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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Loss Before Income Taxes | The components of loss before income taxes were as follows (in thousands):
| Fiscal Year Ended January 31,
| 2025 |  | 2024 |  | 2023
U.S. | $ | (1,341,798) |  |  | $ | (875,703) |  |  | $ | (851,538) |
Foreign | 56,699 |  |  | 26,480 |  |  | 35,545 |
Loss before income taxes | $ | (1,285,099) |  |  | $ | (849,223) |  |  | $ | (815,993) |
Schedule of Provision for (Benefit from) Income Taxes | The provision for (benefit from) income taxes consists of the following (in thousands):
| Fiscal Year Ended January 31,
| 2025 |  | 2024 |  | 2023
Current provision: |  |  |  |  |
State | $ | 806 |  |  | $ | 754 |  |  | $ | 626 |
Foreign | 10,978 |  |  | 14,775 |  |  | 7,571 |
Deferred benefit: |  |  |  |  |
Federal | (6,294) |  |  | (15,376) |  |  | (21,647) |
State | (1,011) |  |  | (4,700) |  |  | (4,410) |
Foreign | (366) |  |  | (6,686) |  |  | (607) |
Provision for (benefit from) income taxes | $ | 4,113 |  |  | $ | (11,233) |  |  | $ | (18,467) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differs from the federal statutory income tax rate applied to the loss before income taxes due to the following (in thousands):
| Fiscal Year Ended January 31,
| 2025 |  | 2024 |  | 2023
Income tax benefit computed at federal statutory rate | $ | (269,871) |  |  | $ | (178,337) |  |  | $ | (171,359) |
State taxes, net of federal benefit | 33,910 |  |  | 26,380 |  |  | 14,948 |
Research and development credits | (133,266) |  |  | (101,725) |  |  | (58,136) |
Stock-based compensation | (7,667) |  |  | (148,600) |  |  | (71,295) |
Change in valuation allowance | 363,422 |  |  | 371,767 |  |  | 213,532 |
IRC Section 59A waived deductions | — |  |  | 11,550 |  |  | 49,476 |
Other | 17,585 |  |  | 7,732 |  |  | 4,367 |
Provision for (benefit from) income taxes | $ | 4,113 |  |  | $ | (11,233) |  |  | $ | (18,467) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below (in thousands):
| January 31, 2025 |  | January 31, 2024
Deferred tax assets: |  |  |
Net operating losses carryforwards | $ | 1,707,649 |  |  | $ | 1,673,213 |
Capitalized research and development | 725,823 |  |  | 420,491 |
Tax credit carryforwards | 511,504 |  |  | 376,804 |
Operating lease liabilities | 104,517 |  |  | 54,008 |
Deferred revenue | 95,779 |  |  | 82,683 |
Capped call transactions | 45,032 |  |  | — |
Stock-based compensation | 36,044 |  |  | 109,446 |
Net unrealized losses on strategic investments | 6,143 |  |  | 2,443 |
Other | 50,790 |  |  | 31,776 |
Total deferred tax assets | 3,283,281 |  |  | 2,750,864 |
Less: valuation allowance | (3,104,505) |  |  | (2,621,009) |
Net deferred tax assets | 178,776 |  |  | 129,855 |
Deferred tax liabilities: |  |  |
Intangible assets | (27,481) |  |  | (39,173) |
Deferred commissions | (56,662) |  |  | (41,609) |
Operating lease right-of-use assets | (94,997) |  |  | (48,629) |
Other | (234) |  |  | (1,326) |
Total deferred tax liabilities | (179,374) |  |  | (130,737) |
Net deferred tax liabilities | $ | (598) |  |  | $ | (882) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table shows the changes in the gross amount of unrecognized tax benefits (in thousands):
| Fiscal Year Ended January 31,
| 2025 |  | 2024 |  | 2023
Beginning balance | $ | 115,253 |  |  | $ | 75,180 |  |  | $ | 57,715 |
Increases based on tax positions during the prior period | 655 |  |  | 12,708 |  |  | 1,816 |
Increases based on tax positions during the current period | 35,752 |  |  | 27,365 |  |  | 15,649 |
Ending balance | $ | 151,660 |  |  | $ | 115,253 |  |  | $ | 75,180 |

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