Investments (Tables)

6 Months Ended

Jul. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

As of July 31, 2025 and January 31, 2025, our marketable securities consisted of the following:

	As of July 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
U.S. government agency securities	$	4,790,509	$	4,278	$	(5,400)	$	4,789,387
Agency bonds	992,384		436		(1,242)		991,578
Corporate and other debt securities	730,062		1,122		(453)		730,731
Treasury bills	65,443		—		(29)		65,414
Commercial paper	2,963		—		—		2,963
Marketable securities	$	6,581,361	$	5,836	$	(7,124)	$	6,580,073

	As of January 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
U.S. government agency securities	$	4,412,730	$	8,449	$	(5,249)	$	4,415,930
Agency bonds	1,173,518		1,609		(643)		1,174,484
Corporate and other debt securities	719,145		2,069		(419)		720,795
Treasury bills	110,237		43		(1)		110,279
Commercial paper	20,841		—		—		20,841
Marketable securities	$	6,436,471	$	12,170	$	(6,312)	$	6,442,329

Schedule of Contractual Maturities of Marketable Securities

The following table presents the contractual maturities of our marketable securities as of July 31, 2025 and January 31, 2025:

	As of
	July 31, 2025		January 31, 2025
	(in thousands)
Less than one year	$	3,486,800	$	3,534,014
Due in one to five years	3,093,273		2,908,315
Total	$	6,580,073	$	6,442,329

Schedule of Strategic Investments

Strategic investments by type and measurement category as of July 31, 2025 were as follows:

	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total
	(in thousands)
Equity securities	$	82,755	$	433,954	$	127,253	$	643,962
Debt securities	3,946		—		—		3,946
Strategic investments	$	86,701	$	433,954	$	127,253	$	647,908

Strategic investments by type and measurement category as of January 31, 2025 were as follows:

	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total
	(in thousands)
Equity securities	$	35,280	$	452,160	$	99,591	$	587,031
Debt securities	4,450		—		—		4,450
Strategic investments	$	39,730	$	452,160	$	99,591	$	591,481