v3.26.1
Fair Value Measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are:
•Level 1 – Observable inputs that reflect quoted prices (unadjusted) available in active markets for identical assets or liabilities.
•Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.
•Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In addition, the Company considers and uses all valuation methods that are appropriate in estimating the fair value of an asset or liability.
The following tables summarize the fair value of financial assets and liabilities and their classification by level of input within the fair value hierarchy as of April 30, 2026 and January 31, 2026 (in thousands):
Financial Assets and Liabilities at Fair Value
Total
Level 1
Level 2
Level 3
April 30, 2026
Assets
Cash equivalents
Money market funds
$385,777 $385,777 $— $— 
Certificates of deposit2,600 2,600 — — 
Client-held fractional shares
689,011 689,011 — — 
Other current assets
Proprietary inventory
1,556 1,556 — — 
Total financial assets at fair value$1,078,944 $1,078,944 $— $— 
Liabilities
Other noncurrent liabilities
Warrant liabilities1,956 — — 1,956 
Fractional shares repurchase obligation689,011 689,011 — — 
Total financial liabilities at fair value$690,967 $689,011 $— $1,956 

Financial Assets and Liabilities at Fair Value
Total
Level 1
Level 2
Level 3
January 31, 2026
Assets
Cash equivalents
Money market funds
$406,837 $406,837 $— $— 
Certificates of deposit
2,600 2,600 — — 
Client-held fractional shares
514,877 514,877 — — 
Other current assets
Proprietary inventory
1,500 1,500 — — 
Total financial assets at fair value$925,814 $925,814 $— $— 
Liabilities
Other noncurrent liabilities
Warrant liabilities
1,993 — — 1,993 
Fractional shares repurchase obligation
514,877 514,877 — — 
Total financial liabilities at fair value$516,870 $514,877 $— $1,993 
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):
Warrant Liabilities
SAFEs
Total
Balance at January 31, 2026
$1,993 $— $1,993 
Mark-to-market adjustment
412 — 412 
Exercise of warrants(449)— (449)
Balance at April 30, 2026$1,956 $— $1,956 
Warrant Liabilities
 
SAFEs
 
Total
Balance at January 31, 2025
$3,510 $6,141 $9,651 
Mark-to-market adjustment
— — — 
Balance at April 30, 2025$3,510 $6,141 $9,651 
Upon the completion of the Company’s IPO on December 15, 2025, all outstanding SAFEs automatically converted into shares of the Company’s common stock in accordance with their terms, and no SAFEs were outstanding as of the three months ended April 30, 2026.
There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the three months ended April 30, 2026.