v3.26.1
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents, and Investments
The following is a summary of the Company’s cash equivalents and investments on the consolidated balance sheets (in thousands):
As of January 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimate Fair Value
Cash equivalents:
Money market funds$129,893 $— $— $129,893 
Commercial paper40,758 — — 40,758 
Total cash equivalents170,651 — — 170,651 
Short-term investments:
U.S. government and agency securities103,458 38 — 103,496 
Commercial paper24,087 — — 24,087 
Corporate bonds29,387 26 (2)29,411 
Total short-term investments156,932 64 (2)156,994 
Total cash equivalents and investments$327,583 $64 $(2)$327,645 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
As of January 31, 2026
Level 1Level 2Level 3Total
Financial Assets
Cash equivalents:
Money market funds
$129,893 $— $— $129,893 
Commercial paper— 40,758 — 40,758 
Short-term investments:
U.S. government and agency securities— 103,496 — 103,496 
Commercial paper— 24,087 — 24,087 
Corporate bonds— 29,411 — 29,411 
Total financial assets$129,893 $197,752 $— $327,645 
As of January 31, 2025
Level 1Level 2Level 3Total
Financial Liabilities
Redeemable convertible preferred stock warrant liability$— $— $427 $427 
Embedded derivative liability
— — 59,820 59,820 
Total financial liabilities$— $— $60,247 $60,247 
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following assumptions were used to calculate the fair value of the redeemable convertible preferred stock warrant liability as of immediately prior to conversion to equity upon the closing of the IPO on October 31, 2025, and as of January 31, 2025:
As of
October 31, 2025
January 31, 2025
Volatility50.0 %55.0 %
Risk-free interest rate3.7 %4.1 %
Expected term (in years)2.93.9
Dividend yield— %— %
The significant unobservable inputs used in measuring the fair value of the embedded derivative liability include the following:
As of
January 31, 2025
Time to expiration (in years)
0.70 - 1.70
Time from conversion to maturity (in years)
0.65 - 1.65
Discount factor9.0 %
Volatility
57.8% - 72.6%
Risk free rate
4.1% - 4.2%
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The change in value of the redeemable convertible preferred stock warrant liability is summarized below (in thousands):
Balance as of January 31, 2024
$297 
Change in fair value
130 
Balance as of January 31, 2025
427 
Change in fair value510 
Reclassification to equity
(937)
Balance as of January 31, 2026
$— 
The change in value of the embedded derivative liability is summarized below (in thousands):
Balance as of January 31, 2024
$72,150 
Change in fair value(12,330)
Balance as of January 31, 2025
59,820 
Change in fair value(25,150)
Extinguishment
(34,670)
Balance as of January 31, 2026
$— 
The following table presents a summary of the changes in the fair value of the SAFEs and common stock warrants (in thousands):
SAFEs
Common stock warrants
Balance as of January 31, 2025
$— $— 
Additions in the period127,300 27,700 
Change in fair value68,975 2,706 
Reclassification to equity— (30,406)
Conversion(196,275)— 
Balance as of January 31, 2026
$— $— 
Schedule of Other Financial Instruments Not Recognized At Fair Value On Balance Sheet
The fair value of other financial instruments that are not recognized at fair value on the balance sheet are presented below for disclosure purposes only (in thousands):
Fair Value HierarchyAs of January 31,
20262025
Convertible notesLevel 3$— $359,200 
Warehouse credit facilityLevel 3$122,464 $210,995 
ABL facilityLevel 3$5,563 $— 
Trade loan facilityLevel 3$— $45,000 
2022 promissory noteLevel 3$— $179,932 
Other debtLevel 3$618 $933