Investments

6 Months Ended

Jul. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

As of July 31, 2026 and January 31, 2026, our marketable securities consisted of the following:


	As of July 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





U.S. government agency securities	$	2,676,187	$	—	$	(24,707)	$	2,651,480
Agency bonds	928,486		13		(6,682)		921,817
Corporate and other debt securities	2,121,948		9		(10,448)		2,111,509
Treasury bills	114,957		8		(8)		114,957
Commercial paper	517,966		1		(1)		517,966
Marketable securities	$	6,359,544	$	31	$	(41,846)	$	6,317,729


	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


U.S. government agency securities	$	5,373,782	$	11,094	$	(989)	$	5,383,887
Agency bonds	1,095,004		1,032		(565)		1,095,471

Treasury bills	64,671		5		(3)		64,673

Marketable securities	$	6,533,457	$	12,131	$	(1,557)	$	6,544,031

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $41.8 million and $1.5 million as of July 31, 2026 and January 31, 2026, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were de minimis as of both July 31, 2026 and January 31, 2026. 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 six months ended July 31, 2026 and 2025.

The following table presents the contractual maturities of our marketable securities as of July 31, 2026 and January 31, 2026:


	As of
	July 31, 2026		January 31, 2026

	(in thousands)
Less than one year	$	1,564,734	$	3,168,258
Due in one to five years	4,752,995		3,375,773
Total	$	6,317,729	$	6,544,031

Strategic Investments

Strategic investments by type and measurement category as of July 31, 2026 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	—	$	3,657,514	$	124,374	$	3,781,888
Debt securities	3,988		—		—		3,988
Strategic investments	$	3,988	$	3,657,514	$	124,374	$	3,785,876

Strategic investments by type and measurement category as of January 31, 2026 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	—	$	1,448,531	$	126,112	$	1,574,643
Debt securities	3,968		—		—		3,968
Strategic investments	$	3,968	$	1,448,531	$	126,112	$	1,578,611

During the six months ended July 31, 2026, we made an additional $300.9 million investment in preferred stock of Anthropic, PBC (“Anthropic”). During the three months ended July 31, 2026, we recorded unrealized gains of $1,612.7 million on our investment in Anthropic, based on valuation adjustments using information including Anthropic’s financing round announced on May 28, 2026. As of July 31, 2026, the carrying value of our preferred stock of Anthropic was $3,134.5 million.

During the six months ended July 31, 2026, we also invested $140.2 million in equity securities of other private companies developing AI products.

Based on the terms of these investments in privately-held securities, we determined that we do not have a controlling interest or the ability to exercise significant influence over the operating and financial policies of the investees. Therefore, these investments are accounted for under the measurement alternative method.

Unrealized gains recognized on investments accounted for under the measurement alternative, excluding Anthropic, were de minimis and $155.4 million for the three and six months ended July 31, 2026, respectively.