Rubrik (RBRK) 10-Q12 Sep 242025 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2024	Aug. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-42028
Entity Registrant Name	RUBRIK, INC.
Entity Address, State or Province	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 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
Entity Shell Company	false
Entity Central Index Key	0001943896
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		69,118,119
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		112,535,092

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Current assets
Cash and cash equivalents	$ 142,349	$ 130,031
Short-term investments	458,992	149,220
Accounts receivable, net of allowances of $349 and $247	138,201	133,544
Deferred commissions	83,520	72,057
Prepaid expenses and other current assets	65,928	63,861
Total current assets	888,990	548,713
Noncurrent assets
Property and equipment, net	46,204	47,873
Deferred commissions, noncurrent	130,077	113,814
Goodwill	100,343	100,343
Other assets, noncurrent	52,590	62,867
Total assets	1,218,204	873,610
Current liabilities
Accounts payable	10,285	6,867
Accrued expenses and other current liabilities	140,299	122,934
Deferred revenue	626,131	526,480
Total current liabilities	776,715	656,281
Deferred revenue, noncurrent	575,404	579,781
Other liabilities, noncurrent	58,575	55,050
Debt, noncurrent	306,804	287,042
Total liabilities	1,717,498	1,578,154
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, $0.000025 par value – zero and $74,182,559 shares authorized as of July 31, 2024 and January 31, 2024, respectively; zero and $74,182,559 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively; liquidation preference of zero and $715,100 as of July 31, 2024 and January 31, 2024, respectively		714,713
Stockholders’ deficit
Preferred stock, $0.000025 par value – $20,000,000 and zero shares authorized as of July 31, 2024 and January 31, 2024, respectively; zero shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively	0
Convertible founders stock, $0.000125 par value – zero and $5,400,000 shares authorized as of July 31, 2024 and January 31, 2024, respectively; zero and $5,400,000 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively		0
Additional paid-in capital	2,093,874	265,494
Accumulated other comprehensive loss	(1,638)	(2,239)
Accumulated deficit	(2,591,534)	(1,682,513)
Total stockholders’ deficit	(499,294)	(1,419,257)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	1,218,204	873,610
Common stock
Stockholders’ deficit
Common stock		$ 1
Class A common stock
Stockholders’ deficit
Common stock	1
Class B common stock
Stockholders’ deficit
Common stock	$ 3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Allowance for credit losses, current	$ 349	$ 247
Redeemable convertible preferred stock, par value (in dollars per share)		$ 0.000025
Redeemable convertible preferred stock, authorized (in shares)		74,182,559
Redeemable convertible preferred stock, outstanding (in shares)		74,182,559
Redeemable convertible preferred stock, issued (in shares)		74,182,559
Redeemable convertible preferred stock, 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
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)	62,093,823
Common stock, outstanding (in shares)	62,093,823
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)	119,328,995
Common stock, outstanding (in shares)	119,328,995
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Revenue
Total revenue	$ 204,951	$ 151,535	$ 392,266	$ 287,275
Cost of revenue
Total cost of revenue	55,168	35,390	151,147	71,281
Gross profit	149,783	116,145	241,119	215,994
Operating expenses
Research and development	86,228	49,762	371,607	96,028
Sales and marketing	167,927	117,615	547,256	232,977
General and administrative	63,921	22,288	215,386	45,105
Total operating expenses	318,076	189,665	1,134,249	374,110
Loss from operations	(168,293)	(73,520)	(893,130)	(158,116)
Interest income	7,278	2,745	10,220	5,362
Interest expense	(10,245)	(6,173)	(20,869)	(11,705)
Other income (expense), net	(1,450)	(1,124)	(2,073)	(1,678)
Loss before income taxes	(172,710)	(78,072)	(905,852)	(166,137)
Income tax expense	4,220	3,049	3,169	4,257
Net loss	$ (176,930)	$ (81,121)	$ (909,021)	$ (170,394)
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	179,851	60,296	122,460	60,121
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	179,851	60,296	122,460	60,121
Subscription
Revenue
Total revenue	$ 191,315	$ 127,456	$ 363,510	$ 235,854
Cost of revenue
Total cost of revenue	45,795	23,204	119,520	44,841
Maintenance
Revenue
Total revenue	5,018	10,594	10,685	22,882
Cost of revenue
Total cost of revenue	1,040	1,749	4,649	4,020
Other
Revenue
Total revenue	8,618	13,485	18,071	28,539
Cost of revenue
Total cost of revenue	$ 8,333	$ 10,437	$ 26,978	$ 22,420

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (176,930)	$ (81,121)	$ (909,021)	$ (170,394)
Foreign currency translation adjustment, net of tax	886	366	397	879
Unrealized gain (loss) on available-for-sale securities, net of tax	380	(73)	204	33
Total other comprehensive income (loss), net of tax	1,266	293	601	912
Comprehensive loss	$ (175,664)	$ (80,828)	$ (908,420)	$ (169,482)

Condensed Consolidated Statem_3

Condensed 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, 2023	74,182,559
Temporary equity, beginning balance at Jan. 31, 2023	$ 714,713
Temporary equity, ending balance (in shares) at Jul. 31, 2023	74,182,559
Temporary equity, ending balance at Jul. 31, 2023	$ 714,713
Beginning balance, shares (in shares) at Jan. 31, 2023		59,878,717
Beginning balance at Jan. 31, 2023	(1,087,329)	$ 1	$ 242,326	$ (1,301)	$ (1,328,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		673,658
Issuance of common stock upon exercise of stock options	1,951		1,951
Stock-based compensation	1,632		1,632
Other comprehensive income (loss)	912			912
Net loss	(170,394)				(170,394)
Ending balance, shares (in shares) at Jul. 31, 2023		60,552,375
Ending balance at Jul. 31, 2023	$ (1,253,228)	$ 1	245,909	(389)	(1,498,749)
Temporary equity, beginning balance (in shares) at Apr. 30, 2023	74,182,559
Temporary equity, beginning balance at Apr. 30, 2023	$ 714,713
Temporary equity, ending balance (in shares) at Jul. 31, 2023	74,182,559
Temporary equity, ending balance at Jul. 31, 2023	$ 714,713
Beginning balance, shares (in shares) at Apr. 30, 2023		60,222,286
Beginning balance at Apr. 30, 2023	(1,174,581)	$ 1	243,728	(682)	(1,417,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock option (in shares)		330,089
Issuance of common stock upon exercise of stock options	977		977
Stock-based compensation	1,204		1,204
Other comprehensive income (loss)	293			293
Net loss	(81,121)				(81,121)
Ending balance, shares (in shares) at Jul. 31, 2023		60,552,375
Ending balance at Jul. 31, 2023	$ (1,253,228)	$ 1	245,909	(389)	(1,498,749)
Temporary equity, beginning balance (in shares) at Jan. 31, 2024	74,182,559
Temporary equity, beginning balance at Jan. 31, 2024	$ 714,713
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred 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)
Beginning balance, shares (in shares) at Jan. 31, 2024		61,262,729
Beginning balance at Jan. 31, 2024	(1,419,257)	$ 1	265,494	(2,239)	(1,682,513)
Increase (Decrease) in Stockholders' 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	$ 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 exercise of stock option (in shares)	680,400	680,400
Issuance of common stock upon exercise of stock options	$ 3,718		3,718
Issuance of common stock upon settlement of restricted stock awards and restricted stock units (in shares)		18,324,878
Issuance of common stock upon settlement of restricted stock awards and restricted stock units	(432,512)		(432,512)
Stock-based compensation	737,329		737,329
Other comprehensive income (loss)	601			601
Net loss	(909,021)				(909,021)
Ending balance, shares (in shares) at Jul. 31, 2024		181,422,818
Ending balance at Jul. 31, 2024	(499,294)	$ 4	2,093,874	(1,638)	(2,591,534)
Beginning balance, shares (in shares) at Apr. 30, 2024		176,589,546
Beginning balance at Apr. 30, 2024	(514,598)	$ 4	1,902,906	(2,904)	(2,414,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)		3,472,252
Issuance of common stock upon initial public offering and underwriters' exercise of over-allotment option, net of underwriting discounts and commissions, and offering costs	105,124		105,124
Issuance of common stock upon exercise of stock option (in shares)		38,863
Issuance of common stock upon exercise of stock options	100		100
Issuance of common stock upon settlement of restricted stock awards and restricted stock units (in shares)		1,322,157
Issuance of common stock upon settlement of restricted stock awards and restricted stock units	(20,994)		(20,994)
Stock-based compensation	106,738		106,738
Other comprehensive income (loss)	1,266			1,266
Net loss	(176,930)				(176,930)
Ending balance, shares (in shares) at Jul. 31, 2024		181,422,818
Ending balance at Jul. 31, 2024	$ (499,294)	$ 4	$ 2,093,874	$ (1,638)	$ (2,591,534)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash flows from operating activities:
Net loss	$ (909,021)	$ (170,394)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14,144	11,562
Stock-based compensation	735,348	1,632
Amortization of deferred commissions	42,433	36,070
Non-cash interest	19,155	6,028
Deferred income taxes	1,409	1,600
Other	(1,492)	(718)
Changes in operating assets and liabilities:
Accounts receivable	(4,829)	(929)
Deferred commissions	(70,159)	(55,577)
Prepaid expenses and other assets	(3,347)	17,119
Accounts payable	4,873	(285)
Accrued expenses and other liabilities	17,748	(25,439)
Deferred revenue	95,274	155,126
Net cash used in operating activities	(58,464)	(24,205)
Cash flows from investing activities:
Purchases of property and equipment	(6,227)	(7,867)
Capitalized internal-use software	(4,444)	(4,622)
Purchases of investments	(449,323)	(149,836)
Sale of investments	27,978	7,503
Maturities of investments	116,555	132,604
Net cash used in investing activities	(315,461)	(22,218)
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
Taxes paid related to net share settlement of equity awards	(430,300)	0
Proceeds from exercise of stock options	3,718	1,951
Payments for deferred offering costs, net	(3,545)	(1,225)
Payments for debt discount costs	(475)	0
Payments for debt issuance costs	(233)	0
Net cash provided by financing activities	384,374	726
Effect of exchange rate on cash, cash equivalents, and restricted cash	397	879
Net increase (decrease) in cash, cash equivalents, and restricted cash	10,846	(44,818)
Cash, cash equivalents, and restricted cash, beginning of year	137,059	140,606
Cash, cash equivalents, and restricted cash, end of year	147,905	95,788
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	4,706	2,643
Cash paid for interest	247	0
Non-cash investing and financing activities:
Transfers of inventory to property and equipment	66	569
Property and equipment received, included in payables and accrued but not paid	274	316
Stock-based compensation capitalized in internal-use software	1,863	0
Deferred offering costs accrued but not paid	$ 0	$ 591

Description of Business

Description of Business	6 Months Ended
Description of Business	Jul. 31, 2024
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 condensed 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2024
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 and 2024 refer to the fiscal years ending January 31, 2025 and January 31, 2024, respectively. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding interim financial reporting. The unaudited condensed 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 interim periods presented. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus dated April 24, 2024 and filed with the SEC pursuant to Rule 424(b)(4) on April 26, 2024 ("Final Prospectus"). Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 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) Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Subscription revenue Products and services transferred over time $ 176,161 $ 98,853 $ 334,181 $ 180,502 Products and services transferred at a point in time 15,154 28,603 29,329 55,352 Maintenance revenue Products and services transferred over time 5,018 10,594 10,685 22,882 Other revenue Products and services transferred over time 7,095 7,907 14,495 15,604 Products and services transferred at a point in time 1,523 5,578 3,576 12,935 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275 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 condensed consolidated balance sheets. There were $8.5 million and $9.0 million of contract assets as of July 31, 2024 and January 31, 2024, respectively. The decrease is due to a decrease in certain contracts with customers where the timing of revenue recognition differs from the timing of invoicing to the customers. The current and noncurrent contract assets balances as of July 31, 2024 were $5.2 million and $3.3 million, respectively, and 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 condensed 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 three and six months ended July 31, 2024, the Company recognized revenue of approximately $170.4 million and $290.0 million, respectively, pertaining to amounts deferred as of April 30, 2024 and January 31, 2024, respectively. 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 July 31, 2024, total remaining non-cancellable performance obligations under the Company’s contracts with customers was approximately $1,513.0 million. The Company expects to recognize 48% of this amount as revenue over the next 12 months, with the remaining balance to be recognized as revenue thereafter. 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 two 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 July 31, 2024. 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: Revenue Revenue Accounts Receivable, Net Three Months Ended July 31, Six Months Ended July 31, July 31, January 31, 2024 2023 2024 2023 2024 2024 Partner A 30% 31% 30% 30% 31% 44% Partner B 34% 36% 35% 35% 25% 25% Partner C 11% 10% 10% 11% * * Partner D * * * * 13% * * 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. Recently Announced Accounting Pronouncements Not Yet Adopted 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. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is assessing the timing and impact of adopting this standard. 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.

Revenue by Geography

Revenue by Geography	6 Months Ended
Revenue by Geography	Jul. 31, 2024
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 Company operates as one segment. The following table sets forth revenue by geographic area based on ship to address (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Americas $ 146,912 $ 108,268 $ 281,435 $ 199,953 EMEA 50,633 37,354 96,090 75,876 APAC 7,406 5,913 14,741 11,446 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275 For the three months ended July 31, 2024 and 2023, United States accounted for $141.3 million and $104.8 million, respectively, or 69% and 69%, respectively, of consolidated total revenue. For the six months ended July 31, 2024 and 2023, United States accounted for $270.5 million and $193.6 million, respectively, or 69% and 67%, respectively, of consolidated total revenue.

Business Combinations

Business Combinations	6 Months Ended
Business Combinations	Jul. 31, 2024
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 condensed consolidated statements of operations. Acquisition-related costs for the business combination were expensed as incurred within general and administrative expense in the condensed consolidated statements of operations and were not material. The Company recognized $0.9 million and zero amortization expense in acquired intangible assets for the three months ended July 31, 2024 and 2023, respectively, and $1.8 million and zero for the six months ended July 31, 2024 and 2023, respectively.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jul. 31, 2024
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 July 31, 2024 and January 31, 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 July 31, 2024 Amortized Cost Gross Unrealized Gains Gross Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Cash: $ 64,905 $ — $ — $ 64,905 $ 64,905 $ — Level 1: Money market funds 29,648 — — 29,648 29,648 — U.S. Treasuries 238,437 265 (14) 238,688 — 238,688 Subtotal 268,085 265 (14) 268,336 29,648 238,688 Level 2: Commercial paper 178,964 6 (25) 178,945 47,796 131,149 Corporate bonds 75,981 80 (7) 76,054 — 76,054 U.S. government agencies $ 13,101 $ — $ — $ 13,101 $ — $ 13,101 Subtotal $ 268,046 $ 86 $ (32) $ 268,100 $ 47,796 $ 220,304 Total $ 601,036 $ 351 $ (46) $ 601,341 $ 142,349 $ 458,992 Reported as January 31, 2024 Amortized Cost Gross Unrealized Gains Gross Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Cash: $ 72,420 $ — $ — $ 72,420 $ 72,420 $ — Level 1: Money market funds 47,696 — — 47,696 47,696 — U.S. Treasuries 86,429 70 (13) 86,486 — 86,486 Subtotal 134,125 70 (13) 134,182 47,696 86,486 Level 2: Commercial paper 33,019 3 (3) 33,019 9,915 23,104 Corporate bonds 17,883 30 (3) 17,910 — 17,910 U.S. government agencies $ 21,703 $ 27 $ (10) $ 21,720 $ — $ 21,720 Subtotal $ 72,605 $ 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): July 31, 2024 Due within one year $ 411,506 Due between one to two years 47,486 Total $ 458,992 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 July 31, 2024 and January 31, 2024.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jul. 31, 2024
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): July 31, January 31, 2024 2024 Prepaid expenses $ 51,361 $ 44,721 Inventory, net 4,244 4,807 Contract assets, current 5,204 6,356 Other current assets 5,119 7,977 Total prepaid expenses and other current assets $ 65,928 $ 63,861 Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): July 31, January 31, 2024 2024 Equipment $ 70,571 $ 91,645 Capitalized internal-use software 27,498 21,191 Leasehold improvements 12,584 12,350 Furniture and fixtures 4,371 4,150 Total property and equipment, gross 115,024 129,336 Less: accumulated depreciation and amortization (68,820) (81,463) Total property and equipment, net $ 46,204 $ 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 $4.3 million and $4.2 million for the three months ended July 31, 2024 and 2023, respectively, and $8.8 million and $8.2 million for the six months ended July 31, 2024 and 2023, respectively. Amortization expense relating to capitalized internal-use software was $1.7 million and $1.8 million for the three months ended July 31, 2024 and 2023, respectively, and $3.5 million and $3.4 million for the six months ended July 31, 2024 and 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, January 31, 2024 2024 Accrued expenses $ 36,375 $ 41,773 Accrued bonuses 24,978 31,212 Accrued sales commissions 32,641 18,859 Accrued payroll-related expenses, taxes, and benefits 35,707 20,197 Operating lease liabilities 10,105 10,461 Other 493 432 Total accrued expenses and other current liabilities $ 140,299 $ 122,934

Debt

Debt	6 Months Ended
Debt	Jul. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 7 – 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 six 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 (the “Amended DDTL Utilization Interest Increase”). 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 ASRR Interest Decrease”). 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 $9.5 million and $6.0 million for the three months ended July 31, 2024 and 2023, respectively, and $19.2 million and $6.0 million for the six months ended July 31, 2024 and 2023, respectively. As of July 31, 2024 and January 31, 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.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies Purchase Commitments As of July 31, 2024, there were no significant changes outside the ordinary course of business to the Company's commitments and purchase obligations since January 31, 2024. 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 condensed consolidated balance sheets, condensed consolidated statements of operations, or condensed 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.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
Redeemable Convertible Preferred Stock	Jul. 31, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock	Note 9 – 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 July 31, 2024, there were no shares of redeemable convertible preferred stock issued and outstanding. Note 10 – 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 condensed 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 July 31, 2024, 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. As of July 31, 2024, 36,650,654 shares of Class B common stock granted under the 2014 Plan remain outstanding. 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. As of July 31, 2024, 60,704,198 shares were available for future issuance under the 2024 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, in addition to any automatic increases in the number of shares of Class A common stock reserved for future issuance under this plan. Stock Options Options issued under the Company's 2014 Plan and 2024 Plan generally are exercisable for periods not to exceed 10 years and generally vest over four years with 25% vesting after one year and the remainder vesting monthly thereafter in equal installments. A summary of the stock option activity and related information is as follows: Number of Options Weighted- Weighted- Aggregate Outstanding as of January 31, 2024 3,185,020 $ 6.23 4.2 $ 71,347 Granted 8,000,000 32.00 Exercised (680,400) 5.46 17,800 Cancelled (18,226) 17.84 Outstanding as of July 31, 2024 10,486,394 $ 25.92 8.3 $ 118,297 Vested and exercisable as of July 31, 2024 2,402,223 $ 5.88 3.4 $ 75,249 There were no options with only a service-based vesting condition granted during the six months ended July 31, 2024 and 2023. The intrinsic value of the options exercised represents the difference between the estimated fair market value of the Company’s common stock on the date of exercise and the exercise price of each option. As of July 31, 2024, there was approximately $125.7 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.7 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. Tranche Target Stock Value Number of Stock Options Eligible to Vest Option Valuation Expiration Date 1 $42.88 666,667 Fifth anniversary of the Company's IPO 2 $53.76 666,667 3 $64.64 666,667 4 $75.52 666,667 5 $86.40 666,667 Seventh anniversary of the Company's IPO 6 $96.96 666,667 7 $107.84 666,667 8 $118.72 666,667 9 $161.92 1,333,332 10 $242.88 1,333,332 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 RSUs Weighted-Average Outstanding as of January 31, 2024 50,191,670 $ 16.09 Granted 9,701,165 30.64 Vested (32,231,594) 13.84 Forfeited (1,579,800) 21.81 Unvested as of July 31, 2024 26,081,441 $ 23.85 Vested and not yet released 400,811 13.28 Outstanding as of July 31, 2024 26,482,252 $ 23.69 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. For the six months ended July 31, 2024, the Company recognized $20.3 million of stock-based compensation expense for this equity award. For the six months ended July 31, 2024 and 2023, the total grant date fair value of vested RSUs was $446.0 million and zero, respectively. As of July 31, 2024, there was approximately $376.8 million of unrecognized stock-based compensation expense related 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. A total of 4,607,303 shares of Class A common stock were initially reserved for issuance under the 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 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 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). As of July 31, 2024, no shares of the Company's Class A common stock have been purchased under the ESPP. No stock-based compensation expense related to the ESPP was recognized during the three months ended April 30, 2024 as the grant date of the Company’s first ESPP offering was in May 2024. The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model with the following assumptions: Three and Six Months Ended July 31, 2024 Expected term (in years) 0.4 - 1.9 Expected volatility 56.6% - 71.7% Risk-free interest rate 4.8% - 5.4% Dividend yield — These assumptions and estimates were determined in accordance with the Company’s stock-based compensation expense policy within Note 2, Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company’s Final Prospectus except as follows: • Fair Value of common stock – After the completion of the Company’s 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 ESPP purchase is made every six months during the 24-months offering period and the expected term coincides with the length of each purchase period. As of July 31, 2024, there was approximately $22.5 million of unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 1.1 years. Stock-Based Compensation Expense Total stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Cost of revenue Subscription $ 5,481 $ 2 $ 40,674 $ 4 Maintenance 284 — 2,743 — Other 1,281 3 12,528 6 Research and development 28,325 636 252,474 803 Sales and marketing 34,255 563 274,143 762 General and administrative 35,392 — 152,786 57 Total stock-based compensation expense $ 105,018 $ 1,204 $ 735,348 $ 1,632

Stockholders_ Deficit

Stockholders’ Deficit	6 Months Ended
Stockholders’ Deficit	Jul. 31, 2024
Equity [Abstract]
Stockholders’ Deficit	Note 9 – 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 July 31, 2024, there were no shares of redeemable convertible preferred stock issued and outstanding. Note 10 – 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 condensed 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 July 31, 2024, 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. As of July 31, 2024, 36,650,654 shares of Class B common stock granted under the 2014 Plan remain outstanding. 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. As of July 31, 2024, 60,704,198 shares were available for future issuance under the 2024 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, in addition to any automatic increases in the number of shares of Class A common stock reserved for future issuance under this plan. Stock Options Options issued under the Company's 2014 Plan and 2024 Plan generally are exercisable for periods not to exceed 10 years and generally vest over four years with 25% vesting after one year and the remainder vesting monthly thereafter in equal installments. A summary of the stock option activity and related information is as follows: Number of Options Weighted- Weighted- Aggregate Outstanding as of January 31, 2024 3,185,020 $ 6.23 4.2 $ 71,347 Granted 8,000,000 32.00 Exercised (680,400) 5.46 17,800 Cancelled (18,226) 17.84 Outstanding as of July 31, 2024 10,486,394 $ 25.92 8.3 $ 118,297 Vested and exercisable as of July 31, 2024 2,402,223 $ 5.88 3.4 $ 75,249 There were no options with only a service-based vesting condition granted during the six months ended July 31, 2024 and 2023. The intrinsic value of the options exercised represents the difference between the estimated fair market value of the Company’s common stock on the date of exercise and the exercise price of each option. As of July 31, 2024, there was approximately $125.7 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.7 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. Tranche Target Stock Value Number of Stock Options Eligible to Vest Option Valuation Expiration Date 1 $42.88 666,667 Fifth anniversary of the Company's IPO 2 $53.76 666,667 3 $64.64 666,667 4 $75.52 666,667 5 $86.40 666,667 Seventh anniversary of the Company's IPO 6 $96.96 666,667 7 $107.84 666,667 8 $118.72 666,667 9 $161.92 1,333,332 10 $242.88 1,333,332 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 RSUs Weighted-Average Outstanding as of January 31, 2024 50,191,670 $ 16.09 Granted 9,701,165 30.64 Vested (32,231,594) 13.84 Forfeited (1,579,800) 21.81 Unvested as of July 31, 2024 26,081,441 $ 23.85 Vested and not yet released 400,811 13.28 Outstanding as of July 31, 2024 26,482,252 $ 23.69 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. For the six months ended July 31, 2024, the Company recognized $20.3 million of stock-based compensation expense for this equity award. For the six months ended July 31, 2024 and 2023, the total grant date fair value of vested RSUs was $446.0 million and zero, respectively. As of July 31, 2024, there was approximately $376.8 million of unrecognized stock-based compensation expense related 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. A total of 4,607,303 shares of Class A common stock were initially reserved for issuance under the 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 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 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). As of July 31, 2024, no shares of the Company's Class A common stock have been purchased under the ESPP. No stock-based compensation expense related to the ESPP was recognized during the three months ended April 30, 2024 as the grant date of the Company’s first ESPP offering was in May 2024. The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model with the following assumptions: Three and Six Months Ended July 31, 2024 Expected term (in years) 0.4 - 1.9 Expected volatility 56.6% - 71.7% Risk-free interest rate 4.8% - 5.4% Dividend yield — These assumptions and estimates were determined in accordance with the Company’s stock-based compensation expense policy within Note 2, Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company’s Final Prospectus except as follows: • Fair Value of common stock – After the completion of the Company’s 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 ESPP purchase is made every six months during the 24-months offering period and the expected term coincides with the length of each purchase period. As of July 31, 2024, there was approximately $22.5 million of unrecognized stock-based compensation expense related to the ESPP, which is expected to be recognized over a weighted-average period of 1.1 years. Stock-Based Compensation Expense Total stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Cost of revenue Subscription $ 5,481 $ 2 $ 40,674 $ 4 Maintenance 284 — 2,743 — Other 1,281 3 12,528 6 Research and development 28,325 636 252,474 803 Sales and marketing 34,255 563 274,143 762 General and administrative 35,392 — 152,786 57 Total stock-based compensation expense $ 105,018 $ 1,204 $ 735,348 $ 1,632

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jul. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Note 11 – Net Loss Per Share The Company computes net loss per share of common stock in conformity with the two-class method required for participating securities and multiple classes of common stock. Prior to the automatic conversion of all of the Company's redeemable convertible preferred stock outstanding into Class B common stock upon the completion of the IPO, 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. 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): Three Months Ended July 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (55,630) $ (121,300) $ — $ (81,121) Denominator: Weighted-average common stock shares used in computing net loss per share, basic and diluted 56,548 123,303 — 54,896 Weighted-average founders stock shares used in computing net loss per share, basic and diluted — — — 5,400 Net loss per common stock share, basic and diluted $ (0.98) $ (0.98) $ — $ (1.35) Net loss per founders stock share, basic and diluted $ — $ — $ — $ (1.35) Six Months Ended July 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (218,941) $ (690,080) $ — $ (170,394) Denominator: Weighted-average common stock shares used in computing net loss per share, basic and diluted 29,495 92,965 — 54,721 Weighted-average founders stock shares used in computing net loss per share, basic and diluted — — — 5,400 Net loss per common stock share, basic and diluted $ (7.42) $ (7.42) $ — $ (2.83) Net loss per founders stock share, basic and diluted $ — $ — $ — $ (2.83) 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): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Redeemable convertible preferred stock — 74,183 — 74,183 Issued and outstanding common stock options 10,486 3,408 10,486 3,408 Unvested RSUs issued and outstanding 26,081 47,650 26,081 47,650 Total 36,567 125,241 36,567 125,241

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12 – Income Taxes The Company recorded a tax expense of $4.2 million and $3.0 million for the three months ended July 31, 2024 and 2023, respectively, and $3.2 million and $4.3 million for the six months ended July 31, 2024 and 2023, respectively. For the three months ended July 31, 2024 and 2023, the income tax provision consisted of taxes on the income of the Company's foreign subsidiaries, foreign withholding taxes, and U.S. state taxes. For the six months ended July 31, 2024, the income tax provision consisted of a U.S. federal & state tax benefit as a result of several of the Company's foreign subsidiaries making an election in the current year to be treated as U.S. branches for federal income tax purposes effective in fiscal year ended January 31, 2024, partially offset by taxes on the income of the Company’s foreign subsidiaries, foreign withholding taxes, and U.S. state taxes. For the six months ended July 31, 2023, the income tax provision consisted of taxes on the income of the Company's foreign subsidiaries, foreign withholding taxes, and U.S. state taxes. As of July 31, 2024, the Company maintained a full valuation allowance on its U.S. federal and state net deferred tax assets as it was more likely than not that those deferred tax assets will not be realized.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (176,930)	$ (81,121)	$ (909,021)	$ (170,394)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jul. 31, 2024 shares	Jul. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Brian McCarthy [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 27, 2024, Brian McCarthy, our Chief Revenue Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Mr. McCarthy’s trading arrangement provides for the sale through September 30, 2025 of up to 500,000 shares of our Class A common stock. This represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the written plan.
Name	Brian McCarthy
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 27, 2024
Expiration Date	September 30, 2025
Aggregate Available	500,000	500,000
Yvonee Wassenaar [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On July 5, 2024, Yvonne Wassenaar, a member of our board of directors, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Ms. Wassenaar’s trading arrangement provides for the sale through July 31, 2025 of up to 14,000 shares of our Class A common stock.
Name	Yvonne Wassenaar
Title	member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 5, 2024
Expiration Date	July 31, 2025
Aggregate Available	14,000	14,000
Kiran Choudary [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On July 15, 2024, 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 October 31, 2025 of up to 237,600 shares of our Class A common stock. This represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The actual number of shares sold will be dependent on the satisfaction of certain conditions set forth in the written plan.
Name	Kiran Choudary
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 15, 2024
Expiration Date	October 31, 2025
Aggregate Available	237,600	237,600
Brian McCarthy [Member]
Trading Arrangements, by Individual
Arrangement Duration	460 days
Yvonee Wassenaar [Member]
Trading Arrangements, by Individual
Arrangement Duration	391 days
Kiran Choudary [Member]
Trading Arrangements, by Individual
Arrangement Duration	473 days

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding interim financial reporting. The unaudited condensed 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 interim periods presented. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus dated April 24, 2024 and filed with the SEC pursuant to Rule 424(b)(4) on April 26, 2024 ("Final Prospectus").
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the SEC) regarding interim financial reporting. The unaudited condensed 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 interim periods presented. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s final prospectus dated April 24, 2024 and filed with the SEC pursuant to Rule 424(b)(4) on April 26, 2024 ("Final Prospectus").
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed 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 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) Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Subscription revenue Products and services transferred over time $ 176,161 $ 98,853 $ 334,181 $ 180,502 Products and services transferred at a point in time 15,154 28,603 29,329 55,352 Maintenance revenue Products and services transferred over time 5,018 10,594 10,685 22,882 Other revenue Products and services transferred over time 7,095 7,907 14,495 15,604 Products and services transferred at a point in time 1,523 5,578 3,576 12,935 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275 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 condensed consolidated balance sheets. There were $8.5 million and $9.0 million of contract assets as of July 31, 2024 and January 31, 2024, respectively. The decrease is due to a decrease in certain contracts with customers where the timing of revenue recognition differs from the timing of invoicing to the customers. The current and noncurrent contract assets balances as of July 31, 2024 were $5.2 million and $3.3 million, respectively, and 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 condensed 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 three and six months ended July 31, 2024, the Company recognized revenue of approximately $170.4 million and $290.0 million, respectively, pertaining to amounts deferred as of April 30, 2024 and January 31, 2024, respectively. 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 July 31, 2024, total remaining non-cancellable performance obligations under the Company’s contracts with customers was approximately $1,513.0 million. The Company expects to recognize 48% of this amount as revenue over the next 12 months, with the remaining balance to be recognized as revenue thereafter.
Concentration of Risk	Credit risk 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.
Recently Announced Accounting Pronouncements Not Yet Adopted	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. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is assessing the timing and impact of adopting this standard. 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.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Disaggregation of Revenue	Timing of revenue recognition (in thousands) Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Subscription revenue Products and services transferred over time $ 176,161 $ 98,853 $ 334,181 $ 180,502 Products and services transferred at a point in time 15,154 28,603 29,329 55,352 Maintenance revenue Products and services transferred over time 5,018 10,594 10,685 22,882 Other revenue Products and services transferred over time 7,095 7,907 14,495 15,604 Products and services transferred at a point in time 1,523 5,578 3,576 12,935 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275 Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Americas $ 146,912 $ 108,268 $ 281,435 $ 199,953 EMEA 50,633 37,354 96,090 75,876 APAC 7,406 5,913 14,741 11,446 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275
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: Revenue Revenue Accounts Receivable, Net Three Months Ended July 31, Six Months Ended July 31, July 31, January 31, 2024 2023 2024 2023 2024 2024 Partner A 30% 31% 30% 30% 31% 44% Partner B 34% 36% 35% 35% 25% 25% Partner C 11% 10% 10% 11% * * Partner D * * * * 13% * * Less than 10%

Revenue by Geography (Tables)

Revenue by Geography (Tables)	6 Months Ended
Revenue by Geography (Tables)	Jul. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Timing of revenue recognition (in thousands) Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Subscription revenue Products and services transferred over time $ 176,161 $ 98,853 $ 334,181 $ 180,502 Products and services transferred at a point in time 15,154 28,603 29,329 55,352 Maintenance revenue Products and services transferred over time 5,018 10,594 10,685 22,882 Other revenue Products and services transferred over time 7,095 7,907 14,495 15,604 Products and services transferred at a point in time 1,523 5,578 3,576 12,935 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275 Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Americas $ 146,912 $ 108,268 $ 281,435 $ 199,953 EMEA 50,633 37,354 96,090 75,876 APAC 7,406 5,913 14,741 11,446 Total revenue $ 204,951 $ 151,535 $ 392,266 $ 287,275

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
Financial Instruments (Tables)	Jul. 31, 2024
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 July 31, 2024 Amortized Cost Gross Unrealized Gains Gross Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Cash: $ 64,905 $ — $ — $ 64,905 $ 64,905 $ — Level 1: Money market funds 29,648 — — 29,648 29,648 — U.S. Treasuries 238,437 265 (14) 238,688 — 238,688 Subtotal 268,085 265 (14) 268,336 29,648 238,688 Level 2: Commercial paper 178,964 6 (25) 178,945 47,796 131,149 Corporate bonds 75,981 80 (7) 76,054 — 76,054 U.S. government agencies $ 13,101 $ — $ — $ 13,101 $ — $ 13,101 Subtotal $ 268,046 $ 86 $ (32) $ 268,100 $ 47,796 $ 220,304 Total $ 601,036 $ 351 $ (46) $ 601,341 $ 142,349 $ 458,992 Reported as January 31, 2024 Amortized Cost Gross Unrealized Gains Gross Estimated Fair Value Cash and Cash Equivalents Short-Term Investments Cash: $ 72,420 $ — $ — $ 72,420 $ 72,420 $ — Level 1: Money market funds 47,696 — — 47,696 47,696 — U.S. Treasuries 86,429 70 (13) 86,486 — 86,486 Subtotal 134,125 70 (13) 134,182 47,696 86,486 Level 2: Commercial paper 33,019 3 (3) 33,019 9,915 23,104 Corporate bonds 17,883 30 (3) 17,910 — 17,910 U.S. government agencies $ 21,703 $ 27 $ (10) $ 21,720 $ — $ 21,720 Subtotal $ 72,605 $ 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): July 31, 2024 Due within one year $ 411,506 Due between one to two years 47,486 Total $ 458,992

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jul. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): July 31, January 31, 2024 2024 Prepaid expenses $ 51,361 $ 44,721 Inventory, net 4,244 4,807 Contract assets, current 5,204 6,356 Other current assets 5,119 7,977 Total prepaid expenses and other current assets $ 65,928 $ 63,861
Property, Plant and Equipment	Property and equipment, net consisted of the following (in thousands): July 31, January 31, 2024 2024 Equipment $ 70,571 $ 91,645 Capitalized internal-use software 27,498 21,191 Leasehold improvements 12,584 12,350 Furniture and fixtures 4,371 4,150 Total property and equipment, gross 115,024 129,336 Less: accumulated depreciation and amortization (68,820) (81,463) Total property and equipment, net $ 46,204 $ 47,873
Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): July 31, January 31, 2024 2024 Accrued expenses $ 36,375 $ 41,773 Accrued bonuses 24,978 31,212 Accrued sales commissions 32,641 18,859 Accrued payroll-related expenses, taxes, and benefits 35,707 20,197 Operating lease liabilities 10,105 10,461 Other 493 432 Total accrued expenses and other current liabilities $ 140,299 $ 122,934

Stockholders_ Deficit (Tables)

Stockholders’ Deficit (Tables)	6 Months Ended
Stockholders’ Deficit (Tables)	Jul. 31, 2024
Equity [Abstract]
Schedule of Stock Options Roll Forward	A summary of the stock option activity and related information is as follows: Number of Options Weighted- Weighted- Aggregate Outstanding as of January 31, 2024 3,185,020 $ 6.23 4.2 $ 71,347 Granted 8,000,000 32.00 Exercised (680,400) 5.46 17,800 Cancelled (18,226) 17.84 Outstanding as of July 31, 2024 10,486,394 $ 25.92 8.3 $ 118,297 Vested and exercisable as of July 31, 2024 2,402,223 $ 5.88 3.4 $ 75,249
Schedule of Nonvested Performance-Based Units Activity	Tranche Target Stock Value Number of Stock Options Eligible to Vest Option Valuation Expiration Date 1 $42.88 666,667 Fifth anniversary of the Company's IPO 2 $53.76 666,667 3 $64.64 666,667 4 $75.52 666,667 5 $86.40 666,667 Seventh anniversary of the Company's IPO 6 $96.96 666,667 7 $107.84 666,667 8 $118.72 666,667 9 $161.92 1,333,332 10 $242.88 1,333,332
Schedule of Nonvested Restricted Stock Units Activity	A summary of the RSU activity and related information is as follows: Number of RSUs Weighted-Average Outstanding as of January 31, 2024 50,191,670 $ 16.09 Granted 9,701,165 30.64 Vested (32,231,594) 13.84 Forfeited (1,579,800) 21.81 Unvested as of July 31, 2024 26,081,441 $ 23.85 Vested and not yet released 400,811 13.28 Outstanding as of July 31, 2024 26,482,252 $ 23.69
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: Three and Six Months Ended July 31, 2024 Expected term (in years) 0.4 - 1.9 Expected volatility 56.6% - 71.7% Risk-free interest rate 4.8% - 5.4% Dividend yield —
Stock-Based Compensation Expense	Total stock-based compensation expense included in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Cost of revenue Subscription $ 5,481 $ 2 $ 40,674 $ 4 Maintenance 284 — 2,743 — Other 1,281 3 12,528 6 Research and development 28,325 636 252,474 803 Sales and marketing 34,255 563 274,143 762 General and administrative 35,392 — 152,786 57 Total stock-based compensation expense $ 105,018 $ 1,204 $ 735,348 $ 1,632

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jul. 31, 2024
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): Three Months Ended July 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (55,630) $ (121,300) $ — $ (81,121) Denominator: Weighted-average common stock shares used in computing net loss per share, basic and diluted 56,548 123,303 — 54,896 Weighted-average founders stock shares used in computing net loss per share, basic and diluted — — — 5,400 Net loss per common stock share, basic and diluted $ (0.98) $ (0.98) $ — $ (1.35) Net loss per founders stock share, basic and diluted $ — $ — $ — $ (1.35) Six Months Ended July 31, 2024 2023 Class A Class B Class A Class B Numerator: Net loss $ (218,941) $ (690,080) $ — $ (170,394) Denominator: Weighted-average common stock shares used in computing net loss per share, basic and diluted 29,495 92,965 — 54,721 Weighted-average founders stock shares used in computing net loss per share, basic and diluted — — — 5,400 Net loss per common stock share, basic and diluted $ (7.42) $ (7.42) $ — $ (2.83) Net loss per founders stock share, basic and diluted $ — $ — $ — $ (2.83)
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): Three Months Ended July 31, Six Months Ended July 31, 2024 2023 2024 2023 Redeemable convertible preferred stock — 74,183 — 74,183 Issued and outstanding common stock options 10,486 3,408 10,486 3,408 Unvested RSUs issued and outstanding 26,081 47,650 26,081 47,650 Total 36,567 125,241 36,567 125,241

Description of Business (Detail

Description of Business (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		6 Months Ended
	Apr. 29, 2024	May 31, 2024	Apr. 30, 2024	Jul. 31, 2024
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
Net proceeds from initial public offering			$ 700
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
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

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2024 USD ($)	Jul. 31, 2024 USD ($) financial_institution	Jan. 31, 2024 USD ($)
Accounting Policies [Line Items]
Contract duration (in years)		3 years
Contract asset	$ 8,500	$ 8,500	$ 9,000
Contract assets, current	5,204	5,204	6,356
Contract asset, noncurrent	3,300	3,300	$ 2,600
Contract with customer, liability, revenue recognized	170,400	290,000
Revenue, remaining performance obligation, amount	$ 1,513,000	$ 1,513,000
Number of financial institutions \| financial_institution		2
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01
Accounting Policies [Line Items]
Revenue, remaining performance obligation, percentage	48%	48%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months	12 months

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 204,951	$ 151,535	$ 392,266	$ 287,275
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	191,315	127,456	363,510	235,854
Subscription \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	176,161	98,853	334,181	180,502
Subscription \| Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	15,154	28,603	29,329	55,352
Maintenance
Disaggregation of Revenue [Line Items]
Total revenue	5,018	10,594	10,685	22,882
Maintenance \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	5,018	10,594	10,685	22,882
Other
Disaggregation of Revenue [Line Items]
Total revenue	8,618	13,485	18,071	28,539
Other \| Products and services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	7,095	7,907	14,495	15,604
Other \| Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,523	$ 5,578	$ 3,576	$ 12,935

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Revenue and Accounts Receivable (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
Revenue \| Partner A
Concentration Risk [Line Items]
Concentration risk, percentage	30%	31%	30%	30%
Revenue \| Partner B
Concentration Risk [Line Items]
Concentration risk, percentage	34%	36%	35%	35%
Revenue \| Partner C
Concentration Risk [Line Items]
Concentration risk, percentage	11%	10%	10%	11%
Accounts Receivable, Net \| Partner A
Concentration Risk [Line Items]
Concentration risk, percentage			31%		44%
Accounts Receivable, Net \| Partner B
Concentration Risk [Line Items]
Concentration risk, percentage			25%		25%
Accounts Receivable, Net \| Partner D
Concentration Risk [Line Items]
Concentration risk, percentage			13%

Revenue by Geography - Narrativ

Revenue by Geography - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue by Geography - Narrative (Details) $ in Thousands	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) segment	Jul. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of operating segments \| segment			1
Total revenue	$ 204,951	$ 151,535	$ 392,266	$ 287,275
UNITED STATES
Disaggregation of Revenue [Line Items]
Total revenue	$ 141,300	$ 104,800	$ 270,500	$ 193,600
UNITED STATES \| Revenue \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	69%	69%	69%	67%

Revenue by Geography (Details)

Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue by Geography (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 204,951	$ 151,535	$ 392,266	$ 287,275
Americas
Disaggregation of Revenue [Line Items]
Total revenue	146,912	108,268	281,435	199,953
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	50,633	37,354	96,090	75,876
APAC
Disaggregation of Revenue [Line Items]
Total revenue	$ 7,406	$ 5,913	$ 14,741	$ 11,446

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jan. 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 100,343		$ 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 intangible assets		$ 900	$ 0	$ 1,800	$ 0
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

Financial Instruments - Schedul

Financial Instruments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Amortized Cost	$ 142,349	$ 130,031
Cash and cash equivalents, Estimated Fair Value	142,349	130,031
Cash and cash equivalents and available for sale securities, Amortized Cost	601,036	279,150
Gross Unrealized Gains	351	130
Gross Unrealized Losses	(46)	(29)
Short-term investments, estimated fair value	458,992	149,220
Cash and cash equivalents and short term investments, Estimated Fair Value	601,341	279,251
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Amortized Cost	64,905	72,420
Cash and cash equivalents, Estimated Fair Value	64,905	72,420
Level 1:
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Estimated Fair Value	29,648	47,696
Cash and cash equivalents and available for sale securities, Amortized Cost	268,085	134,125
Gross Unrealized Gains	265	70
Gross Unrealized Losses	(14)	(13)
Short-term investments, estimated fair value	238,688	86,486
Cash and cash equivalents and short term investments, Estimated Fair Value	268,336	134,182
Level 1: \| Money market funds
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Amortized Cost	29,648	47,696
Cash and cash equivalents, Estimated Fair Value	29,648	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	238,437	86,429
Gross Unrealized Gains	265	70
Gross Unrealized Losses	(14)	(13)
Short-term investments, estimated fair value	238,688	86,486
Cash and cash equivalents and short term investments, Estimated Fair Value	238,688	86,486
Level 2:
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Estimated Fair Value	47,796	9,915
Cash and cash equivalents and available for sale securities, Amortized Cost	268,046	72,605
Gross Unrealized Gains	86	60
Gross Unrealized Losses	(32)	(16)
Short-term investments, estimated fair value	220,304	62,734
Cash and cash equivalents and short term investments, Estimated Fair Value	268,100	72,649
Level 2: \| Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, Estimated Fair Value	47,796	9,915
Cash and cash equivalents and available for sale securities, Amortized Cost	178,964	33,019
Gross Unrealized Gains	6	3
Gross Unrealized Losses	(25)	(3)
Short-term investments, estimated fair value	131,149	23,104
Cash and cash equivalents and short term investments, Estimated Fair Value	178,945	33,019
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	75,981	17,883
Gross Unrealized Gains	80	30
Gross Unrealized Losses	(7)	(3)
Short-term investments, estimated fair value	76,054	17,910
Cash and cash equivalents and short term investments, Estimated Fair Value	76,054	17,910
Level 2: \| U.S. government agencies
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	13,101	21,703
Gross Unrealized Gains	0	27
Gross Unrealized Losses	0	(10)
Short-term investments, estimated fair value	13,101	21,720
Cash and cash equivalents and short term investments, Estimated Fair Value	$ 13,101	$ 21,720

Financial Instruments - Maturit

Financial Instruments - Maturity of Investments (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Due within one year	$ 411,506
Due between one to two years	47,486
Total	$ 458,992	$ 149,220

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)	Jul. 31, 2024	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Short-term investments accumulated impairment loss	$ 0	$ 0

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 51,361	$ 44,721
Inventory, net	4,244	4,807
Contract assets, current	5,204	6,356
Other current assets	5,119	7,977
Total prepaid expenses and other current assets	$ 65,928	$ 63,861

Balance Sheet Components - Prop

Balance Sheet Components - Property plant and equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 115,024	$ 129,336
Less: accumulated depreciation and amortization	(68,820)	(81,463)
Total property and equipment, net	46,204	47,873
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	70,571	91,645
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,498	21,191
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	12,584	12,350
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 4,371	$ 4,150

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 4.3	$ 4.2	$ 8.8	$ 8.2
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Amortization	$ 1.7	$ 1.8	$ 3.5	$ 3.4

Balance Sheet Components - Accr

Balance Sheet Components - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 36,375	$ 41,773
Accrued bonuses	24,978	31,212
Accrued sales commissions	32,641	18,859
Accrued payroll-related expenses, taxes, and benefits	35,707	20,197
Operating lease liabilities	10,105	10,461
Other	493	432
Total accrued expenses and other current liabilities	$ 140,299	$ 122,934

Debt (Details)

Debt (Details) - USD ($) $ in Millions				1 Months Ended	3 Months Ended		6 Months Ended
Debt (Details) - USD ($) $ in Millions	Apr. 29, 2024	Aug. 17, 2023	Jun. 10, 2022	Aug. 31, 2026	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Apr. 25, 2024
Amended Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Debt discount and issuance costs		$ 6.9
Long-term line of credit		293.6
Bridge Notes \| Senior Notes
Line of Credit Facility [Line Items]
Debt discount and issuance costs									$ 0.6
Maximum face amount									450
Face amount									$ 321.4
Interest rate									7%
Debt interest expense	$ 0.2
Revolving Credit Facility \| Prior Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 195
Long-term line of credit						$ 193.6		$ 193.6
Unpaid interest						4.1		4.1
ASRR increase (decrease)			0.50%
Debt instrument, interest rate reduction, ASRR threshold			$ 500
Revolving Credit Facility \| Amended Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		330
Debt instrument, unamortized discount		$ 3.5
Debt instrument, prepayment fee, percentage		1.50%
ASRR increase (decrease)		0.50%
Debt instrument, interest rate reduction, ASRR threshold		$ 500
Revolving Credit Facility \| Amended Credit Facility \| Line of Credit \| Forecast
Line of Credit Facility [Line Items]
Debt instrument, prepayment fee, percentage				0%
Term Loan \| Prior Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			175
Proceeds from line of credit			175
Debt discount and issuance costs			4.3
Long-term line of credit						189.5		189.5
Term Loan \| Amended Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		289.5
Proceeds from line of credit		289.5
Delayed Draw Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from line of credit					$ 9.5	$ 6	$ 19.2	$ 6
Cash interest funded, percentage					100%		100%
Delayed draw term loan utilization interest increase					0.50%		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		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		180 days
Delayed draw term loan utilization interest increase, period from date of funding					6 months		6 months
Delayed Draw Term Loan \| Prior Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 20
Delayed Draw Term Loan \| Amended Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		40.5
Proceeds from line of credit		$ 4.1
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%
ABR Loans \| Amended Credit Facility \| Line of Credit \| Alternate Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		6%
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%
Debt instrument, annual interest rate increase			0.50%
Debt instrument, annual interest rate decrease			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%

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock (Details) $ in Thousands		6 Months Ended
	Apr. 29, 2024 USD ($) shares	Jul. 31, 2024 USD ($) shares
Equity [Abstract]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares) \| shares	74,182,559	74,182,559
Conversion ratio	1
Conversion of redeemable convertible preferred stock and founder stock to common stock upon initial public offering \| $	$ 714,700	$ 714,713

Stockholders_ Deficit - Preferr

Stockholders’ Deficit - Preferred Stock and Common Stock Narrative (Details)		6 Months Ended
	Apr. 29, 2024 shares	Jul. 31, 2024 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
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%

Stockholders_ Deficit - Equity

Stockholders’ Deficit - Equity Incentive Plan Narrative (Details)	Jul. 31, 2024 shares
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	4,607,303
2024 Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	60,704,198
Class B common stock \| 2014 Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	36,650,654
Class A common stock \| 2024 Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	46,073,027

Stockholders_ Deficit - Stock O

Stockholders’ Deficit - Stock Options Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	8,000,000
Options exercised, aggregate intrinsic value	$ 17,800
Unrecognized stock-based compensation, stock options	$ 125,700
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 8 months 12 days
Employee stock option \| Vesting tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	1 year
Stock options vesting percentage	25%
Employee Stock Option, Service-Based Vesting Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	0	0

Stockholders_ Deficit - Schedul

Stockholders’ Deficit - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) $ / shares shares
Number of Options
Outstanding, beginning of period (in shares) \| shares	3,185,020
Granted (in shares) \| shares	8,000,000
Exercised (in shares) \| shares	(680,400)
Cancelled (in shares) \| shares	(18,226)
Outstanding, end of period (in shares) \| shares	10,486,394	3,185,020
Options vested, number of options (in shares) \| shares	2,402,223
Options exercisable, number of options (in shares) \| shares	2,402,223
Weighted- Average Exercise Price
Outstanding, beginning of period (in USD per share) \| $ / shares	$ 6.23
Granted (in USD per share) \| $ / shares	32
Exercised (in USD per share) \| $ / shares	5.46
Cancelled (in USD per share) \| $ / shares	17.84
Outstanding, end of period (in USD per share) \| $ / shares	25.92	$ 6.23
Options vested, weighted average exercise price per share (in USD per share) \| $ / shares	5.88
Options exercisable, weighted average exercise price per share (in USD per share) \| $ / shares	$ 5.88
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual term	8 years 3 months 18 days	4 years 2 months 12 days
Options vested, weighted average remaining contractual term	3 years 4 months 24 days
Options exercisable, weighted average remaining contractual term	3 years 4 months 24 days
Options outstanding, aggregate intrinsic value \| $	$ 118,297	$ 71,347
Options exercised, aggregate intrinsic value \| $	17,800
Options exercisable, aggregate intrinsic value \| $	75,249
Options vested, aggregate intrinsic value \| $	$ 75,249

Stockholders_ Deficit - CEO Per

Stockholders’ Deficit - CEO Performance Award Narrative (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Apr. 24, 2024 USD ($) tranche installment $ / shares	Jul. 31, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares		8,000,000
Unrecognized stock-based compensation, stock options \| $		$ 125.7
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares		8,000,000
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 8 months 12 days
Employee stock option \| Chief Executive Officer
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
Employee stock option \| Chief Executive Officer \| 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
Employee stock option \| Chief Executive Officer \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Cost not yet recognized, period for recognition	4 years 6 months

Stockholders_ Deficit - CEO P_2

Stockholders’ Deficit - CEO Performance Award Tranches (Details) - Chief Executive Officer - Employee stock option	Jul. 31, 2024 $ / 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

Stockholders_ Deficit - Restric

Stockholders’ Deficit - Restricted Stock Units Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 29, 2024	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense		$ 105,018	$ 1,204	$ 735,348	$ 1,632
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period				7 years
Cost not yet recognized		$ 376,800		$ 376,800
Cost not yet recognized, period for recognition				1 year 10 months 24 days
Vested in period, fair value				$ 446,000	$ 0
Restricted stock units, modified
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs modified (in shares)	1,158,082
Incremental fair value resulting from modification	$ 24,100
Cost not yet recognized	$ 30,400
Total stock-based compensation expense				$ 20,300

Stockholders_ Deficit - Restr_2

Stockholders’ Deficit - Restricted Stock Units Roll Forward (Details) - Restricted stock units	6 Months Ended
	Jul. 31, 2024 $ / shares shares
Number of RSUs
Outstanding at the beginning of the period (in shares) \| shares	50,191,670
Granted (in shares) \| shares	9,701,165
Vested (in shares) \| shares	(32,231,594)
Forfeited (in shares) \| shares	(1,579,800)
Outstanding as at the end of the period (in shares) \| shares	26,081,441
Vested and not yet released (in shares) \| shares	400,811
Outstanding (in shares) \| shares	26,482,252
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in USD per share) \| $ / shares	$ 16.09
Granted (in USD per share) \| $ / shares	30.64
Vested (in USD per share) \| $ / shares	13.84
Forfeited (in USD per share) \| $ / shares	21.81
Outstanding at the end of the period (in USD per share) \| $ / shares	23.85
Vested and not yet released (in USD per share) \| $ / shares	13.28
Outstanding (in USD per share) \| $ / shares	$ 23.69

Stockholders_ Deficit - 2024 Em

Stockholders’ Deficit - 2024 Employee Stock Purchase Plan Narrative (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jul. 31, 2024 USD ($) purchasing_period shares	Apr. 24, 2024 $ / shares
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
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	4,607,303
Percentage of outstanding stock maximum	1%
Annual increase in number of shares reserved for issuance (in shares)	9,214,605
Maximum employee subscription rate	15%
Offering period	24 months
Number of purchasing periods \| purchasing_period	4
Purchase period	6 months
Purchase price of common stock, percent	85%
Cost not yet recognized \| $	$ 22.5
Cost not yet recognized, period for recognition	1 year 1 month 6 days

Stockholders' Deficit - Summary

Stockholders' Deficit - Summary of the Assumptions Used in Estimating Fair Value of ESPP (Details) - ESPP	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Jul. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	56.60%	56.60%
Expected volatility rate, maximum	71.70%	71.70%
Risk-free interest rate, minimum	4.80%	4.80%
Risk-free interest rate, maximum	5.40%	5.40%
Dividend yield	0%	0%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	4 months 24 days	4 months 24 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	1 year 10 months 24 days	1 year 10 months 24 days

Stockholders_ Deficit - Stock-B

Stockholders’ Deficit - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 105,018	$ 1,204	$ 735,348	$ 1,632
Subscription
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	5,481	2	40,674	4
Maintenance
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	284	0	2,743	0
Other
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,281	3	12,528	6
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	28,325	636	252,474	803
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	34,255	563	274,143	762
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 35,392	$ 0	$ 152,786	$ 57

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Numerator:
Net loss	$ (176,930)	$ (81,121)	$ (909,021)	$ (170,394)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic (in shares)	179,851	60,296	122,460	60,121
Weighted-average common stock shares used in computing net loss per share, diluted (in shares)	179,851	60,296	122,460	60,121
Net loss per common stock share, basic (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
Net loss per common stock share, diluted (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
Class A common stock
Numerator:
Net loss	$ (55,630)		$ (218,941)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic (in shares)	56,548		29,495
Weighted-average common stock shares used in computing net loss per share, diluted (in shares)	56,548		29,495
Net loss per common stock share, basic (in dollars per share)	$ (0.98)		$ (7.42)
Net loss per common stock share, diluted (in dollars per share)	$ (0.98)		$ (7.42)
Class B common stock
Numerator:
Net loss	$ (121,300)	$ (81,121)	$ (690,080)	$ (170,394)
Denominator:
Weighted-average common stock shares used in computing net loss per share, basic (in shares)	123,303	54,896	92,965	54,721
Weighted-average common stock shares used in computing net loss per share, diluted (in shares)	123,303	54,896	92,965	54,721
Net loss per common stock share, basic (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
Net loss per common stock share, diluted (in dollars per share)	$ (0.98)	$ (1.35)	$ (7.42)	$ (2.83)
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)		$ (1.35)		$ (2.83)
Net loss per common stock share, diluted (in dollars per share)		$ (1.35)		$ (2.83)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	36,567	125,241	36,567	125,241
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	0	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)	10,486	3,408	10,486	3,408
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)	26,081	47,650	26,081	47,650

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,220	$ 3,049	$ 3,169	$ 4,257