Fair Value Measurements

6 Months Ended

Jul. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:

	As of July 31, 2024
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	898,494	$	898,494	$	—	$	—
Treasury bills	113,107		—		113,107		—
Commercial paper	1,988		—		1,988		—
Cash equivalents	1,013,589		898,494		115,095		—
Commercial paper	19,636		—		19,636		—
Agency bonds	1,768,712		—		1,768,712		—
Corporate and other debt securities	712,223		—		712,223		—
U.S. government agency securities	3,359,559		—		3,359,559		—
Treasury bills	120,445		—		120,445		—
Marketable securities	5,980,575		—		5,980,575		—
Certificate of deposit included in prepaid expenses and other current assets	251		—		251		—
Publicly held equity securities included in strategic investments	26,880		26,880		—		—
Privately held debt securities included in strategic investments	4,403		—		—		4,403
Total financial assets	$	7,025,698	$	925,374	$	6,095,921	$	4,403

	As of January 31, 2024
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	851,100	$	851,100	$	—	$	—
Treasury bills	100,629		—		100,629		—
Corporate debt securities	2,715		—		2,715		—
Agency bonds	20,155		—		20,155		—
Cash equivalents	974,599		851,100		123,499		—
Commercial paper	41,564		—		41,564		—
Agency bonds	1,666,683		—		1,666,683		—
Corporate and other debt securities	663,159		—		663,159		—
U.S. government agency securities	3,004,842		—		3,004,842		—
Treasury bills	27,985		—		27,985		—
Marketable securities	5,404,233		—		5,404,233		—
Certificates of deposit included in other assets, noncurrent	254		—		254		—
Publicly held equity securities included in strategic investments	23,160		23,160		—		—
Privately held debt securities included in strategic investments	3,828		—		—		3,828
Total financial assets	$	6,406,074	$	874,260	$	5,527,986	$	3,828

We classify our highly liquid money market funds and publicly held equity securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, treasury bills, and certificates of deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded. We classify

our privately held debt securities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.