Income Taxes (Tables)

12 Months Ended

Jan. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):

	Fiscal Year Ended January 31,
	2025		2024		2023
U.S.	$	(1,341,798)	$	(875,703)	$	(851,538)
Foreign	56,699		26,480		35,545
Loss before income taxes	$	(1,285,099)	$	(849,223)	$	(815,993)

Schedule of Provision for (Benefit from) Income Taxes

The provision for (benefit from) income taxes consists of the following (in thousands):

	Fiscal Year Ended January 31,
	2025		2024		2023
Current provision:
State	$	806	$	754	$	626
Foreign	10,978		14,775		7,571
Deferred benefit:
Federal	(6,294)		(15,376)		(21,647)
State	(1,011)		(4,700)		(4,410)
Foreign	(366)		(6,686)		(607)
Provision for (benefit from) income taxes	$	4,113	$	(11,233)	$	(18,467)

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands):

	Fiscal Year Ended January 31,
	2025		2024		2023
Income tax benefit computed at federal statutory rate	$	(269,871)	$	(178,337)	$	(171,359)
State taxes, net of federal benefit	33,910		26,380		14,948
Research and development credits	(133,266)		(101,725)		(58,136)
Stock-based compensation	(7,667)		(148,600)		(71,295)
Change in valuation allowance	363,422		371,767		213,532
IRC Section 59A waived deductions	—		11,550		49,476
Other	17,585		7,732		4,367
Provision for (benefit from) income taxes	$	4,113	$	(11,233)	$	(18,467)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands):

	January 31, 2025		January 31, 2024
Deferred tax assets:
Net operating losses carryforwards	$	1,707,649	$	1,673,213
Capitalized research and development	725,823		420,491
Tax credit carryforwards	511,504		376,804
Operating lease liabilities	104,517		54,008
Deferred revenue	95,779		82,683
Capped call transactions	45,032		—
Stock-based compensation	36,044		109,446
Net unrealized losses on strategic investments	6,143		2,443
Other	50,790		31,776
Total deferred tax assets	3,283,281		2,750,864
Less: valuation allowance	(3,104,505)		(2,621,009)
Net deferred tax assets	178,776		129,855
Deferred tax liabilities:
Intangible assets	(27,481)		(39,173)
Deferred commissions	(56,662)		(41,609)
Operating lease right-of-use assets	(94,997)		(48,629)
Other	(234)		(1,326)
Total deferred tax liabilities	(179,374)		(130,737)
Net deferred tax liabilities	$	(598)	$	(882)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands):

	Fiscal Year Ended January 31,
	2025		2024		2023
Beginning balance	$	115,253	$	75,180	$	57,715
Increases based on tax positions during the prior period	655		12,708		1,816
Increases based on tax positions during the current period	35,752		27,365		15,649
Ending balance	$	151,660	$	115,253	$	75,180