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Fair Value Measurements (Tables)
 9 Months Ended
Oct. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of October 31, 2024 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
Money market funds$1,479,438 $— $1,479,438 
U.S. government securities— 154,090 154,090 
Time deposits— 109,513 109,513 
Commercial paper— 27,072 27,072 
Corporate notes and bonds— 14,884 14,884 
Short-term investments:
Corporate notes and bonds— 1,097,552 1,097,552 
U.S. government and agency securities— 388,779 388,779 
Commercial paper— 341,943 341,943 
Certificates of deposit— 179,788 179,788 
Long-term investments:
Corporate notes and bonds— 673,640 673,640 
U.S. government and agency securities— 219,137 219,137 
Derivative assets:
Foreign currency forward contracts— 2,028 2,028 
Total assets$1,479,438 $3,208,426 $4,687,864 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$— $(1,408)$(1,408)
Total liabilities
$— $(1,408)$(1,408)
The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis as of January 31, 2024 (in thousands):

Level 1
Level 2
Total
Assets:
Cash equivalents:
U.S. government securities$— $742,234 $742,234 
Money market funds533,211 — 533,211 
Time deposits— 56,263 56,263 
Short-term investments:
Corporate notes and bonds— 939,727 939,727 
U.S. government and agency securities— 573,780 573,780 
Commercial paper— 353,548 353,548 
Certificates of deposit— 216,444 216,444 
Long-term investments:
Corporate notes and bonds— 607,989 607,989 
U.S. government and agency securities— 299,637 299,637 
Certificates of deposit— 8,681 8,681 
Derivative assets:
Foreign currency forward contracts— 60 60 
Total assets$533,211 $3,798,363 $4,331,574 
Liabilities:
Derivative liabilities:
Foreign currency forward contracts$— $(745)$(745)
Total liabilities
$— $(745)$(745)
Schedule of Fair Value Measurements
The following table presents the Company’s strategic investments by type (in thousands):

October 31, 2024January 31, 2024
Equity securities:
Non-marketable equity securities under Measurement Alternative$280,589 $190,238 
Non-marketable equity securities under equity method5,372 5,307 
Marketable equity securities9,465 37,320 
Debt securities:
Non-marketable debt securities750 1,500 
Total strategic investments—included in other assets$296,176 $234,365 
Unrealized Gain (Loss) on Investments
The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):

Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Unrealized losses on non-marketable equity securities under Measurement Alternative:
Impairments$(5,200)$(1,000)$(11,578)$(3,101)
Net unrealized gains (losses) on marketable equity securities
(3,791)(790)(6,796)4,206 
Net unrealized gains (losses) on strategic investments in equity securities
(8,991)(1,790)(18,374)1,105 
Net realized gains (losses) on equity securities sold(1)
380 — (17,440)— 
Total—included in other income (expense), net
$(8,611)$(1,790)$(35,814)$1,105 
________________
(1)Represents the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.
Realized Gain (Loss) on Investments
The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):

Three Months Ended October 31,Nine Months Ended October 31,
2024202320242023
Unrealized losses on non-marketable equity securities under Measurement Alternative:
Impairments$(5,200)$(1,000)$(11,578)$(3,101)
Net unrealized gains (losses) on marketable equity securities
(3,791)(790)(6,796)4,206 
Net unrealized gains (losses) on strategic investments in equity securities
(8,991)(1,790)(18,374)1,105 
Net realized gains (losses) on equity securities sold(1)
380 — (17,440)— 
Total—included in other income (expense), net
$(8,611)$(1,790)$(35,814)$1,105 
________________
(1)Represents the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.