v3.26.1
Fair Value Measurements
 12 Months Ended
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 deposit2,600 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 liabilities1,993 — — 1,993 
Fractional shares repurchase obligation514,877 514,877 — — 
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 NoteWarrant Liabilities SAFEsTotal
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.