Marketable Securities

As of January 31, 2025 and 2024, our marketable securities consisted of the following:


	As of January 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	20,841	$	—	$	—	$	20,841
Agency bonds	1,173,518		1,609		(643)		1,174,484
Corporate and other debt securities	719,145		2,069		(419)		720,795
U.S. government agency securities	4,412,730		8,449		(5,249)		4,415,930
Treasury bills	110,237		43		(1)		110,279
Marketable securities	$	6,436,471	$	12,170	$	(6,312)	$	6,442,329


	As of January 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)


Commercial paper	$	41,564	$	—	$	—	$	41,564
Agency bonds	1,667,601		2,426		(3,344)		1,666,683
Corporate and other debt securities	663,122		1,161		(1,124)		663,159
U.S. government agency securities	3,003,224		7,859		(6,241)		3,004,842
Treasury bills	27,992		—		(7)		27,985
Marketable securities	$	5,403,503	$	11,446	$	(10,716)	$	5,404,233

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $6.2 million and $6.0 million as of January 31, 2025 and 2024, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were immaterial as of January 31, 2025 and $4.8 million as of January 31, 2024. We review the individual securities that have unrealized losses on a regular basis to evaluate whether or not any security has experienced, or is expected to experience, credit losses resulting in the decline in fair value. We evaluate, among other factors, whether we have the intention to sell any of these marketable securities and whether it is more likely than not that we will be required to sell any of them before recovery of the amortized cost basis. We have not recorded an allowance for credit losses, as we believe any such losses would be immaterial based on the high-grade credit rating for each of our marketable securities as of the end of each fiscal year. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income (loss) for the fiscal years ended January 31, 2025, 2024, and 2023.

The following table presents the contractual maturities of our marketable securities as of January 31, 2025 and 2024:


	As of January 31,
	2025		2024

	(in thousands)
Less than one year	$	3,534,014	$	2,883,598
Due in one to five years	2,908,315		2,520,635
Total	$	6,442,329	$	5,404,233

Strategic Investments

Strategic investments by form and measurement category as of January 31, 2025 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	35,280	$	452,160	$	99,591	$	587,031
Debt securities	4,450		—		—		4,450
Strategic investments	$	39,730	$	452,160	$	99,591	$	591,481

Strategic investments by form and measurement category as of January 31, 2024 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	23,160	$	285,509	$	96,725	$	405,394
Debt securities	3,828		—		—		3,828
Strategic investments	$	26,988	$	285,509	$	96,725	$	409,222

During the fiscal year ended January 31, 2025, we recorded net unrealized gains of $151.4 million on our investments accounted for under the measurement alternative method, mainly driven by changes in the fair value, sales of investments, along with dividends received from these investments.