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CASH AND CASH EQUIVALENTS, INVESTMENTS, AND FAIR VALUE MEASUREMENTS
 6 Months Ended
Jul. 31, 2026
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 category as of July 31, 2026 and January 31, 2026 (in thousands):
As of July 31, 2026
Fair Value Level
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Assets
Cash and cash equivalents:
Cash$90,988 $— $— $90,988 
Money market fundsLevel 1109,963 — — 109,963 
Total cash and cash equivalents$200,951 $— $— $200,951 
Short-term investments:
U.S. treasury securitiesLevel 1$268,998 $95 $(145)$268,948 
Commercial paperLevel 229,353 — (9)29,344 
Corporate notes and bondsLevel 2147,524 40 (56)147,508 
U.S. agency securitiesLevel 28,500 — (3)8,497 
Total short-term investments$454,375 $135 $(213)$454,297 
Long-term investments:
Strategic investments - marketable equity securities (1)
Level 1$2,767 
Total assets measured at fair value$658,015 
(1) Unrealized losses of $0.6 million and $1.6 million on marketable equity securities held as of July 31, 2026 were recognized in other income (expense), net during the three and six months ended July 31, 2026, respectively. As of July 31, 2026, cumulative unrealized losses on marketable equity securities still held were $1.6 million.
As of January 31, 2026
Fair Value Level
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Assets
Cash and cash equivalents:
Cash$124,873 $— $— $124,873 
Money market fundsLevel 144,754 — — 44,754 
Total cash and cash equivalents$169,627 $— $— $169,627 
Short-term investments:
U.S. treasury securitiesLevel 1$271,254 $786 $— $272,040 
Corporate notes and bondsLevel 2177,892 610 — 178,502 
U.S. agency securitiesLevel 28,500 — (1)8,499 
Total short-term investments$457,646 $1,396 $(1)$459,041 
Long-term investments:
U.S. treasury securitiesLevel 1$45,754 $227 $— $45,981 
Corporate notes and bondsLevel 258,473 238 — 58,711 
Total long-term investments$104,227 $465 $— $104,692 
Total assets measured at fair value$731,500 $1,861 $(1)$733,360 
We invest in highly rated securities with a weighted-average maturity of 18 months or less. As of July 31, 2026, all of our investments will mature within two years.
As of July 31, 2026, we determined that the declines in the market value of our investment portfolio were not driven by credit-related factors. During the three and six months ended July 31, 2026 and 2025, we did not recognize any losses on our investments due to credit-related factors. As of July 31, 2026, there were no securities in continuous unrealized loss positions for more than twelve months.
Strategic Investments
The tables above do not include our 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 $155.2 million and $36.2 million as of July 31, 2026 and January 31, 2026, respectively, and are presented as long-term investments in the condensed consolidated balance sheets. The increase in our strategic investment portfolio as of July 31, 2026 was primarily due to a $100.0 million investment in Knight JV, LLC during the six months ended July 31, 2026.
During the six months ended July 31, 2026, one of our strategic investees completed an initial public offering. As a result, the investment was reclassified from a non-marketable equity security to a marketable equity security measured at fair value, with the shares held as of July 31, 2026 included in the fair value measurements table above as a Level 1 marketable equity security.
For the three months ended July 31, 2026 and July 31, 2025, the Company recognized gains of $0.5 million and $0.8 million, respectively, on its non-marketable strategic investments. For the six months ended July 31, 2026 and July 31, 2025, the Company recognized gains of $7.3 million and $0.8 million, respectively. No impairment charges were recorded on the non-marketable strategic investments in each of the periods. Impairment charges and gains on strategic investments are recognized in other income (expense), net.
Derivative Financial Instruments
To mitigate our exposure to foreign currency fluctuations resulting from a recognized income tax liability denominated in the Israeli New Shekel (ILS), we began entering into foreign currency forward contracts during the fourth quarter of fiscal 2026. As of July 31, 2026, the notional value of outstanding forward contracts was $162.5 million.
The following table summarizes the fair value of our derivative instruments on the condensed consolidated balance sheets (in thousands):
As of July 31,As of January 31,
ClassificationFair Value Level20262026
Foreign currency forward contracts not designated as hedging instruments:
Derivative liabilityAccrued expenses and other current liabilitiesLevel 2$358 $574 
Changes in the fair value of these derivative instruments are recognized in other income (expense), net on the condensed consolidated statements of operations. These gains or losses are intended to economically offset the foreign currency transaction gains or losses generated by the remeasurement of the underlying ILS-denominated liability.
During the three months ended July 31, 2026, we recorded an aggregate loss of $6.3 million and realized a cumulative loss of $4.9 million through cash settlements on our foreign currency forward contracts. This loss was offset by $4.7 million of unrealized foreign currency gains on the underlying ILS-denominated tax liability.
During the six months ended July 31, 2026, we recorded an aggregate gain of $0.2 million and realized a cumulative immaterial loss through cash settlements on our foreign currency forward contracts. This gain was offset by $2.7 million of unrealized foreign currency losses on the underlying ILS-denominated tax liability. Cash flows from these contracts are classified within net cash provided by operating activities in the condensed consolidated statements of cash flows.