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):


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

Cash equivalents:
Money market funds	$	895,540	$	—	$	—	$	895,540
Time deposits	102,096		—		—		102,096




Total cash equivalents	997,636		—		—		997,636
Investments:
Corporate notes and bonds	2,198,678		570		(12,748)		2,186,500
U.S. government and agency securities	293,000		106		(1,314)		291,792
Asset-backed securities	140,329		63		(585)		139,807
Commercial paper	3,648		—		(8)		3,640
Certificates of deposit	251		—		—		251

Total investments	2,635,906		739		(14,655)		2,621,990
Total cash equivalents and investments	$	3,633,542	$	739	$	(14,655)	$	3,619,626


	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 $27.3 million and $16.9 million of interest receivable related to cash equivalents and investments in prepaid expenses and other current assets on the condensed consolidated balance sheets as of July 31, 2026 and January 31, 2026, respectively. The Company did not recognize an allowance for credit losses against interest receivable as of each of July 31, 2026 and January 31, 2026 because such potential losses were not material.

As of July 31, 2026, 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):


	July 31, 2026
	Estimated Fair Value

Due within 1 year	$	637,508
Due in 1 year to 3 years	1,165,145
Due in 3 years to 5 years	679,530
No single maturity date(1)	139,807
Total	$	2,621,990

Gross unrealized losses on the Company’s available-for-sale marketable debt securities were not material as of each of July 31, 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 July 31, 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).


	July 31, 2026		January 31, 2026

Equity securities:
Non-marketable equity securities under Measurement Alternative	$	352,284	$	359,114
Non-marketable equity securities under equity method	5,397		5,241
Marketable equity securities	7,497		6,264
Debt securities:
Non-marketable debt securities	5,000		10,000
Total strategic investments—included in other assets	$	370,178	$	380,619


	Three Months Ended July 31,				Six Months Ended July 31,
	2026		2025		2026		2025

Unrealized gains (losses) on non-marketable equity securities under Measurement Alternative:
Upward adjustments	$	21,469	$	—	$	21,469	$	—
Impairments	—		(5,000)		(2,000)		(31,521)
Net unrealized gains (losses) on marketable equity securities	869		(980)		1,233		(5,448)
Net unrealized gains (losses) on strategic investments in equity securities	22,338		(5,980)		20,702		(36,969)
Net realized gains on strategic investments in equity securities(1)	12,417		400		10,555		1,704
Change in fair value of a non-marketable debt security accounted for under fair value option	—		—		(6,000)		—
Total—included in other income (expense), net	$	34,755	$	(5,580)	$	25,257	$	(35,265)

(1)The net realized gains on strategic investments in equity securities for the six months ended July 31, 2026 include 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.

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 July 31, 2026 were $37.4 million and $80.2 million, respectively.