The following is a summary of the Company’s cash equivalents, short-term investments, and long-term investments on the condensed consolidated balance sheets (in thousands):


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

Cash equivalents:
Money market funds	$	1,401,999	$	—	$	—	$	1,401,999
Time deposits	107,558		—		—		107,558
U.S. government securities	44,360		1		—		44,361
Commercial paper	2,770		—		—		2,770


Total cash equivalents	1,556,687		1		—		1,556,688
Investments:
Corporate notes and bonds	1,851,397		1,303		(3,188)		1,849,512
U.S. government and agency securities	401,565		449		(123)		401,891
Certificates of deposit	25,298		9		—		25,307
Asset-backed securities	21,496		—		(36)		21,460

Commercial paper	4,611		—		(4)		4,607
Total investments	2,304,367		1,761		(3,351)		2,302,777
Total cash equivalents and investments	$	3,861,054	$	1,762	$	(3,351)	$	3,859,465


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

Cash equivalents:
Money market funds	$	1,752,777	$	—	$	—	$	1,752,777
Time deposits	108,727		—		—		108,727
U.S. government securities	94,523		9		—		94,532
Commercial paper	40,384		2		(7)		40,379
Certificates of deposit	2,808		—		—		2,808
Corporate notes and bonds	75		—		—		75
Total cash equivalents	1,999,294		11		(7)		1,999,298
Investments:
Corporate notes and bonds	1,382,374		4,473		(11)		1,386,836
U.S. government and agency securities	484,453		961		(14)		485,400
Certificates of deposit	65,643		46		—		65,689
Commercial paper	18,605		6		—		18,611

Total investments	1,951,075		5,486		(25)		1,956,536
Total cash equivalents and investments	$	3,950,369	$	5,497	$	(32)	$	3,955,834

The Company included $21.3 million and $16.9 million of interest receivable in prepaid expenses and other current assets on the condensed consolidated balance sheets as of April 30, 2026 and January 31, 2026, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of April 30, 2026 and January 31, 2026 because such potential losses were not material.

As of April 30, 2026, the contractual maturities of the Company’s available-for-sale marketable debt securities did not exceed 60 months. The estimated fair values of available-for-sale marketable debt securities, classified as short-term or long-term investments on the Company’s condensed consolidated balance sheets, by remaining contractual maturity, are as follows (in thousands):

Gross unrealized losses on the Company’s available-for-sale marketable debt securities were not material as of each of April 30, 2026 and January 31, 2026.

For available-for-sale marketable debt securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. The decline in fair values of these securities due to credit related factors was not material as of each of April 30, 2026 and January 31, 2026.

The Company’s strategic investments consist primarily of non-marketable equity securities recorded at cost minus impairment, if any, and adjusted for observable transactions for the same or similar investments of the same issuer (referred to as the Measurement Alternative).


	April 30, 2026		January 31, 2026

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	336,574	$	359,114
Non-marketable equity securities under equity method	5,329		5,241
Marketable equity securities	6,628		6,264
Debt securities:
Non-marketable debt securities	5,000		10,000
Total strategic investments—included in other assets	$	353,531	$	380,619


	Three Months Ended April 30,
	2026		2025

Unrealized losses on non-marketable equity securities under Measurement Alternative:

Impairments	$	(2,000)	$	(26,521)
Net unrealized gains (losses) on marketable equity securities	364		(4,468)
Net unrealized gains (losses) on strategic investments in equity securities	(1,636)		(30,989)
Net realized gains (losses) on strategic investments in equity securities(1)	(1,862)		1,304
Change in fair value of a non-marketable debt security accounted for under fair value option	(6,000)		—
Total—included in other expense, net	$	(9,498)	$	(29,685)

(1)The net realized losses on strategic investments in equity securities for the three months ended April 30, 2026 primarily relate to a remeasurement loss of $2.2 million recognized on a previously held equity interest in Observe, Inc. See Note 7, “Business Combinations,” for further details. For strategic investments in equity securities sold, the realized gains or losses represent the difference between the sale proceeds and the carrying value of the securities at the beginning of the period or the purchase date, if later.

No upward adjustments were recognized for each of the three months ended April 30, 2026 and 2025. The cumulative upward adjustments and the cumulative impairments to the carrying value of the non-marketable equity securities accounted for using the Measurement Alternative held by the Company as of April 30, 2026 were $18.3 million and $84.8 million, respectively.