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Cash Equivalents, Investments and Strategic Investments
 6 Months Ended
Jul. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents, Investments and Strategic Investments Cash Equivalents, Investments and Strategic Investments
Cash Equivalents and Investments

The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands):

July 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$1,320,540 $— $— $1,320,540 
Time deposits115,074 — — 115,074 
U.S. government securities52,853 — (3)52,850 
Corporate notes and bonds10,836 — (2)10,834 
Total cash equivalents1,499,303 — (5)1,499,298 
Investments:
Corporate notes and bonds1,893,404 1,850 (1,189)1,894,065 
U.S. government and agency securities572,230 214 (656)571,788 
Commercial paper135,245 7 (161)135,091 
Certificates of deposit117,920 42 (14)117,948 
Total investments2,718,799 2,113 (2,020)2,718,892 
Total cash equivalents and investments$4,218,102 $2,113 $(2,025)$4,218,190 
January 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
Cash equivalents:
Money market funds$1,741,089 $— $— $1,741,089 
U.S. government securities388,578 92 — 388,670 
Time deposits113,851 — — 113,851 
Corporate notes and bonds4,466 — — 4,466 
Commercial paper3,064 — — 3,064 
Total cash equivalents2,251,048 92 — 2,251,140 
Investments:
Corporate notes and bonds1,559,893 2,177 (1,520)1,560,550 
U.S. government and agency securities609,937 528 (727)609,738 
Commercial paper307,752 142 (38)307,856 
Certificates of deposit187,112 97 (4)187,205 
Total investments2,664,694 2,944 (2,289)2,665,349 
Total cash equivalents and investments$4,915,742 $3,036 $(2,289)$4,916,489 

The Company included $24.2 million and $23.6 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of July 31, 2025 and January 31, 2025, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of July 31, 2025 and January 31, 2025 because such potential losses were not material.

As of July 31, 2025, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 36 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):

July 31, 2025
Estimated
Fair Value
Due within 1 year$1,705,988 
Due in 1 year to 3 years
1,012,904 
Total$2,718,892 

Gross unrealized losses on the Company’s available-for-sale marketable debt securities were not material as of July 31, 2025 and January 31, 2025.

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair values of these securities due to credit related factors was not material as of July 31, 2025 and January 31, 2025.
Strategic Investments

The Company’s strategic investments consist primarily of non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative).

The following table presents the Company’s strategic investments by type (in thousands):

July 31, 2025January 31, 2025
Equity securities:
Non-marketable equity securities under Measurement Alternative$325,936 $281,158 
Non-marketable equity securities under equity method5,707 5,491 
Marketable equity securities8,385 13,833 
Debt securities:
Non-marketable debt securities11,000 750 
Total strategic investments—included in other assets$351,028 $301,232 

The following table summarizes the gains and losses associated with the Company’s strategic investments in equity securities (in thousands):

Three Months Ended July 31,Six Months Ended July 31,
2025202420252024
Unrealized losses on non-marketable equity securities under Measurement Alternative:
Impairments$(5,000)$(7,158)$(31,521)$(25,911)
Net unrealized gains (losses) on marketable equity securities
(980)650 (5,448)(3,005)
Net unrealized losses on strategic investments in equity securities
(5,980)(6,508)(36,969)(28,916)
Net realized gains on strategic investments in equity securities sold(1)
400 — 1,704 1,713 
Total—included in other expense, net
$(5,580)$(6,508)$(35,265)$(27,203)
________________
(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.

The cumulative upward adjustments and the cumulative impairments to the carrying value of the non-marketable equity securities accounted for using the Measurement Alternative held by the Company as of July 31, 2025 were $18.3 million and $60.5 million, respectively.