
	As of January 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)






Agency bonds	$	1,095,004	$	1,032	$	(565)	$	1,095,471

U.S. government agency securities	5,373,782		11,094		(989)		5,383,887
Treasury bills	64,671		5		(3)		64,673
Marketable securities	$	6,533,457	$	12,131	$	(1,557)	$	6,544,031


	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

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $1.5 million and $6.2 million as of January 31, 2026 and 2025, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were immaterial as of both January 31, 2026 and 2025. We review the individual securities that have unrealized losses on a regular basis to evaluate whether 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 for the fiscal years ended January 31, 2026, 2025, and 2024.


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	—	$	1,448,531	$	126,112	$	1,574,643
Debt securities	3,968		—		—		3,968
Strategic investments	$	3,968	$	1,448,531	$	126,112	$	1,578,611

During the fiscal year ended January 31, 2026, we made a total of $70.7 million of strategic investments in equity securities of private companies. Based on the terms of these privately-held securities, we determined that we do not have a controlling interest or the ability to exercise significant influence over the operating and financial policies of the investees. Therefore, these investments are currently accounted for under the measurement alternative method. During the fiscal year ended January 31, 2026, we recorded net unrealized gains of $951.7 million on our investments accounted for under the measurement alternative method.

During the fiscal year ended January 31, 2026, we sold a total of $75.6 million of strategic investments in equity securities of public companies. The net gains on sale, which were not material, were recorded through gains on strategic investments, net in the consolidated statements of operations.