Investments (Tables)

9 Months Ended

Oct. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of 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

Schedule of Contractual Maturities of Marketable Securities

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

Schedule of 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