The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value:


	As of January 31, 2026
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	724,236	$	724,236	$	—	$	—
Treasury bills	16,876		—		16,876		—
Agency bonds	22,298		—		22,298		—

Cash equivalents	763,410		724,236		39,174		—

Agency bonds	1,095,471		—		1,095,471		—

U.S. government agency securities	5,383,887		—		5,383,887		—
Treasury bills	64,673		—		64,673		—
Marketable securities	6,544,031		—		6,544,031		—





Privately held debt securities included in strategic investments	3,968		—		—		3,968
Total financial assets	$	7,311,409	$	724,236	$	6,583,205	$	3,968


	As of January 31, 2025
	Fair Value		Level 1		Level 2		Level 3

	(in thousands)
Financial Assets:
Money market funds	$	825,044	$	825,044	$	—	$	—
Treasury bills	17,965		—		17,965		—
Agency bonds	23,992		—		23,992		—

Cash equivalents	867,001		825,044		41,957		—
Commercial paper	20,841		—		20,841		—
Agency bonds	1,174,484		—		1,174,484		—
Corporate and other debt securities	720,795		—		720,795		—
U.S. government agency securities	4,415,930		—		4,415,930		—
Treasury bills	110,279		—		110,279		—
Marketable securities	6,442,329		—		6,442,329		—




Publicly held equity securities included in strategic investments	35,280		35,280		—		—
Privately held debt securities included in strategic investments	4,450		—		—		4,450
Total financial assets	$	7,349,060	$	860,324	$	6,484,286	$	4,450