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CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
 9 Months Ended
Oct. 31, 2025
Fair Value Disclosures [Abstract]  
CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
The following tables summarize information about our cash, cash equivalents, and investments by investment category as of October 31, 2025 and January 31, 2025 (in thousands):
As of October 31, 2025
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$106,456 $— $— $106,456 
Money market fundsLevel 143,750 — — 43,750 
Total cash and cash equivalents$150,206 $— $— $150,206 
Short-term investments:
U.S. treasury securitiesLevel 1$291,123 $853 $(5)$291,971 
Corporate notes and bondsLevel 2198,660 553 (35)199,178 
U.S. agency securitiesLevel 28,500 — (9)8,491 
Total short-term investments$498,283 $1,406 $(49)$499,640 
Long-term investments:
U.S. treasury securitiesLevel 1$93,748 $445 $— $94,193 
Corporate notes and bondsLevel 298,588 439 — 99,027 
Total long-term investments$192,336 $884 $— $193,220 
Total assets measured at fair value$840,825 $2,290 $(49)$843,066 
As of January 31, 2025
Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Assets
Cash and cash equivalents:
Cash$94,728 $— $— $94,728 
Money market fundsLevel 161,962 — — 61,962 
U.S. treasury securitiesLevel 19,969 3 — 9,972 
Commercial paperLevel 219,914 — (2)19,912 
Total cash and cash equivalents$186,573 $3 $(2)$186,574 
Short-term investments:
U.S. treasury securitiesLevel 1$208,918 $284 $(74)$209,128 
Commercial paperLevel 224,606 1 (2)24,605 
Corporate notes and bondsLevel 2238,610 586 (6)239,190 
U.S. agency securitiesLevel 262,257 151 — 62,408 
Total short-term investments$534,391 $1,022 $(82)$535,331 
Long-term investments:
U.S. treasury securitiesLevel 1$208,104 $787 $(203)$208,688 
Corporate notes and bondsLevel 2173,882 573 (331)174,124 
U.S. agency securitiesLevel 213,458 — (63)13,395 
Total long-term investments$395,444 $1,360 $(597)$396,207 
Total assets measured at fair value$1,116,408 $2,385 $(681)$1,118,112 
We invest in highly rated securities with a weighted average maturity of 18 months or less. As of October 31, 2025, all of our investments will mature within two years.
There were no transfers between the levels of the fair value hierarchy during the three and nine months ended October 31, 2025 and 2024.
As of October 31, 2025, we determined that the declines in the market value of our investment portfolio were not driven by credit-related factors. During the three and nine months ended October 31, 2025 and 2024, we did not recognize any losses on our investments due to credit-related factors. As of October 31, 2025, there were no securities in continuous unrealized loss positions for more than twelve months.
The tables above do not include the Company’s strategic investments in non-marketable equity securities, which are recorded at cost, less any impairment, plus or minus observable price changes in orderly transactions for identical or similar investments of the same issuer. These were $30.6 million and $23.2 million as of October 31, 2025 and January 31, 2025, respectively, and are presented as long-term investments in the condensed consolidated balance sheets.
For the three months ended October 31, 2025, the Company recognized gains of $0.5 million on its non-marketable strategic investments, compared to no gain during the three months ended October 31, 2024. For the nine months ended October 31, 2025 and October 31, 2024, the Company recognized gains of $1.3 million and $0.3 million, respectively. No impairment charges were recorded on these investments in each of the periods. Impairment charges and gains on strategic investments are recognized in other income (expense), net.