Fair Value Measurements

9 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present information about the Company’s financial assets that have been measured at fair value on a recurring basis as of October 31, 2025 and January 31, 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	Fair Value Measurement as of October 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents:
Money market funds	$	250,305	$	—	$	—	$	250,305
Short-term investments:
U.S. government treasury securities	1,471,669		—		—		1,471,669
Total financial assets	$	1,721,974	$	—	$	—	$	1,721,974

	Fair Value Measurement as of January 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash and cash equivalents:
Money market funds	$	152,588	$	—	$	—	$	152,588
Short-term investments:
U.S. government treasury securities	1,846,444		—		—		1,846,444
Total financial assets	$	1,999,032	$	—	$	—	$	1,999,032

The Company utilized the market approach and Level 1 valuation inputs to value its money market mutual funds and U.S. government treasury securities because published net asset values were readily available.

The following table summarizes the amortized cost and fair value of the Company’s short-term investments by remaining contractual maturity as of October 31, 2025 and January 31, 2025 (in thousands):

	October 31, 2025						January 31, 2025
	Amortized Cost		Net Unrealized Gains		Fair Value		Amortized Cost		Net Unrealized Gains		Fair Value
Due within one year	$	907,233	$	2,157	$	909,390	$	968,748	$	944	$	969,692
Due after one year and within three years	558,042		4,237		562,279		876,154		598		876,752
Total short-term investments	$	1,465,275	$	6,394	$	1,471,669	$	1,844,902	$	1,542	$	1,846,444

As of October 31, 2025 and January 31, 2025, net unrealized gains on the Company’s U.S. government treasury securities were approximately $6.4 million and $1.5 million, respectively. These net unrealized gains were caused by fluctuations in interest rates, which results in changes to the market value of these securities. Since the fluctuation in fair value is due to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, the Company concluded that an allowance for credit losses was unnecessary for short-term investments as of October 31, 2025. Gross realized gains and losses were not material for each of the three and nine months ended October 31, 2025 and 2024. There were no material short-term investments in a continuous loss position for greater than twelve months.

Non-marketable Securities

As of October 31, 2025 and January 31, 2025, the total amount of non-marketable equity securities included in other assets on the Company’s condensed consolidated balance sheets were $31.9 million and $24.2 million, respectively. The Company invested an additional $8.5 million and $5.8 million of its cash in non-marketable equity securities during the nine months ended October 31, 2025 and 2024, respectively. The Company recognized immaterial net unrealized losses on certain of these non-marketable securities during the three and nine months ended October 31, 2025. The Company recognized immaterial net unrealized gains on certain of these non-marketable securities during the three and nine months ended October 31, 2024.