Marqeta, Inc. Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| U.S. treasury bills | $ | 292,381 | $ | — | $ | — | $ | 292,381 | |||||||||||||||
| Money market funds | 96,042 | — | — | 96,042 | |||||||||||||||||||
Commercial paper | — | 41,450 | — | 41,450 | |||||||||||||||||||
Certificates of deposit | — | 35,213 | — | 35,213 | |||||||||||||||||||
Corporate debt securities | — | 16,059 | — | 16,059 | |||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
| U.S. treasury securities | 56,087 | — | — | 56,087 | |||||||||||||||||||
| Asset-backed securities | — | 6,396 | — | 6,396 | |||||||||||||||||||
Restricted cash | |||||||||||||||||||||||
| Money market funds | 45,786 | — | — | 45,786 | |||||||||||||||||||
| Total assets measured at fair value | $ | 490,296 | $ | 99,118 | $ | — | $ | 589,414 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 458,195 | $ | — | $ | — | $ | 458,195 | |||||||||||||||
| U.S. treasury bills | 214,189 | — | — | 214,189 | |||||||||||||||||||
| Corporate debt securities | — | 53,238 | — | 53,238 | |||||||||||||||||||
| Certificates of deposit | — | 25,779 | — | 25,779 | |||||||||||||||||||
| Commercial paper | — | 8,028 | — | 8,028 | |||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
| U.S. treasury securities | 168,900 | — | — | 168,900 | |||||||||||||||||||
| Asset-backed securities | — | 10,509 | — | 10,509 | |||||||||||||||||||
| Total assets measured at fair value | $ | 841,284 | $ | 97,554 | $ | — | $ | 938,838 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 11, 2022 | |
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.