| Investments |
2. Investments Investments consist of the following (in thousands): | | | | | | | | | | January 31, | | April 30, | | | | 2026 | | 2025 | | Short-term investments: | | | | | | | | Available-for-sale securities: | | | | | | | | U.S. government securities | | | 175,071 | | | — | | Corporate securities | | | 112,252 | | | — | | Certificates of deposit | | | 9,936 | | | — | | Total short-term investments | | | 297,259 | | | — | | Long-term investments: | | | | | | | | Available-for-sale securities: | | | | | | | | U.S. government securities | | | 14,086 | | | — | | Equity securities and warrants | | | 11,650 | | | 1,204 | | Total long-term available-for-sale securities investments | | | 25,736 | | | 1,204 | | Equity method investments | | | | | | | | Investments in limited partnership funds | | | 35,923 | | | 30,423 | | Total equity method investments | | | 35,923 | | | 30,423 | | Total long-term investments | | $ | 61,659 | | $ | 31,627 | |
Available-For-Sale Securities As of January 31, 2026, the balance of available-for-sale securities consisted of U.S. government securities, certificate of deposits and high-grade corporate bonds. Interest earned from these investments is recorded in interest income (expense), net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest income (expense), net. As of April 30, 2025, the company held no available-for-sale securities. The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of January 31, 2026 (in thousands): | | | | | | | | | | | | | | | January 31, 2026 | | | | | | Gross | | Gross | | | | | | Amortized | | Unrealized | | Unrealized | | Fair | | | Cost | | Gains | | Losses | | Value | Corporate securities | | $ | 189,156 | | $ | 45 | | $ | (7) | | $ | 189,194 | U.S. government securities | | | 112,253 | | | 25 | | | (37) | | | 112,241 | Certificates of deposit | | | 9,936 | | | — | | | (11) | | | 9,925 | Total available-for-sale securities | | $ | 311,345 | | $ | 70 | | $ | (55) | | $ | 311,360 |
Equity Securities Certain equity securities and warrants are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in other income (expense), net. Unrealized gain (loss) recorded (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Three Months Ended | | Nine Months Ended | | Nine Months Ended | | | January 31, 2026 | | January 25, 2025 | | January 31, 2026 | | January 25, 2025 | Net gain (loss) recognized during the period on equity securities | | $ | (1,405) | | $ | 1,454 | | $ | 7,446 | | $ | 1,187 | Less: Net loss recognized during the period on equity securities sold during the period | | | — | | | — | | | — | | | — | Unrealized gain (loss) recognized during the period on equity securities still held at the reporting date | | $ | (1,405) | | $ | 1,454 | | $ | 7,446 | | $ | 1,187 |
Investments Measured at Cost
On December 22, 2025, the Company invested $3,000,000 in a privately-held technology company through a Simple Agreement for Future Equity (“SAFE”). The SAFE provides the Company with the right to receive equity in the issuing company upon the occurrence of certain future events, including a qualifying equity financing or a liquidity event. The Company measures the investment at cost, less any impairment and is recorded in long-term investments and included in Equity securities and warrants line in the investments table above.
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