Marketable Securities

As of April 30, 2025 and January 31, 2025, our marketable securities consisted of the following:


	As of April 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

	(in thousands)





Commercial paper	$	2,930	$	—	$	—	$	2,930
Agency bonds	996,220		1,691		(323)		997,588
Corporate and other debt securities	745,550		2,606		(131)		748,025
U.S. government agency securities	4,717,606		16,351		(1,043)		4,732,914
Treasury bills	82,527		1		(9)		82,519
Marketable securities	$	6,544,833	$	20,649	$	(1,506)	$	6,563,976


	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 April 30, 2025 and January 31, 2025, respectively. Unrealized losses for securities that have been in an unrealized loss position for 12 months or longer were immaterial as of April 30, 2025 and January 31, 2025. 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 period. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three months ended April 30, 2025 and 2024.

The following table presents the contractual maturities of our marketable securities as of April 30, 2025 and January 31, 2025:


	As of
	April 30, 2025		January 31, 2025

	(in thousands)
Less than one year	$	3,502,515	$	3,534,014
Due in one to five years	3,061,461		2,908,315
Total	$	6,563,976	$	6,442,329

Strategic Investments

Strategic investments by form and measurement category as of April 30, 2025 were as follows:


	Measurement Category
	Fair Value		Measurement Alternative		Equity Method		Total

	(in thousands)
Equity securities	$	47,479	$	425,065	$	99,132	$	571,676
Debt securities	4,463		—		—		4,463
Strategic investments	$	51,942	$	425,065	$	99,132	$	576,139

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