RUBRIK, INC., 10-K filed on 3/19/2026
Annual Report
v3.26.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Feb. 28, 2026
Jul. 31, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --01-31    
Document Period End Date Jan. 31, 2026    
Document Transition Report false    
Entity File Number 001-42028    
Registrant Name RUBRIK, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-4560494    
Entity Address, Address Line One 3495 Deer Creek Road    
Entity Address, City or Town Palo Alto    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94304    
City Area Code (844)    
Local Phone Number 478-2745    
Title of 12(b) Security Class A Common Stock, $0.000025 par value    
Trading Symbol RBRK    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 13,260
Documents Incorporated by Reference
Portions of the Registrant’s definitive Proxy Statement related to the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
    
Entity Central Index Key 0001943896    
Document Fiscal Year Focus 2026    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   157,404,648  
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   44,871,492  
v3.26.1
Audit Information
 12 Months Ended
Jan. 31, 2026
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Santa Clara, California
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Current assets    
Cash and cash equivalents $ 380,196 $ 186,331
Short-term investments 1,295,579 518,813
Accounts receivable, net of allowances of $299 and $499 256,773 177,627
Deferred commissions 110,651 91,919
Prepaid expenses and other current assets 180,365 102,951
Total current assets 2,223,564 1,077,641
Noncurrent assets    
Property and equipment, net 83,830 53,194
Deferred commissions, noncurrent 157,592 132,465
Goodwill 199,606 100,343
Other assets, noncurrent 101,944 59,331
Total assets 2,766,536 1,422,974
Current liabilities    
Accounts payable 15,329 10,439
Accrued expenses and other current liabilities 229,976 162,602
Deferred revenue 1,068,754 777,135
Total current liabilities 1,314,059 950,176
Deferred revenue, noncurrent 776,547 642,370
Other liabilities, noncurrent 64,771 61,821
Convertible senior notes, net 1,130,721 0
Debt, noncurrent 0 322,341
Total liabilities 3,286,098 1,976,708
Commitments and contingencies (Note 9)
Stockholders’ deficit    
Preferred stock, $0.000025 par value – $20,000,000 shares authorized as of January 31, 2026 and 2025, respectively; zero shares issued and outstanding as of January 31, 2026 and 2025, respectively 0 0
Additional paid-in capital 2,662,861 2,291,829
Accumulated other comprehensive income (loss) 3,733 (8,235)
Accumulated deficit (3,186,161) (2,837,333)
Total stockholders’ deficit (519,562) (553,734)
Total liabilities and stockholders’ deficit 2,766,536 1,422,974
Class A    
Stockholders’ deficit    
Common stock 4 3
Class B    
Stockholders’ deficit    
Common stock $ 1 $ 2
v3.26.1
Consolidated Balance Sheets - Parenthetical - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Allowance for credit losses, current $ 299 $ 499
Preferred stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Preferred stock, authorized (in shares) 20,000,000 20,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A    
Common stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Common stock, authorized (in shares) 1,070,000,000 1,070,000,000
Common stock, issued (in shares) 157,370,648 101,981,023
Common stock, outstanding (in shares) 157,370,648 101,981,023
Class B    
Common stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Common stock, authorized (in shares) 210,000,000 210,000,000
Common stock, issued (in shares) 44,871,492 87,785,767
Common stock, outstanding (in shares) 44,871,492 87,785,767
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Revenue      
Total revenue $ 1,316,191 $ 886,544 $ 627,892
Cost of revenue      
Total cost of revenue 261,877 265,748 144,962
Gross profit 1,054,314 620,796 482,930
Operating expenses      
Research and development 373,682 531,615 206,527
Sales and marketing 769,019 867,518 482,532
General and administrative 257,029 355,695 100,377
Total operating expenses 1,399,730 1,754,828 789,436
Loss from operations (345,416) (1,134,032) (306,506)
Interest income 52,157 25,353 11,216
Interest expense (17,227) (41,253) (30,295)
Loss on debt extinguishment (6,653) 0 0
Other income (expense), net (9,334) 1,480 (1,884)
Loss before income taxes (326,473) (1,148,452) (327,469)
Income tax expense 22,355 6,368 26,689
Net loss $ (348,828) $ (1,154,820) $ (354,158)
Net loss per share, basic (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Net loss per share, diluted (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Weighted-average shares used in computing net loss per share, basic (in shares) 196,468 154,294 60,628
Weighted-average shares used in computing net loss per share, diluted (in shares) 196,468 154,294 60,628
Subscription      
Revenue      
Total revenue $ 1,263,927 $ 828,740 $ 537,869
Cost of revenue      
Total cost of revenue 229,741 215,036 97,927
Other      
Revenue      
Total revenue 52,264 57,804 90,023
Cost of revenue      
Total cost of revenue $ 32,136 $ 50,712 $ 47,035
v3.26.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Statement of Comprehensive Income [Abstract]      
Net loss $ (348,828) $ (1,154,820) $ (354,158)
Foreign currency translation adjustment, net of tax 9,826 (6,274) (1,355)
Unrealized gain (loss) on available-for-sale securities, net of tax 2,142 278 417
Total other comprehensive income (loss), net of tax 11,968 (5,996) (938)
Comprehensive loss $ (336,860) $ (1,160,816) $ (355,096)
v3.26.1
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($)
$ in Thousands
Total
Tax Of Settlement
Common stock
Common stock
Tax Of Settlement
Additional paid-in capital
Additional paid-in capital
Tax Of Settlement
Accumulated other comprehensive income (loss)
Accumulated deficit
Temporary equity, beginning balance (in shares) at Jan. 31, 2023 74,182,559              
Temporary equity, beginning balance at Jan. 31, 2023 $ 714,713              
Temporary equity, ending balance (in shares) at Jan. 31, 2024 74,182,559              
Temporary equity, ending balance at Jan. 31, 2024 $ 714,713              
Beginning balance, shares (in shares) at Jan. 31, 2023     59,878,717          
Beginning balance at Jan. 31, 2023 $ (1,087,329)   $ 1   $ 242,326   $ (1,301) $ (1,328,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 884,012   884,012          
Issuance of common stock upon exercise of stock options $ 3,383       3,383      
Issuance of common stock for business acquisition/combination, net of settlement for tax withholding and forfeiture (in shares)     500,000          
Issuance of common stock for business acquisition/combination, net of settlement for tax withholding and forfeiture 14,070       14,070      
Stock-based compensation 5,715       5,715      
Other comprehensive income (loss) (938)           (938)  
Net loss (354,158)             (354,158)
Ending balance, shares (in shares) at Jan. 31, 2024     61,262,729          
Ending balance at Jan. 31, 2024 $ (1,419,257)   $ 1   265,494   (2,239) (1,682,513)
Increase (Decrease) in Temporary Equity [Roll Forward]                
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering (in shares) (74,182,559)              
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering $ (714,713)              
Temporary equity, ending balance (in shares) at Jan. 31, 2025 0              
Temporary equity, ending balance at Jan. 31, 2025 $ 0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 1,548,712   1,548,712          
Issuance of common stock upon exercise of stock options $ 8,516       8,516      
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering (in shares)     74,182,559          
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering 714,713   $ 2   714,711      
Issuance of common stock upon initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions, and offering costs (in shares)     26,972,252          
Issuance of common stock upon initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions, and offering costs 805,135   $ 1   805,134      
Issuance of common stock upon settlement of restricted stock units (in shares)     25,393,769          
Issuance of common stock upon settlement of restricted stock units (432,512)   $ 1   (432,513)      
Issuance of common stock under employee stock purchase plan (in shares)     406,769          
Issuance of common stock under employee stock purchase plan 11,064       11,064      
Stock-based compensation 919,423       919,423      
Other comprehensive income (loss) (5,996)           (5,996)  
Net loss (1,154,820)             (1,154,820)
Ending balance, shares (in shares) at Jan. 31, 2025     189,766,790          
Ending balance at Jan. 31, 2025 $ (553,734)   $ 5   2,291,829   (8,235) (2,837,333)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock upon exercise of stock options (in shares) 596,134   596,134          
Issuance of common stock upon exercise of stock options $ 4,090       4,090      
Issuance of common stock upon settlement of restricted stock units (in shares)     9,412,011          
Issuance of common stock upon settlement of restricted stock units 0              
Issuance of common stock under employee stock purchase plan (in shares)     1,007,780          
Issuance of common stock under employee stock purchase plan 28,986       28,986      
Issuance of common stock for business acquisition/combination, net of settlement for tax withholding and forfeiture (in shares)       1,459,425        
Issuance of common stock for business acquisition/combination, net of settlement for tax withholding and forfeiture   $ 88,233       $ 88,233    
Purchase of capped calls related to convertible senior notes (88,550)       (88,550)      
Stock-based compensation 338,273       338,273      
Other comprehensive income (loss) 11,968           11,968  
Net loss (348,828)             (348,828)
Ending balance, shares (in shares) at Jan. 31, 2026     202,242,140          
Ending balance at Jan. 31, 2026 $ (519,562)   $ 5   $ 2,662,861   $ 3,733 $ (3,186,161)
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Cash flows from operating activities:      
Net loss $ (348,828) $ (1,154,820) $ (354,158)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 37,115 28,868 24,305
Stock-based compensation 329,374 913,913 5,715
Amortization of deferred commissions 109,951 90,303 76,530
Non-cash interest 0 34,256 10,117
Loss on debt extinguishment 6,653 0 0
Deferred income taxes 4,008 1,241 1,937
Other (3,542) (7,249) (2,836)
Changes in operating assets and liabilities:      
Accounts receivable (79,786) (44,255) 17,157
Deferred commissions (153,810) (128,816) (107,148)
Prepaid expenses and other assets (111,727) (48,818) 2,251
Accounts payable 4,479 4,479 (1,012)
Accrued expenses and other liabilities 63,225 45,882 22,872
Deferred revenue 425,796 313,244 299,752
Net cash provided by (used in) operating activities 282,908 48,228 (4,518)
Cash flows from investing activities:      
Purchases of property and equipment (29,631) (16,885) (12,333)
Capitalized internal-use software (15,437) (9,714) (7,675)
Purchases of investments (1,471,916) (797,084) (246,004)
Sale of investments 0 32,977 7,503
Maturities of investments 708,154 407,264 255,214
Payments for business combinations, net of cash acquired (21,259) 0 (90,328)
Net cash used in investing activities (830,089) (383,442) (93,623)
Cash flows from financing activities:      
Proceeds from initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions 0 815,209 0
Taxes paid related to net share settlement of equity awards (6,339) (432,512) 0
Proceeds from exercise of stock options 4,078 8,515 3,383
Proceeds from issuance of common stock under employee stock purchase plan 28,986 11,064 0
Payments for deferred offering costs, net 0 (3,545) (3,734)
Proceeds from issuance of debt, net of discount 0 0 96,525
Proceeds from issuance of convertible senior notes, net of discount 1,129,875 0 0
Repayment of debt and related costs (329,646) 0 0
Payments for debt issuance and discount costs (1,903) (708) (225)
Purchase of capped calls related to convertible senior notes (88,550) 0 0
Net cash provided by financing activities 736,501 398,023 95,949
Effect of exchange rate on cash, cash equivalents, and restricted cash 9,826 (6,274) (1,355)
Net increase (decrease) in cash, cash equivalents, and restricted cash 199,146 56,535 (3,547)
Cash, cash equivalents, and restricted cash, beginning of year 193,594 137,059 140,606
Cash, cash equivalents, and restricted cash, end of year 392,740 193,594 137,059
Supplemental cash flow information:      
Cash paid for income taxes, net of refunds 12,005 11,938 5,054
Cash paid for interest 11,807 15,026 9,518
Non-cash investing and financing activities:      
Transfers of inventory to property and equipment 0 102 626
Property and equipment received, included in payables and accrued but not paid 2,532 816 2,207
Stock-based compensation capitalized in internal-use software 8,761 5,227 0
Deferred offering costs accrued but not paid 0 0 953
Fair value of common stock issued as consideration for business combination 93,770 0 14,070
Acquisition holdback accrued not paid in accrued expenses and other current liabilities 752 0 0
Leasehold improvements funded directly by lessor included in property and equipment, net $ 885 $ 0 $ 0
v3.26.1
Description of Business
 12 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Note 1 – Description of Business
Rubrik, Inc. (“Rubrik” or the “Company”) is a Security and artificial intelligence (“AI”) company, with a mission to secure and accelerate the world’s AI transformation. Rubrik built the Rubrik Security Cloud (“RSC”) suite with Zero Trust design principles to secure data across enterprise, cloud, SaaS, unstructured data, and identity providers. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. Rubrik launched Rubrik Agent Cloud in February 2026 to provide a comprehensive AI operations suite that can dynamically monitor, control, and remediate agentic actions. The Company was incorporated in December 2013 as ScaleData, Inc., a Delaware corporation, and changed its name to Rubrik, Inc. in October 2014. The Company is headquartered in Palo Alto, California.
Initial Public Offering
In April 2024, the Company completed its initial public offering (“IPO”) in which it issued and sold 23,500,000 shares of its Class A common stock at the public offering price of $32.00 per share (the “IPO Price”). The Company received net proceeds of approximately $700.0 million after deducting underwriting discounts and commissions, as well as offering costs.
Immediately prior to the completion of the IPO, all 74,182,559 shares of the Company’s then-outstanding redeemable convertible preferred stock automatically converted into an equal number of shares of Class B common stock, and all 5,400,000 shares of the Company’s then-outstanding convertible founder stock automatically converted into an equal number of shares of Class B common stock.
Prior to the IPO, deferred offering costs, which consist of direct incremental legal, accounting, and other fees relating to the IPO, were capitalized in other assets, noncurrent on the consolidated balance sheets. Upon the consummation of the IPO, $10.3 million of deferred offering costs, net of reimbursement received from the underwriters, were reclassified into stockholders’ deficit as an offset against the IPO proceeds.
Prior to the IPO, the Company granted restricted stock units (“RSUs”) with both service-based and liquidity event-related performance-based vesting conditions (“IPO Vesting RSUs”). Upon the consummation of the IPO, the Company recognized stock-based compensation expense for those IPO Vesting RSUs that had met or partially met the service-based vesting condition as the performance-based vesting condition was satisfied. To meet the related tax withholding requirements related to these IPO Vesting RSUs, the Company withheld 12,859,902 shares of Class A common stock subject to the vesting of the IPO Vesting RSUs with a value of $411.5 million to remit to the relevant tax authorities in cash to satisfy such tax obligations as well as any income tax withholding obligations arising as a result of settlement of such shares.
In May 2024, the underwriters exercised their option to purchase an additional 3,472,252 shares of Class A common stock at the IPO Price of $32.00 per share. The Company received net proceeds of approximately $105.1 million after deducting underwriters’ discounts and commissions, as well as offering costs.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies
Note 2 – Basis of Presentation and Summary of Significant Accounting Policies
Fiscal Year
The Company's fiscal year ends on January 31. For example, references to fiscal 2026, 2025 and 2024 refer to the fiscal year ending January 31, 2026, 2025 and 2024, respectively.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements and notes include the Company and its wholly-owned subsidiaries and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.
Certain prior period amounts reported in the consolidated financial statements and notes have been reclassified to conform to the current year presentation. For the years ended January 31, 2026, 2025 and 2024, the Company combined maintenance revenue and other revenue into “Other” on the consolidated statements of operations. The presentation of cost of revenue has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenue and cost of revenue did not impact total revenue, loss from operations or net loss.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the estimation of standalone selling prices for performance obligations, the estimates for material rights, the application of a portfolio approach for capitalization of deferred commissions, the determination of the period of benefit for deferred commissions, the determination of fair value of the Company’s common stock prior to the completion of the IPO, the valuation of stock-based awards, the valuation and assessment of recoverability of intangible assets and their estimated useful lives, the assessment of goodwill impairment, the incremental borrowing rate used to value operating lease liabilities, the valuation of deferred income tax assets and uncertain tax positions, and contingencies. Management evaluates these estimates and assumptions on an ongoing basis using historical experience and other factors and makes adjustments when facts and circumstances dictate. Actual results could differ materially from these estimates.
Revenue Recognition
The Company generates revenue primarily from the sale of subscriptions and typically invoices customers at the inception of the contract. The Company’s contracts with customers have a typical stated duration ranging from one to five years, with the majority of contracts having a stated duration of three years. The Company’s contracts with customers are generally non-cancelable and non-refundable. The Company primarily sells products and services to end users through distributors and resellers (“Channel Partners”). Channel Partners are the Company’s customers. The Company offers rebates to its Channel Partners calculated as a fixed percentage of the total selling price of a revenue contract. The Company accounts for rebates as consideration payable to a customer and records the amounts as a reduction to revenue.
The Company determines revenue recognition through the following steps:
•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.
Payment terms of the Company’s contracts range from 30 days to 60 days after fulfillment or service commencement date, except for certain contracts, which are billed in installments over the contract term.
The Company determines its transaction price based on the expected amount it is entitled to receive in exchange for transferring promised products and services to the customer.
The Company’s contracts with customers can include multiple products and services. The Company determines performance obligations in a customer contract by assessing whether products and services are capable of being distinct and distinct in the context of the contract, including customer options that are determined to be material rights. The transaction price is allocated to the separate performance obligations based on the relative standalone selling price basis. The standalone selling price is determined based on the price at which the performance obligation either is sold separately or, if not observable through past transactions, is estimated taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. For performance obligations that are not sold separately, standalone selling price is determined based on observable inputs, overall pricing trends, market conditions and other factors, such as the price charged by the Company’s competitors for similar products and services with any necessary or appropriate adjustments.
Subscription revenue
Subscription revenue consists of software-as-a-service (“SaaS”) subscriptions and subscription term-based licenses with related support services.
SaaS subscriptions include standalone sales of SaaS subscription products as well as sales of RSC. RSC is a fully-hosted subscription in the case of protection of cloud, SaaS, and unstructured data applications. When RSC is securing enterprise applications, it is a hybrid cloud subscription which includes software hosted from the cloud (as a service) and on-premise software licenses. RSC is accounted for as a single performance obligation because the software hosted from the cloud (as a service) and the on-premise software licenses are not separately identifiable and serve together to fulfill the Company’s promise to RSC customers, which is to provide a single, unified data security solution. The Company’s subscription capabilities are primarily sold as editions which bundle multiple products and include the Foundation Edition, Business Edition, and Enterprise Edition. Subscription revenue related to SaaS is recognized ratably over the subscription period.
Subscription term-based licenses provide customers with a right to use the software for a fixed term commencing upon delivery of the license to the customers. Support services are bundled with each subscription term-based license for the term of the subscription. Subscription revenue related to subscription term-based licenses includes upfront revenue recognized at the later of the start date of the subscription term-based license and the date when the subscription term-based license is delivered. The remainder of the revenue is recognized ratably over the subscription period for support services, commencing on the date the service is made available to customers. The Company does not recognize software revenue related to the renewal of subscription term-based licenses earlier than the beginning of the related renewal period. The Company also sells Rubrik-branded commodity servers ("Rubrik-branded Appliances") support which is recognized ratably over the support period.
Other revenue
Other revenue includes fees earned from sales of professional services, software updates on a when-and-if-available basis, telephone and integrated web-based support, Rubrik-branded Appliance maintenance relating to our perpetual licenses, and Rubrik-branded Appliances. Revenue for Rubrik-branded Appliances is recognized when shipped to the customer. When we sell our software license with our Rubrik-branded Appliances, revenue for both the Rubrik-branded Appliances and software licenses are recognized at the same time. Revenue related to professional services is typically recognized as the services are performed.
Rubrik-branded Appliance revenue is recognized when shipped to the customer. The Company’s shipping term is free on board shipping point, which means the control of the Rubrik-branded Appliance is transferred to customers upon shipment. When the Company sells software licenses with Rubrik-branded Appliances, revenue related to both the Rubrik-branded Appliances and software licenses are recognized at the same time.
Revenue related to professional services is typically recognized as the services are performed.
Amounts billed to customers for shipping and handling costs are classified as other revenue, and the Company’s shipping and handling costs are classified as cost of revenue.
Judgments
The Company identifies performance obligations in a customer contract by assessing whether products and services are capable of being distinct and distinct in the context of the contract. The determination of the performance obligations for RSC when offered as a hybrid cloud subscription requires significant judgment due to the ongoing interaction between the software hosted from the cloud (as a service) and the on-premise software licenses. The Company has concluded that the software hosted from the cloud (as a service) and software licenses are not distinct from each other in the context of the contract such that revenue from the combined offering should be recognized ratably over the subscription period for which the software hosted from the cloud (as a service) is provided. In reaching this conclusion, the Company considered the nature of its promise to customers with a RSC hybrid cloud subscription, which is to provide a single, unified data security solution that operates seamlessly across multiple data sources and teams, and to give customers the ability to manage all their data sources consistently and/or in a manner they dictate. The Company only fulfills this multi-faceted promise by providing access to an integrated solution comprised of both cloud-based and on-premise software. The cloud-based software and on-premise software work together to provide features and functionalities necessary to fulfill that promise, which neither the software hosted from the cloud (as a service) nor the software licenses could provide on their own or together with third-party resources.
The Company had offered Subscription Credits for RSC to qualified customers in exchange for relinquishing their existing rights to next-generation Rubrik-branded Appliances at no cost (“Refresh Rights”). These are customer options that are accounted for as material rights.
The Company’s contracts with customers may include customer options that are material rights. The determination of the likelihood of customers exercising their options requires significant judgment. Management estimates the likelihood of customers exercising their options by taking into account available information such as the number and timing of options exercised or forfeited, and considers other factors such as customer churn that may impact the options that have yet to be exercised or forfeited. Depending on the type of customer option exercised, the amount of consideration allocated to the material rights will be recognized into revenue at a point in time or over time beginning on the date the customer accepts the option. Deferred revenue associated with customer options that are subsequently forfeited will be released into revenue at the time the options are forfeited.
Timing of revenue recognition (in thousands)
Year Ended January 31,
202620252024
Subscription revenue
Products and services transferred over time$1,148,981 $756,660 $437,693 
Products and services transferred at a point in time114,946 72,080 100,176 
Other revenue
Products and services transferred over time44,261 48,163 69,473 
Products and services transferred at a point in time8,003 9,641 20,550 
Total revenue $1,316,191 $886,544 $627,892 
Contract assets
The Company invoices its customers in accordance with contractual billing terms established in each contract. As the Company performs under customer contracts, its right to consideration that is unconditional is classified as accounts receivable. If the Company’s right to consideration for such performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenue the Company has recognized in excess of the amount it has billed to the customer is classified as a contract asset. Contract assets are included in prepaid expenses and other current assets and other assets, noncurrent in the consolidated balance sheets. There were $12.6 million and $8.5 million of contract assets as of January 31, 2026 and 2025, respectively. The current and noncurrent contract assets balances as of January 31, 2026 were $3.8 million and $8.8 million, respectively, as of January 31, 2025 were $4.5 million and $4.0 million, respectively.
Deferred revenue
Deferred revenue, which are contract liabilities, are amounts received or due from customers in advance of the Company’s performance. The current portion of deferred revenue represents the amount that is expected to be recognized as revenue within one year of the consolidated balance sheet date. The Company invoices customers upfront for the majority of contracts, and the increase in the Company’s deferred revenue corresponds to an increase in revenue contracts that include SaaS and support in which the Company satisfies its performance obligations typically over the contractual service period. During the fiscal years ended January 31, 2026 and 2025, the Company recognized revenue of approximately $817.7 million and $535.3 million, respectively, pertaining to amounts deferred at the beginning of each respective period.
Transaction price allocated to the remaining performance obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue for contracts that have been invoiced and will be recognized as revenue in future periods.
As of January 31, 2026, total remaining non-cancellable performance obligations under the Company’s contracts with customers was approximately $2.40 billion. The Company expects to recognize approximately 53% of this amount as revenue over the next 12 months, with the remaining balance to be recognized as revenue thereafter.
Cost of Revenue
Cost of revenue primarily consists of salaries, benefits, stock-based compensation, hosting costs, amortization of capitalized internal-use software, amortization of finite-lived intangible assets, and cost of Rubrik-branded Appliances.
Accounts Receivable and Allowances
Accounts receivable is recorded at the invoiced amount, net of allowances. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company generally does not require collateral or other security to support accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains an allowance, as needed.
These allowances are based on the Company’s assessment of the collectibility of accounts by considering the age of the receivable balance, the collection history and type of deals of each customer, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable and contract assets on an aggregated basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with collectibility issues. Amounts deemed uncollectible are recorded as an allowance in the consolidated balance sheets with a charge to general and administrative expense in the consolidated statements of operations.
The Company presents accrued rebates to Channel Partners on a gross basis in accrued expenses and other current liabilities in the consolidated balance sheets, as the Company’s intent is to not settle such amounts net against accounts receivable.
Deferred Commissions
Deferred commissions consist of incremental costs paid to the Company’s sales force as a result of acquiring a customer contract. The deferred commission amounts are recoverable through the revenue streams that will be recognized under the related contracts. Sales commissions earned are capitalized using a portfolio approach based on characteristics of historical revenue contracts. Sales commissions are amortized as the related performance obligations are satisfied. Commissions related to performance obligations satisfied over time are amortized over the related period of benefit on a straight-line basis. The related period of benefit is determined to be generally four years when renewal commissions are not commensurate with the initial commissions earned. The Company determines the period of benefit by taking into consideration the length of its customer contracts and the useful life of the underlying products and technology sold. Renewal commissions are deferred and then amortized on a straight-line basis over the contractual term, which is generally one year. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations. The Company’s deferred commissions are classified as current and noncurrent assets within the consolidated balance sheets according to when the Company expects to recognize the expense in the consolidated statement of operations.
Warranties
With respect to the Rubrik-branded Appliance warranty obligation, the Company’s contract manufacturer is generally required to replace defective Rubrik-branded Appliances. Furthermore, the Company’s customer support agreements provide for the same parts replacement to which customers are entitled under the warranty program, except that replacement parts are delivered according to targeted response times to minimize disruption to the customers’ critical business applications. Substantially all customers purchase support agreements.
Given the warranty agreement is with the Company’s contract manufacturers and considering that substantially all products are sold together with support agreements, the Company generally has limited exposure related to warranty costs, and therefore no warranty reserve has been recognized for the fiscal years ended January 31, 2026, 2025 and 2024.
Cash, Cash Equivalents, and Restricted Cash
The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents are stated at cost, which approximates fair value.
As of January 31, 2026 and 2025, the Company’s restricted cash balance was $12.5 million and $7.3 million, respectively, primarily related to collateral held under its facility lease agreements and company credit cards. Restricted cash is included within other assets, noncurrent on the Company’s consolidated balance sheets.
Investments
The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies and accounts for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets.
Available-for-sale securities are recorded at fair value in each reporting period and are periodically evaluated for unrealized losses. For unrealized losses in securities that the Company intends to hold and it is not more likely than not the Company will be required to sell before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors.
The Company considers credit related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations, and it records an allowance and recognizes a corresponding loss in other income (expense), net when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are reported as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets until realized. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.
Fair Value Measurements
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which to transact and the market-based risk. The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The carrying amounts reported in the consolidated financial statements for cash and cash equivalents, accounts receivable, net, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to their short-term nature.
Inventory
Inventory is stated at the lower of cost or net realizable value which approximates actual cost on a first-in, first-out basis.
Property and Equipment
Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation. The Company includes the cost to acquire demonstration units and the related accumulated depreciation in property and equipment, as such units are not available for sale. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets except for leasehold improvements, which are depreciated over the shorter of the useful life of the improvement or the term of the related lease. The useful lives of property and equipment are as follows:
Useful Lives
Equipment
3 years
Leasehold improvements
Shorter of estimated useful lives of the improvements or remaining related lease term
Furniture and fixtures
5 years
Leases
The Company has entered into non-cancellable operating leases for its offices and data centers with various expiration dates through fiscal year 2031. The Company determines if an arrangement contains a lease at inception based on whether it has the right to control the asset during the contract period and other facts and circumstances. The Company currently does not have any finance leases.
The Company recognizes lease liabilities and right-of-use assets (“ROU assets”) at lease commencement. The Company measures lease liabilities based on the present value of future lease payments. The interest rate implicit in the leases is not readily determinable, and therefore the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the lease liabilities. The Company does not include in the lease term options to extend or terminate the lease unless it is reasonably certain that the Company will exercise such options. The Company accounts for the lease and non-lease components as a single lease component for its real estate leases. The Company measures the ROU assets based on the corresponding lease liabilities adjusted for prepayments made at or before the lease commencement. The Company does not recognize lease liabilities or ROU assets for short-term leases, which have a lease term of twelve months or less.
The Company begins recognizing operating lease cost on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Company. Variable lease payments are expensed as incurred and are not included in the calculation of lease liabilities or ROU assets.
Software Development Costs
The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs are capitalized in accordance with the accounting guidance for software. Because the Company’s current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented.
The Company capitalizes certain costs incurred for the development of computer software for internal-use during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Amortization of capitalized internal-use software costs begins when such software is ready for its intended use. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life of three years. Capitalized internal-use software is included in property and equipment, net in the consolidated balance sheets. The amortization is recorded within subscription cost of revenue in the consolidated statements of operations.
The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Research and Development
The Company’s research and development expense consists primarily of salaries, benefits, stock-based compensation, third-party infrastructure expenses and depreciation from testing equipment in developing the Company’s offerings, and software and subscription services dedicated for use by the Company’s research and development organization. Research and development costs that do not meet the software development costs capitalization criteria are expensed as incurred.
Business Combinations
The Company applies the acquisition method of accounting for business combinations under which all assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition.
Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. The Company may record adjustments to the assets acquired and liabilities assumed during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill for facts and circumstances that existed as of the acquisition date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s consolidated statements of operations. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred in general and administrative expense in the consolidated statements of operations.
Goodwill and Long-Lived Assets
Goodwill is not amortized but tested for impairment at least annually during the fourth fiscal quarter, or if events or changes in circumstances indicate the carrying amount may no longer be recoverable. The Company operates in one segment, which is considered to be the sole reporting unit, and, therefore, goodwill is tested for impairment at the enterprise level. The Company first evaluates qualitative factors to determine whether it is more likely than not that the fair value of its sole reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, the Company determines that it is more likely than not that the fair value of the reporting unit is more than its carrying amount, then a quantitative goodwill impairment test is not performed. There was no impairment of goodwill for the fiscal years ended January 31, 2026, 2025 and 2024.
Intangible assets, other than the ones with indefinite useful lives, are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets’ useful lives. Intangible assets, net is included within other assets, noncurrent on the Company’s consolidated balance sheets.
Long-lived assets, such as property and equipment and finite-lived intangible assets, are subject to amortization and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability is measured by comparing the net book value to the future undiscounted cash flows attributable to such assets. If impaired, the Company recognizes an impairment charge equal to the amount by which the net book value exceeds its fair value. There was no impairment charge of long-lived assets for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
Convertible Senior Notes
In June, 2025, the Company issued $1.15 billion aggregate principal amount of 0.00% convertible senior notes due June 2030 (the “Convertible Notes”), which are recorded at their carrying value on the consolidated balance sheets. The Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Debt discount and issuance costs in connection with the issuance of the Convertible Notes are recorded as a reduction to the Convertibles Notes and are amortized as interest expense using the effective interest rate method over the contractual term of the Convertible Notes. The amortized debt discount and issuance costs are included within interest expense on the consolidated statements of operations. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives.
Advertising Costs
Advertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations and amounted to $70.8 million, $35.6 million and $31.3 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
Stock-Based Compensation Expense
The Company measures and recognizes stock-based compensation expense for all equity awards made to employees, nonemployees, and the Company’s board of directors, and stock purchase rights granted under the Employee Stock Purchase Plan (“ESPP”) to employees based on estimated fair values at the date of grant.
The Company estimates the fair value of its options and ESPP rights using the Black-Scholes option pricing model which requires the input of assumptions. These assumptions and estimates are as follows:
Fair value of common stock — Prior to the Company’s IPO, the Company estimated the fair value of common stock as the Company’s common stock was not yet publicly traded. The board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous unrelated third-party valuations of the Company’s common stock, (ii) the prices, rights, preferences and privileges of the Company’s Preferred Stock relative to those of its common stock, (iii) the lack of marketability of the Company’s common stock, (iv) actual operating and financial results, (v) current business conditions and projections, (vi) market multiples of comparable companies in the Company’s industry, (vii) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions, (viii) recent secondary stock sales transactions, and (ix) macroeconomic conditions. After the completion of the IPO, the fair value of each share of the underlying common stock is based on the closing price of our Class A common stock as reported on the New York Stock Exchange on the date of the grant.
Expected term — The Company determines the expected term based on the average period the stock options are expected to remain outstanding, generally calculated as the midpoint of the stock option’s vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.
Expected volatility — Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term of the options.
Risk-free interest rate — The Company uses the U.S. Treasury yield in effect at the time of grant for the expected term of the stock options issued.
Dividend yield — The Company utilizes a dividend yield of zero, as it does not currently issue dividends and does not expect to in the future.
The Company granted RSUs that vest upon satisfaction of a service-based condition only and also those that have both a service-based condition and a performance-based condition. The grant-date fair value of these RSUs is the fair value of the Company’s common stock on the date of grant.
The grant-date fair value of equity awards which include a market-based condition is estimated using the Monte Carlo simulation method which incorporates the possibility that the market-based condition may not be satisfied, and various assumptions including expected term, expected volatility, and risk-free interest rates.
The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for equity awards with service-based conditions only. Stock-based compensation expense for equity awards with a service-based condition and a performance-based condition or a market-based condition, or both, will be recognized using the accelerated attribution method over the requisite service period. For equity awards of which vesting conditions include a market-based condition, the stock-based compensation expense is recognized using the accelerated attribution method over the requisite service period, regardless of whether the market-based condition is met.
Stock-based compensation expense is not recognized for grants that include a performance-based condition until the performance-based condition is deemed probable. A performance-based condition could be the occurrence of a qualifying event. A qualifying event is defined as (i) immediately prior to a sale event, as defined in the Company’s 2014 Stock Option and Grant Plan (the “2014 Plan”), or (ii) the Company’s IPO, as defined in the 2014 Plan, in either case, occurring prior to the expiration date. In the period in which the qualifying event becomes probable, the Company will record cumulative stock-based compensation expense for those RSUs for which the service-based condition has been satisfied or partially satisfied. Stock-based compensation related to any remaining service-based conditions after the qualifying event-related performance condition is satisfied will be recorded over the remaining requisite service period.
Forfeitures are accounted for as they occur.
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is the respective local currency. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive loss in the consolidated balance sheets. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates. To date, the Company has not undertaken any hedging transactions related to foreign currency exposure.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance to amounts that are more likely than not to be realized.
The Company records a liability for uncertain tax positions if it is not more likely than not to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits.
Concentration of Risk
Credit risk
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, and accounts receivable. Cash and cash equivalents and short-term investments are primarily held in three financial institutions and, at times, may exceed federally insured limits. The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral. The Company has not experienced any material credit losses as of January 31, 2026.
Concentration of revenue and accounts receivable
The following customers individually accounted for 10% or more of total revenue and 10% or more of accounts receivable, net:
RevenueAccounts Receivable, Net
Year Ended January 31,January 31,
20262025202420262025
Partner A27%29%30 %32%33%
Partner B32%34%35 %21%20%
Partner C*10%11 %*14%
Partner D***11%*
* Less than 10%
Vendor risk
The Company uses third-party vendors for delivering its SaaS. While these services are highly available and designed to be resilient to failure of infrastructure, the Company’s services could be significantly impacted if the third-party vendors’ services experience certain types of interruptions.
The Company relies on a limited number of suppliers for its contract manufacturing and certain raw material components. In instances where suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time.
Net Loss Per Share
The Company computes basic and diluted net loss per share attributable to Class A and Class B common stockholders for the fiscal years ended January 31, 2026 and January 31, 2025 and basic and diluted net loss per share attributable to common and convertible founder stockholders for the fiscal year ended January 31, 2024 using the two-class method required for companies with participating securities. The Company considered all series of its redeemable convertible preferred stock to be participating securities as the holders of the redeemable convertible preferred stock were entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses.
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including redeemable convertible preferred stock, issued and outstanding stock options, unvested RSUs issued and outstanding, ESPP and convertible notes, to the extent they are dilutive.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to provide consistent categories and greater disaggregation of information in the rate reconciliation as well as income tax paid disaggregated by jurisdiction to improve the transparency of income tax disclosures. The Company adopted ASU 2023-09 on a prospective basis effective February 1, 2025. See Note 12 Income Taxes for the inclusion of new disclosures required.
Recently Announced Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires entities to provide disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, on either a prospective or retrospective basis, with early adoption permitted. The Company is assessing the timing and impact of adopting this standard.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses, which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim periods within those annual reporting periods and should be applied prospectively, with early adoption permitted. The Company is assessing the impact of adopting this standard.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods and can be applied prospectively, retrospectively, or with a modified transition approach, with early adoption permitted. The Company is assessing the impact of adopting this standard.
v3.26.1
Revenue by Geography
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue by Geography
Note 3 – Revenue by Geography
The geographic regions are the Americas, EMEA (Europe, the Middle East, and Africa) and APAC (Asia Pacific). The following table sets forth revenue by geographic area based on ship to address (in thousands):
Year Ended January 31,
202620252024
Americas$951,737 $636,191 $441,537 
EMEA312,705 214,098 162,161 
APAC51,749 36,255 24,194 
Total revenue$1,316,191 $886,544 $627,892 
For the fiscal years ended January 31, 2026, 2025 and 2024, United States accounted for $915.8 million, $612.9 million and $427.0 million, respectively, or 70%, 69% and 68%, respectively, of consolidated total revenue.
v3.26.1
Business Combinations and Intangible Assets
 12 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations and Intangible Assets
Note 4 – Business Combinations and Intangible Assets
In July 2025, the Company acquired all outstanding stock of Predibase, Inc. (“Predibase”), a developer platform specializing in the operationalization of open-source AI models. The acquisition of Predibase is to help the Company accelerate its agentic AI adoption from pilot to production at scale.
The Company accounted for this transaction as a business combination. The acquisition date fair value of the purchase consideration was $109.1 million, consisting of $14.5 million in cash consideration and $94.6 million issued in shares of the Company's Class A common stock valued at $88.11 per share based on the closing stock price of the Company's Class A common stock on July 18, 2025. The Company also issued 0.5 million shares of restricted stock to certain Predibase employees, including the two founders, with an aggregate fair value of $40.4 million determined based on the closing stock price of the Company's Class A common stock on July 18, 2025. These amounts are subject to vesting and continued employment. The fair value of the restricted stock will be recognized as stock-based compensation expense over the requisite service period of three years.
The Company recorded $11.0 million as an acquired developed technology intangible asset with an estimated useful life of 2 years and $92.9 million of goodwill which is primarily attributed to assembled workforce and expected synergies arising from enhanced efficiency in the integration of Predibase’s technology with the Company’s technology. The goodwill is not deductible for tax purposes. The remaining assets acquired and liabilities assumed on the acquisition date were not material.
During the fiscal year ended January 31, 2026, the Company completed three immaterial acquisitions for aggregate purchase consideration of $13.0 million and accounted for them as business combinations from the respective dates of acquisition. $6.6 million of the purchase consideration was allocated to intangible assets and the remaining $6.4 million to goodwill.
In August 2023, the Company acquired all outstanding stock of Laminar Technologies, Inc. (“Laminar”), a data security posture management platform. The Company accounted for this transaction as a business combination. The acquisition date fair value of the purchase consideration was $104.9 million, of which $90.8 million was paid in cash and the remainder in common stock. The cash consideration of $90.8 million excludes $23.8 million held back by the Company, which is subject to service-based vesting and will be recorded as expense over the period the services are provided. The acquisition of Laminar is to support Rubrik’s leadership position as a data security platform provider and help accelerate the Company’s cyber posture offerings. The Company recorded $11.0 million as an acquired developed technology intangible asset with an estimated useful life of three years and $96.1 million of goodwill which is primarily attributed to assembled workforce as well as the integration of Laminar’s technology with the Company’s technology. The goodwill is not deductible for tax purposes. The remaining assets acquired and liabilities assumed on the acquisition date were not material.
Pro forma results of operations for the business combinations have not been presented, as they were not material to the Company's consolidated statements of operations. Acquisition-related costs for the business combinations were expensed as incurred within general and administrative expense in the consolidated statements of operations and were not material.
Intangible Assets, Net
Acquired intangible assets are as follows (in thousands):
January 31, 2026
GrossAccumulated AmortizationNet
Acquired technology$28,641 $(12,838)$15,803 
Total$28,641 $(12,838)$15,803 
January 31, 2025
GrossAccumulated AmortizationNet
Acquired technology$11,000 $(5,349)$5,651 
Total$11,000 $(5,349)$5,651 
The Company recognized $7.5 million, $3.7 million and $1.7 million amortization expense in acquired intangible assets for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
The following table summarizes the estimated future amortization expense of the acquired intangible assets as of January 31, 2026 (in thousands):
Fiscal Year Ending January 31,Amount
2027$9,816 
20284,513 
20291,474 
Total$15,803 
v3.26.1
Fair Value of Financial Instruments
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 5 – Fair Value of Financial Instruments
The Company classifies its financial instruments within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Three levels of input may be used to measure fair value:
•Level 1 – Observable inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 – Observable inputs are quoted for similar assets and liabilities in active markets or inputs other than quoted prices which are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
•Level 3 – Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. These inputs will be based on the Company’s own assumptions and will require significant management judgment or estimation.
The Company did not have any level 3 investments as of January 31, 2026 and 2025. The following table summarizes the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value by significant investment category reported as cash and cash equivalents or short-term investments (in thousands):
Reported as
January 31, 2026Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$66,674 $— $— $66,674 $66,674 $— 
Level 1:
Money market funds294,365 — — 294,365 294,365 — 
U.S. Treasuries539,437 627 (101)539,963 6,054 533,909 
Subtotal
833,802 627 (101)834,328 300,419 533,909 
Level 2:
Certificate of deposit
19,949 8 — 19,957 9,816 10,141 
Commercial paper39,994 16 — 40,010 3,287 36,723 
Corporate bonds702,250 1,958 (4)704,204 — 704,204 
U.S. government agencies10,585 17 — 10,602 — 10,602 
Subtotal
772,778 1,999 (4)774,773 13,103 761,670 
Total
$1,673,254 $2,626 $(105)$1,675,775 $380,196 $1,295,579 
Reported as
January 31, 2025Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$75,541 $— $— $75,541 $75,541 $— 
Level 1:
Money market funds96,423 — — 96,423 96,423 — 
U.S. Treasuries259,327 345 (76)259,596 — 259,596 
Subtotal355,750 345 (76)356,019 96,423 259,596 
Level 2:
Commercial paper88,732 8 (3)88,737 14,367 74,370 
Corporate bonds184,742 195 (90)184,847 — 184,847 
Subtotal273,474 203 (93)273,584 14,367 259,217 
Total$704,765 $548 $(169)$705,144 $186,331 $518,813 

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
January 31,
2026
Due within one year$722,559 
Due between one to two years573,020 
Total$1,295,579 
For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis, and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments there were no material credit or non-credit related impairments as of January 31, 2026 and 2025.
Convertible Notes
As of January 31, 2026, the total estimated fair value of the Convertible Notes was $1.04 billion. The fair value was determined based on the quoted price of the Convertible Notes in an inactive market on the last trading day of the reporting period and is classified within Level 2 of the fair value hierarchy. See Note 8 Debt.
v3.26.1
Balance Sheet Components
 12 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Note 6 – Balance Sheet Components
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
January 31,
20262025
Prepaid expenses$155,901 $77,857 
Inventory, net5,676 4,183 
Contract assets, current3,845 4,537 
Other current assets14,943 16,374 
Total prepaid expenses and other current assets$180,365 $102,951 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
January 31,
20262025
Equipment$87,483 $75,589 
Capitalized internal-use software53,265 36,132 
Leasehold improvements28,335 12,739 
Furniture and fixtures7,030 4,687 
Total property and equipment, gross176,113 129,147 
Less: accumulated depreciation and amortization(92,283)(75,953)
Total property and equipment, net$83,830 $53,194 
Depreciation expense related to the Company’s property and equipment, which did not include amortization expense related to capitalized internal-use software, was $17.7 million, $17.4 million and $16.7 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
Amortization expense relating to capitalized internal-use software was $11.9 million, $7.8 million and $5.9 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
January 31,
20262025
Accrued expenses$60,257$30,983
Accrued bonuses56,63049,104
Accrued sales commissions36,95827,627
Accrued payroll-related expenses, taxes, and benefits58,17038,533
Operating lease liabilities12,70910,087
Other5,2526,268
Total accrued expenses and other current liabilities$229,976 $162,602 
v3.26.1
Leases
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases
Note 7 – Leases
The Company has operating leases for its offices and data centers. Balance sheet information related to operating leases was as follows (in thousands):
January 31,
Reported as:20262025
Other assets, noncurrent (operating lease ROU assets)$32,908 $25,906 
Accrued expenses and other current liabilities (operating lease liabilities, current)12,709 10,087 
Other liabilities, noncurrent (operating lease liabilities, noncurrent)24,253 18,382 
Total operating lease liabilities$36,962 $28,469 
The Company had operating lease costs of $14.8 million, $11.9 million and $11.1 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.
Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands):
Year Ended January 31,
202620252024
Cash paid for amounts included in measurement of operating lease liabilities$13,842$12,261$11,397
ROU assets obtained in exchange of lease liabilities for new operating leases$20,657$6,810$6,375
Supplemental information related to the remaining lease term and discount rate were as follows:
January 31,
20262025
Weighted-average remaining lease term3.2 years3.0 years
Weighted-average discount rate6.0%5.5%
The following table summarizes the maturity of the Company’s operating lease liabilities as of January 31, 2026 (in thousands):
Fiscal Year Ending January 31,Operating Leases
2027$14,571 
202813,458 
20296,389 
20304,218 
20311,851 
Thereafter591 
Total operating lease payments41,078 
Less: imputed interest(4,116)
Total operating lease liabilities$36,962 
v3.26.1
Debt
 12 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Debt
Note 8 – Debt
Term Loan
In June 2022, the Company entered into a credit agreement with a consortium of lenders for a total $195.0 million revolving credit facility (the “Prior Credit Facility”) consisting of a $175.0 million term loan and $20.0 million in committed delayed-draw term loans with a maturity date of June 10, 2027.
In August 2023, the Company executed an amended and restated credit agreement with a consortium of lenders for a total $330.0 million revolving credit facility (the “Amended Credit Facility”) consisting of a $289.5 million term loan (the “Amended Term Loan”) and $40.5 million in committed delayed draw term loan (the “Amended Delayed Draw Term Loan”) with a maturity date of August 17, 2028. The Amended Credit Facility replaced the Prior Credit Facility. Immediately prior to the closing date of the Amended Credit Facility, the Company had an outstanding balance under the Prior Credit Facility of $193.6 million which consisted of $189.5 million of the Prior Loans and $4.1 million of unpaid interest under the Prior Credit Facility. The Company borrowed the full $289.5 million Amended Term Loan and used a portion to replace and refinance the full $189.5 million of the Prior Loans. The Company borrowed $4.1 million under the Amended Delayed Draw Term Loan to fund the unpaid interest under the Prior Credit Facility. The Company incurred $3.5 million debt discount costs in relation to the Amended Credit Facility.
Under the Amended Delayed Draw Term Loan, the Company borrowed zero, $34.3 million and $4.1 million for the fiscal years ended January 31, 2026 , 2025 and 2024, respectively.
In June 2025, the Company repaid in full the outstanding balance of $327.9 million under the Amended Credit Facility, which consisted of $289.5 million under the Amended Term Loan and $38.4 million under the Amended Delayed Draw Term Loan, and terminated the Amended Credit Agreement. In conjunction with the repayment, the Company incurred a loss on early extinguishment of debt of $6.7 million related to the write-off of unamortized debt discount and issuance costs and prepayment premium, which was recorded as a loss on debt extinguishment in the consolidated statements of operations for the fiscal year ended January 31, 2026.
Convertible Notes
In June 2025, the Company completed a private offering to qualified institutional buyers of $1.15 billion aggregate principal amount of 0.00% convertible senior notes due 2030, including the exercise in full of the initial purchasers’ option to purchase up to an additional $150.0 million principal amount of the Convertible Notes. The Company’s net proceeds from the Convertible Notes were approximately $1.13 billion, after deducting the initial purchasers’ discounts and debt issuance costs. The Convertible Notes were issued pursuant to an indenture, dated June 13, 2025 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. The Convertible Notes are general unsecured obligations of the Company and will mature on June 15, 2030, unless earlier converted, redeemed or repurchased. The Convertible Notes do not bear regular interest, and the principal amount of the Convertible Notes will not accrete. Special interest, if any, is payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2025 (if and to the extent that special interest is then payable on the Convertible Notes).
The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding March 15, 2030, only upon satisfaction of certain conditions as described in the Indenture. On or after March 15, 2030, the Convertible Notes are convertible at any time at the election of holders until the close of business on the second scheduled trading day immediately preceding the maturity date. The conversion rate for the Convertible Notes will initially be 8.0155 shares of Class A common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $124.76 per share of the Company’s Class A common stock. The conversion rate for the Convertible Notes is subject to adjustment under certain circumstances, such as upon the occurrence of a make-whole fundamental change as defined in the Indenture, where the maximum conversion rate will not exceed 11.4220 shares of Class A common stock per $1,000 principal amount of the Convertible Notes, subject to adjustment in the same manner as the conversion rate. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture.
The Company may redeem for cash all or any portion of the Convertible Notes (subject to the partial redemption limitation set forth in the Indenture), at its option, on or after June 20, 2028, if the last reported sale price of the Class A common stock has been at least 130% of the conversion price for the Convertible Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date.
If the Company undergoes a fundamental change (as defined in the Indenture), then, subject to certain conditions and except as set forth in the Indenture, holders may require the Company to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.
As of January 31, 2026, the conditions allowing holders of the Convertible Notes to convert have not been met.
The net carrying amount of the Convertible Notes was as follows (in thousands):
January 31, 2026
Principal$1,150,000 
Unamortized debt discount and issuance costs(19,279)
Net carrying amount$1,130,721 
For the fiscal year ended January 31, 2026, amortization of debt discount and issuance costs was $2.7 million. The debt discount and issuance costs are being amortized into interest expense on the consolidated statements of operations over the term of the Convertible Notes at an effective interest rate of 0.19%.
Capped Calls
In connection with the pricing of the Convertible Notes and the exercise in full by the initial purchasers of their option to purchase additional Convertible Notes, the Company entered into capped call transactions (the “Capped Calls”) with certain affiliates of certain initial purchasers of the Convertible Notes and other financial institutions. The Capped Calls each have an initial strike price of approximately $124.76 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Convertible Notes. The Capped Calls associated with the Convertible Notes cover, subject to anti-dilution adjustments, approximately 9.2 million shares of the Company’s Class A common stock. The Capped Calls are generally expected to reduce the potential dilution to the Company’s Class A common stock upon any conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price initially equal to $175.10 per share, subject to certain adjustments. For accounting purposes, the Capped Calls are separate transactions, and not part of the terms of the Convertible Notes, and are recorded in stockholders’ deficit and are not accounted for as derivatives. The cost of $88.6 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital, and will not be remeasured as long as they continue to meet the condition for equity classification.
The Convertible Notes and the Capped Calls have been integrated for tax purposes. The impact of this tax treatment results in the Capped Calls being deductible with the cost of the Capped Calls qualifying as original issue discount for tax purposes over the term of the Convertible Notes.
v3.26.1
Commitments and Contingencies
 12 Months Ended
Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 9 – Commitments and Contingencies
Purchase Commitments
In June 2025, the Company amended an existing hosting service contract with a third party. The amendment extended the original contract term by approximately two years to April 2029, and increased the minimum spending amount by $375.0 million from the original spending commitment of $220.0 million. As of January 31, 2026, the Company had $290.4 million remaining on this commitment.
In addition to the commitments described above, as of January 31, 2026, the Company had other remaining purchase commitments of approximately $158.4 million primarily for hosting costs and software and subscription services.
Litigation
From time to time, the Company receives inquiries and/or claims or is involved in legal disputes and/or matters. In the opinion of management, any liabilities resulting from these claims will not have a material adverse effect on the Company’s results of operations, financial position, and cash flows.
Warranties and Indemnifications
The Company provides to qualifying customers a services warranty program for recovery of certain expenses related to data recovery and restoration in the event that data backed up using the Company’s solutions cannot be recovered following a ransomware attack. To date, costs relating to the warranty program have not been material.
The Company typically provides indemnification to customers for certain losses suffered or expenses incurred as a result of third-party claims arising from the Company’s infringement of a third-party’s intellectual property. Certain of these indemnification provisions survive termination or the expiration of the applicable agreement. The Company has not incurred a material liability relating to these indemnification provisions, and therefore, has not recorded a liability during any period for these indemnification provisions.
v3.26.1
Stockholders’ Deficit
 12 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Stockholders’ Deficit
Note 10 – Stockholders’ Deficit
Redeemable Convertible Preferred Stock
Immediately prior to the closing of the IPO, all 74,182,559 shares of the Company's redeemable convertible preferred stock outstanding were automatically converted into an equivalent number of shares of Class B common stock on a one-to-one basis, and their carrying value of $714.7 million was reclassified into stockholders' deficit.
Preferred Stock
In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 20,000,000 shares of undesignated preferred stock with a par value of $0.000025 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.
Common Stock
The Company has two classes of common stock – Class A common stock and Class B common stock. In connection with the IPO, the Company’s amended and restated certificate of incorporation authorized the issuance of 1,070,000,000 shares of Class A common stock and 210,000,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to 20 votes. Class A and Class B common stock have a par value of $0.000025 per share, and are referred to collectively as common stock throughout the notes to the consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors.
Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. Any holder’s shares of Class B common stock will convert automatically to Class A common stock, on a one-to-one basis, upon the earliest to occur following the Company's IPO: (i) sale or transfer of such share of Class B common stock, except for permitted transfers as described in the amended and restated certificate of incorporation; (ii) the death or incapacity of the Class B common stockholder (or 180 days following the date of the death or incapacity if the stockholder is one of the Company’s founders); and (iii) on the final conversion date, defined as the earliest of (a) the date fixed by the Company's board of directors that is no less than 61 days and no more than 180 days following the date on which the outstanding shares of Class B common stock represent less than 5% of the then outstanding shares of Class A and Class B common stock; (b) the last trading day of the fiscal year following the tenth anniversary of the effectiveness of the registration statement in connection with the Company’s IPO; (c) the date fixed by the Company’s board of directors that is no less than 61 days and no more than 180 days following the date that Bipul Sinha is no longer providing services to the Company as an officer, employee, or director; (d) the date fixed by the board of directors that is no less than 61 days and no more than 180 days following the death or incapacity of Mr. Sinha; or (e) the date specified by a vote of the holders of a majority of the outstanding shares of Class B common stock.
Equity Incentive Plan
In January 2014, the Company adopted the 2014 Plan, which permits the grant of incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards, or RSU awards based on, or related to, shares of the Company’s common stock. The 2014 Plan was terminated in April 2024 in connection with the IPO, but continues to govern the terms of outstanding awards that were granted prior to the termination of the 2014 Plan. No further equity awards will be granted under the 2014 Plan. With the establishment of the 2024 Equity Incentive Plan (the “2024 Plan”), upon the expiration, forfeiture, cancellation, or reacquisition of any shares of Class B common stock underlying outstanding equity awards granted under the 2014 Plan, an equal number of shares of Class A common stock will become available for grant under the 2024 Plan.
In March 2024, the Company's board of directors adopted, and in April 2024, the Company's stockholders approved, the 2024 Plan, which became effective in connection with the Company’s IPO. The 2024 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance-based awards, and other forms of awards to employees, non-employee directors and consultants, and employees and consultants of the Company's affiliates. A total of 46,073,027 shares of the Company’s Class A common stock have been reserved for future issuance under the 2024 Plan in addition to (i) shares underlying outstanding equity awards granted under the 2014 Plan that expire, or are forfeited, cancelled, or reacquired, as described above, and (ii) any automatic increases in the number of shares of Class A common stock reserved for future issuance under this plan.
In March 2024, the board of directors adopted, and in April 2024, the stockholders approved, the 2024 Employee Stock Purchase Plan (the “2024 ESPP” or the “ESPP”), which became effective in connection with the Company’s IPO. The 2024 ESPP authorizes the issuance of shares of Class A common stock pursuant to purchase rights granted to employees. A total of 4,607,303 shares of the Company’s Class A common stock have been reserved for future issuance under the 2024 ESPP. The number of shares of Class A common stock reserved for issuance under the 2024 ESPP will automatically increase on February 1 of each fiscal year, beginning on February 1, 2025 and ending on and including February 1, 2034, by the lesser of (1) one percent (1%) of the aggregate number of shares of common stock of all classes issued and outstanding on January 31 of the preceding fiscal year, (2) 9,214,605 shares, or (3) a lesser number of shares determined by the Company's board of directors.
The Company has reserved shares of its common stock for future issuance as follows (in thousands):
January 31,
20262025
2014 Stock Option and Grant Plan:
Outstanding stock options8,970 9,570 
Outstanding restricted stock units9,227 18,039 
2024 Equity Incentive Plan:
Outstanding restricted stock units12,294 4,217 
Shares available for future issuance under the 2024 Plan58,406 57,591 
2024 Employee Stock Purchase Plan5,090 4,201 
Total shares of common stock reserved93,987 93,618 
Stock Options
Options issued under the Company’s 2014 Plan and 2024 Plan generally are exercisable for periods not to exceed ten years and generally vest over four years with 25% vesting after one year and the remainder vesting monthly thereafter in equal installments.
A summary of the stock option activity and related information is as follows:
Number of
Options		Weighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20234,098,034 $5.74 5.0$66,017 
Granted— — 
Exercised(884,012)3.83 17,771 
Cancelled(29,002)10.40 
Outstanding as of January 31, 20243,185,020 $6.23 4.2$71,347 
Granted8,000,000 32.00 
Exercised(1,548,712)5.50 54,160 
Cancelled(66,174)18.94 
Outstanding as of January 31, 20259,570,134 $27.80 8.2$435,133 
Granted— — 
Exercised(596,134)6.86 35,526 
Cancelled(3,647)11.73 
Outstanding as of January 31, 20268,970,353 $29.20 7.6$239,954 
Vested and exercisable as of January 31, 20263,634,341 $25.10 6.6$112,127 
There were no options with only a service-based vesting condition granted during each of the fiscal years ended January 31, 2026, 2025 and 2024.
The intrinsic value of the options exercised represents the difference between the estimated fair market value of the Company’s common stock on the date of exercise and the exercise price of each option.
As of January 31, 2026, there was approximately $42.8 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 1.9 years.
CEO Performance Award
In June 2022, the Company’s board of directors approved the grant of a stock option under the 2014 Plan to the Company's CEO, Mr. Sinha, to purchase up to 8,000,000 of Class B common stock, contingent and effective upon a listing event, which includes the Company's IPO (the “CEO Performance Award” or "the Award"). The CEO Performance Award was granted upon the Company's IPO in April 2024.
The CEO Performance Award consists of 10 tranches that may be earned as specified in the table below, subject to both 1) a service-based condition and 2) the achievement of Target Stock Value prior to the applicable Option Valuation Expiration Date. Stock price measurement will not commence until the expiration of any lock-up period. Target Stock Value with respect to the Award is based on the percentage of the IPO Price and will be achieved on the date when the volume-weighted average price of the Company's Class A common stock over a period of 90 consecutive days equals or exceeds the applicable Target Stock Value. The exercise price per share of the Award is the IPO Price. Each tranche of the Award will vest on the first date following satisfaction of both the service-based condition and the Target Stock Value subject to Mr. Sinha's continued service with the Company. The shares underlying each tranche will satisfy the service-based condition in 20 equal quarterly installments beginning in January 2022 and will expire in 10 years after the grant date.
TrancheTarget Stock ValueNumber of Stock Options Eligible to VestOption Valuation Expiration Date
1$42.88666,667Fifth anniversary of the Company's IPO
2$53.76666,667
3$64.64666,667
4$75.52666,667
5$86.40666,667Seventh anniversary of the Company's IPO
6$96.96666,667
7$107.84666,667
8$118.72666,667
9$161.921,333,332
10$242.881,333,332
The Company calculated the grant date fair value of the CEO Performance Award based on multiple stock price paths developed through the use of a Monte Carlo simulation model. A Monte Carlo simulation model also calculates a derived service period for each of the 10 vesting tranches, which is the measure of the expected time to achieve each Target Stock value under the scenarios where the Target Stock Value is in fact achieved prior to the Option Valuation Expiration Date. A Monte Carlo simulation model requires the use of various assumptions, including the underlying stock price, volatility, and the risk-free interest rate as of the valuation date, corresponding to the time to expiration of the options, and expected dividend yield. The weighted-average grant date fair value of the CEO Performance Award was $17.37 per share. The Company will recognize total stock-based compensation expense of $139.0 million over the derived service period of each tranche, which is between 1.2 to 4.5 years, using the accelerated attribution method as long as the CEO satisfies the service-based vesting condition. If the Target Stock Value is met sooner than the derived service period, the Company will adjust its stock-based compensation to reflect the cumulative expense associated with the vested awards. Provided that Mr. Sinha continues to be the Company's CEO, the Company will recognize stock-based compensation expense over the requisite service period, regardless of whether the Target Stock Values are achieved.
Restricted Stock Units
The Company grants service-based condition RSUs, service- and performance-based conditions RSUs, and service-, market-, and performance-based conditions RSUs. RSUs issued under the 2014 Plan and 2024 Plan typically have an expiry period of seven years from the grant date.
A summary of the RSU activity and related information is as follows:
Number of
RSUs		Weighted-Average
Grant Date Fair Value
Outstanding as of January 31, 202339,710,368 $13.51 
Granted13,443,534 23.78 
Vested(18,000)28.66 
Forfeited(2,962,232)17.17 
Unvested as of January 31, 202450,173,670 16.09 
Vested and not yet released18,000 28.66 
Outstanding as of January 31, 202450,191,670 16.09 
Granted13,744,702 37.99 
Vested(38,940,299)15.22 
Forfeited(2,780,324)23.73 
Unvested as of January 31, 202522,215,749 31.30 
Vested and not yet released40,625 11.35 
Outstanding as of January 31, 202522,256,374 31.26 
Granted
11,042,857 66.34 
Vested
(9,412,011)30.71 
Forfeited(2,366,024)38.69 
Unvested as of January 31, 202621,480,571 48.73 
Vested and not yet released40,625 11.35 
Outstanding as of January 31, 202621,521,196 $48.66 
In February 2024, we modified an existing service- performance-, and market-based condition equity award of 1,158,082 RSUs by extending the expiration date from May 2, 2025 to May 2, 2028. The performance-based condition related to the occurrence of a qualifying event was satisfied at the completion of the Company's IPO. The total incremental fair value resulting from the modification was $24.1 million and the total stock-based compensation expense of the equity award of $30.4 million is recorded over the requisite service period. As of January 31, 2025, the Company has recognized all stock-based compensation expense for this equity award.
For the fiscal years ended January 31, 2026, 2025 and 2024, the total grant date fair value of vested RSUs was $289.1 million, $592.8 million and $0.5 million, respectively.
As of January 31, 2026, there was approximately $805.6 million of unrecognized stock-based compensation expense relating to RSUs, which is expected to be recognized over a weighted-average period of 1.7 years. Included in this total is $2.8 million of unrecognized stock-based compensation expense relating to service and market-based RSUs.
Restricted Stock
The Company issued 0.5 million shares of restricted stock in connection with the Predibase acquisition to certain Predibase employees with an aggregate fair value of $40.4 million determined based on the closing price of $88.11 per share of the Company's Class A common stock on July 18, 2025. These amounts are subject to vesting and continued employment, and will be recognized as stock-based compensation expense over the requisite service period of three years.
As of January 31, 2026, there was approximately $32.8 million of unrecognized stock-based compensation expense relating to the restricted stock.
2024 Employee Stock Purchase Plan
In April 2024, the Company's 2024 ESPP became effective. The 2024 ESPP allows eligible employees to purchase shares of Class A common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. Except for the initial offering period, the 2024 ESPP provides for 24-month offering periods beginning March 21 and September 21 of each year, and each offering period will consist of four six-month purchase periods. The initial offering period began on April 24, 2024, and will end on March 20, 2026.
On each purchase date, eligible employees will purchase Class A common stock at a price per share equal to 85% of the lesser of (1) the fair market value of the Class A common stock on the offering date, or (2) the fair market value of the Class A common stock on the purchase date. For the first offering period, which began on April 24, 2024, the fair market value of the Class A common stock on the offering date was $32.00, the price at which the Company's common stock was first sold to the public in the IPO, as specified in the final prospectus filed with the SEC on April 26, 2024, pursuant to Rule 424(b).
The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model with the following assumptions:
Year Ended January 31,
20262025
Expected term (in years)
0.5 - 2.0
0.4 - 2.0
Expected volatility
59.0% - 65.7%
56.5% - 71.7%
Risk-free interest rate
3.6% - 4.3%
3.6% - 5.4%
Dividend yield——
As of January 31, 2026, there was approximately $5.4 million of unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 0.9 years.
Stock-Based Compensation Expense
Total stock-based compensation expense included in the Company’s consolidated statements of operations was as follows (in thousands):
Year Ended January 31,
202620252024
Cost of revenue
Subscription$16,374 $49,514 $45 
Other2,556 17,527 18 
Research and development102,730 297,051 3,590 
Sales and marketing115,852 330,443 1,313 
General and administrative91,862 219,378 749 
Total stock-based compensation expense$329,374 $913,913 $5,715 
v3.26.1
Net Loss Per Share
 12 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share
Note 11 – Net Loss Per Share
For periods in which there were Class A and Class B shares outstanding, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Class A and Class B common stock on both individual and combined basis.
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share amounts):
Year Ended January 31,
202620252024
Class AClass BClass AClass BClass AClass B
Numerator:
Net loss$(241,860)$(106,968)$(428,333)$(726,487)$— $(354,158)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted136,221 60,247 57,229 97,065 — 55,228 
Weighted-average founders stock shares used in computing net loss per share, basic and diluted— — — — — 5,400 
Net loss per common stock share, basic and diluted$(1.78)$(1.78)$(7.48)$(7.48)$— $(5.84)
Net loss per founders stock share, basic and diluted$— $— $— $— $— $(5.84)
The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands):
Year Ended January 31,
202620252024
Redeemable convertible preferred stock— — 74,183 
Issued and outstanding stock options8,970 9,570 3,185 
Unvested RSUs issued and outstanding21,481 22,216 50,174 
Convertible notes9,218 — — 
Restricted stock issued for business combination396 — — 
Total40,065 31,786 127,542 
The Company entered into the Capped Calls in connection with the issuance of the Convertible Notes. The effect of the Capped Calls was excluded from the calculation of diluted net loss per share attributable to the Company’s Class A common stockholders as the effect of the Capped Calls would have been anti-dilutive. The Capped Calls are generally expected to reduce the potential dilution to the Company’s Class A common stock upon any conversion of the relevant series of the Convertible Notes. See Note 8 Debt.
v3.26.1
Income Taxes
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 12 – Income Taxes
U.S. and foreign components of consolidated loss before income taxes were as follows (in thousands):
Year Ended January 31,
202620252024
Domestic$(401,015)$(1,223,181)$(356,015)
Foreign74,542 74,729 28,546 
Loss before income taxes$(326,473)$(1,148,452)$(327,469)
The provision for income taxes was as follows (in thousands):
Year Ended January 31,
202620252024
Current:
Federal$— $(2,330)$2,336 
State4 (1,315)2,818 
Foreign18,343 8,772 19,598 
Total current provision for income taxes18,347 5,127 24,752 
Deferred:
Federal30 — — 
State— — — 
Foreign3,978 1,241 1,937 
Total deferred provision for income taxes4,008 1,241 1,937 
Total provision for income taxes$22,355 $6,368 $26,689 
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09 for the year ended January 31, 2026 is as follows (in thousands, except for percentages):
Year Ended January 31, 2026
$%
U.S. federal statutory tax rate$(68,559)21.0 %
State and local income tax, net of federal income tax effect (1)
(2,582)0.8 
Foreign tax effects
India
Nondeductible compensation11,260 (3.4)
Other(1,806)0.6 
Israel
Nondeductible compensation7,824 (2.4)
Other313 (0.1)
United Kingdom
Tax effects of stock awards(3,921)1.2 
Other1,092 (0.3)
Other foreign jurisdictions7,829 (2.4)
Effect of cross-border tax laws
Foreign income tax deduction(3,813)1.2 
Other2,363 (0.7)
Tax credits
Research and development credits(22,348)6.8 
Changes in valuation allowances153,830 (47.1)
Nontaxable or nondeductible items
Tax effects of stock awards(101,095)31.0 
Nondeductible compensation28,901 (8.9)
Other3,436 (1.1)
Changes in unrecognized tax benefits7,725 (2.4)
Other adjustments1,906 (0.6)
Total tax provision and effective rate$22,355 (6.8)%
(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the year ended January 31, 2025 and 2024 is as follows:
Year Ended January 31,
20252024
Provision at federal statutory rate21.0 %21.0 %
State, net of federal benefit3.2 — 
Stock-based compensation10.4 0.3 
Impact of foreign operations2.9 (5.1)
Change in valuation allowance(42.8)(14.5)
Research and development credits4.9 3.9 
Non-deductible expenses— (12.8)
Other adjustments(0.2)(1.0)
Effective income tax rate(0.6)%(8.2)%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at the enacted rates. The significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
January 31,
20262025
Deferred tax assets:
Net operating loss carryforwards$477,971 $330,908 
Capitalized research and development expenditures197,339 208,690 
Research and development credit carryforward148,631 117,837 
Deferred revenue177,086 151,326 
Stock-based compensation69,317 68,587 
Other67,032 31,368 
Total deferred tax assets1,137,376 908,716 
Less: valuation allowance(1,069,457)(863,039)
Total deferred tax assets, net67,919 45,677 
Deferred tax liabilities:
State income taxes(36,833)(28,936)
Other(46,438)(28,085)
Total deferred tax liabilities(83,271)(57,021)
Net deferred tax assets (liabilities)$(15,352)$(11,344)
The valuation allowance increased by $206.4 million for the fiscal year ended January 31, 2026. The Company believes that, based on a number of factors, the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred tax assets such that a valuation allowance has been recorded. These factors include the Company’s history of net losses since its inception, expected near-term future losses, and the absence of taxable income in prior carryback years. The Company expects to maintain a valuation allowance until circumstances change.
As of January 31, 2026, the Company had U.S. federal net operating loss carryforwards of approximately $1.97 billion, and state net operating loss carryforwards of approximately $870.7 million. A portion of the U.S. federal net operating loss carryforwards will begin to expire in fiscal 2037. The state net operating loss carryforwards will begin to expire in fiscal 2027.
As of January 31, 2026, the Company had U.S. federal research and development tax credit carryforwards of approximately $110.3 million, which if not utilized, will begin to expire in fiscal 2036. As of January 31, 2026, the Company had state research and development tax credit carryforwards of approximately $75.5 million. The state credit carryforwards do not expire.
Utilization of the net operating loss and tax credit carryforwards may be subject to an annual limitation due to the “ownership change” limitation provided by Section 382 and 383 of the Internal Revenue Code (“IRC”) of 1986, as amended, and other similar state provision. Any future annual limitation may result in the expiration of net operating loss and tax credit carryforwards before utilization.
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
January 31,
202620252024
Unrecognized tax benefits at beginning of period$46,624 $31,263 $11,206 
Decreases related to prior year tax positions— (567)— 
Increases related to prior year tax positions152 — 63 
Increases related to current year tax positions8,253 15,928 19,994 
Unrecognized tax benefits at end of period$55,029 $46,624 $31,263 
In the fiscal year ended January 31, 2026, the Company recorded an increase in its unrecognized tax benefits related to US federal and California research tax credits. Certain research tax credits have not been utilized on any tax return and currently have no impact on the Company’s tax expense due to the Company’s operating losses and the related valuation allowances.
The Company’s policy is to record interest and penalties related to uncertain tax positions within the provision for income taxes. To date, the combined amounts of accrued interest and penalties included in long-term income taxes payable related to tax positions taken on the Company’s tax returns were not material.
The Company files income tax returns with the U.S. federal government and certain state and foreign jurisdictions. The Company’s tax returns remain open to examination for the periods ended January 31, 2016 to January 31, 2026.
On July 4, 2025, the U.S. enacted tax reform legislation through the One Big Beautiful Bill Act ("OBBBA"). Included in this legislation are provisions that allow for the immediate expensing of domestic research and development expenses as well as other changes to the U.S. taxation of profits derived from foreign operations. The provisions in the legislation are generally effective beginning in fiscal 2026. As the Company maintains a full valuation allowance on its U.S. deferred tax assets, the legislation does not have a material impact on its consolidated financial statements.
Cash paid for income taxes, net of refunds received by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended January 31, 2026 is as follows (in thousands):
Year Ended January 31, 2026
Federal$— 
State264 
Foreign
India6,724 
Israel1,276 
Other foreign jurisdictions3,741 
Cash paid for income taxes, net of refunds received$12,005 
v3.26.1
Segment Reporting
 12 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
Note 13 – Segment Reporting
The Company has one reportable segment which is software and services. The software and services segment provides unified data security solutions to customers primarily under SaaS arrangements. The Company manages the business activities on a consolidated basis. The technology used in the customer arrangements is primarily based on a single software platform that is deployed to and implemented by customers in a similar manner. The types of software and services from which the Company generates revenue are described under the “Revenue Recognition” policy within the “Note 2, Basis of Presentation and Summary of Significant Accounting Policies”.
The Company’s chief operating decision maker is its chief executive officer. The chief operating decision maker assesses performance for the software and services segment and decides how to allocate resources based on net loss that is also reported on the consolidated statements of operations as consolidated net loss. The chief operating decision maker does not use any segment assets measure to assess performance and decide how to allocate resources.
The chief operating decision maker uses net loss and the functional areas as a percentage of revenue to evaluate and decide where to invest within the software and services segment. Net loss is used to monitor budget versus actual results. The chief operating decision maker also uses net loss in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing the performance of the segment.
The Company does not have intra-entity sales or transfers.
The following table presents the segment information (in thousands):
Year Ended January 31,
202620252024
Total revenue
$1,316,191 $886,544 $627,892 
Less:
Adjusted subscription cost of revenue (1)
203,723 161,576 96,053 
Remaining cost of revenue18,664 24,593 40,235 
Remaining research and development expenses262,698 226,235 194,639 
Remaining sales and marketing expenses647,256 531,154 475,687 
Remaining general and administrative expenses159,918 131,462 95,431 
Stock-based compensation expense (2)
329,374 913,913 5,715 
Depreciation and amortization32,486 27,970 24,962 
Amortization of acquired intangibles
7,488 3,673 1,676 
Interest expense17,227 41,253 30,295 
Income tax expense22,355 6,368 26,689 
Other items (3)
15,987 (1,480)1,884 
Plus:
Interest income52,157 25,353 11,216 
Segment net loss
(348,828)(1,154,820)(354,158)
Consolidated net loss
$(348,828)$(1,154,820)$(354,158)
(1) Adjusted subscription cost of revenue is subscription cost of revenue adjusted for stock-based compensation expense, amortization of acquired intangibles, and stock-based compensation included in amortization of capitalized internal-use software as follows (in thousands):
Year Ended January 31,
202620252024
Subscription cost of revenue$229,741 $215,036 $97,927 
Less:
Stock-based compensation expense16,374 49,514 45 
Amortization of acquired intangibles7,488 3,673 1,676 
Stock-based compensation included in amortization of capitalized internal-use software
2,156 273 153 
Adjusted subscription cost of revenue$203,723 $161,576 $96,053 
(2) See Note 10 for stock-based compensation expense by captions.
(3) Other items include foreign currency exchange gains and losses.
The following table presents the Company’s long-lived assets, including property and equipment, net and ROU assets, by geographic region (in thousands):
January 31,
20262025
United States
$83,035 $62,455 
India
28,560 10,453 
Rest of world
5,143 6,192 
Total long-lived assets
$116,738 $79,100 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Yvonne Wassenaar [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 15, 2025, Yvonne Wassenaar, one of our directors, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). This trading arrangement provides for the sale through March 15, 2027 of up to 10,000 shares of our Class A common stock. This represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the written plan.
Name Yvonne Wassenaar
Title directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 15, 2025
Expiration Date March 15, 2027
Arrangement Duration 455 days
Aggregate Available 10,000
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.26.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and sensitive data and applications of our customers (“Information Systems and Data”).
Our Chief Information Security Officer (“CISO”) and the direct reports to the CISO (including the Senior Director of Information Security and the Senior Director for Governance, Risk and Compliance, collectively, the “CISO Team”) help identify, assess and manage the Company’s cybersecurity threats and risks, including through the use of a risk register. The CISO Team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example, manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting scans of the threat environment, evaluating our and our industry’s risk profile, evaluating threats reported to us, internal and/or external audits, conducting vulnerability assessments to identify vulnerabilities, use of external intelligence feeds, and third-party-conducted red/blue team testing and tabletop incident response exercises.
Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response plan and/or incident response policy, incident detection and response, a vulnerability management policy, disaster recovery/business continuity plans, risk assessments, implementation of security standards/certifications, encryption of data, network security controls, access controls, physical security, vendor risk management program, employee training, penetration testing, cybersecurity insurance, dedicated cybersecurity staff/officer, and systems monitoring.
Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is identified in and a component of the Company’s risk register; (2) the CISO Team works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; and (3) our information security team evaluates material risks from cybersecurity threats against our overall business objectives and reports to the board of directors, which evaluates our overall enterprise risk.
We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example professional services firms (including legal counsel), threat intelligence service providers, cybersecurity consultants, cybersecurity software providers, penetration testing firms, dark web monitoring services, and forensic investigators.
We also use third-party service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, and supply chain resources. We have a vendor management program to manage cybersecurity risks associated with our use of these providers. The program includes risk assessment for each vendor, security questionnaires, review of the vendor's written security program, review of security assessments and reports, audits, calls with vendors security personnel, and contractual obligations regarding cybersecurity imposed on each vendor. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider.
For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part I. Item 1A. Risk Factors in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and sensitive data and applications of our customers (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors has established a Cybersecurity committee to assist it in fulfilling its oversight responsibilities with respect to the management of cybersecurity risks related to the Company’s products and services as well as its information technology and network systems, including overseeing the Company’s implementation and maintenance of cybersecurity measures, data governance, and compliance with security laws.
Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including the CISO Team, along with other members of management.
Our CISO Team is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO Team is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our crisis management team. The CISO Team works with our crisis management team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the board of directors for certain cybersecurity incidents.
The Cybersecurity Committee and the board of directors receive periodic reports from the CISO team concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Cybersecurity Committee and the board of directors also receive various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors has established a Cybersecurity committee to assist it in fulfilling its oversight responsibilities with respect to the management of cybersecurity risks related to the Company’s products and services as well as its information technology and network systems, including overseeing the Company’s implementation and maintenance of cybersecurity measures, data governance, and compliance with security laws.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our crisis management team. The CISO Team works with our crisis management team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the board of directors for certain cybersecurity incidents.
The Cybersecurity Committee and the board of directors receive periodic reports from the CISO team concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Cybersecurity Committee and the board of directors also receive various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including the CISO Team, along with other members of management.
Our CISO Team is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The CISO Team is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our crisis management team. The CISO Team works with our crisis management team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the board of directors for certain cybersecurity incidents.
The Cybersecurity Committee and the board of directors receive periodic reports from the CISO team concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Cybersecurity Committee and the board of directors also receive various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Information Security Officer (“CISO”) and the direct reports to the CISO (including the Senior Director of Information Security and the Senior Director for Governance, Risk and Compliance, collectively, the “CISO Team”) help identify, assess and manage the Company’s cybersecurity threats and risks, including through the use of a risk register.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our crisis management team. The CISO Team works with our crisis management team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response processes include reporting to the board of directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements and notes include the Company and its wholly-owned subsidiaries and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.
Certain prior period amounts reported in the consolidated financial statements and notes have been reclassified to conform to the current year presentation. For the years ended January 31, 2026, 2025 and 2024, the Company combined maintenance revenue and other revenue into “Other” on the consolidated statements of operations. The presentation of cost of revenue has been conformed to reflect the changes related to the presentation of revenues. Such reclassifications related to the presentation of revenue and cost of revenue did not impact total revenue, loss from operations or net loss.
Principles of Consolidation The consolidated financial statements and notes include the Company and its wholly-owned subsidiaries and reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of the periods presented. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include, but are not limited to, the estimation of standalone selling prices for performance obligations, the estimates for material rights, the application of a portfolio approach for capitalization of deferred commissions, the determination of the period of benefit for deferred commissions, the determination of fair value of the Company’s common stock prior to the completion of the IPO, the valuation of stock-based awards, the valuation and assessment of recoverability of intangible assets and their estimated useful lives, the assessment of goodwill impairment, the incremental borrowing rate used to value operating lease liabilities, the valuation of deferred income tax assets and uncertain tax positions, and contingencies. Management evaluates these estimates and assumptions on an ongoing basis using historical experience and other factors and makes adjustments when facts and circumstances dictate. Actual results could differ materially from these estimates.
Revenue Recognition and Cost of Revenue
The Company generates revenue primarily from the sale of subscriptions and typically invoices customers at the inception of the contract. The Company’s contracts with customers have a typical stated duration ranging from one to five years, with the majority of contracts having a stated duration of three years. The Company’s contracts with customers are generally non-cancelable and non-refundable. The Company primarily sells products and services to end users through distributors and resellers (“Channel Partners”). Channel Partners are the Company’s customers. The Company offers rebates to its Channel Partners calculated as a fixed percentage of the total selling price of a revenue contract. The Company accounts for rebates as consideration payable to a customer and records the amounts as a reduction to revenue.
The Company determines revenue recognition through the following steps:
•Identification of the contract, or contracts, with a customer;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.
Payment terms of the Company’s contracts range from 30 days to 60 days after fulfillment or service commencement date, except for certain contracts, which are billed in installments over the contract term.
The Company determines its transaction price based on the expected amount it is entitled to receive in exchange for transferring promised products and services to the customer.
The Company’s contracts with customers can include multiple products and services. The Company determines performance obligations in a customer contract by assessing whether products and services are capable of being distinct and distinct in the context of the contract, including customer options that are determined to be material rights. The transaction price is allocated to the separate performance obligations based on the relative standalone selling price basis. The standalone selling price is determined based on the price at which the performance obligation either is sold separately or, if not observable through past transactions, is estimated taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. For performance obligations that are not sold separately, standalone selling price is determined based on observable inputs, overall pricing trends, market conditions and other factors, such as the price charged by the Company’s competitors for similar products and services with any necessary or appropriate adjustments.
Subscription revenue
Subscription revenue consists of software-as-a-service (“SaaS”) subscriptions and subscription term-based licenses with related support services.
SaaS subscriptions include standalone sales of SaaS subscription products as well as sales of RSC. RSC is a fully-hosted subscription in the case of protection of cloud, SaaS, and unstructured data applications. When RSC is securing enterprise applications, it is a hybrid cloud subscription which includes software hosted from the cloud (as a service) and on-premise software licenses. RSC is accounted for as a single performance obligation because the software hosted from the cloud (as a service) and the on-premise software licenses are not separately identifiable and serve together to fulfill the Company’s promise to RSC customers, which is to provide a single, unified data security solution. The Company’s subscription capabilities are primarily sold as editions which bundle multiple products and include the Foundation Edition, Business Edition, and Enterprise Edition. Subscription revenue related to SaaS is recognized ratably over the subscription period.
Subscription term-based licenses provide customers with a right to use the software for a fixed term commencing upon delivery of the license to the customers. Support services are bundled with each subscription term-based license for the term of the subscription. Subscription revenue related to subscription term-based licenses includes upfront revenue recognized at the later of the start date of the subscription term-based license and the date when the subscription term-based license is delivered. The remainder of the revenue is recognized ratably over the subscription period for support services, commencing on the date the service is made available to customers. The Company does not recognize software revenue related to the renewal of subscription term-based licenses earlier than the beginning of the related renewal period. The Company also sells Rubrik-branded commodity servers ("Rubrik-branded Appliances") support which is recognized ratably over the support period.
Other revenue
Other revenue includes fees earned from sales of professional services, software updates on a when-and-if-available basis, telephone and integrated web-based support, Rubrik-branded Appliance maintenance relating to our perpetual licenses, and Rubrik-branded Appliances. Revenue for Rubrik-branded Appliances is recognized when shipped to the customer. When we sell our software license with our Rubrik-branded Appliances, revenue for both the Rubrik-branded Appliances and software licenses are recognized at the same time. Revenue related to professional services is typically recognized as the services are performed.
Rubrik-branded Appliance revenue is recognized when shipped to the customer. The Company’s shipping term is free on board shipping point, which means the control of the Rubrik-branded Appliance is transferred to customers upon shipment. When the Company sells software licenses with Rubrik-branded Appliances, revenue related to both the Rubrik-branded Appliances and software licenses are recognized at the same time.
Revenue related to professional services is typically recognized as the services are performed.
Amounts billed to customers for shipping and handling costs are classified as other revenue, and the Company’s shipping and handling costs are classified as cost of revenue.
Judgments
The Company identifies performance obligations in a customer contract by assessing whether products and services are capable of being distinct and distinct in the context of the contract. The determination of the performance obligations for RSC when offered as a hybrid cloud subscription requires significant judgment due to the ongoing interaction between the software hosted from the cloud (as a service) and the on-premise software licenses. The Company has concluded that the software hosted from the cloud (as a service) and software licenses are not distinct from each other in the context of the contract such that revenue from the combined offering should be recognized ratably over the subscription period for which the software hosted from the cloud (as a service) is provided. In reaching this conclusion, the Company considered the nature of its promise to customers with a RSC hybrid cloud subscription, which is to provide a single, unified data security solution that operates seamlessly across multiple data sources and teams, and to give customers the ability to manage all their data sources consistently and/or in a manner they dictate. The Company only fulfills this multi-faceted promise by providing access to an integrated solution comprised of both cloud-based and on-premise software. The cloud-based software and on-premise software work together to provide features and functionalities necessary to fulfill that promise, which neither the software hosted from the cloud (as a service) nor the software licenses could provide on their own or together with third-party resources.
The Company had offered Subscription Credits for RSC to qualified customers in exchange for relinquishing their existing rights to next-generation Rubrik-branded Appliances at no cost (“Refresh Rights”). These are customer options that are accounted for as material rights.
The Company’s contracts with customers may include customer options that are material rights. The determination of the likelihood of customers exercising their options requires significant judgment. Management estimates the likelihood of customers exercising their options by taking into account available information such as the number and timing of options exercised or forfeited, and considers other factors such as customer churn that may impact the options that have yet to be exercised or forfeited. Depending on the type of customer option exercised, the amount of consideration allocated to the material rights will be recognized into revenue at a point in time or over time beginning on the date the customer accepts the option. Deferred revenue associated with customer options that are subsequently forfeited will be released into revenue at the time the options are forfeited.
Timing of revenue recognition (in thousands)
Year Ended January 31,
202620252024
Subscription revenue
Products and services transferred over time$1,148,981 $756,660 $437,693 
Products and services transferred at a point in time114,946 72,080 100,176 
Other revenue
Products and services transferred over time44,261 48,163 69,473 
Products and services transferred at a point in time8,003 9,641 20,550 
Total revenue $1,316,191 $886,544 $627,892 
Contract assets
The Company invoices its customers in accordance with contractual billing terms established in each contract. As the Company performs under customer contracts, its right to consideration that is unconditional is classified as accounts receivable. If the Company’s right to consideration for such performance is contingent upon a future event or satisfaction of additional performance obligations, the amount of revenue the Company has recognized in excess of the amount it has billed to the customer is classified as a contract asset. Contract assets are included in prepaid expenses and other current assets and other assets, noncurrent in the consolidated balance sheets. There were $12.6 million and $8.5 million of contract assets as of January 31, 2026 and 2025, respectively. The current and noncurrent contract assets balances as of January 31, 2026 were $3.8 million and $8.8 million, respectively, as of January 31, 2025 were $4.5 million and $4.0 million, respectively.
Deferred revenue
Deferred revenue, which are contract liabilities, are amounts received or due from customers in advance of the Company’s performance. The current portion of deferred revenue represents the amount that is expected to be recognized as revenue within one year of the consolidated balance sheet date. The Company invoices customers upfront for the majority of contracts, and the increase in the Company’s deferred revenue corresponds to an increase in revenue contracts that include SaaS and support in which the Company satisfies its performance obligations typically over the contractual service period. During the fiscal years ended January 31, 2026 and 2025, the Company recognized revenue of approximately $817.7 million and $535.3 million, respectively, pertaining to amounts deferred at the beginning of each respective period.
Transaction price allocated to the remaining performance obligations
Transaction price allocated to the remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue for contracts that have been invoiced and will be recognized as revenue in future periods.
Cost of revenue primarily consists of salaries, benefits, stock-based compensation, hosting costs, amortization of capitalized internal-use software, amortization of finite-lived intangible assets, and cost of Rubrik-branded Appliances.
Accounts Receivable and Allowances
Accounts receivable is recorded at the invoiced amount, net of allowances. Credit is extended to customers based on an evaluation of their financial condition and other factors. The Company generally does not require collateral or other security to support accounts receivable. The Company performs ongoing credit evaluations of its customers and maintains an allowance, as needed.
These allowances are based on the Company’s assessment of the collectibility of accounts by considering the age of the receivable balance, the collection history and type of deals of each customer, and an evaluation of current expected risk of credit loss based on current economic conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. The Company assesses collectibility by reviewing accounts receivable and contract assets on an aggregated basis where similar characteristics exist and on an individual basis when the Company identifies specific customers with collectibility issues. Amounts deemed uncollectible are recorded as an allowance in the consolidated balance sheets with a charge to general and administrative expense in the consolidated statements of operations.
The Company presents accrued rebates to Channel Partners on a gross basis in accrued expenses and other current liabilities in the consolidated balance sheets, as the Company’s intent is to not settle such amounts net against accounts receivable.
Deferred Commissions
Deferred commissions consist of incremental costs paid to the Company’s sales force as a result of acquiring a customer contract. The deferred commission amounts are recoverable through the revenue streams that will be recognized under the related contracts. Sales commissions earned are capitalized using a portfolio approach based on characteristics of historical revenue contracts. Sales commissions are amortized as the related performance obligations are satisfied. Commissions related to performance obligations satisfied over time are amortized over the related period of benefit on a straight-line basis. The related period of benefit is determined to be generally four years when renewal commissions are not commensurate with the initial commissions earned. The Company determines the period of benefit by taking into consideration the length of its customer contracts and the useful life of the underlying products and technology sold. Renewal commissions are deferred and then amortized on a straight-line basis over the contractual term, which is generally one year. Amortization of deferred commissions is included in sales and marketing expense in the consolidated statements of operations. The Company’s deferred commissions are classified as current and noncurrent assets within the consolidated balance sheets according to when the Company expects to recognize the expense in the consolidated statement of operations.
Warranties
With respect to the Rubrik-branded Appliance warranty obligation, the Company’s contract manufacturer is generally required to replace defective Rubrik-branded Appliances. Furthermore, the Company’s customer support agreements provide for the same parts replacement to which customers are entitled under the warranty program, except that replacement parts are delivered according to targeted response times to minimize disruption to the customers’ critical business applications. Substantially all customers purchase support agreements.
Given the warranty agreement is with the Company’s contract manufacturers and considering that substantially all products are sold together with support agreements, the Company generally has limited exposure related to warranty costs, and therefore no warranty reserve has been recognized for the fiscal years ended January 31, 2026, 2025 and 2024.
Cash and Cash Equivalents
The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents are stated at cost, which approximates fair value.
Restricted Cash
As of January 31, 2026 and 2025, the Company’s restricted cash balance was $12.5 million and $7.3 million, respectively, primarily related to collateral held under its facility lease agreements and company credit cards. Restricted cash is included within other assets, noncurrent on the Company’s consolidated balance sheets.
Investments
The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies and accounts for its investments as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its short-term investments, including securities with stated maturities beyond twelve months, within current assets in the consolidated balance sheets.
Available-for-sale securities are recorded at fair value in each reporting period and are periodically evaluated for unrealized losses. For unrealized losses in securities that the Company intends to hold and it is not more likely than not the Company will be required to sell before recovery, the Company further evaluates whether declines in fair value below amortized cost are due to credit or non-credit related factors.
The Company considers credit related impairments to be changes in value that are driven by a change in the creditor’s ability to meet its payment obligations, and it records an allowance and recognizes a corresponding loss in other income (expense), net when the impairment is incurred. Unrealized non-credit related losses and unrealized gains are reported as a separate component of accumulated other comprehensive income (loss) in the consolidated balance sheets until realized. Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.
Fair Value Measurements
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which to transact and the market-based risk. The Company applies fair value accounting for all assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The carrying amounts reported in the consolidated financial statements for cash and cash equivalents, accounts receivable, net, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to their short-term nature.
Inventory
Inventory is stated at the lower of cost or net realizable value which approximates actual cost on a first-in, first-out basis.
Property and Equipment
Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation. The Company includes the cost to acquire demonstration units and the related accumulated depreciation in property and equipment, as such units are not available for sale. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets except for leasehold improvements, which are depreciated over the shorter of the useful life of the improvement or the term of the related lease. The useful lives of property and equipment are as follows:
Useful Lives
Equipment
3 years
Leasehold improvements
Shorter of estimated useful lives of the improvements or remaining related lease term
Furniture and fixtures
5 years
Leases
The Company has entered into non-cancellable operating leases for its offices and data centers with various expiration dates through fiscal year 2031. The Company determines if an arrangement contains a lease at inception based on whether it has the right to control the asset during the contract period and other facts and circumstances. The Company currently does not have any finance leases.
The Company recognizes lease liabilities and right-of-use assets (“ROU assets”) at lease commencement. The Company measures lease liabilities based on the present value of future lease payments. The interest rate implicit in the leases is not readily determinable, and therefore the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the lease liabilities. The Company does not include in the lease term options to extend or terminate the lease unless it is reasonably certain that the Company will exercise such options. The Company accounts for the lease and non-lease components as a single lease component for its real estate leases. The Company measures the ROU assets based on the corresponding lease liabilities adjusted for prepayments made at or before the lease commencement. The Company does not recognize lease liabilities or ROU assets for short-term leases, which have a lease term of twelve months or less.
The Company begins recognizing operating lease cost on a straight-line basis over the lease term when the lessor makes the underlying asset available to the Company. Variable lease payments are expensed as incurred and are not included in the calculation of lease liabilities or ROU assets.
Software Development Costs and Research and Development
The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs are capitalized in accordance with the accounting guidance for software. Because the Company’s current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented.
The Company capitalizes certain costs incurred for the development of computer software for internal-use during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Amortization of capitalized internal-use software costs begins when such software is ready for its intended use. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life of three years. Capitalized internal-use software is included in property and equipment, net in the consolidated balance sheets. The amortization is recorded within subscription cost of revenue in the consolidated statements of operations.
The Company evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Research and Development
The Company’s research and development expense consists primarily of salaries, benefits, stock-based compensation, third-party infrastructure expenses and depreciation from testing equipment in developing the Company’s offerings, and software and subscription services dedicated for use by the Company’s research and development organization. Research and development costs that do not meet the software development costs capitalization criteria are expensed as incurred.
Business Combinations
The Company applies the acquisition method of accounting for business combinations under which all assets acquired and liabilities assumed are recorded at their respective fair values at the date of the acquisition.
Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. The Company may record adjustments to the assets acquired and liabilities assumed during the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill for facts and circumstances that existed as of the acquisition date. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded within the Company’s consolidated statements of operations. Acquisition-related costs are recognized separately from the business combination and are expensed as incurred in general and administrative expense in the consolidated statements of operations.
Goodwill and Long-Lived Assets Goodwill is not amortized but tested for impairment at least annually during the fourth fiscal quarter, or if events or changes in circumstances indicate the carrying amount may no longer be recoverable. The Company operates in one segment, which is considered to be the sole reporting unit, and, therefore, goodwill is tested for impairment at the enterprise level. The Company first evaluates qualitative factors to determine whether it is more likely than not that the fair value of its sole reporting unit is less than its carrying amount. If, as a result of the qualitative assessment, the Company determines that it is more likely than not that the fair value of the reporting unit is more than its carrying amount, then a quantitative goodwill impairment test is not performed.
Goodwill and Long-Lived Assets
Intangible assets, other than the ones with indefinite useful lives, are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets’ useful lives. Intangible assets, net is included within other assets, noncurrent on the Company’s consolidated balance sheets.
Goodwill and Long-Lived Assets Long-lived assets, such as property and equipment and finite-lived intangible assets, are subject to amortization and reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Recoverability is measured by comparing the net book value to the future undiscounted cash flows attributable to such assets. If impaired, the Company recognizes an impairment charge equal to the amount by which the net book value exceeds its fair value.
Convertible Senior Notes
In June, 2025, the Company issued $1.15 billion aggregate principal amount of 0.00% convertible senior notes due June 2030 (the “Convertible Notes”), which are recorded at their carrying value on the consolidated balance sheets. The Convertible Notes will be classified as long-term liabilities until they are scheduled to mature within one year of the balance sheet date or become repayable within one year of the balance sheet date. Debt discount and issuance costs in connection with the issuance of the Convertible Notes are recorded as a reduction to the Convertibles Notes and are amortized as interest expense using the effective interest rate method over the contractual term of the Convertible Notes. The amortized debt discount and issuance costs are included within interest expense on the consolidated statements of operations. The Company evaluates conversion features to determine if they are required to be accounted for separately as embedded derivatives.
Advertising Costs Advertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations
Stock-Based Compensation Expense
The Company measures and recognizes stock-based compensation expense for all equity awards made to employees, nonemployees, and the Company’s board of directors, and stock purchase rights granted under the Employee Stock Purchase Plan (“ESPP”) to employees based on estimated fair values at the date of grant.
The Company estimates the fair value of its options and ESPP rights using the Black-Scholes option pricing model which requires the input of assumptions. These assumptions and estimates are as follows:
Fair value of common stock — Prior to the Company’s IPO, the Company estimated the fair value of common stock as the Company’s common stock was not yet publicly traded. The board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous unrelated third-party valuations of the Company’s common stock, (ii) the prices, rights, preferences and privileges of the Company’s Preferred Stock relative to those of its common stock, (iii) the lack of marketability of the Company’s common stock, (iv) actual operating and financial results, (v) current business conditions and projections, (vi) market multiples of comparable companies in the Company’s industry, (vii) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions, (viii) recent secondary stock sales transactions, and (ix) macroeconomic conditions. After the completion of the IPO, the fair value of each share of the underlying common stock is based on the closing price of our Class A common stock as reported on the New York Stock Exchange on the date of the grant.
Expected term — The Company determines the expected term based on the average period the stock options are expected to remain outstanding, generally calculated as the midpoint of the stock option’s vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.
Expected volatility — Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period equal to the expected term of the options.
Risk-free interest rate — The Company uses the U.S. Treasury yield in effect at the time of grant for the expected term of the stock options issued.
Dividend yield — The Company utilizes a dividend yield of zero, as it does not currently issue dividends and does not expect to in the future.
The Company granted RSUs that vest upon satisfaction of a service-based condition only and also those that have both a service-based condition and a performance-based condition. The grant-date fair value of these RSUs is the fair value of the Company’s common stock on the date of grant.
The grant-date fair value of equity awards which include a market-based condition is estimated using the Monte Carlo simulation method which incorporates the possibility that the market-based condition may not be satisfied, and various assumptions including expected term, expected volatility, and risk-free interest rates.
The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period for equity awards with service-based conditions only. Stock-based compensation expense for equity awards with a service-based condition and a performance-based condition or a market-based condition, or both, will be recognized using the accelerated attribution method over the requisite service period. For equity awards of which vesting conditions include a market-based condition, the stock-based compensation expense is recognized using the accelerated attribution method over the requisite service period, regardless of whether the market-based condition is met.
Stock-based compensation expense is not recognized for grants that include a performance-based condition until the performance-based condition is deemed probable. A performance-based condition could be the occurrence of a qualifying event. A qualifying event is defined as (i) immediately prior to a sale event, as defined in the Company’s 2014 Stock Option and Grant Plan (the “2014 Plan”), or (ii) the Company’s IPO, as defined in the 2014 Plan, in either case, occurring prior to the expiration date. In the period in which the qualifying event becomes probable, the Company will record cumulative stock-based compensation expense for those RSUs for which the service-based condition has been satisfied or partially satisfied. Stock-based compensation related to any remaining service-based conditions after the qualifying event-related performance condition is satisfied will be recorded over the remaining requisite service period.
Forfeitures are accounted for as they occur.
Foreign Currency
The functional currency of the Company’s foreign subsidiaries is the respective local currency. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive loss in the consolidated balance sheets. Foreign currency transaction gains and losses are included in other income (expense), net in the consolidated statements of operations. Revenue and expenses are translated at the average exchange rate during the period, and equity balances are translated using historical exchange rates. To date, the Company has not undertaken any hedging transactions related to foreign currency exposure.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The measurement of deferred tax assets is reduced, if necessary, by a valuation allowance to amounts that are more likely than not to be realized.
The Company records a liability for uncertain tax positions if it is not more likely than not to be sustained based solely on its technical merits as of the reporting date. The Company considers many factors when evaluating and estimating its tax positions and tax benefits.
Concentration of Risk
Credit risk
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, and accounts receivable. Cash and cash equivalents and short-term investments are primarily held in three financial institutions and, at times, may exceed federally insured limits. The Company grants credit to customers in a wide variety of industries worldwide and generally does not require collateral.
Vendor risk
The Company uses third-party vendors for delivering its SaaS. While these services are highly available and designed to be resilient to failure of infrastructure, the Company’s services could be significantly impacted if the third-party vendors’ services experience certain types of interruptions.
The Company relies on a limited number of suppliers for its contract manufacturing and certain raw material components. In instances where suppliers fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time.
Net Loss Per Share
The Company computes basic and diluted net loss per share attributable to Class A and Class B common stockholders for the fiscal years ended January 31, 2026 and January 31, 2025 and basic and diluted net loss per share attributable to common and convertible founder stockholders for the fiscal year ended January 31, 2024 using the two-class method required for companies with participating securities. The Company considered all series of its redeemable convertible preferred stock to be participating securities as the holders of the redeemable convertible preferred stock were entitled to receive a non-cumulative dividend on a pari passu basis in the event that a dividend is paid on the common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses.
Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including redeemable convertible preferred stock, issued and outstanding stock options, unvested RSUs issued and outstanding, ESPP and convertible notes, to the extent they are dilutive.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to provide consistent categories and greater disaggregation of information in the rate reconciliation as well as income tax paid disaggregated by jurisdiction to improve the transparency of income tax disclosures. The Company adopted ASU 2023-09 on a prospective basis effective February 1, 2025. See Note 12 Income Taxes for the inclusion of new disclosures required.
Recently Announced Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires entities to provide disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, on either a prospective or retrospective basis, with early adoption permitted. The Company is assessing the timing and impact of adopting this standard.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses, which provides a practical expedient for estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and interim periods within those annual reporting periods and should be applied prospectively, with early adoption permitted. The Company is assessing the impact of adopting this standard.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods and can be applied prospectively, retrospectively, or with a modified transition approach, with early adoption permitted. The Company is assessing the impact of adopting this standard.
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2026
Accounting Policies [Abstract]  
Schedule of Disaggregation of Revenue
Timing of revenue recognition (in thousands)
Year Ended January 31,
202620252024
Subscription revenue
Products and services transferred over time$1,148,981 $756,660 $437,693 
Products and services transferred at a point in time114,946 72,080 100,176 
Other revenue
Products and services transferred over time44,261 48,163 69,473 
Products and services transferred at a point in time8,003 9,641 20,550 
Total revenue $1,316,191 $886,544 $627,892 
The following table sets forth revenue by geographic area based on ship to address (in thousands):
Year Ended January 31,
202620252024
Americas$951,737 $636,191 $441,537 
EMEA312,705 214,098 162,161 
APAC51,749 36,255 24,194 
Total revenue$1,316,191 $886,544 $627,892 
Schedule of Property, Plant and Equipment The useful lives of property and equipment are as follows:
Useful Lives
Equipment
3 years
Leasehold improvements
Shorter of estimated useful lives of the improvements or remaining related lease term
Furniture and fixtures
5 years
Property and equipment, net consisted of the following (in thousands):
January 31,
20262025
Equipment$87,483 $75,589 
Capitalized internal-use software53,265 36,132 
Leasehold improvements28,335 12,739 
Furniture and fixtures7,030 4,687 
Total property and equipment, gross176,113 129,147 
Less: accumulated depreciation and amortization(92,283)(75,953)
Total property and equipment, net$83,830 $53,194 
Schedules of Concentration of Risk, by Risk Factor
The following customers individually accounted for 10% or more of total revenue and 10% or more of accounts receivable, net:
RevenueAccounts Receivable, Net
Year Ended January 31,January 31,
20262025202420262025
Partner A27%29%30 %32%33%
Partner B32%34%35 %21%20%
Partner C*10%11 %*14%
Partner D***11%*
* Less than 10%
v3.26.1
Revenue by Geography (Tables)
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Geographic Area
Timing of revenue recognition (in thousands)
Year Ended January 31,
202620252024
Subscription revenue
Products and services transferred over time$1,148,981 $756,660 $437,693 
Products and services transferred at a point in time114,946 72,080 100,176 
Other revenue
Products and services transferred over time44,261 48,163 69,473 
Products and services transferred at a point in time8,003 9,641 20,550 
Total revenue $1,316,191 $886,544 $627,892 
The following table sets forth revenue by geographic area based on ship to address (in thousands):
Year Ended January 31,
202620252024
Americas$951,737 $636,191 $441,537 
EMEA312,705 214,098 162,161 
APAC51,749 36,255 24,194 
Total revenue$1,316,191 $886,544 $627,892 
v3.26.1
Business Combinations and Intangible Assets (Tables)
 12 Months Ended
Jan. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Acquired Intangible Assets
Acquired intangible assets are as follows (in thousands):
January 31, 2026
GrossAccumulated AmortizationNet
Acquired technology$28,641 $(12,838)$15,803 
Total$28,641 $(12,838)$15,803 
January 31, 2025
GrossAccumulated AmortizationNet
Acquired technology$11,000 $(5,349)$5,651 
Total$11,000 $(5,349)$5,651 
Schedule of Estimated Future Amortization Expense of the Acquired Intangible Assets
The following table summarizes the estimated future amortization expense of the acquired intangible assets as of January 31, 2026 (in thousands):
Fiscal Year Ending January 31,Amount
2027$9,816 
20284,513 
20291,474 
Total$15,803 
v3.26.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jan. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cash, Cash Equivalent, and Investment The following table summarizes the Company’s cash and available-for-sale marketable securities’ amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value by significant investment category reported as cash and cash equivalents or short-term investments (in thousands):
Reported as
January 31, 2026Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$66,674 $— $— $66,674 $66,674 $— 
Level 1:
Money market funds294,365 — — 294,365 294,365 — 
U.S. Treasuries539,437 627 (101)539,963 6,054 533,909 
Subtotal
833,802 627 (101)834,328 300,419 533,909 
Level 2:
Certificate of deposit
19,949 8 — 19,957 9,816 10,141 
Commercial paper39,994 16 — 40,010 3,287 36,723 
Corporate bonds702,250 1,958 (4)704,204 — 704,204 
U.S. government agencies10,585 17 — 10,602 — 10,602 
Subtotal
772,778 1,999 (4)774,773 13,103 761,670 
Total
$1,673,254 $2,626 $(105)$1,675,775 $380,196 $1,295,579 
Reported as
January 31, 2025Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$75,541 $— $— $75,541 $75,541 $— 
Level 1:
Money market funds96,423 — — 96,423 96,423 — 
U.S. Treasuries259,327 345 (76)259,596 — 259,596 
Subtotal355,750 345 (76)356,019 96,423 259,596 
Level 2:
Commercial paper88,732 8 (3)88,737 14,367 74,370 
Corporate bonds184,742 195 (90)184,847 — 184,847 
Subtotal273,474 203 (93)273,584 14,367 259,217 
Total$704,765 $548 $(169)$705,144 $186,331 $518,813 
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
January 31,
2026
Due within one year$722,559 
Due between one to two years573,020 
Total$1,295,579 
v3.26.1
Balance Sheet Components (Tables)
 12 Months Ended
Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
January 31,
20262025
Prepaid expenses$155,901 $77,857 
Inventory, net5,676 4,183 
Contract assets, current3,845 4,537 
Other current assets14,943 16,374 
Total prepaid expenses and other current assets$180,365 $102,951 
Schedule of Property, Plant and Equipment, Net The useful lives of property and equipment are as follows:
Useful Lives
Equipment
3 years
Leasehold improvements
Shorter of estimated useful lives of the improvements or remaining related lease term
Furniture and fixtures
5 years
Property and equipment, net consisted of the following (in thousands):
January 31,
20262025
Equipment$87,483 $75,589 
Capitalized internal-use software53,265 36,132 
Leasehold improvements28,335 12,739 
Furniture and fixtures7,030 4,687 
Total property and equipment, gross176,113 129,147 
Less: accumulated depreciation and amortization(92,283)(75,953)
Total property and equipment, net$83,830 $53,194 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
January 31,
20262025
Accrued expenses$60,257$30,983
Accrued bonuses56,63049,104
Accrued sales commissions36,95827,627
Accrued payroll-related expenses, taxes, and benefits58,17038,533
Operating lease liabilities12,70910,087
Other5,2526,268
Total accrued expenses and other current liabilities$229,976 $162,602 
v3.26.1
Leases (Tables)
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Schedule of Right-of-use Assets and Lease Liabilities Balance sheet information related to operating leases was as follows (in thousands):
January 31,
Reported as:20262025
Other assets, noncurrent (operating lease ROU assets)$32,908 $25,906 
Accrued expenses and other current liabilities (operating lease liabilities, current)12,709 10,087 
Other liabilities, noncurrent (operating lease liabilities, noncurrent)24,253 18,382 
Total operating lease liabilities$36,962 $28,469 
Schedule of Lease Costs and Other Information
Supplemental cash flow information and non-cash activity related to the Company’s operating leases were as follows (in thousands):
Year Ended January 31,
202620252024
Cash paid for amounts included in measurement of operating lease liabilities$13,842$12,261$11,397
ROU assets obtained in exchange of lease liabilities for new operating leases$20,657$6,810$6,375
Supplemental information related to the remaining lease term and discount rate were as follows:
January 31,
20262025
Weighted-average remaining lease term3.2 years3.0 years
Weighted-average discount rate6.0%5.5%
Schedule of Operating Lease Liabilities
The following table summarizes the maturity of the Company’s operating lease liabilities as of January 31, 2026 (in thousands):
Fiscal Year Ending January 31,Operating Leases
2027$14,571 
202813,458 
20296,389 
20304,218 
20311,851 
Thereafter591 
Total operating lease payments41,078 
Less: imputed interest(4,116)
Total operating lease liabilities$36,962 
v3.26.1
Debt (Tables)
 12 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The net carrying amount of the Convertible Notes was as follows (in thousands):
January 31, 2026
Principal$1,150,000 
Unamortized debt discount and issuance costs(19,279)
Net carrying amount$1,130,721 
v3.26.1
Stockholders’ Deficit (Tables)
 12 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock
The Company has reserved shares of its common stock for future issuance as follows (in thousands):
January 31,
20262025
2014 Stock Option and Grant Plan:
Outstanding stock options8,970 9,570 
Outstanding restricted stock units9,227 18,039 
2024 Equity Incentive Plan:
Outstanding restricted stock units12,294 4,217 
Shares available for future issuance under the 2024 Plan58,406 57,591 
2024 Employee Stock Purchase Plan5,090 4,201 
Total shares of common stock reserved93,987 93,618 
Schedule of Stock Options Roll Forward
A summary of the stock option activity and related information is as follows:
Number of
Options		Weighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20234,098,034 $5.74 5.0$66,017 
Granted— — 
Exercised(884,012)3.83 17,771 
Cancelled(29,002)10.40 
Outstanding as of January 31, 20243,185,020 $6.23 4.2$71,347 
Granted8,000,000 32.00 
Exercised(1,548,712)5.50 54,160 
Cancelled(66,174)18.94 
Outstanding as of January 31, 20259,570,134 $27.80 8.2$435,133 
Granted— — 
Exercised(596,134)6.86 35,526 
Cancelled(3,647)11.73 
Outstanding as of January 31, 20268,970,353 $29.20 7.6$239,954 
Vested and exercisable as of January 31, 20263,634,341 $25.10 6.6$112,127 
Schedule of Nonvested Performance-Based Units Activity
TrancheTarget Stock ValueNumber of Stock Options Eligible to VestOption Valuation Expiration Date
1$42.88666,667Fifth anniversary of the Company's IPO
2$53.76666,667
3$64.64666,667
4$75.52666,667
5$86.40666,667Seventh anniversary of the Company's IPO
6$96.96666,667
7$107.84666,667
8$118.72666,667
9$161.921,333,332
10$242.881,333,332
Schedule of Nonvested Restricted Stock Units Activity
A summary of the RSU activity and related information is as follows:
Number of
RSUs		Weighted-Average
Grant Date Fair Value
Outstanding as of January 31, 202339,710,368 $13.51 
Granted13,443,534 23.78 
Vested(18,000)28.66 
Forfeited(2,962,232)17.17 
Unvested as of January 31, 202450,173,670 16.09 
Vested and not yet released18,000 28.66 
Outstanding as of January 31, 202450,191,670 16.09 
Granted13,744,702 37.99 
Vested(38,940,299)15.22 
Forfeited(2,780,324)23.73 
Unvested as of January 31, 202522,215,749 31.30 
Vested and not yet released40,625 11.35 
Outstanding as of January 31, 202522,256,374 31.26 
Granted
11,042,857 66.34 
Vested
(9,412,011)30.71 
Forfeited(2,366,024)38.69 
Unvested as of January 31, 202621,480,571 48.73 
Vested and not yet released40,625 11.35 
Outstanding as of January 31, 202621,521,196 $48.66 
Schedule of the Assumptions Used in Estimating Fair Value of ESPP
The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model with the following assumptions:
Year Ended January 31,
20262025
Expected term (in years)
0.5 - 2.0
0.4 - 2.0
Expected volatility
59.0% - 65.7%
56.5% - 71.7%
Risk-free interest rate
3.6% - 4.3%
3.6% - 5.4%
Dividend yield——
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense included in the Company’s consolidated statements of operations was as follows (in thousands):
Year Ended January 31,
202620252024
Cost of revenue
Subscription$16,374 $49,514 $45 
Other2,556 17,527 18 
Research and development102,730 297,051 3,590 
Sales and marketing115,852 330,443 1,313 
General and administrative91,862 219,378 749 
Total stock-based compensation expense$329,374 $913,913 $5,715 
v3.26.1
Net Loss Per Share (Tables)
 12 Months Ended
Jan. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share amounts):
Year Ended January 31,
202620252024
Class AClass BClass AClass BClass AClass B
Numerator:
Net loss$(241,860)$(106,968)$(428,333)$(726,487)$— $(354,158)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted136,221 60,247 57,229 97,065 — 55,228 
Weighted-average founders stock shares used in computing net loss per share, basic and diluted— — — — — 5,400 
Net loss per common stock share, basic and diluted$(1.78)$(1.78)$(7.48)$(7.48)$— $(5.84)
Net loss per founders stock share, basic and diluted$— $— $— $— $— $(5.84)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands):
Year Ended January 31,
202620252024
Redeemable convertible preferred stock— — 74,183 
Issued and outstanding stock options8,970 9,570 3,185 
Unvested RSUs issued and outstanding21,481 22,216 50,174 
Convertible notes9,218 — — 
Restricted stock issued for business combination396 — — 
Total40,065 31,786 127,542 
v3.26.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
U.S. and foreign components of consolidated loss before income taxes were as follows (in thousands):
Year Ended January 31,
202620252024
Domestic$(401,015)$(1,223,181)$(356,015)
Foreign74,542 74,729 28,546 
Loss before income taxes$(326,473)$(1,148,452)$(327,469)
The provision for income taxes was as follows (in thousands):
Year Ended January 31,
202620252024
Current:
Federal$— $(2,330)$2,336 
State4 (1,315)2,818 
Foreign18,343 8,772 19,598 
Total current provision for income taxes18,347 5,127 24,752 
Deferred:
Federal30 — — 
State— — — 
Foreign3,978 1,241 1,937 
Total deferred provision for income taxes4,008 1,241 1,937 
Total provision for income taxes$22,355 $6,368 $26,689 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09 for the year ended January 31, 2026 is as follows (in thousands, except for percentages):
Year Ended January 31, 2026
$%
U.S. federal statutory tax rate$(68,559)21.0 %
State and local income tax, net of federal income tax effect (1)
(2,582)0.8 
Foreign tax effects
India
Nondeductible compensation11,260 (3.4)
Other(1,806)0.6 
Israel
Nondeductible compensation7,824 (2.4)
Other313 (0.1)
United Kingdom
Tax effects of stock awards(3,921)1.2 
Other1,092 (0.3)
Other foreign jurisdictions7,829 (2.4)
Effect of cross-border tax laws
Foreign income tax deduction(3,813)1.2 
Other2,363 (0.7)
Tax credits
Research and development credits(22,348)6.8 
Changes in valuation allowances153,830 (47.1)
Nontaxable or nondeductible items
Tax effects of stock awards(101,095)31.0 
Nondeductible compensation28,901 (8.9)
Other3,436 (1.1)
Changes in unrecognized tax benefits7,725 (2.4)
Other adjustments1,906 (0.6)
Total tax provision and effective rate$22,355 (6.8)%
(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the year ended January 31, 2025 and 2024 is as follows:
Year Ended January 31,
20252024
Provision at federal statutory rate21.0 %21.0 %
State, net of federal benefit3.2 — 
Stock-based compensation10.4 0.3 
Impact of foreign operations2.9 (5.1)
Change in valuation allowance(42.8)(14.5)
Research and development credits4.9 3.9 
Non-deductible expenses— (12.8)
Other adjustments(0.2)(1.0)
Effective income tax rate(0.6)%(8.2)%
Schedule of Deferred Tax Assets and Liabilities The significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
January 31,
20262025
Deferred tax assets:
Net operating loss carryforwards$477,971 $330,908 
Capitalized research and development expenditures197,339 208,690 
Research and development credit carryforward148,631 117,837 
Deferred revenue177,086 151,326 
Stock-based compensation69,317 68,587 
Other67,032 31,368 
Total deferred tax assets1,137,376 908,716 
Less: valuation allowance(1,069,457)(863,039)
Total deferred tax assets, net67,919 45,677 
Deferred tax liabilities:
State income taxes(36,833)(28,936)
Other(46,438)(28,085)
Total deferred tax liabilities(83,271)(57,021)
Net deferred tax assets (liabilities)$(15,352)$(11,344)
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
January 31,
202620252024
Unrecognized tax benefits at beginning of period$46,624 $31,263 $11,206 
Decreases related to prior year tax positions— (567)— 
Increases related to prior year tax positions152 — 63 
Increases related to current year tax positions8,253 15,928 19,994 
Unrecognized tax benefits at end of period$55,029 $46,624 $31,263 
Schedule of Cash Paid for Income Taxes, Net of Refunds
Cash paid for income taxes, net of refunds received by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended January 31, 2026 is as follows (in thousands):
Year Ended January 31, 2026
Federal$— 
State264 
Foreign
India6,724 
Israel1,276 
Other foreign jurisdictions3,741 
Cash paid for income taxes, net of refunds received$12,005 
v3.26.1
Segment Reporting (Tables)
 12 Months Ended
Jan. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the segment information (in thousands):
Year Ended January 31,
202620252024
Total revenue
$1,316,191 $886,544 $627,892 
Less:
Adjusted subscription cost of revenue (1)
203,723 161,576 96,053 
Remaining cost of revenue18,664 24,593 40,235 
Remaining research and development expenses262,698 226,235 194,639 
Remaining sales and marketing expenses647,256 531,154 475,687 
Remaining general and administrative expenses159,918 131,462 95,431 
Stock-based compensation expense (2)
329,374 913,913 5,715 
Depreciation and amortization32,486 27,970 24,962 
Amortization of acquired intangibles
7,488 3,673 1,676 
Interest expense17,227 41,253 30,295 
Income tax expense22,355 6,368 26,689 
Other items (3)
15,987 (1,480)1,884 
Plus:
Interest income52,157 25,353 11,216 
Segment net loss
(348,828)(1,154,820)(354,158)
Consolidated net loss
$(348,828)$(1,154,820)$(354,158)
(1) Adjusted subscription cost of revenue is subscription cost of revenue adjusted for stock-based compensation expense, amortization of acquired intangibles, and stock-based compensation included in amortization of capitalized internal-use software as follows (in thousands):
Year Ended January 31,
202620252024
Subscription cost of revenue$229,741 $215,036 $97,927 
Less:
Stock-based compensation expense16,374 49,514 45 
Amortization of acquired intangibles7,488 3,673 1,676 
Stock-based compensation included in amortization of capitalized internal-use software
2,156 273 153 
Adjusted subscription cost of revenue$203,723 $161,576 $96,053 
(2) See Note 10 for stock-based compensation expense by captions.
(3) Other items include foreign currency exchange gains and losses.
Schedule of Long-Lived Assets, by Geographical Regions
The following table presents the Company’s long-lived assets, including property and equipment, net and ROU assets, by geographic region (in thousands):
January 31,
20262025
United States
$83,035 $62,455 
India
28,560 10,453 
Rest of world
5,143 6,192 
Total long-lived assets
$116,738 $79,100 
v3.26.1
Description of Business (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 29, 2024
May 31, 2024
Apr. 30, 2024
Jan. 31, 2025
Subsidiary, Sale of Stock [Line Items]        
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) 74,182,559     74,182,559
Convertible founders stock, conversion to Class B common stock (in shares) 5,400,000      
Adjustments to additional paid in capital, stock issued, issuance costs     $ 10.3  
Shares withheld for tax withholding obligation (in shares)     12,859,902  
Tax withholding obligation     $ 411.5  
IPO        
Subsidiary, Sale of Stock [Line Items]        
Sale of stock, price per share (in dollars per share)     $ 32.00  
Net proceeds from initial public offering     $ 700.0  
IPO | Class A        
Subsidiary, Sale of Stock [Line Items]        
Number of shares issued in transaction (in shares)     23,500,000  
Underwriters' Option        
Subsidiary, Sale of Stock [Line Items]        
Sale of stock, price per share (in dollars per share)   $ 32.00    
Net proceeds from initial public offering   $ 105.1    
Underwriters' Option | Class A        
Subsidiary, Sale of Stock [Line Items]        
Number of shares issued in transaction (in shares)   3,472,252    
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
USD ($)
institution
segment
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Accounting Policies [Line Items]        
Contract duration (in years) 3 years      
Contract asset $ 12,600 $ 8,500    
Contract assets, current 3,845 4,537    
Contract asset, noncurrent 8,800 4,000    
Contract with customer, liability, revenue recognized 817,700 535,300    
Revenue, remaining performance obligation, amount 2,400,000      
Restricted cash $ 12,500 7,300    
Number of operating segments | segment 1      
Advertising expense $ 70,800 $ 35,600 $ 31,300  
Number of financial institutions | institution 3      
Convertible Senior Notes Due 2030 | Convertible notes        
Accounting Policies [Line Items]        
Principal       $ 1,150,000
Interest rate       0.00%
Capitalized internal-use software        
Accounting Policies [Line Items]        
Useful life (in years) 3 years      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01        
Accounting Policies [Line Items]        
Revenue, remaining performance obligation, percentage 53.00%      
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months      
Minimum        
Accounting Policies [Line Items]        
Contract duration (in years) 1 year      
Payment terms (in days) 30 days      
Maximum        
Accounting Policies [Line Items]        
Contract duration (in years) 5 years      
Payment terms (in days) 60 days      
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Timing of Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,316,191 $ 886,544 $ 627,892
Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 1,263,927 828,740 537,869
Subscription | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 1,148,981 756,660 437,693
Subscription | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 114,946 72,080 100,176
Other      
Disaggregation of Revenue [Line Items]      
Total revenue 52,264 57,804 90,023
Other | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 44,261 48,163 69,473
Other | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue $ 8,003 $ 9,641 $ 20,550
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)
Jan. 31, 2026
Equipment  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
v3.26.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Concentration of Revenue and Accounts Receivable (Details) - Customer Concentration Risk
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Partner A | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 27.00% 29.00% 30.00%
Partner A | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 32.00% 33.00%  
Partner B | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 32.00% 34.00% 35.00%
Partner B | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 21.00% 20.00%  
Partner C | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage   10.00% 11.00%
Partner C | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage   14.00%  
Partner D | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 11.00%    
v3.26.1
Revenue by Geography - Schedule of Disaggregation of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,316,191 $ 886,544 $ 627,892
Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 951,737 636,191 441,537
EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 312,705 214,098 162,161
APAC      
Disaggregation of Revenue [Line Items]      
Total revenue $ 51,749 $ 36,255 $ 24,194
v3.26.1
Revenue by Geography - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,316,191 $ 886,544 $ 627,892
United States      
Disaggregation of Revenue [Line Items]      
Total revenue $ 915,800 $ 612,900 $ 427,000
United States | Revenue | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 70.00% 69.00% 68.00%
v3.26.1
Business Combinations and Intangible Assets - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jul. 31, 2025
USD ($)
founder
$ / shares
shares
Aug. 31, 2023
USD ($)
Jan. 31, 2026
USD ($)
acquistion
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Business Combination [Line Items]          
Remaining goodwill amount     $ 199,606 $ 100,343  
Predibase, Inc.          
Business Combination [Line Items]          
Business combination, consideration transferred $ 109,100        
Payments to acquire businesses, gross $ 14,500        
Number of founders | founder 2        
Remaining goodwill amount $ 92,900        
Predibase, Inc. | Developed Technology Rights          
Business Combination [Line Items]          
Finite-lived intangibles acquired $ 11,000        
Acquired finite-lived intangible assets, Weighted average useful life (in years) 2 years        
Predibase, Inc. | Class A          
Business Combination [Line Items]          
Business combination, value of shares issued $ 94,600        
Business combination, price per share (in dollars per share) | $ / shares $ 88.11        
Predibase, Inc. | Restricted Stock          
Business Combination [Line Items]          
Business combination, value of shares issued $ 40,400        
Business combination, price per share (in dollars per share) | $ / shares $ 88.11        
Business combination, number of shares (in shares) | shares 500,000        
Requisite service period 3 years        
Business Combination, Series of Individually Immaterial Business Combinations          
Business Combination [Line Items]          
Business combination, consideration transferred     13,000    
Remaining goodwill amount     6,400    
Intangible assets acquired     $ 6,600    
Number of businesses acquired | acquistion     3    
Amortization of acquired intangibles     $ 7,500 $ 3,700 $ 1,700
Laminar Technologies, Inc.          
Business Combination [Line Items]          
Business combination, consideration transferred   $ 104,900      
Payments to acquire businesses, gross   90,800      
Remaining goodwill amount   96,100      
Business combination, consideration transferred, amount held back   23,800      
Laminar Technologies, Inc. | Developed Technology Rights          
Business Combination [Line Items]          
Finite-lived intangibles acquired   $ 11,000      
Acquired finite-lived intangible assets, Weighted average useful life (in years)   3 years      
v3.26.1
Business Combinations and Intangible Assets - Schedule of Acquired Intangible Assets (Details) - Business Combination, Series of Individually Immaterial Business Combinations - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Business Combination [Line Items]    
Gross $ 28,641 $ 11,000
Accumulated Amortization (12,838) (5,349)
Total 15,803 5,651
Acquired technology    
Business Combination [Line Items]    
Gross 28,641 11,000
Accumulated Amortization (12,838) (5,349)
Total $ 15,803 $ 5,651
v3.26.1
Business Combinations and Intangible Assets - Schedule of Estimated Future Amortization Expense of the Acquired Intangible Assets (Details) - Business Combination, Series of Individually Immaterial Business Combinations - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Fiscal year    
2027 $ 9,816  
2028 4,513  
2029 1,474  
Total $ 15,803 $ 5,651
v3.26.1
Fair Value of Financial Instruments - Schedule of Available-for-Sale Securities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost $ 380,196 $ 186,331
Cash and cash equivalents, Estimated Fair Value 380,196 186,331
Cash and cash equivalents and available for sale securities, Amortized Cost 1,673,254 704,765
Gross Unrealized Gains 2,626 548
Gross Unrealized Losses (105) (169)
Cash and cash equivalents and short term investments, Estimated Fair Value 1,675,775 705,144
Short-term investments, estimated fair value 1,295,579 518,813
Cash:    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost 66,674 75,541
Cash and cash equivalents, Estimated Fair Value 66,674 75,541
Level 1:    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 300,419 96,423
Cash and cash equivalents and available for sale securities, Amortized Cost 833,802 355,750
Gross Unrealized Gains 627 345
Gross Unrealized Losses (101) (76)
Cash and cash equivalents and short term investments, Estimated Fair Value 834,328 356,019
Short-term investments, estimated fair value 533,909 259,596
Level 1: | Money market funds    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost 294,365 96,423
Cash and cash equivalents, Estimated Fair Value 294,365 96,423
Level 1: | U.S. Treasuries    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 6,054 0
Cash and cash equivalents and available for sale securities, Amortized Cost 539,437 259,327
Gross Unrealized Gains 627 345
Gross Unrealized Losses (101) (76)
Cash and cash equivalents and short term investments, Estimated Fair Value 539,963 259,596
Short-term investments, estimated fair value 533,909 259,596
Level 2:    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 13,103 14,367
Cash and cash equivalents and available for sale securities, Amortized Cost 772,778 273,474
Gross Unrealized Gains 1,999 203
Gross Unrealized Losses (4) (93)
Cash and cash equivalents and short term investments, Estimated Fair Value 774,773 273,584
Short-term investments, estimated fair value 761,670 259,217
Level 2: | Certificate of deposit    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 9,816  
Cash and cash equivalents and available for sale securities, Amortized Cost 19,949  
Gross Unrealized Gains 8  
Gross Unrealized Losses 0  
Cash and cash equivalents and short term investments, Estimated Fair Value 19,957  
Short-term investments, estimated fair value 10,141  
Level 2: | Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 3,287 14,367
Cash and cash equivalents and available for sale securities, Amortized Cost 39,994 88,732
Gross Unrealized Gains 16 8
Gross Unrealized Losses 0 (3)
Cash and cash equivalents and short term investments, Estimated Fair Value 40,010 88,737
Short-term investments, estimated fair value 36,723 74,370
Level 2: | Corporate bonds    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 0 0
Cash and cash equivalents and available for sale securities, Amortized Cost 702,250 184,742
Gross Unrealized Gains 1,958 195
Gross Unrealized Losses (4) (90)
Cash and cash equivalents and short term investments, Estimated Fair Value 704,204 184,847
Short-term investments, estimated fair value 704,204 $ 184,847
Level 2: | U.S. government agencies    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 0  
Cash and cash equivalents and available for sale securities, Amortized Cost 10,585  
Gross Unrealized Gains 17  
Gross Unrealized Losses 0  
Cash and cash equivalents and short term investments, Estimated Fair Value 10,602  
Short-term investments, estimated fair value $ 10,602  
v3.26.1
Fair Value of Financial Instruments - Schedule of Maturity of Investments (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Fair Value Disclosures [Abstract]    
Due within one year $ 722,559  
Due between one to two years 573,020  
Total $ 1,295,579 $ 518,813
v3.26.1
Fair Value of Financial Instruments - Narrative (Details) - USD ($)
Jan. 31, 2026
Jan. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Short-term investments accumulated impairment loss $ 0 $ 0
Level 2:    
Debt Securities, Available-for-Sale [Line Items]    
Fair value of Convertible Notes $ 1,040,000,000.00  
v3.26.1
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 155,901 $ 77,857
Inventory, net 5,676 4,183
Contract assets, current 3,845 4,537
Other current assets 14,943 16,374
Total prepaid expenses and other current assets $ 180,365 $ 102,951
v3.26.1
Balance Sheet Components - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 176,113 $ 129,147
Less: accumulated depreciation and amortization (92,283) (75,953)
Total property and equipment, net 83,830 53,194
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 87,483 75,589
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 53,265 36,132
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 28,335 12,739
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 7,030 $ 4,687
v3.26.1
Balance Sheet Components - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Property, Plant and Equipment [Line Items]      
Depreciation $ 17.7 $ 17.4 $ 16.7
Capitalized internal-use software      
Property, Plant and Equipment [Line Items]      
Amortization $ 11.9 $ 7.8 $ 5.9
v3.26.1
Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued expenses $ 60,257 $ 30,983
Accrued bonuses 56,630 49,104
Accrued sales commissions 36,958 27,627
Accrued payroll-related expenses, taxes, and benefits 58,170 38,533
Operating lease liabilities 12,709 10,087
Other 5,252 6,268
Total accrued expenses and other current liabilities $ 229,976 $ 162,602
v3.26.1
Leases - Schedule of Right-of-use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, noncurrent Other assets, noncurrent
Other assets, noncurrent (operating lease ROU assets) $ 32,908 $ 25,906
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Accrued expenses and other current liabilities (operating lease liabilities, current) $ 12,709 $ 10,087
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, noncurrent Other liabilities, noncurrent
Other liabilities, noncurrent (operating lease liabilities, noncurrent) $ 24,253 $ 18,382
Total operating lease liabilities $ 36,962 $ 28,469
v3.26.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Leases [Abstract]      
Operating lease cost $ 14.8 $ 11.9 $ 11.1
v3.26.1
Leases - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 13,842 $ 12,261 $ 11,397
ROU assets obtained in exchange of lease liabilities for new operating leases $ 20,657 $ 6,810 $ 6,375
Weighted-average remaining lease term 3 years 2 months 12 days 3 years  
Weighted-average discount rate 6.00% 5.50%  
v3.26.1
Leases - Schedule of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Operating Leases    
2027 $ 14,571  
2028 13,458  
2029 6,389  
2030 4,218  
2031 1,851  
Thereafter 591  
Total operating lease payments 41,078  
Less: imputed interest (4,116)  
Total operating lease liabilities $ 36,962 $ 28,469
v3.26.1
Debt - Term Loan (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
Aug. 31, 2023
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Jul. 31, 2023
Jun. 10, 2022
Line of Credit Facility [Line Items]              
Loss on debt extinguishment     $ 6,653 $ 0 $ 0    
Proceeds from issuance of convertible senior notes, net of discount     1,129,875 0 0    
Revolving Credit Facility | Prior Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity             $ 195,000
Long-term line of credit           $ 193,600  
Unpaid interest           4,100  
Revolving Credit Facility | Amended Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity $ 327,900 $ 330,000          
Debt instrument, unamortized discount   3,500          
Loss on debt extinguishment     6,700        
Revolving Credit Facility | Amended Credit Facility | Convertible notes              
Line of Credit Facility [Line Items]              
Principal 1,150,000            
Proceeds from issuance of convertible senior notes, net of discount 1,130,000            
Term Loan | Prior Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity             175,000
Long-term line of credit           $ 189,500  
Term Loan | Amended Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity 289,500 289,500          
Delayed Draw Term Loan | Line of Credit              
Line of Credit Facility [Line Items]              
Proceeds from issuance of debt, net of discount     $ 0 $ 34,300 $ 4,100    
Delayed Draw Term Loan | Prior Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity             $ 20,000
Delayed Draw Term Loan | Amended Credit Facility | Line of Credit              
Line of Credit Facility [Line Items]              
Maximum borrowing capacity 38,400 40,500          
Proceeds from issuance of debt, net of discount   $ 4,100          
Delayed Draw Term Loan | Amended Credit Facility | Convertible notes              
Line of Credit Facility [Line Items]              
Convertible debt, issuance increase option $ 150,000            
v3.26.1
Debt - Convertible Senior Notes (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Jan. 31, 2026
USD ($)
day
$ / shares
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Line of Credit Facility [Line Items]        
Proceeds from convertible debt   $ 1,129,875 $ 0 $ 0
Amended Credit Facility | Convertible notes | Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Principal $ 1,150,000      
Proceeds from convertible debt 1,130,000      
Amended Credit Facility | Convertible notes | Delayed Draw Term Loan        
Line of Credit Facility [Line Items]        
Convertible debt, issuance increase option 150,000      
Convertible Senior Notes Due 2030 | Convertible notes        
Line of Credit Facility [Line Items]        
Principal $ 1,150,000      
Interest rate 0.00%      
Convertible conversion ratio   0.0080155    
Initial strike price (in dollars per share) | $ / shares   $ 124.76    
Threshold percentage of stock price trigger   130.00%    
Threshold trading days | day   20    
Threshold consecutive trading days | day   30    
Redemption price, percentage   100.00%    
Amortization of debt discount and issuance costs   $ 2,700    
Effective interest rate   0.19%    
Convertible Senior Notes Due 2030 | Convertible notes | Maximum        
Line of Credit Facility [Line Items]        
Convertible conversion ratio   0.01142200    
v3.26.1
Debt - Schedule of Convertible Debt (Details) - Convertible Senior Notes Due 2030 - Convertible notes - USD ($)
$ in Thousands
Jan. 31, 2026
Jun. 30, 2025
Line of Credit Facility [Line Items]    
Principal   $ 1,150,000
Unamortized debt discount and issuance costs $ (19,279)  
Net carrying amount $ 1,130,721  
v3.26.1
Debt - Capped Calls (Details)
$ / shares in Units, $ in Thousands, shares in Millions
 12 Months Ended
Jan. 31, 2026
USD ($)
$ / shares
shares
Line of Credit Facility [Line Items]  
Purchase of capped calls related to convertible senior notes | $ $ 88,550
Capped Calls | Convertible notes | Class A  
Line of Credit Facility [Line Items]  
Initial strike price (in dollars per share) | $ / shares $ 124.76
Anti-dilution adjustments (in shares) | shares 9.2
Initial cap price (in dollars per share) | $ / shares $ 175.10
Purchase of capped calls related to convertible senior notes | $ $ 88,600
v3.26.1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2025
Jan. 31, 2026
Long-Term Purchase Commitment [Line Items]    
Contractual term (in years) 2 years  
Third-Party Hosting Services    
Long-Term Purchase Commitment [Line Items]    
Increase in purchase obligation $ 375.0  
Purchase obligation $ 220.0 $ 290.4
Hosting Costs And Software And Subscription Services    
Long-Term Purchase Commitment [Line Items]    
Purchase obligation   $ 158.4
v3.26.1
Stockholders’ Deficit - Redeemable Convertible Preferred Stock Narrative (Details)
$ in Thousands
 12 Months Ended
Apr. 29, 2024
USD ($)
shares
Jan. 31, 2025
USD ($)
shares
Equity [Abstract]    
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) | shares 74,182,559 74,182,559
Conversion ratio 1  
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering | $ $ 714,700 $ 714,713
v3.26.1
Stockholders’ Deficit - Preferred Stock and Common Stock Narrative (Details)
 12 Months Ended
Jan. 31, 2026
vote
class
$ / shares
shares
Jan. 31, 2025
$ / shares
shares
Apr. 30, 2024
$ / shares
shares
Schedule of Capitalization, Equity [Line Items]      
Preferred stock, authorized (in shares) | shares 20,000,000 20,000,000 20,000,000
Preferred stock, par value (in dollars per share) | $ / shares $ 0.000025 $ 0.000025 $ 0.000025
Number of classes of common stock | class 2    
Minimum      
Schedule of Capitalization, Equity [Line Items]      
Common stock, conversion period 61 days    
Maximum      
Schedule of Capitalization, Equity [Line Items]      
Common stock, conversion period 180 days    
Class A      
Schedule of Capitalization, Equity [Line Items]      
Common stock, authorized (in shares) | shares 1,070,000,000 1,070,000,000  
Common stock, voting rights, votes per share | vote 1    
Common stock, par value (in dollars per share) | $ / shares $ 0.000025 $ 0.000025  
Class B      
Schedule of Capitalization, Equity [Line Items]      
Common stock, authorized (in shares) | shares 210,000,000 210,000,000  
Common stock, voting rights, votes per share | vote 20    
Common stock, conversion ratio 1    
Common stock, par value (in dollars per share) | $ / shares $ 0.000025 $ 0.000025  
Common stock, percentage of total outstanding shares 5.00%    
v3.26.1
Stockholders’ Deficit - Equity Incentive Plan Narrative (Details) - shares
Apr. 30, 2024
Jan. 31, 2026
Jan. 31, 2025
Apr. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for future issuance (in shares)   93,987,000 93,618,000  
ESPP        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Percentage of outstanding stock maximum 1.00%      
Annual increase in number of shares reserved for issuance (in shares) 9,214,605      
2024 Stock Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for future issuance (in shares)   58,406,000 57,591,000  
2024 Stock Plan | Class A        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for future issuance (in shares)       46,073,027
2024 ESPP | ESPP        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for future issuance (in shares) 4,607,303      
v3.26.1
Stockholders’ Deficit - Schedule of Reserved Shares of Common Stock (Details) - shares
shares in Thousands
Jan. 31, 2026
Jan. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 93,987 93,618
2024 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 58,406 57,591
2024 Employee Stock Purchase Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 5,090 4,201
Employee stock option | 2014 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 8,970 9,570
Restricted stock units | 2014 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 9,227 18,039
Restricted stock units | 2024 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 12,294 4,217
v3.26.1
Stockholders’ Deficit - Stock Options Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in shares) 0 8,000,000 0
Unrecognized stock-based compensation, stock options $ 42.8    
Employee stock option      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expiration period 10 years    
Vesting period 4 years    
Cost not yet recognized, period for recognition 1 year 10 months 24 days    
Employee stock option | Tranche One      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Vesting period 1 year    
Stock options vesting percentage 25.00%    
Employee Stock Option, Service-Based Vesting Condition      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in shares) 0 0  
v3.26.1
Stockholders’ Deficit - Schedule of Stock Options Roll Forward (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Number of Options        
Outstanding, beginning of period (in shares) 9,570,134 3,185,020 4,098,034  
Granted (in shares) 0 8,000,000 0  
Exercised (in shares) (596,134) (1,548,712) (884,012)  
Cancelled (in shares) (3,647) (66,174) (29,002)  
Outstanding, end of period (in shares) 8,970,353 9,570,134 3,185,020 4,098,034
Options vested, number of options (in shares) 3,634,341      
Options exercisable, number of options (in shares) 3,634,341      
Weighted- Average Exercise Price        
Outstanding, beginning of period (in dollars per share) $ 27.80 $ 6.23 $ 5.74  
Granted (in dollars per share) 0 32.00 0  
Exercised (in dollars per share) 6.86 5.50 3.83  
Cancelled (in dollars per share) 11.73 18.94 10.40  
Outstanding, end of period (in dollars per share) 29.20 $ 27.80 $ 6.23 $ 5.74
Options vested, weighted average exercise price per share (in dollars per share) 25.10      
Options exercisable, weighted average exercise price per share (in dollars per share) $ 25.10      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]        
Options outstanding, weighted average remaining contractual term 7 years 7 months 6 days 8 years 2 months 12 days 4 years 2 months 12 days 5 years
Options vested, weighted average remaining contractual term 6 years 7 months 6 days      
Options exercisable, weighted average remaining contractual term 6 years 7 months 6 days      
Options outstanding, aggregate intrinsic value $ 239,954 $ 435,133 $ 71,347 $ 66,017
Options exercised, aggregate intrinsic value 35,526 $ 54,160 $ 17,771  
Options vested, aggregate intrinsic value 112,127      
Options exercisable, aggregate intrinsic value $ 112,127      
v3.26.1
Stockholders’ Deficit - CEO Performance Award Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 24, 2024
USD ($)
installment
tranche
$ / shares
Jun. 30, 2022
shares
Jan. 31, 2026
USD ($)
shares
Jan. 31, 2025
shares
Jan. 31, 2024
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares) | shares     0 8,000,000 0
Unrecognized stock-based compensation, stock options | $     $ 42.8    
Employee stock option          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Expiration period     10 years    
Cost not yet recognized, period for recognition     1 year 10 months 24 days    
Chief Executive Officer          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares) | shares   8,000,000      
Chief Executive Officer | Employee stock option          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Number of vesting tranches | tranche 10        
Consecutive trading period during performance period 90 days        
Number of trading installments | installment 20        
Expiration period 10 years        
Weighted average grant date fair value (in dollars per share) | $ / shares $ 17.37        
Unrecognized stock-based compensation, stock options | $ $ 139.0        
Chief Executive Officer | Employee stock option | Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Cost not yet recognized, period for recognition 1 year 2 months 12 days        
Chief Executive Officer | Employee stock option | Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Cost not yet recognized, period for recognition 4 years 6 months        
v3.26.1
Stockholders’ Deficit - CEO Performance Award Tranches (Details) - Chief Executive Officer - Employee stock option
Jan. 31, 2026
$ / shares
shares
1  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 42.88
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
2  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 53.76
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
3  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 64.64
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
4  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 75.52
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
5  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 86.40
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
6  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 96.96
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
7  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 107.84
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
8  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 118.72
Number of Stock Options Eligible to Vest (in shares) | shares 666,667
9  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 161.92
Number of Stock Options Eligible to Vest (in shares) | shares 1,333,332
10  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Target Stock Value (in dollars per share) | $ / shares $ 242.88
Number of Stock Options Eligible to Vest (in shares) | shares 1,333,332
v3.26.1
Stockholders’ Deficit - Restricted Stock Units Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Restricted stock units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expiration period   7 years    
Cost not yet recognized   $ 805,600    
Vested in period, fair value   $ 289,100 $ 592,800 $ 500
Cost not yet recognized, period for recognition   1 year 8 months 12 days    
Restricted stock units, modified        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
RSUs modified (in shares) 1,158,082      
Incremental fair value resulting from modification $ 24,100      
Cost not yet recognized $ 30,400      
Service and Market-Based RSUs        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Cost not yet recognized   $ 2,800    
v3.26.1
Stockholders’ Deficit - Restricted Stock Units Roll Forward (Details) - Restricted stock units - $ / shares
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Number of RSUs      
Outstanding at the beginning of the period (in shares) 22,215,749 50,173,670 39,710,368
Granted (in shares) 11,042,857 13,744,702 13,443,534
Vested (in shares) (9,412,011) (38,940,299) (18,000)
Forfeited (in shares) (2,366,024) (2,780,324) (2,962,232)
Outstanding as at the end of the period (in shares) 21,480,571 22,215,749 50,173,670
Vested and not yet released (in shares) 40,625 40,625 18,000
Outstanding (in shares) 21,521,196 22,256,374 50,191,670
Weighted-Average Grant Date Fair Value      
Outstanding at the beginning of the period (in USD per share) $ 31.30 $ 16.09 $ 13.51
Granted (in USD per share) 66.34 37.99 23.78
Vested (in USD per share) 30.71 15.22 28.66
Forfeited (in USD per share) 38.69 23.73 17.17
Outstanding at the end of the period (in USD per share) 48.73 31.30 16.09
Vested and not yet released (in USD per share) 11.35 11.35 28.66
Outstanding (in USD per share) $ 48.66 $ 31.26 $ 16.09
v3.26.1
Stockholders’ Deficit - Restricted Stock Narrative (Details) - Predibase, Inc. - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Jul. 31, 2025
Jan. 31, 2026
Restricted Stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Business combination, number of shares (in shares) 500,000  
Business combination, value of shares issued $ 40.4  
Business combination, price per share (in dollars per share) $ 88.11  
Requisite service period 3 years  
Cost not yet recognized   $ 32.8
Class A    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Business combination, value of shares issued $ 94.6  
Business combination, price per share (in dollars per share) $ 88.11  
v3.26.1
Stockholders’ Deficit - 2024 Employee Stock Purchase Plan Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 30, 2024
purchasing_period
Jan. 31, 2026
USD ($)
Apr. 24, 2024
$ / shares
Class A      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Fair market value of the Class A common stock (in dollars per share) | $ / shares     $ 32.00
ESPP      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Maximum employee subscription rate 15.00%    
Offering period 24 months    
Number of purchasing periods | purchasing_period 4    
Purchase period 6 months    
Purchase price of common stock, percent 85.00%    
Cost not yet recognized | $   $ 5.4  
Cost not yet recognized, period for recognition   10 months 24 days  
v3.26.1
Stockholders' Deficit - Schedule of the Assumptions Used in Estimating Fair Value of ESPP (Details) - ESPP
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected volatility rate, minimum 59.00% 56.50%
Expected volatility rate, maximum 65.70% 71.70%
Risk-free interest rate, minimum 3.60% 3.60%
Risk-free interest rate, maximum 4.30% 5.40%
Dividend yield 0.00% 0.00%
Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 6 months 4 months 24 days
Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 2 years 2 years
v3.26.1
Stockholders’ Deficit - Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 329,374 $ 913,913 $ 5,715
Subscription      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 16,374 49,514 45
Other      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 2,556 17,527 18
Research and development      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 102,730 297,051 3,590
Sales and marketing      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 115,852 330,443 1,313
General and administrative      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 91,862 $ 219,378 $ 749
v3.26.1
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Numerator:      
Net loss $ (348,828) $ (1,154,820) $ (354,158)
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 196,468 154,294 60,628
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 196,468 154,294 60,628
Net loss per common stock share, basic (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Net loss per common stock share, diluted (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Class A      
Numerator:      
Net loss $ (241,860) $ (428,333) $ 0
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 136,221 57,229 0
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 136,221 57,229 0
Net loss per common stock share, basic (in dollars per share) $ (1.78) $ (7.48) $ 0
Net loss per common stock share, diluted (in dollars per share) $ (1.78) $ (7.48) $ 0
Class B      
Numerator:      
Net loss $ (106,968) $ (726,487) $ (354,158)
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 60,247 97,065 55,228
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 60,247 97,065 55,228
Net loss per common stock share, basic (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Net loss per common stock share, diluted (in dollars per share) $ (1.78) $ (7.48) $ (5.84)
Class B, Founders Stock      
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares)     5,400
Weighted-average common stock shares used in computing net loss per share, diluted (in shares)     5,400
Net loss per common stock share, basic (in dollars per share)     $ (5.84)
Net loss per common stock share, diluted (in dollars per share)     $ (5.84)
v3.26.1
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 40,065 31,786 127,542
Redeemable convertible preferred stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 74,183
Issued and outstanding stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 8,970 9,570 3,185
Unvested RSUs issued and outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 21,481 22,216 50,174
Convertible notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 9,218 0 0
Restricted stock issued for business combination      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 396 0 0
v3.26.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Income Tax Disclosure [Abstract]      
Domestic $ (401,015) $ (1,223,181) $ (356,015)
Foreign 74,542 74,729 28,546
Loss before income taxes $ (326,473) $ (1,148,452) $ (327,469)
v3.26.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Current:      
Federal $ 0 $ (2,330) $ 2,336
State 4 (1,315) 2,818
Foreign 18,343 8,772 19,598
Total current provision for income taxes 18,347 5,127 24,752
Deferred:      
Federal 30 0 0
State 0 0 0
Foreign 3,978 1,241 1,937
Total deferred provision for income taxes 4,008 1,241 1,937
Total provision for income taxes $ 22,355 $ 6,368 $ 26,689
v3.26.1
Income Taxes - Schedule of Effective Tax Rate Reconciliation Current Period (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Amount      
U.S. federal statutory tax rate $ (68,559)    
State and local income tax, net of federal income tax effect (2,582)    
Foreign income tax deduction (3,813)    
Other 2,363    
Research and development credits (22,348)    
Changes in valuation allowances 153,830    
Tax effects of stock awards (101,095)    
Other 3,436    
Changes in unrecognized tax benefits 7,725    
Total provision for income taxes $ 22,355 $ 6,368 $ 26,689
Percent      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income tax, net of federal income tax effect 0.80% 3.20% 0.00%
Nondeductible compensation   10.40% 0.30%
Other   (0.20%) (1.00%)
Other foreign jurisdictions   2.90% (5.10%)
Foreign income tax deduction 1.20%    
Other (0.70%)    
Research and development credits 6.80% 4.90% 3.90%
Change in valuation allowance (47.10%) (42.80%) (14.50%)
Tax effects of stock awards 31.00%    
Other (1.10%)    
Changes in unrecognized tax benefits (2.40%)    
Effective income tax rate (6.80%) (0.60%) (8.20%)
India      
Amount      
Nondeductible compensation $ 11,260    
Other $ (1,806)    
Percent      
Nondeductible compensation (3.40%)    
Other 0.60%    
Israel      
Amount      
Nondeductible compensation $ 7,824    
Other $ 313    
Percent      
Nondeductible compensation (2.40%)    
Other (0.10%)    
United Kingdom      
Amount      
Other $ 1,092    
Tax effects of stock awards $ (3,921)    
Percent      
Other (0.30%)    
Tax effects of stock awards 1.20%    
Other foreign jurisdictions      
Amount      
Other foreign jurisdictions $ 7,829    
Percent      
Other foreign jurisdictions (2.40%)    
United States      
Amount      
Nondeductible compensation $ 28,901    
Other $ 1,906    
Percent      
Nondeductible compensation (8.90%)    
Other (0.60%)    
v3.26.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation Prior Period (Details)
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Income Tax Disclosure [Abstract]      
Provision at federal statutory rate 21.00% 21.00% 21.00%
State, net of federal benefit 0.80% 3.20% 0.00%
Stock-based compensation   10.40% 0.30%
Impact of foreign operations   2.90% (5.10%)
Change in valuation allowance (47.10%) (42.80%) (14.50%)
Research and development credits 6.80% 4.90% 3.90%
Non-deductible expenses   0.00% (12.80%)
Other adjustments   (0.20%) (1.00%)
Effective income tax rate (6.80%) (0.60%) (8.20%)
v3.26.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Deferred tax assets:    
Net operating loss carryforwards $ 477,971 $ 330,908
Capitalized research and development expenditures 197,339 208,690
Research and development credit carryforward 148,631 117,837
Deferred revenue 177,086 151,326
Stock-based compensation 69,317 68,587
Other 67,032 31,368
Total deferred tax assets 1,137,376 908,716
Less: valuation allowance (1,069,457) (863,039)
Total deferred tax assets, net 67,919 45,677
Deferred tax liabilities:    
State income taxes (36,833) (28,936)
Other (46,438) (28,085)
Total deferred tax liabilities (83,271) (57,021)
Net deferred tax assets (liabilities) $ (15,352) $ (11,344)
v3.26.1
Income Taxes - Narrative (Details)
$ in Millions
 12 Months Ended
Jan. 31, 2026
USD ($)
Operating Loss Carryforwards [Line Items]  
Increase (decrease) in valuation allowance $ 206.4
State and Local Jurisdiction  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 870.7
State and Local Jurisdiction | Research Tax Credit Carryforward  
Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards 75.5
Domestic Tax Jurisdiction  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 1,970.0
Domestic Tax Jurisdiction | Research Tax Credit Carryforward  
Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards $ 110.3
v3.26.1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at beginning of period $ 46,624 $ 31,263 $ 11,206
Decreases related to prior year tax positions 0 (567) 0
Increases related to prior year tax positions 152 0 63
Increases related to current year tax positions 8,253 15,928 19,994
Unrecognized tax benefits at end of period $ 55,029 $ 46,624 $ 31,263
v3.26.1
Income Taxes - Schedule of Cash Paid for Income Taxes, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 0    
State 264    
Foreign:      
Cash paid for income taxes, net of refunds received 12,005 $ 11,938 $ 5,054
India      
Foreign:      
Foreign 6,724    
Israel      
Foreign:      
Foreign 1,276    
Other foreign jurisdictions      
Foreign:      
Foreign $ 3,741    
v3.26.1
Segment Reporting - Schedule of Consolidated Net Loss (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
USD ($)
segment
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segment 1    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue $ 1,316,191 $ 886,544 $ 627,892
Less:      
Stock-based compensation expense 329,374 913,913 5,715
Interest expense 17,227 41,253 30,295
Income tax expense (benefit) 22,355 6,368 26,689
Plus:      
Interest income 52,157 25,353 11,216
Net loss (348,828) (1,154,820) (354,158)
Software And Services      
Less:      
Remaining cost of revenue 18,664 24,593 40,235
Remaining research and development expenses 262,698 226,235 194,639
Remaining sales and marketing expenses 647,256 531,154 475,687
Remaining general and administrative expenses 159,918 131,462 95,431
Stock-based compensation expense 329,374 913,913 5,715
Depreciation and amortization 32,486 27,970 24,962
Amortization of acquired intangibles 7,488 3,673 1,676
Interest expense 17,227 41,253 30,295
Income tax expense (benefit) 22,355 6,368 26,689
Other items 15,987 (1,480) 1,884
Plus:      
Interest income 52,157 25,353 11,216
Net loss (348,828) (1,154,820) (354,158)
Subscription      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue 1,263,927 828,740 537,869
Subscription | Software And Services      
Less:      
Adjusted subscription cost of revenue $ 203,723 $ 161,576 $ 96,053
v3.26.1
Segment Reporting - Schedule of Adjusted Subscription Cost of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Segment Reporting Information [Line Items]      
Total cost of revenue $ 261,877 $ 265,748 $ 144,962
Software And Services      
Less:      
Stock-based compensation expense 16,374 49,514 45
Amortization of acquired intangibles 7,488 3,673 1,676
Stock-based compensation included in amortization of capitalized internal-use software 2,156 273 153
Subscription      
Segment Reporting Information [Line Items]      
Total cost of revenue 229,741 215,036 97,927
Subscription | Software And Services      
Segment Reporting Information [Line Items]      
Total cost of revenue 229,741 215,036 97,927
Less:      
Adjusted subscription cost of revenue $ 203,723 $ 161,576 $ 96,053
v3.26.1
Segment Reporting - Schedule of Long-Lived Assets, by Geographical Regions (Details) - USD ($)
$ in Thousands
Jan. 31, 2026
Jan. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-Lived Assets $ 116,738 $ 79,100
United States    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-Lived Assets 83,035 62,455
India    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-Lived Assets 28,560 10,453
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Long-Lived Assets $ 5,143 $ 6,192