Investments

9 Months Ended

Jan. 31, 2026

Investments

Investments

2. Investments

Investments consist of the following (in thousands):

	January 31,		April 30,
	2026		2025
Short-term investments:
Available-for-sale securities:
U.S. government securities		175,071		—
Corporate securities		112,252		—
Certificates of deposit		9,936		—
Total short-term investments		297,259		—
Long-term investments:
Available-for-sale securities:
U.S. government securities		14,086		—
Equity securities and warrants		11,650		1,204
Total long-term available-for-sale securities investments		25,736		1,204
Equity method investments
Investments in limited partnership funds		35,923		30,423
Total equity method investments		35,923		30,423
Total long-term investments	$	61,659	$	31,627

Available-For-Sale Securities

As of January 31, 2026, the balance of available-for-sale securities consisted of U.S. government securities, certificate of deposits and high-grade corporate bonds. Interest earned from these investments is recorded in interest income (expense), net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest income (expense), net. As of April 30, 2025, the company held no available-for-sale securities.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of January 31, 2026 (in thousands):

	January 31, 2026
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Corporate securities	$	189,156	$	45	$	(7)	$	189,194
U.S. government securities		112,253		25		(37)		112,241
Certificates of deposit		9,936		—		(11)		9,925
Total available-for-sale securities	$	311,345	$	70	$	(55)	$	311,360

Equity Securities

Certain equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net. Unrealized gain (loss) recorded (in thousands):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	January 31, 2026		January 25, 2025		January 31, 2026		January 25, 2025
Net gain (loss) recognized during the period on equity securities	$	(1,405)	$	1,454	$	7,446	$	1,187
Less: Net loss recognized during the period on equity securities sold during the period		—		—		—		—
Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date	$	(1,405)	$	1,454	$	7,446	$	1,187

Investments Measured at Cost

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On December 22, 2025, the Company invested $3,000,000 in a privately-held technology company through a Simple Agreement for Future Equity (“SAFE”). The SAFE provides the Company with the right to receive equity in the issuing company upon the occurrence of certain future events, including a qualifying equity financing or a liquidity event. The Company measures the investment at cost, less any impairment and is recorded in long-term investments and included in Equity securities and warrants line in the investments table above.