v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about our financial instruments that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the key valuation inputs utilized to determine such fair value:
As of April 30, 2026
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$470,662 $470,662 $— $— 
Agency bonds3,486 — 3,486 — 
Cash equivalents474,148 470,662 3,486 — 
U.S. government agency securities5,590,416 — 5,590,416 — 
Agency bonds1,195,153 — 1,195,153 — 
Treasury bills44,468 — 44,468 — 
Marketable securities6,830,037 — 6,830,037 — 
Privately held debt securities included in strategic investments3,978 — — 3,978 
Total financial assets$7,308,163 $470,662 $6,833,523 $3,978 
As of January 31, 2026
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$724,236 $724,236 $— $— 
Treasury bills16,876 — 16,876 — 
Agency bonds22,298 — 22,298 — 
Cash equivalents763,410 724,236 39,174 — 
U.S. government agency securities5,383,887 — 5,383,887 — 
Agency bonds1,095,471 — 1,095,471 — 
Treasury bills64,673 — 64,673 — 
Marketable securities6,544,031 — 6,544,031 — 
Privately held debt securities included in strategic investments3,968 — — 3,968 
Total financial assets$7,311,409 $724,236 $6,583,205 $3,968 
We classify our highly liquid money market funds as Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our agency bonds, U.S. government agency securities, and treasury bills as Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security, which may not be actively traded. We classify our privately held debt securities as Level 3 due to the lack of relevant observable market data over fair value inputs, such as the probability weighting of the various scenarios that can impact settlement of the arrangement.