Investments

9 Months Ended

Oct. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of October 31, 2024 and January 31, 2024, our marketable securities consisted of the following:


	As of October 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	18,707	$	—	$	—	$	18,707
Agency bonds	1,413,493		2,199		(844)		1,414,848
Corporate and other debt securities	719,929		2,505		(433)		722,001
U.S. government agency securities	4,099,278		10,580		(5,805)		4,104,053
Treasury bills	168,600		20		(15)		168,605
Marketable securities	$	6,420,007	$	15,304	$	(7,097)	$	6,428,214


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


Commercial paper	$	41,564	$	—	$	—	$	41,564
Agency bonds	1,667,601		2,426		(3,344)		1,666,683
Corporate and other debt securities	663,122		1,161		(1,124)		663,159
U.S. government agency securities	3,003,224		7,859		(6,241)		3,004,842
Treasury bills	27,992		—		(7)		27,985
Marketable securities	$	5,403,503	$	11,446	$	(10,716)	$	5,404,233

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $6.6 million and $6.0 million as of October 31, 2024 and January 31, 2024, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were $0.5 million and $4.8 million as of October 31, 2024 and January 31, 2024, respectively. We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three and nine months ended October 31, 2024 and 2023.

The following table presents the contractual maturities of our marketable securities as of October 31, 2024 and January 31, 2024:


	As of
	October 31, 2024		January 31, 2024

	(in thousands)
Less than one year	$	3,462,229	$	2,883,598
Due in one to five years	2,965,985		2,520,635
Total	$	6,428,214	$	5,404,233

Strategic Investments

Strategic investments by form and measurement category as of October 31, 2024 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	30,520	$	311,275	$	98,421	$	440,216
Debt securities	4,437		—		—		4,437
Strategic investments	$	34,957	$	311,275	$	98,421	$	444,653

Strategic investments by form and measurement category as of January 31, 2024 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	23,160	$	285,509	$	96,725	$	405,394
Debt securities	3,828		—		—		3,828
Strategic investments	$	26,988	$	285,509	$	96,725	$	409,222