v3.26.1
Stockholders' Equity
 3 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Stockholders' Equity
NOTE 8 - STOCKHOLDERS’ EQUITY
Common Stock
In connection with the IPO, the Company adopted an amended and restated certificate of incorporation and amended and restated bylaws, which became effective immediately prior to the completion of the IPO and authorized 2,070,000,000 shares of capital stock, consisting of: (a) 2,050,000,000 shares of Common Stock divided into two series with (i) 2,000,000,000 shares of the Common Stock being a series designated as Class A common stock and (ii) 50,000,000 shares of the Common Stock being a series designated as Class B common stock; and (b) 20,000,000 shares of undesignated preferred stock. In addition, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 146,599,125 shares of Class A common stock.
In connection with the IPO, all shares of the Company’s common stock outstanding prior to completion of the IPO were exchanged into an equivalent number of shares of Class A common stock. In addition, pursuant to an exchange agreement with the Company’s two co-founders (the “Co-Founders”) and certain of their affiliates, which became effective as of the completion of the IPO, 15,304,696 shares of the Company’s Class A common stock beneficially owned by the Co-Founders and their respective affiliated entities were exchanged for an equivalent number of shares of our Class B common stock. Subject to separate equity exchange right agreements entered into with them in connection with the IPO, each Co-Founder has a right (but not an obligation) to require the Company to exchange, for shares of Class B common stock, any shares of Class A common stock received by him upon the exercise or settlement of equity awards that were granted to the respective Co-Founders prior to the effectiveness of the filing of our amended and restated certificate of incorporation.
The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 30 votes per share and is convertible into one share of Class A common stock.
The holders of both Class A and Class B common stock are entitled to receive dividends pro rata, on an equal priority, pari passu basis whenever funds are legally available therefor and when, as, and if declared by the Board of Directors.
Common stock reserved for issuance as of April 30, 2026 and January 31, 2026 are presented as follows:
As of
April 30, 2026January 31, 2026
Stock options issued and outstanding37,455,860 39,283,485 
RSUs issued and outstanding18,806,310 9,311,201 
Shares of common stock available for future grants39,206,459 37,811,841 
Shares available for issuance under the 2025 Employee Stock Purchase Plan ("ESPP")7,491,747 5,000,000 
Total common stock reserved for issuance102,960,376 91,406,527 
Stock Options
Stock options granted continue to vest until the last day of employment and generally vest over 4 years and expire 10 years from the date of grant.
The following table presents stock option activity for the three months ended April 30, 2026 (in thousands, except price per share, share and years data):
Number of Stock Options OutstandingWeighted-Average Exercise Price per ShareWeighted- Average Remaining Contractual Life
(Years)		Aggregate Intrinsic Value
Balance as of January 31, 202639,283,485 $13.91 5.7$55,743 
Granted1,010,099 $9.97 
Exercised(2,451,289)$6.64 $16,981 
Cancelled/forfeited/expired(386,435)$16.74 
Balance as of April 30, 202637,455,860 $14.25 5.7$145,849 
Vested and expected to vest as of April 30, 202637,455,860 $14.25 5.7$145,849 
Exercisable as of April 30, 202630,776,070 $13.32 5.3$135,182 
For the three months ended April 30, 2026, the weighted-average grant date fair value of options granted was $5.94 per share, the intrinsic value of options exercised was $17.0 million, and the aggregate grant-date fair value of options that vested was $16.2 million. For the three months ended April 30, 2025, the weighted-average grant date fair value of options granted was $13.50 per share, the intrinsic value of options exercised was $2.5 million, and the aggregate grant-date fair value of options that vested was $21.3 million. As of April 30, 2026, there was approximately $77.8 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 1.9 years.
Restricted Stock Units
The Company has granted RSUs that vest either upon the satisfaction of a time-based service condition, or upon the satisfaction of both a time-based service and performance condition. The time-based service condition for these RSUs is generally four years. The performance-based vesting condition was satisfied in connection with the Company’s IPO.
The following table presents the activity related to RSUs for the three months ended April 30, 2026:
Number of Shares Subject to RSUsWeighted-Average Grant Date Fair Value
Unvested balance as of January 31, 20269,311,201 $22.23 
Granted10,915,113 $14.96 
Forfeited(474,657)$22.71 
Vested(945,347)$22.03 
Unvested and outstanding as of April 30, 202618,806,310 $18.01 
As of April 30, 2026, there was approximately $269.7 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 3.6 years.
Stock-based Compensation Expense
Stock-based compensation is included in the following components of expenses within the condensed consolidated statements of operations (in thousands):
Three Months Ended April 30,
20262025
Cost of revenue$1,720 $1,047 
Research and development10,964 6,898 
Sales and marketing8,255 3,595 
General and administrative16,373 5,720 
Total stock-based compensation expense, net of amounts capitalized
$37,312 $17,260 
Capitalized stock-based compensation1,074 570 
Total stock-based compensation cost
$38,386 $17,830 
During the three months ended April 30, 2026, the Company modified certain stock option awards for certain employees to extend the post-termination exercise period. The Company measured the modification charge as the difference between the fair value of the modified awards and the fair value of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the three months ended April 30, 2026 was $1.1 million, which was recognized at the modification date.