Investments (Tables)

6 Months Ended

Jul. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of 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

Schedule of Contractual Maturities of Marketable Securities

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

Schedule of 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