Marketable Securities

6 Months Ended

Jul. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable Securities

The following is a summary of our marketable securities (in thousands): 

	As of July 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Treasury bills and U.S. government securities	$	792,532	$	—	$	(539)	$	791,993
Corporate bonds	87,145		—		(90)		87,055
Commercial paper	14,974		—		(1)		14,973
Total marketable securities	$	894,651	$	—	$	(630)	$	894,021

	As of January 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Treasury bills and U.S. government securities	$	703,740	$	—	$	(421)	$	703,319
Corporate bonds	93,989		36		—		94,025
Commercial paper	42,371		20		—		42,391
Yankee bonds	4,707		—		(7)		4,700
Total marketable securities	$	844,807	$	56	$	(428)	$	844,435

As of July 31, 2025 and January 31, 2025, $75.2 million and $94.1 million, respectively, of our marketable securities had remaining contractual maturities of one year or more.

As of July 31, 2025 and January 31, 2025, $1.9 million and $2.4 million, respectively, of interest receivable was included in prepaid expenses and other current assets on the condensed consolidated balance sheets. We did not recognize an allowance for credit losses against interest receivable as of July 31, 2025 or January 31, 2025.

Unrealized losses during the periods presented are a result of changes in market conditions. We do not believe that any unrealized losses are attributable to credit-related factors based on our evaluation of available evidence. To determine whether a decline in value is related to credit loss, we evaluate, among other factors, the extent to which the fair value is less than the amortized cost basis and any adverse conditions specifically related to an issuer of a security or its industry.