v3.24.1.1.u2
Financial Instruments (Tables)
3 Months Ended
Apr. 28, 2024
Fair Value Disclosures [Abstract]  
Schedule of Cash and Cash Equivalents
The following table includes a summary of financial instruments measured at fair value as of April 28, 2024 (in thousands):

Level 1Level 2Level 3
Cash$886,228 $— $— 
U.S. Treasury securities248,401 — — 
Cash and cash equivalents1,134,629 — — 
Vested equity warrants3,251 — — 
Equity investments239 — — 
Marketable securities3,490 — — 
Unvested equity warrants— — 1,843 
Total financial instruments$1,138,119 $— $1,843 

The following table includes a summary of financial instruments measured at fair value as of January 28, 2024 (in thousands):

Level 1Level 2Level 3
Cash$602,232 $— $— 
Money market funds— — — 
Cash and cash equivalents602,232 — — 
U.S. Treasury securities531,592 — — 
Equity investments193 — — 
Marketable securities531,785 — — 
Unvested equity warrants
——2,219 
Total financial instruments$1,134,017 $— $2,219 
Summary of Changes in Fair Value for Financial Instruments Using Unobservable Level 3 Inputs
The following table summarizes the change in fair value for financial instruments using unobservable Level 3 inputs (in thousands):
13 Weeks Ended
April 28, 2024April 30, 2023
Beginning balance$2,219 $31,622 
Change in fair value of unvested equity warrants2,875 (8,934)
Equity warrants vested(3,251)— 
Ending balance$1,843 $22,688 
Summary of Level 3 Significant Unobservable Inputs
The following table presents quantitative information about Level 3 significant unobservable inputs used in the fair value measurement of the unvested equity warrants as of April 28, 2024 (in thousands):
 Range
  Fair Value Valuation Techniques Unobservable InputMinMaxWeighted Average
 Equity warrants$1,843 Black-Scholes and Monte Carlo Probability of vesting0%25%17%
Equity volatility35%80%73%