketable securities	—		91		—		91




Total	$	849	$	126	$	—	$	975


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	293	$	—	$	—	$	293
Commercial paper	—		13		—		13
U.S. government and government agency debt securities	—		10		—		10
Total cash equivalents	293		23		—		316
Short-term marketable securities
Commercial paper	—		7		—		7
U.S. government and government agency debt securities	—		41		—		41
Corporate debt securities	—		2		—		2
Total short-term marketable securities	—		50		—		50
Long-term marketable securities
U.S. government and government agency debt securities	—		81		—		81

Total long-term marketable securities	—		81		—		81
Total	$	293	$	153	$	—	$	446

The Company’s investments in commercial paper, U.S. government and government agency debt securities, and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data.

The Series A redeemable convertible preferred stock that was issued during the year ended December 31, 2023 represented a non-recurring Level 3 financial measurement at issuance. Refer to Note 11 — Redeemable Convertible Preferred Stock for further information.

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the years ended December 31, 2024 or 2025.

Historical Timeline

Fiscal Year	Filed
2025	Feb 26, 2026	Showing above
2024	Feb 28, 2025

2023	Mar 5, 2024

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Maplebear Inc. Fair Value Disclosure

Historical Timeline

About Fair Value Disclosures

Other Available Disclosures