
	As of April 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





U.S. government agency securities	$	5,598,728	$	3,650	$	(11,962)	$	5,590,416
Agency bonds	1,198,350		234		(3,431)		1,195,153

Treasury bills	44,474		—		(6)		44,468

Marketable securities	$	6,841,552	$	3,884	$	(15,399)	$	6,830,037


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

	(in thousands)


U.S. government agency securities	$	5,373,782	$	11,094	$	(989)	$	5,383,887
Agency bonds	1,095,004		1,032		(565)		1,095,471

Treasury bills	64,671		5		(3)		64,673

Marketable securities	$	6,533,457	$	12,131	$	(1,557)	$	6,544,031

Unrealized losses for securities that have been in an unrealized loss position for less than 12 months were $15.4 million and $1.5 million as of April 30, 2026 and January 31, 2026, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were de minimis as of both April 30, 2026 and January 31, 2026. 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 period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive income for the three months ended April 30, 2026 and 2025.


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	—	$	1,748,737	$	123,704	$	1,872,441
Debt securities	3,978		—		—		3,978
Strategic investments	$	3,978	$	1,748,737	$	123,704	$	1,876,419


	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 three months ended April 30, 2026, we made an additional $46.0 million investment in preferred stock of Anthropic, PBC (“Anthropic”), bringing the total carrying value of our Anthropic preferred stock to $1,266.9 million, based on the valuation implied by Anthropic’s financing round announced on February 12, 2026. Additionally, during the three months ended April 30, 2026, we made a total of $99.7 million of strategic investments in equity securities of other private companies developing AI products. Based on the terms of these investments in 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 accounted for under the measurement alternative method.

During the three months ended April 30, 2026, we recorded net unrealized gains of $154.5 million on our investments accounted for under the measurement alternative method, which were attributable to investments other than our investment in Anthropic.