Financial Instruments (Tables)

9 Months Ended

Oct. 27, 2024

The following table includes a summary of financial instruments measured at fair value as of October 27, 2024 (in thousands):


	Level 1		Level 2		Level 3
Cash	$	506,634	$	—	$	—


Cash and cash equivalents	506,634		—		—


Equity investments	885		—		—
Marketable securities	885		—		—
Unvested equity warrants	—		—		2,404
Total financial instruments	$	507,519	$	—	$	2,404

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


	Level 1		Level 2		Level 3
Cash	$	602,232	$	—	$	—

Cash and cash equivalents	602,232		—		—
U.S. Treasury securities	531,592		—		—
Equity investments	193		—		—
Marketable securities	531,785		—		—
Unvested equity warrants	—		—		2,219
Total financial instruments	$	1,134,017	$	—	$	2,219

Schedule 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):


	39 Weeks Ended
	October 27, 2024		October 29, 2023
Beginning balance	$	2,219	$	31,622

Change in fair value of unvested equity warrants	3,436		(23,182)

Equity warrants vested	(3,251)		—
Ending balance	$	2,404	$	8,440

Schedule 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 October 27, 2024 (in thousands):

Range

Fair Value

Valuation Techniques

Unobservable Input

Min

Max

Weighted Average

Equity warrants

$2,404

Black-Scholes and Monte Carlo

Probability of vesting

25%

17%

Equity volatility

35%

75%

70%