v3.25.3
Investments and Fair Value Measurements (Tables)
 9 Months Ended
Oct. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):
October 31, 2025January 31, 2025
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents(1)
Money market funds$449,092 $— $— $449,092 $1,470,040 $— $— $1,470,040 
U.S. Treasury securities— 2,489,319 — 2,489,319 — 2,490,097 — 2,490,097 
Other assets
Deferred compensation investments10,720 — — 10,720 5,496 — — 5,496 
Total assets$459,812 $2,489,319 $— $2,949,131 $1,475,536 $2,490,097 $— $3,965,633 
(1)Cash equivalents exclude $709.1 million of time deposits, which are carried at cost and approximate fair value as of October 31, 2025.
Schedule of Privately Held Equity Securities and Gains and Losses on Strategic Investments
The Company’s investments of privately held securities as of October 31, 2025, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$79,507 $— $79,507 
Cumulative net gains1,825 — 1,825 
Carrying amount, end of period$81,332 $— $81,332 
The Company’s investments of privately held securities as of January 31, 2025, consisted of the following (in thousands):
Privately held equity securitiesPrivately held debt and other securities Total
Initial total cost$68,140 $1,000 $69,140 
Cumulative net gains3,404 — 3,404 
Carrying amount, end of period$71,544 $1,000 $72,544 
The components of gains and losses on strategic investments were as follows (in thousands):
Three Months Ended October 31,Nine Months Ended October 31,
2025202420252024
Unrealized losses recognized on privately held equity securities, including impairment$— $— $(1,579)$— 
Unrealized losses, net$— $— $(1,579)$— 
Realized gains recognized on sales of privately held equity securities$— $— $— $6,881 
Realized losses recognized on sales of privately held equity securities— — — (655)
Realized gains, net$— $— $— $6,226 
Gains (losses) on strategic investments, net$— $— $(1,579)$6,226 
Unrealized losses recognized during the reporting period on privately held equity securities still held at the reporting date$— $— $(1,579)$—