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Fair Value Measurements | 12 Months Ended
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Jan. 31, 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 January 31, 2026 and January 31, 2025 (in thousands):
| 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 |
| Financial Assets and Liabilities at Fair Value
| Total |  | Level 1 |  | Level 2 |  | Level 3
January 31, 2025 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 118,708 |  |  | $ | 118,708 |  |  | $ | — |  |  | $ | — |
Certificates of deposit | 2,600 |  |  | 2,600 |  |  | — |  |  | — |
Client-held fractional shares | 28,057 |  |  | 28,057 |  |  | — |  |  | — |
Other current assets |  |  |  |  |  |  |
Proprietary inventory | 302 |  |  | 302 |  |  | — |  |  | — |
Total financial assets at fair value | $ | 149,667 |  |  | $ | 149,667 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Other noncurrent liabilities |  |  |  |  |  |  |
SAFEs | 6,141 |  |  | — |  |  | — |  |  | 6,141 |
Warrant liabilities | 3,510 |  |  | — |  |  | — |  |  | 3,510 |
Fractional shares repurchase obligation | 28,057 |  |  | 28,057 |  |  | — |  |  | — |
Total financial liabilities at fair value | $ | 37,708 |  |  | $ | 28,057 |  |  | $ | — |  |  | $ | 9,651 |
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):
| Convertible Note |  | Warrant Liabilities |  | SAFEs |  | Total
Balance at January 31, 2024 | $ | 46,953 |  |  | $ | 2,832 |  |  | $ | 4,843 |  |  | $ | 54,628 |
Mark-to-market adjustment | $ | (16,927) |  |  | $ | 678 |  |  | $ | 1,298 |  |  | $ | (14,951) |
Repayment of interest | $ | (904) |  |  | $ | — |  |  | $ | — |  |  | $ | (904) |
Repayment of principal | $ | (29,122) |  |  | $ | — |  |  | $ | — |  |  | $ | (29,122) |
Balance at January 31, 2025 | $ | — |  |  | $ | 3,510 |  |  | $ | 6,141 |  |  | $ | 9,651 |
Mark-to-market adjustment | — |  |  | (1,517) |  |  | 66 |  |  | (1,450) |
Settlement (conversion to common stock) | — |  |  |  |  | (6,207) |  |  | (6,207) |
Balance at January 31, 2026 | $ | — |  |  | $ | 1,993 |  |  | $ | — |  |  | $ | 1,993 |
There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the fiscal years ended January 31, 2026 and 2025.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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