v3.25.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2025
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 fair value hierarchy of the valuation inputs utilized to determine such fair value:
As of April 30, 2025
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$764,078 $764,078 $— $— 
Treasury bills33,910 — 33,910 — 
Commercial paper994 — 994 — 
Agency bonds26,545 — 26,545 — 
Cash equivalents825,527 764,078 61,449 — 
Commercial paper2,930 — 2,930 — 
Agency bonds997,588 — 997,588 — 
Corporate and other debt securities748,025 — 748,025 — 
U.S. government agency securities4,732,914 — 4,732,914 — 
Treasury bills82,519 — 82,519 — 
Marketable securities6,563,976 — 6,563,976 — 
Publicly held equity securities included in strategic investments47,479 47,479 — — 
Privately held debt securities included in strategic investments4,463 — — 4,463 
Total financial assets$7,441,445 $811,557 $6,625,425 $4,463 
As of January 31, 2025
Fair ValueLevel 1Level 2Level 3
(in thousands)
Financial Assets:
Money market funds$825,044 $825,044 $— $— 
Treasury bills17,965 — 17,965 — 
Agency bonds23,992 — 23,992 — 
Cash equivalents867,001 825,044 41,957 — 
Commercial paper20,841 — 20,841 — 
Agency bonds1,174,484 — 1,174,484 — 
Corporate and other debt securities720,795 — 720,795 — 
U.S. government agency securities4,415,930 — 4,415,930 — 
Treasury bills110,279 — 110,279 — 
Marketable securities6,442,329 — 6,442,329 — 
Publicly held equity securities included in strategic investments35,280 35,280 — — 
Privately held debt securities included in strategic investments4,450 — — 4,450 
Total financial assets$7,349,060 $860,324 $6,484,286 $4,450 
We classify our highly liquid money market funds and publicly held equity securities as Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. We classify our commercial paper, agency bonds, corporate and other debt securities, U.S. government agency securities, treasury bills, and certificates of deposit 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.