RUBRIK, INC., 10-K filed on 3/20/2025
Annual Report
v3.25.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Jan. 31, 2025
Feb. 28, 2025
Jul. 31, 2024
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, 2025    
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 No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 2.3
Documents Incorporated by Reference
Portions of the Registrant’s definitive Proxy Statement related to the 2025 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 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   103,167,994  
Class B common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   86,610,633  
v3.25.1
Audit Information
 12 Months Ended
Jan. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Santa Clara, California
v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Current assets    
Cash and cash equivalents $ 186,331 $ 130,031
Short-term investments 518,813 149,220
Accounts receivable, net of allowances of $499 and $247 177,627 133,544
Deferred commissions 91,919 72,057
Prepaid expenses and other current assets 102,951 63,861
Total current assets 1,077,641 548,713
Noncurrent assets    
Property and equipment, net 53,194 47,873
Deferred commissions, noncurrent 132,465 113,814
Goodwill 100,343 100,343
Other assets, noncurrent 59,331 62,867
Total assets 1,422,974 873,610
Current liabilities    
Accounts payable 10,439 6,867
Accrued expenses and other current liabilities 162,602 122,934
Deferred revenue 777,135 526,480
Total current liabilities 950,176 656,281
Deferred revenue, noncurrent 642,370 579,781
Other liabilities, noncurrent 61,821 55,050
Debt, noncurrent 322,341 287,042
Total liabilities 1,976,708 1,578,154
Commitments and contingencies (Note 9)
Redeemable convertible preferred stock, $0.000025 par value – zero and $74,182,559 shares authorized as of January 31, 2025 and 2024, respectively; zero and $74,182,559 shares issued and outstanding as of January 31, 2025 and 2024, respectively; liquidation preference of zero and $715,100 as of January 31, 2025 and 2024, respectively 0 714,713
Stockholders’ deficit    
Preferred stock, $0.000025 par value – $20,000,000 and zero shares authorized as of January 31, 2025 and 2024, respectively; zero shares issued and outstanding as of January 31, 2025 and 2024, respectively 0  
Convertible founders stock, $0.000125 par value – zero and $5,400,000 shares authorized as of January 31, 2025 and 2024, respectively; zero and $5,400,000 shares issued and outstanding as of January 31, 2025 and 2024, respectively   0
Additional paid-in capital 2,291,829 265,494
Accumulated other comprehensive loss (8,235) (2,239)
Accumulated deficit (2,837,333) (1,682,513)
Total stockholders’ deficit (553,734) (1,419,257)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit 1,422,974 873,610
Common stock    
Stockholders’ deficit    
Common stock   $ 1
Class A common stock    
Stockholders’ deficit    
Common stock 3  
Class B common stock    
Stockholders’ deficit    
Common stock $ 2  
v3.25.1
Consolidated Balance Sheets - Parenthetical - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Allowance for credit losses, current $ 499 $ 247
Redeemable convertible preferred stock, par value (in dollars per share)   $ 0.000025
Redeemable convertible preferred stock, authorized Shares (in shares)   74,182,559
Redeemable convertible preferred stock, shares outstanding (in shares) 0 74,182,559
Redeemable convertible preferred stock, shares issued (in shares)   74,182,559
Liquidation Preference   $ 715,100
Preferred stock, par value (in dollars per share) $ 0.000025  
Preferred stock, authorized (in shares) 20,000,000  
Preferred stock, issued (in shares) 0  
Preferred stock, outstanding (in shares) 0  
Convertible founders stock, par value (in dollars per share)   $ 0.000125
Convertible founders stock, shares authorized (in shares)   5,400,000
Convertible founders stock, shares issued (in shares)   5,400,000
Convertible founders stock, shares outstanding (in shares)   5,400,000
Common stock    
Common stock, par value (in dollars per share)   $ 0.000025
Common stock, authorized (in shares)   203,935,682
Common stock, issued (in shares)   55,862,729
Common stock, outstanding (in shares)   55,862,729
Class A common stock    
Common stock, par value (in dollars per share) $ 0.000025  
Common stock, authorized (in shares) 1,070,000,000  
Common stock, issued (in shares) 101,981,023  
Common stock, outstanding (in shares) 101,981,023  
Class B common stock    
Common stock, par value (in dollars per share) $ 0.000025  
Common stock, authorized (in shares) 210,000,000  
Common stock, issued (in shares) 87,785,767  
Common stock, outstanding (in shares) 87,785,767  
v3.25.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Revenue      
Total revenue $ 886,544 $ 627,892 $ 599,819
Cost of revenue      
Total cost of revenue 265,748 144,962 182,014
Gross profit 620,796 482,930 417,805
Operating expenses      
Research and development 531,615 206,527 175,057
Sales and marketing 867,518 482,532 417,542
General and administrative 355,695 100,377 86,754
Total operating expenses 1,754,828 789,436 679,353
Loss from operations (1,134,032) (306,506) (261,548)
Interest income 25,353 11,216 5,140
Interest expense (41,253) (30,295) (11,709)
Other income (expense), net 1,480 (1,884) (1,033)
Loss before income taxes (1,148,452) (327,469) (269,150)
Income tax expense 6,368 26,689 8,596
Net loss $ (1,154,820) $ (354,158) $ (277,746)
Net loss per share attributable to common shareholders, basic (in dollars per share) $ (7.48) $ (5.84) $ (4.66)
Net loss per share attributable to common shareholders, diluted (in dollars per share) $ (7.48) $ (5.84) $ (4.66)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares) 154,294 60,628 59,590
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares) 154,294 60,628 59,590
Subscription      
Revenue      
Total revenue $ 828,740 $ 537,869 $ 385,272
Cost of revenue      
Total cost of revenue 215,036 97,927 62,294
Maintenance      
Revenue      
Total revenue 18,408 38,745 76,220
Cost of revenue      
Total cost of revenue 6,068 6,472 15,059
Other      
Revenue      
Total revenue 39,396 51,278 138,327
Cost of revenue      
Total cost of revenue $ 44,644 $ 40,563 $ 104,661
v3.25.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net loss $ (1,154,820) $ (354,158) $ (277,746)
Foreign currency translation adjustment, net of tax (6,274) (1,355) (1,009)
Unrealized gain (loss) on available-for-sale securities, net of tax 278 417 (204)
Total other comprehensive loss, net of tax (5,996) (938) (1,213)
Comprehensive loss $ (1,160,816) $ (355,096) $ (278,959)
v3.25.1
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($)
$ in Thousands
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Temporary equity, beginning balance (in shares) at Jan. 31, 2022 74,182,559        
Temporary equity, beginning balance at Jan. 31, 2022 $ 714,713        
Temporary equity, ending balance (in shares) at Jan. 31, 2023 74,182,559        
Temporary equity, ending balance at Jan. 31, 2023 $ 714,713        
Beginning balance, shares (in shares) at Jan. 31, 2022   59,156,335      
Beginning balance at Jan. 31, 2022 $ (819,342) $ 1 $ 231,354 $ (88) $ (1,050,609)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options (in shares) 669,122 669,122      
Issuance of common stock upon exercise of stock options $ 3,809   3,809    
Repurchases of unvested common stock (in shares)   (750)      
Vesting of early exercise stock options 164   164    
Issuance of common stock upon settlement of restricted stock units (in shares)   54,010      
Stock-based compensation 6,999   6,999    
Other comprehensive loss (1,213)     (1,213)  
Net loss (277,746)       (277,746)
Ending balance, shares (in shares) at Jan. 31, 2023   59,878,717      
Ending balance at Jan. 31, 2023 $ (1,087,329) $ 1 242,326 (1,301) (1,328,355)
Temporary equity, ending balance (in shares) at Jan. 31, 2024 74,182,559        
Temporary equity, ending balance at Jan. 31, 2024 $ 714,713        
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 (in shares)   500,000      
Issuance of common stock for business acquisition 14,070   14,070    
Stock-based compensation 5,715   5,715    
Other comprehensive 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 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)
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:      
Net loss $ (1,154,820) $ (354,158) $ (277,746)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 28,868 24,305 22,366
Stock-based compensation 913,913 5,715 6,954
Amortization of deferred commissions 90,303 76,530 81,288
Non-cash interest 34,256 10,117 8,504
Deferred income taxes 1,241 1,937 4,447
Other (7,249) (2,836) (1,034)
Changes in operating assets and liabilities:      
Accounts receivable (44,255) 17,157 8,754
Deferred commissions (128,816) (107,148) (135,016)
Prepaid expenses and other assets (48,818) 2,251 (32,702)
Accounts payable 4,479 (1,012) (7,491)
Accrued expenses and other liabilities 45,882 22,872 2,144
Deferred revenue 313,244 299,752 338,819
Net cash provided by (used in) operating activities 48,228 (4,518) 19,287
Cash flows from investing activities:      
Purchases of property and equipment (16,885) (12,333) (25,017)
Capitalized internal-use software (9,714) (7,675) (9,281)
Purchases of investments (797,084) (246,004) (219,040)
Sale of investments 32,977 7,503 35,910
Maturities of investments 407,264 255,214 92,240
Payment for business combination, net of cash acquired 0 (90,328) 0
Net cash used in investing activities (383,442) (93,623) (125,188)
Cash flows from financing activities:      
Proceeds from initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions 815,209 0 0
Taxes paid related to net share settlement of equity awards (432,512) 0 0
Proceeds from exercise of stock options 8,515 3,383 3,816
Proceeds from issuance of common stock under employee stock purchase plan 11,064 0 0
Repurchases of unvested common stock 0 0 (6)
Payments for deferred offering costs, net (3,545) (3,734) (2,725)
Proceeds from issuance of debt, net of discount 0 96,525 171,463
Payments for debt discount costs (475) 0 0
Payments for debt issuance costs (233) (225) (725)
Net cash provided by financing activities 398,023 95,949 171,823
Effect of exchange rate on cash, cash equivalents, and restricted cash (6,274) (1,355) (1,009)
Net increase (decrease) in cash, cash equivalents, and restricted cash 56,535 (3,547) 64,913
Cash, cash equivalents, and restricted cash, beginning of year 137,059 140,606 75,693
Cash, cash equivalents, and restricted cash, end of year 193,594 137,059 140,606
Supplemental cash flow information:      
Cash paid for income taxes, net of refunds 11,938 5,054 6,018
Cash paid for interest 15,026 9,518 4,946
Non-cash investing and financing activities:      
Vesting of early exercised common stock options 0 0 164
Transfers of inventory to property and equipment 102 626 13
Property and equipment received, included in payables and accrued but not paid 816 2,207 1,976
Stock-based compensation capitalized in internal-use software 5,227 0 45
Deferred offering costs accrued but not paid 0 953 300
Fair value of common stock issued as consideration for business combination $ 0 $ 14,070 $ 0
v3.25.1
Description of Business
 12 Months Ended
Jan. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
Note 1 – Description of Business
Rubrik, Inc. (“Rubrik” or the “Company”) is on a mission to secure the world’s data. Rubrik offers data security solutions to organizations ranging from the largest companies worldwide to mid-sized smaller customers. 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’ equity 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.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Jan. 31, 2025
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 2025, 2024 and 2023 refer to the fiscal year ending January 31, 2025, 2024 and 2023, 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.
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 Rubrik Security Cloud (“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, Enterprise Edition, and Enterprise Proactive 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.
Maintenance revenue
Maintenance revenue represents fees earned from software updates on a when-and-if-available basis, telephone support, integrated web-based support, and Rubrik-branded Appliance support relating to the Company’s perpetual licenses. Maintenance revenue is recognized ratably over the term of the service period.
Other revenue
Other revenue represents fees earned from the sale of Rubrik-branded Appliances and professional services.
The Company has determined the Rubrik-branded Appliances and software licenses are separate performance obligations because the Rubrik-branded Appliances and software licenses are not highly interdependent or interrelated and the customer can benefit from the Rubrik-branded Appliances and software licenses separately. The Company does not customize its software licenses and installation services are not required for the software to function.
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 with Refresh Rights (as defined below) 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,
202520242023
Subscription revenue
Products and services transferred over time$756,660 $437,693 $219,115 
Products and services transferred at a point in time72,080 100,176 166,157 
Maintenance revenue
Products and services transferred over time18,408 38,745 76,220 
Other revenue
Products and services transferred over time29,755 30,728 30,742 
Products and services transferred at a point in time9,641 20,550 107,585 
Total revenue $886,544 $627,892 $599,819 
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 $8.5 million and $9.0 million of contract assets as of January 31, 2025 and 2024, respectively. The current and noncurrent contract assets balances as of January 31, 2025 were $4.5 million and $4.0 million, respectively, as of January 31, 2024 were $6.4 million and $2.6 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, 2025 and 2024, the Company recognized revenue of approximately $535.3 million and $322.5 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, 2025, total remaining non-cancellable performance obligations under the Company’s contracts with customers was approximately $1,811.0 million. The Company expects to recognize approximately 50% 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, 2025, 2024 and 2023.
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, 2025 and 2024, the Company’s restricted cash balance was $7.3 million and $7.0 million, respectively. Restricted cash is included within prepaid expenses and other current assets and 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, 2025, 2024 and 2023.
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, 2025, 2024 and 2023, respectively.
Advertising Costs
Advertising costs are expensed as incurred in sales and marketing expense in the consolidated statements of operations and amounted to $35.6 million, $31.3 million and $33.3 million for the fiscal years ended January 31, 2025, 2024 and 2023, 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 (the “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 credit losses as of January 31, 2025.
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,
20252024202320252024
Partner A29%30%32 %33%44%
Partner B34%35%35 %20%25%
Partner C10%11%12 %14%*
* 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 year ended January 31, 2025 and basic and diluted net loss per share attributable to common and convertible founder stockholders for the fiscal years ended January 31, 2024 and 2023 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 common stock options, unvested RSUs issued and outstanding, and ESPP, to the extent they are dilutive.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The guidance is effective for the Company's annual report for its fiscal year beginning February 1, 2024 and interim periods within its fiscal year beginning February 1, 2025, on a retrospective basis. Early adoption is permitted. The Company adopted ASU 2023-07 in the fourth quarter of the fiscal year ended January 31, 2025. See Note 14 Segment Reporting.
Recently Announced Accounting Pronouncements Not Yet Adopted
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. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is assessing the timing and impact of adopting this standard.
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.
v3.25.1
Revenue by Geography
 12 Months Ended
Jan. 31, 2025
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,
202520242023
Americas$636,191 $441,537 $428,304 
EMEA214,098 162,161 149,853 
APAC36,255 24,194 21,662 
Total revenue$886,544 $627,892 $599,819 
For the fiscal years ended January 31, 2025, 2024 and 2023, United States accounted for $612.9 million, $427.0 million and $416.1 million, respectively, or 69%, 68% and 69%, respectively, of consolidated total revenue.
v3.25.1
Business Combinations
 12 Months Ended
Jan. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations
Note 4 – Business Combinations
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 combination have not been presented, as they were not material to the consolidated statements of operations. Acquisition-related costs for the business combination were expensed as incurred within general and administrative expense in the consolidated statements of operations and were not material.
The Company recognized $3.7 million, $1.7 million and $0.8 million amortization expense in acquired intangible assets for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
v3.25.1
Financial Instruments
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments
Note 5 – 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 judgement or estimation.
The Company did not have any level 3 investments as of January 31, 2025 and 2024. 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, 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 
Reported as
January 31, 2024Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$72,420 $— $— $72,420 $72,420 $— 
Level 1:
Money market funds47,696 — — 47,696 47,696 — 
U.S. Treasuries86,429 70 (13)86,486 — 86,486 
Subtotal134,125 70 (13)134,182 47,696 86,486 
Level 2:
Commercial paper33,019 3 (3)33,019 9,915 23,104 
Corporate bonds17,883 30 (3)17,910 — 17,910 
U.S. government agencies21,703 27 (10)21,720 — 21,720 
Subtotal72,605 60 (16)72,649 9,915 62,734 
Total$279,150 $130 $(29)$279,251 $130,031 $149,220 

The following table summarizes the estimated fair value of the Company’s investments by their remaining contractual maturity dates (in thousands):
January 31,
2025
Due within one year$448,397 
Due between one to two years70,416 
Total$518,813 
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, 2025 and 2024.
v3.25.1
Balance Sheet Components
 12 Months Ended
Jan. 31, 2025
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,
20252024
Prepaid expenses$77,857 $44,721 
Inventory, net4,183 4,807 
Contract assets, current4,537 6,356 
Other current assets16,374 7,977 
Total prepaid expenses and other current assets$102,951 $63,861 
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
January 31,
20252024
Equipment$75,589 $91,645 
Capitalized internal-use software36,132 21,191 
Leasehold improvements12,739 12,350 
Furniture and fixtures4,687 4,150 
Total property and equipment, gross129,147 129,336 
Less: accumulated depreciation and amortization(75,953)(81,463)
Total property and equipment, net$53,194 $47,873 
Depreciation expense related to the Company’s property and equipment, which did not include amortization expense related to capitalized internal-use software, was $17.4 million, $16.7 million and $15.5 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
Amortization expense relating to capitalized internal-use software was $7.8 million, $5.9 million and $6.1 million for the fiscal years ended January 31, 2025, 2024 and 2023, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
January 31,
20252024
Accrued expenses$30,983$41,773
Accrued bonuses49,10431,212
Accrued sales commissions27,62718,859
Accrued payroll-related expenses, taxes, and benefits38,53320,197
Operating lease liabilities10,08710,461
Other6,268432
Total accrued expenses and other current liabilities$162,602 $122,934 
v3.25.1
Leases
 12 Months Ended
Jan. 31, 2025
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:20252024
Other assets, noncurrent (operating lease ROU assets)$25,906 $29,833 
Accrued expenses and other current liabilities (operating lease liabilities, current)10,087 10,461 
Other liabilities, noncurrent (operating lease liabilities, noncurrent)18,382 22,252 
Total operating lease liabilities$28,469 $32,713 
The Company had operating lease costs of $11.9 million, $11.1 million and $10.3 million for the fiscal years ended January 31, 2025, 2024 and 2023, 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,
202520242023
Cash paid for amounts included in measurement of operating lease liabilities$12,261$11,397$10,244
ROU assets obtained in exchange of lease liabilities for new operating leases$6,810$6,375$11,969
Supplemental information related to the remaining lease term and discount rate were as follows:
January 31,
20252024
Weighted-average remaining lease term3.0 years3.6 years
Weighted-average discount rate5.5%5.1%
The following table summarizes the maturity of the Company’s operating lease liabilities as of January 31, 2025 (in thousands):
Fiscal Year Ending January 31,Operating Leases
2026$11,103 
20279,552 
20288,218 
20291,445 
2030449 
Thereafter— 
Total operating lease payments30,767 
Less: imputed interest(2,298)
Total operating lease liabilities$28,469 
v3.25.1
Debt
 12 Months Ended
Jan. 31, 2025
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 (the “Prior Closing Date Term Loan”) and $20.0 million in committed delayed-draw term loans (the “Prior Delayed Draw Term Loans”) with a maturity date of June 10, 2027. The proceeds of the Prior Delayed Draw Term Loans were to be used to pay accrued interest relating to the Prior Credit Facility. The Company also had the option to request incremental Delayed Draw Term Loan commitments (the “Prior Supplemental Delayed Draw Term Loans” and, together with the Prior Delayed Draw Term Loans and the Prior Closing Date Term Loan, collectively, the “Prior Loans”). The terms of the Prior Supplemental Delayed Draw Term Loans were identical to the Prior Delayed Draw Term Loans. The Company borrowed the full $175.0 million Prior Closing Date Term Loan with a closing date of June 10, 2022 and incurred $4.3 million debt discount and issuance costs.
Under the Prior Credit Facility, interest accrued on the Prior Loans, at the Company’s election made at the time of borrowing, at either the Alternate Base Rate (“ABR”) or Secured Overnight Financing Rate (“SOFR”). The Company also had the option to convert all or a portion of the outstanding principal amount to/from a SOFR-based loan to/from an ABR-based loan after the initial election. ABR loans had an annual interest rate equal to ABR plus 5.5%. ABR is a fluctuating interest rate per annum equal to the highest of: (i) prime rate, (ii) federal funds rate plus 0.5%, or (iii) Term SOFR for one month plus 1.0%. SOFR loans had an annual interest rate equal to Term SOFR plus 6.5%. Term SOFR is a rate per annum equal to the greater of: (i) the floor of 1.0% or (ii) the sum of Term SOFR Reference Rate plus Term SOFR Adjustment applicable to the comparable Interest Period (as defined in the June 2022 credit agreement). The Company had the option to elect an Interest Period of one, three, or six months on the SOFR loans as long as the election did not extend beyond the maturity date of June 10, 2027. The annual interest rate was subject to a 0.5% increase and separately, a 0.5% decrease depending on certain actions by the Company.
Interest on ABR loans was payable quarterly in arrears. Interest on SOFR loans was payable on the last day of each Interest Period, but if the interest period was more than three months, interest was payable on the last day of each three-month interval after the first day of such Interest Period.
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.
The interest terms under the Amended Credit Facility are identical to the interest terms under the Prior Credit Facility except the ABR loan has an annual interest rate equal to ABR plus 6.0%, the SOFR loan has an annual interest rate equal to Term SOFR plus 7.0%, and the maturity date is August 17, 2028.
Under the Amended Credit Facility, the prepayment starts at 1.5% and reduces to zero beginning on the third anniversary from the closing date. Any amounts drawn and repaid or prepaid under the Amended Credit Facility may not be reborrowed.
The Company will have the option to fund up to 100.0% of cash interest with the proceeds of the Amended Delayed Draw Term Loan, subject to a 0.5% increase in the annual interest rate effective from the date of funding for 90 days, or 180 days if the Interest Period for such Amended Delayed Draw Term Loan is six months from the date of funding.
Under the Amended Credit Facility, the annual interest rate on all outstanding principal amounts will be reduced by 0.5% if the Company’s Annualized Subscription Recurring Revenue (as defined in the amended credit agreement, “ASRR”) is at least $500.0 million and the Company delivers a compliance certificate in accordance with the amended credit agreement.
The amended credit agreement contains certain covenants that require the Company, among other things, to maintain a specified minimum liquidity amount and minimum ASRR amount. Failure to comply with these covenants, along with other non-financial covenants, could result in an event of default, which may lead to acceleration of the amounts owed and/or the enforcement of other remedies by the lenders.
The Company had $6.9 million of debt discount and issuance costs on the $293.6 million Amended Term Loan and Amended Delayed Draw Term Loan as of August 17, 2023. The debt discount and issuance costs were recorded as a direct deduction from the long-term debt liability and are amortized into interest expense over the contractual term of the Amended Credit Facility.
Under the Amended Delayed Draw Term Loan, the Company borrowed $34.3 million and $4.1 million for the fiscal years ended January 31, 2025 and 2024, respectively.
As of January 31, 2025 and 2024, the Company was in compliance with all of its debt covenants.
Bridge Notes
In April 2024, the Company entered into a purchase agreement with Goldman Sachs & Co. LLC and Barclays Capital Inc. (collectively, the “Purchasers”) for the Company to issue senior notes (the “Bridge Notes”) to the Purchasers for up to $450.0 million. The Company issued the Bridge Notes and received the funding from the Purchasers on April 25, 2024 (the “Funding Date”) in an aggregate amount of $321.4 million to fund a portion of the tax withholding and remittance obligations related to the settlement of RSUs in connection with the IPO. The Bridge Notes matured on April 29, 2024 (the “IPO Settlement Date”) and carried an annual interest rate of 7.0% starting from the Funding Date up to but excluding the date of repayment.
The Company incurred $0.6 million of discount and issuance costs in connection with the issuance of Bridge Notes and recorded it as a direct deduction from the Bridge Notes liability on the date of issuance.
On April 29, 2024, the Company repaid the outstanding principal amount of the Bridge Notes, including $0.2 million of accrued and unpaid interest which was recorded as interest expense. The aggregate unamortized amount of discount and issuance costs was fully amortized into interest expense for the three months ended April 30, 2024.
v3.25.1
Commitment and Contingencies
 12 Months Ended
Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 9 – Commitments and Contingencies
Purchase Commitments
In December 2024, the Company entered into three-year contracts with certain third-parties for hosting services. The Company is required to spend a minimum of $200.0 million over the term of the contracts. As of January 31, 2025, the Company had $178.7 million remaining on these commitments.
In addition to the commitments described above, as of January 31, 2025, the Company had other remaining purchase commitments of approximately $114.5 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 consolidated balance sheets, consolidated statements of operations, or consolidated statements of 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.
v3.25.1
Redeemable Convertible Preferred Stock
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Redeemable Convertible Preferred Stock
Note 10 – 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' equity. As of January 31, 2025, there were no shares of redeemable convertible preferred stock issued and outstanding.
The authorized, issued and outstanding shares of redeemable convertible preferred stock and liquidation preferences as of January 31, 2024 were as follows (in thousands, except share amounts):
Authorized SharesIssued and Outstanding SharesLiquidation PreferenceCarrying Value
Series A15,255,884 15,255,884 $10,255 $10,229 
Series B16,751,780 16,751,780 41,000 40,974 
Series C8,937,037 8,937,037 61,250 61,187 
Series D15,406,551 15,406,551 182,600 182,505 
Series E17,831,307 17,831,307 419,995 419,818 
74,182,559 74,182,559 $715,100 $714,713 
The holders of shares of Preferred Stock had various rights and preferences.
Dividends
The holders of shares of Preferred Stock were entitled to receive noncumulative dividends at the specified dividend rate of $0.053775 per annum for each share of Series A Preferred Stock (“Series A”), $0.1958 per annum for each share of Series B Preferred Stock (“Series B”), $0.5483 per annum for each share of Series C Preferred Stock (“Series C”), $0.9482 per annum for each share of Series D Preferred Stock (“Series D”), and $1.8843 per annum for each share of Series E Preferred Stock (“Series E”), if and when declared by the Board of the Directors. Dividends to holders of Series A, Series B, Series C, Series D and Series E were to be paid in advance of any distributions on Founders Stock and Common Stock.
No dividends have been declared to date.
Liquidation
In the event of a liquidation event, either voluntary or involuntary, the holders of each series of Preferred Stock would have been entitled to receive on a pari passu basis out of the proceeds of assets of the Company available for distribution the greater of (i) an amount equal to the sum of (a) the original issue price, as follows: $0.6722 per share for each share of Series A, $2.4475 per share for each share of Series B, $6.8535 per share for each share of Series C, $11.8521 per share for each share of Series D, $23.5538 per share for each share of Series E, and (b) declared but unpaid dividends on such share or (ii) the amount per share that would be payable had all shares of such series of Preferred Stock been converted into Common Stock immediately prior to such Liquidation Event.
Redemption
The holders of Preferred Stock had no voluntary rights to redeem their shares. The Preferred Stock had deemed liquidation provisions which required the shares to be redeemed upon a change in control or other deemed liquidation events. Although the Preferred Stock was not mandatorily or currently redeemable, a deemed liquidation event would constitute a redemption event outside the Company’s control. As a result of these liquidation features, all shares of Preferred Stock were classified outside of stockholders’ deficit on the consolidated balance sheets. The carrying values of the Company’s Preferred Stock had not been accreted to their redemption values as these events were not considered probable of occurring. Subsequent adjustments of the carrying values to redemption values would be made only if and when it becomes probable the preferred shares will become redeemable.
Conversion
Each share of Series A, Series B, Series C, Series D and Series E was convertible into Common Stock at any time at the option of the stockholder by dividing $0.6722, $2.4475, $6.8535, $11.8521 and $23.5538, respectively (the original issue price per share, split adjusted) by the applicable conversion price. The initial conversion price per share for Series A, Series B, Series C, Series D and Series E was $0.6722, $2.4475, $6.8535, $11.8521 and $23.5538, respectively. The conversion price would have been subject to adjustments as set forth in the Company’s amended and restated certificate of incorporation upon the occurrence of certain events, such as stock splits and stock dividends. Each share of Preferred Stock would have been automatically converted into shares of Common Stock immediately upon the earlier of (i) closing of the Company’s sale of the Company’s Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended, with an aggregate offering price to the public of at least $35 million or (ii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then outstanding shares of Preferred Stock.
Voting
Each holder of shares of Preferred Stock was entitled to voting rights equivalent to the number of shares of Common Stock into which the respective shares were convertible. Certain transactions required the vote of at least a majority of outstanding shares of Series B, 60% of outstanding shares of Series C, a majority of outstanding shares of Series D, a majority of outstanding shares of Series E, or the holders of majority of the shares of outstanding Preferred Stock.
Note 11 – 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.
Immediately prior to the closing of the IPO, all 5,400,000 shares of the Company’s convertible founder stock outstanding were automatically converted into an equal number of shares of Class B common stock. As of January 31, 2025, there were no shares of convertible founder stock issued and outstanding.
Equity Incentive Plan
In January 2014, the Company adopted the 2014 Stock Option and Grant Plan, as amended (the “2014 Plan”). The 2014 Plan 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,
20252024
Conversion of Preferred Stock— 74,183 
Conversion of Founders Stock— 5,400 
2014 Stock Option and Grant Plan:
Outstanding stock options9,570 3,185 
Outstanding restricted stock units18,039 50,192 
Shares available for further issuance under the 2014 Plan— 6,255 
2024 Equity Incentive Plan:
Outstanding restricted stock units4,217 — 
Shares available for future issuance under the 2024 Plan57,591 — 
2024 Employee Stock Purchase Plan4,201 — 
Total shares of common stock reserved93,618 139,215 
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 OptionsWeighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20224,693,880 $5.22 5.9$68,795 
Granted178,924 20.87 
Exercised(669,122)5.70 9,973 
Cancelled(105,648)8.18 
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 
Vested and exercisable as of January 31, 20252,352,521 $15.02 5.1$137,044 
The weighted-average grant date fair value of options granted to employees was $14.07 for the fiscal year ended January 31, 2023. There were no options with only a service-based vesting condition granted during each of the fiscal years ended January 31, 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.
The assumptions used in the Black-Scholes option pricing model were as follows:
Year Ended January 31, 2023
Expected term (in years)
6.0 - 6.0
Expected volatility
58.2% - 83.2%
Risk-free interest rate
2.7% - 3.8%
Dividend yield—
As of January 31, 2025, there was approximately $90.7 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.5 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 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 RSUsWeighted-Average
Grant Date Fair Value
Outstanding as of January 31, 202231,209,565 $11.31 
Granted11,195,973 19.92 
Vested(54,010)8.48 
Forfeited(2,641,160)14.75 
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 
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, 2025, 2024 and 2023, the total grant date fair value of vested RSUs was $592.8 million, $0.5 million and $1.1 million, respectively.
As of January 31, 2025, there was approximately $434.0 million of unrecognized stock-based compensation expense relating to RSUs, which is expected to be recognized over a weighted-average period of 1.9 years.
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, 2025
Expected term (in years)
0.4 - 2.0
Expected volatility
56.5% - 71.7%
Risk-free interest rate
3.6% - 5.4%
Dividend yield—
As of January 31, 2025, there was approximately $11.4 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,
202520242023
Cost of revenue
Subscription$49,514 $45 $53 
Maintenance3,076 7 34 
Other14,451 11 140 
Research and development297,051 3,590 3,044 
Sales and marketing330,443 1,313 2,399 
General and administrative219,378 749 1,284 
Total stock-based compensation expense$913,913 $5,715 $6,954 
v3.25.1
Stockholders’ Deficit
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Stockholders’ Deficit
Note 10 – 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' equity. As of January 31, 2025, there were no shares of redeemable convertible preferred stock issued and outstanding.
The authorized, issued and outstanding shares of redeemable convertible preferred stock and liquidation preferences as of January 31, 2024 were as follows (in thousands, except share amounts):
Authorized SharesIssued and Outstanding SharesLiquidation PreferenceCarrying Value
Series A15,255,884 15,255,884 $10,255 $10,229 
Series B16,751,780 16,751,780 41,000 40,974 
Series C8,937,037 8,937,037 61,250 61,187 
Series D15,406,551 15,406,551 182,600 182,505 
Series E17,831,307 17,831,307 419,995 419,818 
74,182,559 74,182,559 $715,100 $714,713 
The holders of shares of Preferred Stock had various rights and preferences.
Dividends
The holders of shares of Preferred Stock were entitled to receive noncumulative dividends at the specified dividend rate of $0.053775 per annum for each share of Series A Preferred Stock (“Series A”), $0.1958 per annum for each share of Series B Preferred Stock (“Series B”), $0.5483 per annum for each share of Series C Preferred Stock (“Series C”), $0.9482 per annum for each share of Series D Preferred Stock (“Series D”), and $1.8843 per annum for each share of Series E Preferred Stock (“Series E”), if and when declared by the Board of the Directors. Dividends to holders of Series A, Series B, Series C, Series D and Series E were to be paid in advance of any distributions on Founders Stock and Common Stock.
No dividends have been declared to date.
Liquidation
In the event of a liquidation event, either voluntary or involuntary, the holders of each series of Preferred Stock would have been entitled to receive on a pari passu basis out of the proceeds of assets of the Company available for distribution the greater of (i) an amount equal to the sum of (a) the original issue price, as follows: $0.6722 per share for each share of Series A, $2.4475 per share for each share of Series B, $6.8535 per share for each share of Series C, $11.8521 per share for each share of Series D, $23.5538 per share for each share of Series E, and (b) declared but unpaid dividends on such share or (ii) the amount per share that would be payable had all shares of such series of Preferred Stock been converted into Common Stock immediately prior to such Liquidation Event.
Redemption
The holders of Preferred Stock had no voluntary rights to redeem their shares. The Preferred Stock had deemed liquidation provisions which required the shares to be redeemed upon a change in control or other deemed liquidation events. Although the Preferred Stock was not mandatorily or currently redeemable, a deemed liquidation event would constitute a redemption event outside the Company’s control. As a result of these liquidation features, all shares of Preferred Stock were classified outside of stockholders’ deficit on the consolidated balance sheets. The carrying values of the Company’s Preferred Stock had not been accreted to their redemption values as these events were not considered probable of occurring. Subsequent adjustments of the carrying values to redemption values would be made only if and when it becomes probable the preferred shares will become redeemable.
Conversion
Each share of Series A, Series B, Series C, Series D and Series E was convertible into Common Stock at any time at the option of the stockholder by dividing $0.6722, $2.4475, $6.8535, $11.8521 and $23.5538, respectively (the original issue price per share, split adjusted) by the applicable conversion price. The initial conversion price per share for Series A, Series B, Series C, Series D and Series E was $0.6722, $2.4475, $6.8535, $11.8521 and $23.5538, respectively. The conversion price would have been subject to adjustments as set forth in the Company’s amended and restated certificate of incorporation upon the occurrence of certain events, such as stock splits and stock dividends. Each share of Preferred Stock would have been automatically converted into shares of Common Stock immediately upon the earlier of (i) closing of the Company’s sale of the Company’s Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended, with an aggregate offering price to the public of at least $35 million or (ii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then outstanding shares of Preferred Stock.
Voting
Each holder of shares of Preferred Stock was entitled to voting rights equivalent to the number of shares of Common Stock into which the respective shares were convertible. Certain transactions required the vote of at least a majority of outstanding shares of Series B, 60% of outstanding shares of Series C, a majority of outstanding shares of Series D, a majority of outstanding shares of Series E, or the holders of majority of the shares of outstanding Preferred Stock.
Note 11 – 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.
Immediately prior to the closing of the IPO, all 5,400,000 shares of the Company’s convertible founder stock outstanding were automatically converted into an equal number of shares of Class B common stock. As of January 31, 2025, there were no shares of convertible founder stock issued and outstanding.
Equity Incentive Plan
In January 2014, the Company adopted the 2014 Stock Option and Grant Plan, as amended (the “2014 Plan”). The 2014 Plan 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,
20252024
Conversion of Preferred Stock— 74,183 
Conversion of Founders Stock— 5,400 
2014 Stock Option and Grant Plan:
Outstanding stock options9,570 3,185 
Outstanding restricted stock units18,039 50,192 
Shares available for further issuance under the 2014 Plan— 6,255 
2024 Equity Incentive Plan:
Outstanding restricted stock units4,217 — 
Shares available for future issuance under the 2024 Plan57,591 — 
2024 Employee Stock Purchase Plan4,201 — 
Total shares of common stock reserved93,618 139,215 
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 OptionsWeighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20224,693,880 $5.22 5.9$68,795 
Granted178,924 20.87 
Exercised(669,122)5.70 9,973 
Cancelled(105,648)8.18 
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 
Vested and exercisable as of January 31, 20252,352,521 $15.02 5.1$137,044 
The weighted-average grant date fair value of options granted to employees was $14.07 for the fiscal year ended January 31, 2023. There were no options with only a service-based vesting condition granted during each of the fiscal years ended January 31, 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.
The assumptions used in the Black-Scholes option pricing model were as follows:
Year Ended January 31, 2023
Expected term (in years)
6.0 - 6.0
Expected volatility
58.2% - 83.2%
Risk-free interest rate
2.7% - 3.8%
Dividend yield—
As of January 31, 2025, there was approximately $90.7 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.5 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 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 RSUsWeighted-Average
Grant Date Fair Value
Outstanding as of January 31, 202231,209,565 $11.31 
Granted11,195,973 19.92 
Vested(54,010)8.48 
Forfeited(2,641,160)14.75 
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 
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, 2025, 2024 and 2023, the total grant date fair value of vested RSUs was $592.8 million, $0.5 million and $1.1 million, respectively.
As of January 31, 2025, there was approximately $434.0 million of unrecognized stock-based compensation expense relating to RSUs, which is expected to be recognized over a weighted-average period of 1.9 years.
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, 2025
Expected term (in years)
0.4 - 2.0
Expected volatility
56.5% - 71.7%
Risk-free interest rate
3.6% - 5.4%
Dividend yield—
As of January 31, 2025, there was approximately $11.4 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,
202520242023
Cost of revenue
Subscription$49,514 $45 $53 
Maintenance3,076 7 34 
Other14,451 11 140 
Research and development297,051 3,590 3,044 
Sales and marketing330,443 1,313 2,399 
General and administrative219,378 749 1,284 
Total stock-based compensation expense$913,913 $5,715 $6,954 
v3.25.1
Net Loss Per Share
 12 Months Ended
Jan. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share
Note 12 – 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,
202520242023
Class AClass BClass AClass BClass AClass B
Numerator:
Net loss$428,333 $726,487 $— $(354,158)$— $(277,746)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted57,229 97,065 — 55,228 — 54,190 
Weighted-average founders stock shares used in computing net loss per share, basic and diluted— — — 5,400 — 5,400 
Net loss per common stock share, basic and diluted$7.48 $7.48 $— $(5.84)$— $(4.66)
Net loss per founders stock share, basic and diluted$— $— $— $(5.84)$— $(4.66)
The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands):
Year Ended January 31,
202520242023
Redeemable convertible preferred stock— 74,183 74,183 
Issued and outstanding common stock options9,570 3,185 4,098 
Unvested RSUs issued and outstanding22,216 50,174 39,710 
Total31,786 127,542 117,991 
v3.25.1
Income Taxes
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
Note 13 – Income Taxes
U.S. and foreign components of consolidated loss before income taxes were as follows (in thousands):
Year Ended January 31,
202520242023
Domestic$(1,223,181)$(356,015)$(296,975)
Foreign74,729 28,546 27,825 
Loss before income taxes$(1,148,452)$(327,469)$(269,150)
The provision for income taxes was as follows (in thousands):
Year Ended January 31,
202520242023
Current:
Federal$(2,330)$2,336 $— 
State(1,315)2,818 189 
Foreign8,772 19,598 3,959 
Total current provision for income taxes5,127 24,752 4,148 
Deferred:
Federal— — — 
State— — — 
Foreign1,241 1,937 4,448 
Total deferred provision for income taxes1,241 1,937 4,448 
Total provision for income taxes$6,368 $26,689 $8,596 
The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
Year Ended January 31,
202520242023
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit3.2 — 3.5 
Stock-based compensation10.4 0.3 (0.3)
Impact of foreign operations2.9 (5.1)(2.8)
Change in valuation allowance(42.8)(14.5)(27.8)
Research and development credits4.9 3.9 4.0 
Non-deductible expenses— (12.8)— 
Other adjustments(0.2)(1.0)(0.8)
Effective income tax rate(0.6)%(8.2)%(3.2)%
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,
20252024
Deferred tax assets:
Net operating loss carryforwards$330,908 $131,449 
Capitalized research and development expenditures208,690 74,843 
Research and development credit carryforward117,837 52,152 
Deferred revenue151,326 119,531 
Stock-based compensation68,587 3,716 
Operating lease liabilities4,863 7,063 
Other26,505 9,578 
Total deferred tax assets908,716 398,332 
Less: valuation allowance(863,039)(371,027)
Total deferred tax assets, net45,677 27,305 
Deferred tax liabilities:
State income taxes(28,936)(13,493)
Capitalized internal-use software(5,472)(3,769)
ROU assets(4,219)(6,402)
Other(18,394)(13,744)
Total deferred tax liabilities(57,021)(37,408)
Net deferred tax assets (liabilities)$(11,344)$(10,103)
The valuation allowance increased by $492.0 million for the fiscal year ended January 31, 2025. 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, 2025, the Company had U.S. federal net operating loss carryforwards of approximately $1,346.1 million, state net operating loss carryforwards of approximately $626.2 million, and foreign net operating loss carryforwards of approximately $6.0 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 2028. The foreign net operating loss carryforwards do not expire.
As of January 31, 2025, the Company had U.S. federal research and development tax credit carryforwards of approximately $88.0 million, which if not utilized, will begin to expire in fiscal 2036. As of January 31, 2025, the Company had state research and development tax credit carryforwards of approximately $59.3 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,
202520242023
Unrecognized tax benefits at beginning of period$31,263 $11,206 $7,811 
Decreases related to prior year tax positions(567)— — 
Increases related to prior year tax positions— 63 463 
Increases related to current year tax positions15,928 19,994 2,932 
Unrecognized tax benefits at end of period$46,624 $31,263 $11,206 
In the fiscal year ended January 31, 2025, 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, 2025.
v3.25.1
Segment Reporting
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
Note 14 – 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 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,
202520242023
Total revenue
$886,544 $627,892 $599,819 
Less:
Adjusted subscription cost of revenue (1)
161,576 96,053 61,132 
Remaining cost of revenue24,593 40,235 112,567 
Remaining research and development expenses226,235 194,639 163,450 
Remaining sales and marketing expenses531,154 475,687 411,702 
Remaining general and administrative expenses131,462 95,431 82,060 
Stock-based compensation expense (2)
913,913 5,715 6,954 
Depreciation and amortization27,970 24,962 22,680 
Amortization of acquired intangibles
3,673 1,676 822 
Interest expense41,253 30,295 11,709 
Income tax expense6,368 26,689 8,596 
Other items (3)
(1,480)1,884 1,033 
Plus:
Interest income25,353 11,216 5,140 
Segment net loss
(1,154,820)(354,158)(277,746)
Consolidated net loss
$(1,154,820)$(354,158)$(277,746)
(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 from amortization of capitalized internal-use software as follows (in thousands):
Year Ended January 31,
202520242023
Subscription cost of revenue$215,036 $97,927 $62,294 
Less:
Stock-based compensation expense49,514 45 53 
Amortization of acquired intangibles3,673 1,676 822 
Stock-based compensation from amortization of capitalized internal-use software273 153 287 
Adjusted subscription cost of revenue$161,576 $96,053 $61,132 
(2) See Note 11 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,
20252024
United States
$62,455 $61,402 
India
10,453 10,633 
Rest of world
6,192 5,671 
Total long-lived assets
$79,100 $77,706 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Pay vs Performance Disclosure      
Net loss $ (1,154,820) $ (354,158) $ (277,746)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Jan. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Kiran Choudary [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On January 15, 2025, Kiran Choudary, our Chief Financial Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. Choudary’s trading arrangement provides for the sale through April 16, 2026 of up to 150,000 shares of our Class A common stock. The actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the written plan. Immediately prior to his adoption of the aforementioned trading arrangement, on January 15, 2025, Mr. Choudary terminated a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) originally adopted on July 15, 2024 for the sales up to 237,600 shares of our Class A common stock. The trading arrangement was originally scheduled to terminate on the earlier of the date all shares under the written plan were sold or October 31, 2025.
Kiran Choudary January 2025 Plan [Member] | Kiran Choudary [Member]  
Trading Arrangements, by Individual  
Name Kiran Choudary
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date January 15, 2025
Expiration Date April 16, 2026
Arrangement Duration 456 days
Aggregate Available 150,000
Kiran Choudary July 2024 Plan [Member] | Kiran Choudary [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Terminated true
Termination Date January 15, 2025
Aggregate Available 237,600
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Jan. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jan. 31, 2025
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 is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
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 board of directors receives 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 board of directors also receives 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 is responsible for overseeing Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
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 board of directors receives 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 board of directors also receives 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 board of directors receives 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 board of directors also receives 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
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
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.
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 Rubrik Security Cloud (“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, Enterprise Edition, and Enterprise Proactive 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.
Maintenance revenue
Maintenance revenue represents fees earned from software updates on a when-and-if-available basis, telephone support, integrated web-based support, and Rubrik-branded Appliance support relating to the Company’s perpetual licenses. Maintenance revenue is recognized ratably over the term of the service period.
Other revenue
Other revenue represents fees earned from the sale of Rubrik-branded Appliances and professional services.
The Company has determined the Rubrik-branded Appliances and software licenses are separate performance obligations because the Rubrik-branded Appliances and software licenses are not highly interdependent or interrelated and the customer can benefit from the Rubrik-branded Appliances and software licenses separately. The Company does not customize its software licenses and installation services are not required for the software to function.
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 with Refresh Rights (as defined below) 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,
202520242023
Subscription revenue
Products and services transferred over time$756,660 $437,693 $219,115 
Products and services transferred at a point in time72,080 100,176 166,157 
Maintenance revenue
Products and services transferred over time18,408 38,745 76,220 
Other revenue
Products and services transferred over time29,755 30,728 30,742 
Products and services transferred at a point in time9,641 20,550 107,585 
Total revenue $886,544 $627,892 $599,819 
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 $8.5 million and $9.0 million of contract assets as of January 31, 2025 and 2024, respectively. The current and noncurrent contract assets balances as of January 31, 2025 were $4.5 million and $4.0 million, respectively, as of January 31, 2024 were $6.4 million and $2.6 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, 2025 and 2024, the Company recognized revenue of approximately $535.3 million and $322.5 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, 2025, 2024 and 2023.
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, 2025 and 2024, the Company’s restricted cash balance was $7.3 million and $7.0 million, respectively. Restricted cash is included within prepaid expenses and other current assets and 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.
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 (the “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 year ended January 31, 2025 and basic and diluted net loss per share attributable to common and convertible founder stockholders for the fiscal years ended January 31, 2024 and 2023 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 common stock options, unvested RSUs issued and outstanding, and ESPP, to the extent they are dilutive.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The guidance is effective for the Company's annual report for its fiscal year beginning February 1, 2024 and interim periods within its fiscal year beginning February 1, 2025, on a retrospective basis. Early adoption is permitted. The Company adopted ASU 2023-07 in the fourth quarter of the fiscal year ended January 31, 2025. See Note 14 Segment Reporting.
Recently Announced Accounting Pronouncements Not Yet Adopted
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. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is assessing the timing and impact of adopting this standard.
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.
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 31, 2025
Accounting Policies [Abstract]  
Disaggregation of Revenue
Timing of revenue recognition (in thousands)
Year Ended January 31,
202520242023
Subscription revenue
Products and services transferred over time$756,660 $437,693 $219,115 
Products and services transferred at a point in time72,080 100,176 166,157 
Maintenance revenue
Products and services transferred over time18,408 38,745 76,220 
Other revenue
Products and services transferred over time29,755 30,728 30,742 
Products and services transferred at a point in time9,641 20,550 107,585 
Total revenue $886,544 $627,892 $599,819 
The following table sets forth revenue by geographic area based on ship to address (in thousands):
Year Ended January 31,
202520242023
Americas$636,191 $441,537 $428,304 
EMEA214,098 162,161 149,853 
APAC36,255 24,194 21,662 
Total revenue$886,544 $627,892 $599,819 
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,
20252024
Equipment$75,589 $91,645 
Capitalized internal-use software36,132 21,191 
Leasehold improvements12,739 12,350 
Furniture and fixtures4,687 4,150 
Total property and equipment, gross129,147 129,336 
Less: accumulated depreciation and amortization(75,953)(81,463)
Total property and equipment, net$53,194 $47,873 
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,
20252024202320252024
Partner A29%30%32 %33%44%
Partner B34%35%35 %20%25%
Partner C10%11%12 %14%*
* Less than 10%
v3.25.1
Revenue by Geography (Tables)
 12 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Timing of revenue recognition (in thousands)
Year Ended January 31,
202520242023
Subscription revenue
Products and services transferred over time$756,660 $437,693 $219,115 
Products and services transferred at a point in time72,080 100,176 166,157 
Maintenance revenue
Products and services transferred over time18,408 38,745 76,220 
Other revenue
Products and services transferred over time29,755 30,728 30,742 
Products and services transferred at a point in time9,641 20,550 107,585 
Total revenue $886,544 $627,892 $599,819 
The following table sets forth revenue by geographic area based on ship to address (in thousands):
Year Ended January 31,
202520242023
Americas$636,191 $441,537 $428,304 
EMEA214,098 162,161 149,853 
APAC36,255 24,194 21,662 
Total revenue$886,544 $627,892 $599,819 
v3.25.1
Financial Instruments (Tables)
 12 Months Ended
Jan. 31, 2025
Fair Value Disclosures [Abstract]  
Cash, Cash Equivalents and Investments 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, 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 
Reported as
January 31, 2024Amortized CostGross Unrealized GainsGross
Unrealized
Losses		Estimated Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash:$72,420 $— $— $72,420 $72,420 $— 
Level 1:
Money market funds47,696 — — 47,696 47,696 — 
U.S. Treasuries86,429 70 (13)86,486 — 86,486 
Subtotal134,125 70 (13)134,182 47,696 86,486 
Level 2:
Commercial paper33,019 3 (3)33,019 9,915 23,104 
Corporate bonds17,883 30 (3)17,910 — 17,910 
U.S. government agencies21,703 27 (10)21,720 — 21,720 
Subtotal72,605 60 (16)72,649 9,915 62,734 
Total$279,150 $130 $(29)$279,251 $130,031 $149,220 
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,
2025
Due within one year$448,397 
Due between one to two years70,416 
Total$518,813 
v3.25.1
Balance Sheet Components (Tables)
 12 Months Ended
Jan. 31, 2025
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,
20252024
Prepaid expenses$77,857 $44,721 
Inventory, net4,183 4,807 
Contract assets, current4,537 6,356 
Other current assets16,374 7,977 
Total prepaid expenses and other current assets$102,951 $63,861 
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,
20252024
Equipment$75,589 $91,645 
Capitalized internal-use software36,132 21,191 
Leasehold improvements12,739 12,350 
Furniture and fixtures4,687 4,150 
Total property and equipment, gross129,147 129,336 
Less: accumulated depreciation and amortization(75,953)(81,463)
Total property and equipment, net$53,194 $47,873 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
January 31,
20252024
Accrued expenses$30,983$41,773
Accrued bonuses49,10431,212
Accrued sales commissions27,62718,859
Accrued payroll-related expenses, taxes, and benefits38,53320,197
Operating lease liabilities10,08710,461
Other6,268432
Total accrued expenses and other current liabilities$162,602 $122,934 
v3.25.1
Leases (Tables)
 12 Months Ended
Jan. 31, 2025
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:20252024
Other assets, noncurrent (operating lease ROU assets)$25,906 $29,833 
Accrued expenses and other current liabilities (operating lease liabilities, current)10,087 10,461 
Other liabilities, noncurrent (operating lease liabilities, noncurrent)18,382 22,252 
Total operating lease liabilities$28,469 $32,713 
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,
202520242023
Cash paid for amounts included in measurement of operating lease liabilities$12,261$11,397$10,244
ROU assets obtained in exchange of lease liabilities for new operating leases$6,810$6,375$11,969
Supplemental information related to the remaining lease term and discount rate were as follows:
January 31,
20252024
Weighted-average remaining lease term3.0 years3.6 years
Weighted-average discount rate5.5%5.1%
Schedule of Operating Lease Maturity
The following table summarizes the maturity of the Company’s operating lease liabilities as of January 31, 2025 (in thousands):
Fiscal Year Ending January 31,Operating Leases
2026$11,103 
20279,552 
20288,218 
20291,445 
2030449 
Thereafter— 
Total operating lease payments30,767 
Less: imputed interest(2,298)
Total operating lease liabilities$28,469 
v3.25.1
Redeemable Convertible Preferred Stock (Tables)
 12 Months Ended
Jan. 31, 2025
Equity [Abstract]  
Temporary Equity
The authorized, issued and outstanding shares of redeemable convertible preferred stock and liquidation preferences as of January 31, 2024 were as follows (in thousands, except share amounts):
Authorized SharesIssued and Outstanding SharesLiquidation PreferenceCarrying Value
Series A15,255,884 15,255,884 $10,255 $10,229 
Series B16,751,780 16,751,780 41,000 40,974 
Series C8,937,037 8,937,037 61,250 61,187 
Series D15,406,551 15,406,551 182,600 182,505 
Series E17,831,307 17,831,307 419,995 419,818 
74,182,559 74,182,559 $715,100 $714,713 
v3.25.1
Stockholders’ Deficit (Tables)
 12 Months Ended
Jan. 31, 2025
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,
20252024
Conversion of Preferred Stock— 74,183 
Conversion of Founders Stock— 5,400 
2014 Stock Option and Grant Plan:
Outstanding stock options9,570 3,185 
Outstanding restricted stock units18,039 50,192 
Shares available for further issuance under the 2014 Plan— 6,255 
2024 Equity Incentive Plan:
Outstanding restricted stock units4,217 — 
Shares available for future issuance under the 2024 Plan57,591 — 
2024 Employee Stock Purchase Plan4,201 — 
Total shares of common stock reserved93,618 139,215 
Schedule of Stock Options Roll Forward
A summary of the stock option activity and related information is as follows:
Number of OptionsWeighted-
Average
Exercise Price		Weighted-
Average
Remaining
Contractual
Term (years)		Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of January 31, 20224,693,880 $5.22 5.9$68,795 
Granted178,924 20.87 
Exercised(669,122)5.70 9,973 
Cancelled(105,648)8.18 
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 
Vested and exercisable as of January 31, 20252,352,521 $15.02 5.1$137,044 
Summary of the Assumptions Used in Estimating Fair Value of ESPP
The assumptions used in the Black-Scholes option pricing model were as follows:
Year Ended January 31, 2023
Expected term (in years)
6.0 - 6.0
Expected volatility
58.2% - 83.2%
Risk-free interest rate
2.7% - 3.8%
Dividend yield—
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 RSUsWeighted-Average
Grant Date Fair Value
Outstanding as of January 31, 202231,209,565 $11.31 
Granted11,195,973 19.92 
Vested(54,010)8.48 
Forfeited(2,641,160)14.75 
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 
Summary 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, 2025
Expected term (in years)
0.4 - 2.0
Expected volatility
56.5% - 71.7%
Risk-free interest rate
3.6% - 5.4%
Dividend yield—
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,
202520242023
Cost of revenue
Subscription$49,514 $45 $53 
Maintenance3,076 7 34 
Other14,451 11 140 
Research and development297,051 3,590 3,044 
Sales and marketing330,443 1,313 2,399 
General and administrative219,378 749 1,284 
Total stock-based compensation expense$913,913 $5,715 $6,954 
v3.25.1
Net Loss Per Share (Tables)
 12 Months Ended
Jan. 31, 2025
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,
202520242023
Class AClass BClass AClass BClass AClass B
Numerator:
Net loss$428,333 $726,487 $— $(354,158)$— $(277,746)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic and diluted57,229 97,065 — 55,228 — 54,190 
Weighted-average founders stock shares used in computing net loss per share, basic and diluted— — — 5,400 — 5,400 
Net loss per common stock share, basic and diluted$7.48 $7.48 $— $(5.84)$— $(4.66)
Net loss per founders stock share, basic and diluted$— $— $— $(5.84)$— $(4.66)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because the impact of including them would have been antidilutive (in thousands):
Year Ended January 31,
202520242023
Redeemable convertible preferred stock— 74,183 74,183 
Issued and outstanding common stock options9,570 3,185 4,098 
Unvested RSUs issued and outstanding22,216 50,174 39,710 
Total31,786 127,542 117,991 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
U.S. and foreign components of consolidated loss before income taxes were as follows (in thousands):
Year Ended January 31,
202520242023
Domestic$(1,223,181)$(356,015)$(296,975)
Foreign74,729 28,546 27,825 
Loss before income taxes$(1,148,452)$(327,469)$(269,150)
The provision for income taxes was as follows (in thousands):
Year Ended January 31,
202520242023
Current:
Federal$(2,330)$2,336 $— 
State(1,315)2,818 189 
Foreign8,772 19,598 3,959 
Total current provision for income taxes5,127 24,752 4,148 
Deferred:
Federal— — — 
State— — — 
Foreign1,241 1,937 4,448 
Total deferred provision for income taxes1,241 1,937 4,448 
Total provision for income taxes$6,368 $26,689 $8,596 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
Year Ended January 31,
202520242023
Provision at federal statutory rate21.0 %21.0 %21.0 %
State, net of federal benefit3.2 — 3.5 
Stock-based compensation10.4 0.3 (0.3)
Impact of foreign operations2.9 (5.1)(2.8)
Change in valuation allowance(42.8)(14.5)(27.8)
Research and development credits4.9 3.9 4.0 
Non-deductible expenses— (12.8)— 
Other adjustments(0.2)(1.0)(0.8)
Effective income tax rate(0.6)%(8.2)%(3.2)%
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,
20252024
Deferred tax assets:
Net operating loss carryforwards$330,908 $131,449 
Capitalized research and development expenditures208,690 74,843 
Research and development credit carryforward117,837 52,152 
Deferred revenue151,326 119,531 
Stock-based compensation68,587 3,716 
Operating lease liabilities4,863 7,063 
Other26,505 9,578 
Total deferred tax assets908,716 398,332 
Less: valuation allowance(863,039)(371,027)
Total deferred tax assets, net45,677 27,305 
Deferred tax liabilities:
State income taxes(28,936)(13,493)
Capitalized internal-use software(5,472)(3,769)
ROU assets(4,219)(6,402)
Other(18,394)(13,744)
Total deferred tax liabilities(57,021)(37,408)
Net deferred tax assets (liabilities)$(11,344)$(10,103)
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,
202520242023
Unrecognized tax benefits at beginning of period$31,263 $11,206 $7,811 
Decreases related to prior year tax positions(567)— — 
Increases related to prior year tax positions— 63 463 
Increases related to current year tax positions15,928 19,994 2,932 
Unrecognized tax benefits at end of period$46,624 $31,263 $11,206 
v3.25.1
Segment Reporting (Tables)
 12 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the segment information (in thousands):
Year Ended January 31,
202520242023
Total revenue
$886,544 $627,892 $599,819 
Less:
Adjusted subscription cost of revenue (1)
161,576 96,053 61,132 
Remaining cost of revenue24,593 40,235 112,567 
Remaining research and development expenses226,235 194,639 163,450 
Remaining sales and marketing expenses531,154 475,687 411,702 
Remaining general and administrative expenses131,462 95,431 82,060 
Stock-based compensation expense (2)
913,913 5,715 6,954 
Depreciation and amortization27,970 24,962 22,680 
Amortization of acquired intangibles
3,673 1,676 822 
Interest expense41,253 30,295 11,709 
Income tax expense6,368 26,689 8,596 
Other items (3)
(1,480)1,884 1,033 
Plus:
Interest income25,353 11,216 5,140 
Segment net loss
(1,154,820)(354,158)(277,746)
Consolidated net loss
$(1,154,820)$(354,158)$(277,746)
(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 from amortization of capitalized internal-use software as follows (in thousands):
Year Ended January 31,
202520242023
Subscription cost of revenue$215,036 $97,927 $62,294 
Less:
Stock-based compensation expense49,514 45 53 
Amortization of acquired intangibles3,673 1,676 822 
Stock-based compensation from amortization of capitalized internal-use software273 153 287 
Adjusted subscription cost of revenue$161,576 $96,053 $61,132 
(2) See Note 11 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,
20252024
United States
$62,455 $61,402 
India
10,453 10,633 
Rest of world
6,192 5,671 
Total long-lived assets
$79,100 $77,706 
v3.25.1
Description of Business (Details) - USD ($)
$ / 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 common stock        
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 common stock        
Subsidiary, Sale of Stock [Line Items]        
Number of shares issued in transaction (in shares)   3,472,252    
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
USD ($)
institution
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Accounting Policies [Line Items]      
Contract duration (in years) 3 years    
Contract asset $ 9,000 $ 8,500  
Contract assets, current 4,537 6,356  
Contract asset, noncurrent 4,000 2,600  
Contract with customer, liability, revenue recognized 535,300 322,500  
Revenue, remaining performance obligation, amount 1,811,000    
Restricted cash 7,300 7,000  
Advertising expense $ 35,600 $ 31,300 $ 33,300
Number of financial institutions | institution 3    
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]: 2025-02-01      
Accounting Policies [Line Items]      
Revenue, remaining performance obligation, percentage 50.00%    
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    
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Timing of Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 886,544 $ 627,892 $ 599,819
Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 828,740 537,869 385,272
Subscription | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 756,660 437,693 219,115
Subscription | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 72,080 100,176 166,157
Maintenance      
Disaggregation of Revenue [Line Items]      
Total revenue 18,408 38,745 76,220
Maintenance | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 18,408 38,745 76,220
Other      
Disaggregation of Revenue [Line Items]      
Total revenue 39,396 51,278 138,327
Other | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 29,755 30,728 30,742
Other | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue $ 9,641 $ 20,550 $ 107,585
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Useful Lives of Property and Equipment (Details)
Jan. 31, 2025
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
v3.25.1
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Revenue and Accounts Receivable (Details) - Customer Concentration Risk
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Partner A | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 29.00% 30.00% 32.00%
Partner A | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 33.00% 44.00%  
Partner B | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 34.00% 35.00% 35.00%
Partner B | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 20.00% 25.00%  
Partner C | Revenue      
Concentration Risk [Line Items]      
Concentration risk, percentage 10.00% 11.00% 12.00%
Partner C | Accounts Receivable, Net      
Concentration Risk [Line Items]      
Concentration risk, percentage 14.00% 10.00%  
v3.25.1
Revenue by Geography (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 886,544 $ 627,892 $ 599,819
Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 636,191 441,537 428,304
EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 214,098 162,161 149,853
APAC      
Disaggregation of Revenue [Line Items]      
Total revenue $ 36,255 $ 24,194 $ 21,662
v3.25.1
Revenue by Geography - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenue $ 886,544 $ 627,892 $ 599,819
UNITED STATES      
Disaggregation of Revenue [Line Items]      
Total revenue $ 612,900 $ 427,000 $ 416,100
UNITED STATES | Revenue | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 69.00% 68.00% 69.00%
v3.25.1
Business Combinations (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Aug. 31, 2023
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Business Acquisition [Line Items]        
Goodwill   $ 100,343 $ 100,343  
Laminar Technologies, Inc.        
Business Acquisition [Line Items]        
Business combination, consideration transferred $ 104,900      
Payments to acquire businesses, gross 90,800      
Business combination, consideration transferred, amount held back 23,800      
Goodwill 96,100      
Amortization of intangibles   $ 3,700 $ 1,700 $ 800
Laminar Technologies, Inc. | Developed Technology        
Business Acquisition [Line Items]        
Finite-lived intangibles acquired $ 11,000      
Acquired finite-lived intangible assets, Weighted average useful life (in years) 3 years      
v3.25.1
Financial Instruments - Schedule of Available-for-Sale Securities (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost $ 186,331 $ 130,031
Cash and cash equivalents, Estimated Fair Value 186,331 130,031
Cash and cash equivalents and available for sale securities, Amortized Cost 704,765 279,150
Gross Unrealized Gains 548 130
Gross Unrealized Losses (169) (29)
Cash and cash equivalents and short term investments, Estimated Fair Value 705,144 279,251
Short-term investments, estimated fair value 518,813 149,220
Cash    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost 75,541 72,420
Cash and cash equivalents, Estimated Fair Value 75,541 72,420
Level 1:    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 96,423 47,696
Cash and cash equivalents and available for sale securities, Amortized Cost 355,750 134,125
Gross Unrealized Gains 345 70
Gross Unrealized Losses (76) (13)
Cash and cash equivalents and short term investments, Estimated Fair Value 356,019 134,182
Short-term investments, estimated fair value 259,596 86,486
Level 1: | Money market funds    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Amortized Cost 96,423 47,696
Cash and cash equivalents, Estimated Fair Value 96,423 47,696
Level 1: | U.S. Treasuries    
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 259,327 86,429
Gross Unrealized Gains 345 70
Gross Unrealized Losses (76) (13)
Cash and cash equivalents and short term investments, Estimated Fair Value 259,596 86,486
Short-term investments, estimated fair value 259,596 86,486
Level 2:    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 14,367 9,915
Cash and cash equivalents and available for sale securities, Amortized Cost 273,474 72,605
Gross Unrealized Gains 203 60
Gross Unrealized Losses (93) (16)
Cash and cash equivalents and short term investments, Estimated Fair Value 273,584 72,649
Short-term investments, estimated fair value 259,217 62,734
Level 2: | Commercial paper    
Debt Securities, Available-for-Sale [Line Items]    
Cash and cash equivalents, Estimated Fair Value 14,367 9,915
Cash and cash equivalents and available for sale securities, Amortized Cost 88,732 33,019
Gross Unrealized Gains 8 3
Gross Unrealized Losses (3) (3)
Cash and cash equivalents and short term investments, Estimated Fair Value 88,737 33,019
Short-term investments, estimated fair value 74,370 23,104
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 184,742 17,883
Gross Unrealized Gains 195 30
Gross Unrealized Losses (90) (3)
Cash and cash equivalents and short term investments, Estimated Fair Value 184,847 17,910
Short-term investments, estimated fair value $ 184,847 17,910
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   21,703
Gross Unrealized Gains   27
Gross Unrealized Losses   (10)
Cash and cash equivalents and short term investments, Estimated Fair Value   21,720
Short-term investments, estimated fair value   $ 21,720
v3.25.1
Financial Instruments - Maturity of Investments (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Fair Value Disclosures [Abstract]    
Due within one year $ 448,397  
Due between one to two years 70,416  
Total $ 518,813 $ 149,220
v3.25.1
Financial Instruments - Narrative (Details) - USD ($)
Jan. 31, 2025
Jan. 31, 2024
Fair Value Disclosures [Abstract]    
Short-term investments accumulated impairment loss $ 0 $ 0
v3.25.1
Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid expenses $ 77,857 $ 44,721
Inventory, net 4,183 4,807
Contract assets, current 4,537 6,356
Other current assets 16,374 7,977
Total prepaid expenses and other current assets $ 102,951 $ 63,861
v3.25.1
Balance Sheet Components - Property plant and equipment (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 129,147 $ 129,336
Less: accumulated depreciation and amortization (75,953) (81,463)
Total property and equipment, net 53,194 47,873
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 75,589 91,645
Capitalized internal-use software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 36,132 21,191
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 12,739 12,350
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 4,687 $ 4,150
v3.25.1
Balance Sheet Components - Narrative (Details) - Capitalized internal-use software - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation $ 17.4 $ 16.7 $ 15.5
Amortization $ 7.8 $ 5.9 $ 6.1
v3.25.1
Balance Sheet Components - Accrued expenses and other current liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued expenses $ 30,983 $ 41,773
Accrued bonuses 49,104 31,212
Accrued sales commissions 27,627 18,859
Accrued payroll-related expenses, taxes, and benefits 38,533 20,197
Operating lease liabilities 10,087 10,461
Other 6,268 432
Total accrued expenses and other current liabilities $ 162,602 $ 122,934
v3.25.1
Leases - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
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) $ 25,906 $ 29,833
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) $ 10,087 $ 10,461
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities, noncurrent Other liabilities, noncurrent
Other liabilities, noncurrent (operating lease liabilities, noncurrent) $ 18,382 $ 22,252
Total operating lease liabilities $ 28,469 $ 32,713
v3.25.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]      
Operating lease cost $ 11.9 $ 11.1 $ 10.3
v3.25.1
Leases - Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 12,261 $ 11,397 $ 10,244
ROU assets obtained in exchange of lease liabilities for new operating leases $ 6,810 $ 6,375 $ 11,969
Weighted-average remaining lease term 3 years 3 years 7 months 6 days  
Weighted-average discount rate 5.50% 5.10%  
v3.25.1
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Operating Leases    
2026 $ 11,103  
2027 9,552  
2028 8,218  
2029 1,445  
2030 449  
Thereafter 0  
Total operating lease payments 30,767  
Less: imputed interest (2,298)  
Total operating lease liabilities $ 28,469 $ 32,713
v3.25.1
Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Apr. 29, 2024
Aug. 17, 2023
Jun. 10, 2022
Aug. 31, 2026
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Apr. 25, 2024
Jul. 31, 2023
Line of Credit Facility [Line Items]                  
Proceeds from issuance of debt, net of discount         $ 0 $ 96,525 $ 171,463    
Amended Credit Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Debt discount and issuance costs   $ 6,900              
Long-term line of credit   293,600              
Bridge Notes                  
Line of Credit Facility [Line Items]                  
Debt discount and issuance costs               $ 600  
Bridge Notes | Senior Notes                  
Line of Credit Facility [Line Items]                  
Maximum face amount               450,000  
Face amount               $ 321,400  
Interest rate               7.00%  
Debt interest expense $ 200                
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   330,000              
Debt instrument, unamortized discount   $ 3,500              
Debt instrument, prepayment fee, percentage   1.50%              
ASRR increase (decrease)   0.50%              
Debt instrument, interest rate reduction, ASRR threshold   $ 500,000              
Revolving Credit Facility | Amended Credit Facility | Line of Credit | Forecast                  
Line of Credit Facility [Line Items]                  
Debt instrument, prepayment fee, percentage       0.00%          
Term Loan | Prior Credit Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Maximum borrowing capacity     175,000            
Proceeds from issuance of debt, net of discount     175,000            
Debt discount and issuance costs     4,300            
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              
Delayed Draw Term Loan | Line of Credit                  
Line of Credit Facility [Line Items]                  
Proceeds from issuance of debt, net of discount         $ 34,300 $ 4,100      
Cash interest funded, percentage         100.00%        
Delayed draw term loan utilization interest increase         0.50%        
Delayed Draw Term Loan | Line of Credit | Minimum                  
Line of Credit Facility [Line Items]                  
Delayed draw term loan utilization interest increase, period         90 days        
Delayed Draw Term Loan | Line of Credit | Maximum                  
Line of Credit Facility [Line Items]                  
Delayed draw term loan utilization interest increase, period         180 days        
Delayed draw term loan utilization interest increase, period from date of funding         6 months        
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   40,500              
Proceeds from issuance of debt, net of discount   $ 4,100              
ABR Loans | Prior Credit Facility | Line of Credit | Alternate Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     5.50%            
ABR Loans | Prior Credit Facility | Line of Credit | Federal Funds Rate                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     0.50%            
ABR Loans | Prior Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     1.00%            
ABR Loans | Amended Credit Facility | Line of Credit | Alternate Base Rate                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate   6.00%              
Term SOFR Loans | Prior Credit Facility | Line of Credit                  
Line of Credit Facility [Line Items]                  
Debt instrument, interest period option one     1 month            
Debt instrument, interest period option two     3 months            
Debt instrument, interest period option three     6 months            
Term SOFR Loans | Prior Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate     6.50%            
Variable interest rate floor     1.00%            
Debt instrument, annual interest rate decrease     0.50%            
Debt instrument, annual interest rate increase     0.50%            
Term SOFR Loans | Amended Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)                  
Line of Credit Facility [Line Items]                  
Basis spread on variable rate   7.00%              
v3.25.1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
 1 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Other Commitments [Line Items]    
Contractual term (in years) 3 years  
Third-Party Hosting Services    
Other Commitments [Line Items]    
Purchase obligation $ 200.0 $ 178.7
Hosting Costs And Software And Subscription Services    
Other Commitments [Line Items]    
Purchase obligation   $ 114.5
v3.25.1
Redeemable Convertible Preferred Stock - Schedule of Convertible Preferred Stock and Liquidation Preferences (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Class of Stock [Line Items]        
Authorized Shares (in shares)   74,182,559    
Issued (in shares)   74,182,559    
Outstanding (in shares) 0 74,182,559 74,182,559 74,182,559
Liquidation Preference   $ 715,100    
Carrying Value $ 0 $ 714,713 $ 714,713 $ 714,713
Series A        
Class of Stock [Line Items]        
Authorized Shares (in shares)   15,255,884    
Issued (in shares)   15,255,884    
Outstanding (in shares)   15,255,884    
Liquidation Preference   $ 10,255    
Carrying Value   $ 10,229    
Series B        
Class of Stock [Line Items]        
Authorized Shares (in shares)   16,751,780    
Issued (in shares)   16,751,780    
Outstanding (in shares)   16,751,780    
Liquidation Preference   $ 41,000    
Carrying Value   $ 40,974    
Series C        
Class of Stock [Line Items]        
Authorized Shares (in shares)   8,937,037    
Issued (in shares)   8,937,037    
Outstanding (in shares)   8,937,037    
Liquidation Preference   $ 61,250    
Carrying Value   $ 61,187    
Series D        
Class of Stock [Line Items]        
Authorized Shares (in shares)   15,406,551    
Issued (in shares)   15,406,551    
Outstanding (in shares)   15,406,551    
Liquidation Preference   $ 182,600    
Carrying Value   $ 182,505    
Series E        
Class of Stock [Line Items]        
Authorized Shares (in shares)   17,831,307    
Issued (in shares)   17,831,307    
Outstanding (in shares)   17,831,307    
Liquidation Preference   $ 419,995    
Carrying Value   $ 419,818    
v3.25.1
Redeemable Convertible Preferred Stock - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 29, 2024
USD ($)
shares
Jan. 31, 2025
USD ($)
shares
Jan. 31, 2024
USD ($)
$ / shares
Class of Stock [Line Items]      
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  
Aggregate offering price, minimum | $     $ 35,000
Series A      
Class of Stock [Line Items]      
Preferred stock, dividend rate (in dollars per share)     $ 0.053775
Liquidation (in dollars per share)     0.6722
Convertible, conversion price (in dollars per share)     0.6722
Convertible, conversion price (in dollars per share)     0.6722
Series B      
Class of Stock [Line Items]      
Preferred stock, dividend rate (in dollars per share)     0.1958
Liquidation (in dollars per share)     2.4475
Convertible, conversion price (in dollars per share)     2.4475
Convertible, conversion price (in dollars per share)     2.4475
Series C      
Class of Stock [Line Items]      
Preferred stock, dividend rate (in dollars per share)     0.5483
Liquidation (in dollars per share)     6.8535
Convertible, conversion price (in dollars per share)     6.8535
Convertible, conversion price (in dollars per share)     $ 6.8535
Minimum percentage of shares required to vote     60.00%
Series D      
Class of Stock [Line Items]      
Preferred stock, dividend rate (in dollars per share)     $ 0.9482
Liquidation (in dollars per share)     11.8521
Convertible, conversion price (in dollars per share)     11.8521
Convertible, conversion price (in dollars per share)     11.8521
Series E      
Class of Stock [Line Items]      
Preferred stock, dividend rate (in dollars per share)     1.8843
Liquidation (in dollars per share)     23.5538
Convertible, conversion price (in dollars per share)     23.5538
Convertible, conversion price (in dollars per share)     $ 23.5538
v3.25.1
Stockholders’ Deficit - Preferred Stock and Common Stock Narrative (Details)
 12 Months Ended
Apr. 29, 2024
shares
Jan. 31, 2025
vote
class
$ / shares
shares
Schedule of Capitalization, Equity [Line Items]    
Preferred stock, authorized (in shares)   20,000,000
Preferred stock, par value (in dollars per share) | $ / shares   $ 0.000025
Number of classes of common stock | class   2
Convertible founders stock, conversion to Class B common stock (in shares) 5,400,000  
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 common stock    
Schedule of Capitalization, Equity [Line Items]    
Common stock, authorized (in shares)   1,070,000,000
Common stock, voting rights, votes per share | vote   1
Common stock, par value (in dollars per share) | $ / shares   $ 0.000025
Common stock, conversion ratio   1
Class B common stock    
Schedule of Capitalization, Equity [Line Items]    
Common stock, authorized (in shares)   210,000,000
Common stock, voting rights, votes per share | vote   20
Common stock, par value (in dollars per share) | $ / shares   $ 0.000025
Common stock, conversion ratio   1
Common stock, percentage of total outstanding shares   5.00%
v3.25.1
Stockholders’ Deficit - Equity Incentive Plan Narrative (Details) - shares
Apr. 30, 2024
Jan. 31, 2025
Apr. 29, 2024
Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Shares reserved for future issuance (in shares)   93,618,000   139,215,000
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)   57,591,000   0
2024 Stock Plan | Class A common stock        
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  
v3.25.1
Stockholders’ Deficit - Schedule of Reserved Shares of Common Stock (Details) - shares
shares in Thousands
Jan. 31, 2025
Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 93,618 139,215
Conversion of Preferred Stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares)   74,183
Conversion of Founders Stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares)   5,400
2014 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 0 6,255
2024 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 57,591 0
2024 Employee Stock Purchase Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 4,201 0
Employee stock option | 2014 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 9,570 3,185
Restricted stock units | 2014 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 18,039 50,192
Restricted stock units | 2024 Stock Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Common stock reserved (in shares) 4,217 0
v3.25.1
Stockholders’ Deficit - Stock Options Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in shares) 8,000,000 0 178,924
Unrecognized stock-based compensation, stock options $ 90.7    
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 2 years 6 months    
Employee stock option | 1      
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]      
Weighted average grant date fair value (in dollars per share)     $ 14.07
Granted (in shares) 0 0  
v3.25.1
Stockholders’ Deficit - Schedule of Stock Options Roll Forward (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Number of Options        
Outstanding, beginning of period (in shares) 3,185,020 4,098,034 4,693,880  
Granted (in shares) 8,000,000 0 178,924  
Exercised (in shares) (1,548,712) (884,012) (669,122)  
Cancelled (in shares) (66,174) (29,002) (105,648)  
Outstanding, end of period (in shares) 9,570,134 3,185,020 4,098,034 4,693,880
Options vested, number of options (in shares) 2,352,521      
Options exercisable, number of options (in shares) 2,352,521      
Weighted- Average Exercise Price        
Outstanding, beginning of period (in USD per share) $ 6.23 $ 5.74 $ 5.22  
Granted (in USD per share) 32.00 0 20.87  
Exercised (in USD per share) 5.50 3.83 5.70  
Cancelled (in USD per share) 18.94 10.40 8.18  
Outstanding, end of period (in USD per share) 27.80 $ 6.23 $ 5.74 $ 5.22
Options vested, weighted average exercise price per share (in USD per share) 15.02      
Options exercisable, weighted average exercise price per share (in USD per share) $ 15.02      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]        
Options outstanding, weighted average remaining contractual term 8 years 2 months 12 days 4 years 2 months 12 days 5 years 5 years 10 months 24 days
Options vested, weighted average remaining contractual term 5 years 1 month 6 days      
Options exercisable, weighted average remaining contractual term 5 years 1 month 6 days      
Options outstanding, aggregate intrinsic value $ 435,133 $ 71,347 $ 66,017 $ 68,795
Options exercised, aggregate intrinsic value 54,160 $ 17,771 $ 9,973  
Options exercisable, aggregate intrinsic value 137,044      
Options vested, aggregate intrinsic value $ 137,044      
v3.25.1
Stockholders' Deficit - Summary of the Assumptions Used in Estimating Fair Value (Details)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2023
ESPP    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected volatility rate, minimum 56.50%  
Expected volatility rate, maximum 71.70%  
Risk-free interest rate, minimum 3.60%  
Risk-free interest rate, maximum 5.40%  
Dividend yield 0.00%  
ESPP | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 4 months 24 days  
ESPP | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years) 2 years  
Employee stock option    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected volatility rate, minimum   58.20%
Expected volatility rate, maximum   83.20%
Risk-free interest rate, minimum   2.70%
Risk-free interest rate, maximum   3.80%
Dividend yield   0.00%
Employee stock option | Minimum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years)   6 years
Employee stock option | Maximum    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Expected term (in years)   6 years
v3.25.1
Stockholders’ Deficit - CEO Performance Award Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Apr. 24, 2024
USD ($)
tranche
installment
$ / shares
Jun. 30, 2022
shares
Jan. 31, 2025
USD ($)
shares
Jan. 31, 2024
shares
Jan. 31, 2023
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Granted (in shares) | shares     8,000,000 0 178,924
Unrecognized stock-based compensation, stock options | $     $ 90.7    
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     2 years 6 months    
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        
v3.25.1
Stockholders’ Deficit - CEO Performance Award Tranches (Details) - Chief Executive Officer - Employee stock option
Jan. 31, 2025
$ / 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
v3.25.1
Stockholders’ Deficit - Restricted Stock Units Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Restricted stock units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expiration period   7 years    
Cost not yet recognized   $ 434.0    
Vested in period, fair value   $ 592.8 $ 0.5 $ 1.1
Cost not yet recognized, period for recognition   1 year 10 months 24 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 $ 24.1      
Cost not yet recognized $ 30.4      
v3.25.1
Stockholders’ Deficit - Restricted Stock Units Roll Forward (Details) - Restricted stock units - $ / shares
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Number of RSUs      
Outstanding at the beginning of the period (in shares) 50,173,670 39,710,368 31,209,565
Granted (in shares) 13,744,702 13,443,534 11,195,973
Vested (in shares) (38,940,299) (18,000) (54,010)
Forfeited (in shares) (2,780,324) (2,962,232) (2,641,160)
Outstanding as at the end of the period (in shares) 22,215,749 50,173,670 39,710,368
Vested and not yet released (in shares) 40,625 18,000  
Outstanding (in shares) 22,256,374 50,191,670  
Weighted-Average Grant Date Fair Value      
Outstanding at the beginning of the period (in USD per share) $ 16.09 $ 13.51 $ 11.31
Granted (in USD per share) 37.99 23.78 19.92
Vested (in USD per share) 15.22 28.66 8.48
Forfeited (in USD per share) 23.73 17.17 14.75
Outstanding at the end of the period (in USD per share) 31.30 16.09 $ 13.51
Vested and not yet released (in USD per share) 11.35 28.66  
Outstanding (in USD per share) $ 31.26 $ 16.09  
v3.25.1
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
shares
Apr. 30, 2024
purchasing_period
shares
Jan. 31, 2025
USD ($)
shares
Apr. 24, 2024
$ / shares
Jan. 31, 2024
shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Shares reserved for future issuance (in shares)     93,618,000   139,215,000
Class A common stock          
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]          
Percentage of outstanding stock maximum 1.00%        
Annual increase in number of shares reserved for issuance (in shares) 9,214,605 9,214,605      
Maximum employee subscription rate 15.00% 15.00%      
Offering period 24 months 24 months      
Number of purchasing periods | purchasing_period 4 4      
Purchase period 6 months 6 months      
Purchase price of common stock, percent   85.00%      
Cost not yet recognized | $     $ 11.4    
Cost not yet recognized, period for recognition     10 months 24 days    
v3.25.1
Stockholders’ Deficit - Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 913,913 $ 5,715 $ 6,954
Subscription      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 49,514 45 53
Maintenance      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 3,076 7 34
Other      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 14,451 11 140
Research and development      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 297,051 3,590 3,044
Sales and marketing      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense 330,443 1,313 2,399
General and administrative      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Total stock-based compensation expense $ 219,378 $ 749 $ 1,284
v3.25.1
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, 2025
Jan. 31, 2024
Jan. 31, 2023
Numerator:      
Net loss $ (1,154,820) $ (354,158) $ (277,746)
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 154,294 60,628 59,590
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 154,294 60,628 59,590
Net loss per common stock share, basic (in dollars per share) $ (7.48) $ (5.84) $ (4.66)
Net loss per common stock share, diluted (in dollars per share) $ (7.48) $ (5.84) $ (4.66)
Class A common stock      
Numerator:      
Net loss $ 428,333    
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 57,229    
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 57,229    
Net loss per common stock share, basic (in dollars per share) $ 7.48    
Net loss per common stock share, diluted (in dollars per share) $ 7.48    
Class B common stock      
Numerator:      
Net loss $ 726,487 $ (354,158) $ (277,746)
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares) 97,065 55,228 54,190
Weighted-average common stock shares used in computing net loss per share, diluted (in shares) 97,065 55,228 54,190
Net loss per common stock share, basic (in dollars per share) $ 7.48 $ (5.84) $ (4.66)
Net loss per common stock share, diluted (in dollars per share) $ 7.48 $ (5.84) $ (4.66)
Common Stock B, Founders Stock      
Denominator:      
Weighted-average common stock shares used in computing net loss per share, basic (in shares)   5,400 5,400
Weighted-average common stock shares used in computing net loss per share, diluted (in shares)   5,400 5,400
Net loss per common stock share, basic (in dollars per share)   $ (5.84) $ (4.66)
Net loss per common stock share, diluted (in dollars per share)   $ (5.84) $ (4.66)
v3.25.1
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, 2025
Jan. 31, 2024
Jan. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 31,786 127,542 117,991
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 74,183 74,183
Issued and outstanding common stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 9,570 3,185 4,098
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) 22,216 50,174 39,710
v3.25.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ (1,223,181) $ (356,015) $ (296,975)
Foreign 74,729 28,546 27,825
Loss before income taxes $ (1,148,452) $ (327,469) $ (269,150)
v3.25.1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Current:      
Federal $ (2,330) $ 2,336 $ 0
State (1,315) 2,818 189
Foreign 8,772 19,598 3,959
Total current provision for income taxes 5,127 24,752 4,148
Deferred:      
Federal 0 0 0
State 0 0 0
Foreign 1,241 1,937 4,448
Total deferred provision for income taxes 1,241 1,937 4,447
Total deferred provision for income taxes     4,448
Total provision for income taxes $ 6,368 $ 26,689 $ 8,596
v3.25.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Income Tax Disclosure [Abstract]      
Provision at federal statutory rate 21.00% 21.00% 21.00%
State, net of federal benefit 3.20% 0.00% 3.50%
Stock-based compensation 10.40% 0.30% (0.30%)
Impact of foreign operations 2.90% (5.10%) (2.80%)
Change in valuation allowance (42.80%) (14.50%) (27.80%)
Research and development credits 4.90% 3.90% 4.00%
Non-deductible expenses 0.00% (12.80%) 0.00%
Other adjustments (0.20%) (1.00%) (0.80%)
Effective income tax rate (0.60%) (8.20%) (3.20%)
v3.25.1
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 330,908 $ 131,449
Capitalized research and development expenditures 208,690 74,843
Research and development credit carryforward 117,837 52,152
Deferred revenue 151,326 119,531
Stock-based compensation 68,587 3,716
Operating lease liabilities 4,863 7,063
Other 26,505 9,578
Total deferred tax assets 908,716 398,332
Less: valuation allowance (863,039) (371,027)
Total deferred tax assets, net 45,677 27,305
Deferred tax liabilities:    
State income taxes (28,936) (13,493)
Capitalized internal-use software (5,472) (3,769)
ROU assets (4,219) (6,402)
Other (18,394) (13,744)
Total deferred tax liabilities (57,021) (37,408)
Net deferred tax assets (liabilities) $ (11,344) $ (10,103)
v3.25.1
Income Taxes - Narrative (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
USD ($)
Operating Loss Carryforwards [Line Items]  
Increase (decrease) in valuation allowance $ 492,000
Foreign Tax Jurisdiction  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 6,000
State and Local Jurisdiction  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 626,200
State and Local Jurisdiction | Research Tax Credit Carryforward  
Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards 59,300
Domestic Tax Jurisdiction  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards 1,346,100
Domestic Tax Jurisdiction | Research Tax Credit Carryforward  
Operating Loss Carryforwards [Line Items]  
Tax credit carryforwards $ 88,000
v3.25.1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits at beginning of period $ 31,263 $ 11,206 $ 7,811
Decreases related to prior year tax positions (567) 0 0
Increases related to prior year tax positions 0 63 463
Increases related to current year tax positions 15,928 19,994 2,932
Unrecognized tax benefits at end of period $ 46,624 $ 31,263 $ 11,206
v3.25.1
Segment Reporting - Summary of Consolidated Net Loss (Details)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
USD ($)
segment
Jan. 31, 2024
USD ($)
Jan. 31, 2023
USD ($)
Segment Reporting [Abstract]      
Number of reportable segments | segment 1    
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue $ 886,544 $ 627,892 $ 599,819
Less:      
Interest expense 41,253 30,295 11,709
Income tax expense 6,368 26,689 8,596
Plus:      
Interest income 25,353 11,216 5,140
Segment net loss (1,154,820) (354,158) (277,746)
Software And Services      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue 886,544 627,892 599,819
Less:      
Remaining cost of revenue 24,593 40,235 112,567
Remaining research and development expenses 226,235 194,639 163,450
Remaining sales and marketing expenses 531,154 475,687 411,702
Remaining general and administrative expenses 131,462 95,431 82,060
Stock-based compensation expense 913,913 5,715 6,954
Depreciation and amortization 27,970 24,962 22,680
Amortization of intangibles 3,673 1,676 822
Interest expense 41,253 30,295 11,709
Income tax expense 6,368 26,689 8,596
Other items (1,480) 1,884 1,033
Plus:      
Interest income 25,353 11,216 5,140
Segment net loss (1,154,820) (354,158) (277,746)
Subscription      
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]      
Total revenue 828,740 537,869 385,272
Subscription | Software And Services      
Less:      
Adjusted subscription cost of revenue $ 161,576 $ 96,053 $ 61,132
v3.25.1
Segment Reporting - Summary of Adjusted Subscription Cost of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Segment Reporting Information [Line Items]      
Total cost of revenue $ 265,748 $ 144,962 $ 182,014
Less:      
Stock-based compensation expense 913,913 5,715 6,954
Software And Services      
Less:      
Stock-based compensation expense 49,514 45 53
Amortization of acquired intangibles 3,673 1,676 822
Stock-based compensation from amortization of capitalized internal-use software 273 153 287
Laminar Technologies, Inc.      
Less:      
Amortization of acquired intangibles 3,700 1,700 800
Laminar Technologies, Inc. | Software And Services      
Less:      
Amortization of acquired intangibles 3,673 1,676 822
Subscription      
Segment Reporting Information [Line Items]      
Total cost of revenue 215,036 97,927 62,294
Subscription | Software And Services      
Segment Reporting Information [Line Items]      
Total cost of revenue 215,036 97,927 62,294
Less:      
Adjusted subscription cost of revenue $ 161,576 $ 96,053 $ 61,132
v3.25.1
Segment Reporting - Schedule of Long-Lived Assets, by Geographical Regions (Details) - USD ($)
$ in Thousands
Jan. 31, 2025
Jan. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Total long-lived assets $ 79,100 $ 77,706
UNITED STATES    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total long-lived assets 62,455 61,402
India    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total long-lived assets 10,453 10,633
Rest of world    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total long-lived assets $ 6,192 $ 5,671