Investments

9 Months Ended

Oct. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

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


	As of October 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





U.S. government agency securities	$	4,940,717	$	11,255	$	(1,116)	$	4,950,856
Agency bonds	967,640		1,098		(334)		968,404
Corporate and other debt securities	748,969		2,110		(154)		750,925
Treasury bills	54,219		28		—		54,247
Commercial paper	2,996		—		—		2,996
Marketable securities	$	6,714,541	$	14,491	$	(1,604)	$	6,727,428


	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

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $1.2 million and $6.2 million as of October 31, 2025 and January 31, 2025, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were de minimis as of both October 31, 2025 and January 31, 2025. We review the individual securities that have unrealized losses on a regular basis to evaluate whether 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 income for the three and nine months ended October 31, 2025 and 2024.

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


	As of
	October 31, 2025		January 31, 2025

	(in thousands)
Less than one year	$	3,543,176	$	3,534,014
Due in one to five years	3,184,252		2,908,315
Total	$	6,727,428	$	6,442,329

Strategic Investments

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


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	98,260	$	822,753	$	127,634	$	1,048,647
Debt securities	3,957		—		—		3,957
Strategic investments	$	102,217	$	822,753	$	127,634	$	1,052,604

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

During the three and nine months ended October 31, 2025, we recorded net unrealized gains of $388.0 million and $395.0 million, respectively, on our investments accounted for under the measurement alternative method, primarily reflecting changes in estimated fair values.