0001628280-26-027232 | 10-K | XBRL Viewer

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Income Taxes - U.S. Federal statutory tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Amount
Federal tax (benefit) at statutory rate	$ (21,263)
State tax (benefit) at statutory rate, net of federal benefit	(14,261)
Foreign tax effects	1
Effect of cross-border tax laws	23
Tax credits:
Research and development credits	(13,845)
Change in valuation allowance	0
Nontaxable or nondeductible items:
Stock based compensation	(43,983)
Executive compensation	30,156
Other	(28)
Changes in unrecognized tax benefits:
Reserve on research and development credits	5,584
Other adjustments to prior year tax estimates	(1,566)
Total provision for (benefit from) income taxes	$ (59,182)	$ (55,218)	$ 1,623
Percent
Federal tax (benefit) at statutory rate	21.00%	21.00%	21.00%
State tax (benefit) at statutory rate, net of federal benefit	14.10%	1.90%	4.40%
Foreign tax effects	0.00%
Effect of cross-border tax laws	0.00%
Tax credits:
Research and development credits	13.70%	(1.10%)	(4.80%)
Change in valuation allowance	0.00%	(57.60%)	(17.10%)
Nontaxable or nondeductible items:
Stock based compensation	43.40%	(2.70%)	(4.30%)
Executive compensation	(29.80%)
Other	0.10%
Changes in unrecognized tax benefits:
Reserve on research and development credits	(5.50%)
Other adjustments to prior year tax estimates	1.60%
Total income tax expense and rate	58.60%	(39.80%)	2.20%

Fair Value Measurements - Financial Assets And Liabilities At Fair Value (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Assets
Proprietary inventory	$ 1,500	$ 302
Total financial assets at fair value	925,814	149,667
Liabilities
SAFEs		6,141
Warrant liabilities	1,993	3,510
Fractional shares repurchase obligation	514,877	28,057
Total financial liabilities at fair value	516,870	37,708
Level 1
Assets
Proprietary inventory	1,500	302
Total financial assets at fair value	925,814	149,667
Liabilities
SAFEs		0
Warrant liabilities	0	0
Fractional shares repurchase obligation	514,877	28,057
Total financial liabilities at fair value	514,877	28,057
Level 2
Assets
Proprietary inventory	0	0
Total financial assets at fair value	0	0
Liabilities
SAFEs		0
Warrant liabilities	0	0
Fractional shares repurchase obligation	0	0
Total financial liabilities at fair value	0	0
Level 3
Assets
Proprietary inventory	0	0
Total financial assets at fair value	0	0
Liabilities
SAFEs		6,141
Warrant liabilities	1,993	3,510
Fractional shares repurchase obligation	0	0
Total financial liabilities at fair value	1,993	9,651
Money Market Funds
Assets
Cash equivalents	406,837	118,708
Money Market Funds \| Level 1
Assets
Cash equivalents	406,837	118,708
Money Market Funds \| Level 2
Assets
Cash equivalents	0	0
Money Market Funds \| Level 3
Assets
Cash equivalents	0	0
Certificates of Deposit
Assets
Cash equivalents	2,600	2,600
Certificates of Deposit \| Level 1
Assets
Cash equivalents	2,600	2,600
Certificates of Deposit \| Level 2
Assets
Cash equivalents	0	0
Certificates of Deposit \| Level 3
Assets
Cash equivalents	0	0
Client-Held Fractional Shares
Assets
Cash equivalents	514,877	28,057
Client-Held Fractional Shares \| Level 1
Assets
Cash equivalents	514,877	28,057
Client-Held Fractional Shares \| Level 2
Assets
Cash equivalents	0	0
Client-Held Fractional Shares \| Level 3
Assets
Cash equivalents	$ 0	$ 0

Description of Business	12 Months Ended
Description of Business	Jan. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Wealthfront Corporation, a Delaware corporation incorporated in January 2007 (together with its consolidated subsidiaries, “Wealthfront” or the “Company”), is a technology company that built a financial solutions platform for digital natives to turn their savings into long-term wealth. The Company’s broad suite of products, including cash management, investing, borrowing and lending, and financial planning solutions, address the diverse financial needs of its clients regardless of the economic environment. Clients have ownership of the securities they transact on the Company’s platform, including those that collateralize margin loans, and, as a result, such securities are not presented on the consolidated balance sheets, other than client-held fractional shares which are presented gross. The Company’s significant, wholly owned subsidiaries include Wealthfront Advisers LLC, a U.S. Securities and Exchange Commission (“SEC”)-registered investment adviser, and Wealthfront Brokerage LLC, an SEC-registered broker-dealer and a member of the Financial Industry Regulatory Authority. Initial Public Offering On December 15, 2025, the Company closed its IPO of 34,615,384 shares of its common stock at a public offering price of $14.00 per share. In the IPO, 21,468,038 shares of common stock were sold by the Company and 13,147,346 shares of common stock were sold by selling stockholders. The Company’s net proceeds from the sale of common stock were $282.1 million, partially offset by underwriting discounts and commissions payable by the Company of $18.5 million. In connection with the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 69,852,421 shares of common stock and all warrants became exercisable at a weighted average price of $2.73 per share for an aggregate of 1,953,463 shares of common stock. Upon completion of the IPO, approximately $9.2 million of deferred offering costs were reclassified into stockholders’ equity as a reduction of the IPO proceeds. The Company recognized a one-time cumulative share-based compensation expense of approximately $239.0 million related to RSUs for which the time-based vesting condition was satisfied or partially satisfied when the performance condition was satisfied. The performance condition was satisfied upon the completion of the IPO. The Company incurred $140.9 million of tax withholdings and remittance obligations in connection with the net settlement of RSUs upon IPO completion, inclusive of employee and employer payroll tax obligations.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Operating activities
Net income (loss)	$ (42,066)	$ 194,447	$ 76,966
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property, software, and equipment, net	7,397	6,236	6,037
Non-cash lease expense	3,280	3,066	2,899
Cash interest paid on convertible note	0	(904)	(12,194)
Cash interest paid on related-party long-term debt	0	(6,193)	0
Non-cash interest expense on related-party long-term debt	0	2,272	2,000
Deferred income taxes	(59,555)	(60,194)	0
Stock-based compensation expense	259,824	9,364	11,846
Impairment of internally developed software	709	0	0
Change in fair value of convertible note	0	(16,927)	1,270
Change in fair value of warrant liabilities	(1,517)	678	1,241
Change in fair value of simple agreement for future equity	66	1,298	1,979
Changes in operating assets and liabilities:
Due from clients	(108,895)	(49,052)	47,696
Accounts receivable	(4,000)	(8,946)	(9,313)
Other current and noncurrent assets	(31,517)	(9,890)	(976)
Accounts payable	832	3,287	734
Accrued liabilities	1,313	2,116	1,722
Due to clients	20,757	7,127	(7,548)
Payable to clearing broker	109,265	48,761	(47,353)
Deferred revenue	0	0	(1,062)
Lease liabilities	(3,705)	(3,396)	(3,101)
Other noncurrent liabilities	0	0	75
Net cash provided by operating activities	152,189	123,150	72,918
Investing activities
Purchases of property, software, and equipment	(1,138)	(533)	(502)
Capitalized internally developed software	0	(5,310)	(4,661)
Net cash used in investing activities	(1,138)	(5,843)	(5,163)
Financing activities
Repayment of convertible note	0	(29,122)	(40,578)
Principal repayment of related-party long-term debt	0	(20,000)	0
Proceeds from draw on credit facility	200,000	0	0
Repayment of draw on credit facility	(200,000)	0	0
Taxes paid related to net share settlement of equity awards in connection with IPO	(136,855)	0	0
Proceeds from issuance of common stock	282,222	0	0
IPO offering costs	(9,162)	0	0
Proceeds from exercise of stock options, including early exercises	12,439	4,919	1,079
Repurchase of common stock	(459)	(37,037)	0
Proceeds from issuance of treasury stock	0	22,694	0
Net cash provided by (used in) financing activities	148,186	(58,546)	(39,499)
Net increase in cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents	299,237	58,761	28,256
Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the beginning of the period	154,553	95,792	67,536
Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the end of the period	453,790	154,553	95,792
Supplemental disclosures of cash flow information
Cash paid for interest	9,127	12,240	17,445
Non-cash investing activities
Stock-based compensation included in capitalized internally developed software	0	1,637	1,409
Non-cash recognition of new lease	747	0	0
Non-cash financing activities
Issuance of common stock from conversion of preferred stock and SAFEs	233,399	0	0
Change in early exercise of options liability	0	169	396
Retirement of common stock	0	(1,750)	0
The following presents cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents
Cash and cash equivalents	440,805	142,860	86,721
Cash segregated and on deposit for regulatory purposes	10,375	9,083	6,461
Restricted cash and cash equivalents in other noncurrent assets	2,610	2,610	2,610
Total cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents	$ 453,790	$ 154,553	$ 95,792

Common Stock - Common Stock Reserved For Future Issuance (Details) - shares	Jan. 31, 2026	Jan. 31, 2025
Class of Stock [Line Items]
Total shares of common stock reserved	69,316,163	155,177,967
Redeemable convertible preferred stock, all series
Class of Stock [Line Items]
Total shares of common stock reserved	0	84,525,493
Series G Warrant
Class of Stock [Line Items]
Total shares of common stock reserved	0	251,750
Common Stock Warrant
Class of Stock [Line Items]
Total shares of common stock reserved	1,953,463	1,701,713
Other stock awards issued
Class of Stock [Line Items]
Total shares of common stock reserved	39,505,733	62,903,172
Authorized for future stock awards or stock options
Class of Stock [Line Items]
Total shares of common stock reserved	27,856,967	5,795,839

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 259,824	$ 11,001	$ 13,255
Stock-based compensation included in capitalized internally developed software	0	(1,637)	(1,409)
Total stock-based compensation expense, net of amounts capitalized	259,824	9,364	11,846
Product development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	127,414	7,325	8,692
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	110,677	2,041	2,647
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8,472	536	582
Operations and support
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 13,261	$ 1,099	$ 1,334

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Deferred tax assets
Accruals	$ 325	$ 280
Fixed assets	367	260
Net operating loss carryforwards	51,626	16,988
Research and development tax credits, net of reserves	26,472	10,865
Stock-based compensation expense	25,363	15,315
Lease liability	2,724	3,488
Research and experimental expenditures capitalization	15,260	16,063
Intangible assets	515	0
Other	0	791
Gross deferred tax assets	122,652	64,050
Valuation allowance	0	0
Deferred tax assets, net of valuation allowance	122,652	64,050
Deferred tax liabilities
Intangible assets	0	(922)
ROU asset	(2,280)	(2,934)
Other	(623)	0
Total deferred tax liabilities	(2,903)	(3,856)
Deferred tax assets, net	$ 119,749	$ 60,194

Fair Value Measurements - Summary of Changes in Level 3 Instruments (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 9,651	$ 54,628
Mark-to-market adjustment	(1,450)	(14,951)
Repayment of interest		(904)
Repayment of principal		(29,122)
Settlement (conversion to common stock)	(6,207)
Ending balance	1,993	9,651
Convertible Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	46,953
Mark-to-market adjustment	0	(16,927)
Repayment of interest		(904)
Repayment of principal		(29,122)
Settlement (conversion to common stock)	0
Ending balance	0	0
Warrant Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	3,510	2,832
Mark-to-market adjustment	(1,517)	678
Repayment of interest		0
Repayment of principal		0
Ending balance	1,993	3,510
SAFEs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,141	4,843
Mark-to-market adjustment	66	1,298
Repayment of interest		0
Repayment of principal		0
Settlement (conversion to common stock)	(6,207)
Ending balance	$ 0	$ 6,141

Leases

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

The Company has three noncancelable operating leases for its offices with remaining lease terms ranging from 10 months to 29 months. The Company had one operating lease that expired in May 2025 and was not renewed. All leases require the Company to pay annual operating, tax or utilities expenses, which are included in the variable lease costs. The Company utilizes its incremental borrowing rate in determining the present value of lease payments, as the implicit rate is not readily determinable.

The components of lease cost for operating leases for the fiscal years ended January 31, 2026 and 2025 were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Operating lease cost	$	3,922	$	3,862	$	4,165
Variable lease cost	1,211		927		883
Total lease cost	$	5,133	$	4,789	$	5,048

Supplemental cash flow information related to leases was as follows (in thousands):


	January 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases	$	4,331	$	4,194	$	4,066

The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at January 31, 2026 and January 31, 2025 (in thousands):


	January 31,		January 31,
	2026		2025
Operating lease ROU assets	$	8,696	$	11,229

Current operating lease liabilities	4,101		3,556
Noncurrent operating lease liabilities	6,292		9,796
Total operating lease liabilities	$	10,393	$	13,352

Lease term and discount rate were as follows:


	January 31,		January 31,
	2026		2025
Weighted-average remaining lease term (years)	2.40		3.40
Weighted-average discount rate	5.29	%	5.25	%

The following table provides the maturities of lease liabilities as of January 31, 2026 (in thousands):


Maturity of lease liabilities at January 31:	Amount
2027	$	4,551
2028	4,580
2029	1,964
2030	—
2031	—
Total future undiscounted lease payments	11,095
Less: imputed interest	(702)
Present value of lease liabilities	$	10,393

As of January 31, 2026, the Company did not have additional operating and finance leases that have not yet commenced.

Related Party Transactions	12 Months Ended
Related Party Transactions	Jan. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related party transactions may include any transaction between the Company and entities under common control or with a related party. In July 2024, in connection with the acquisition of Unified National Mortgage LLC (renamed Wealthfront Home Lending, LLC), the Company entered into a series of agreements with the Company’s Chief Executive Officer, Wealthfront Home Lending, and Wealthfront Holdings LLC, the purchasing entity. Through related management and financing agreements, the Company directs the significant activities of Wealthfront Home Lending and absorbs all associated benefits and losses. As of and during the fiscal year ended January 31, 2026, the assets, liabilities and activities of Wealthfront Home Lending and Wealthfront Holdings were immaterial to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the applicable rules and regulations of the SEC.

Consolidation

The consolidated financial statements include the accounts of Wealthfront and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its Chief Executive Officer (“CEO”). The Company operates and reports financial information in one operating segment. This is because the CODM considers company-wide key performance metrics and utilizes consolidated net income (loss) to allocate resources and determine performance. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. The significant segment expenses reviewed by the CODM conform to the presentation of such items in the consolidated statements of operations. The CODM does not review segment assets at a different asset level or category other than the amounts disclosed in the consolidated balance sheets.

All revenue and long-lived assets in these consolidated financial statements relate to contracts with clients located in the United States of America.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company bases its estimates on current and past experiences, to the extent historical experience is predictive of future performance and various other assumptions that are believed to be reasonable, under these circumstances. Appropriate adjustments, if any, are made to the estimates prospectively based upon such periodic evaluation. Actual results could differ from these estimates and could have a material adverse effect on the Company’s business.

Estimates, judgments and assumptions in these consolidated financial statements include, but are not limited to: the valuation of allowance for credit losses, warrant liabilities, SAFEs (as defined below), and a convertible note; useful lives assigned to property and equipment; the discount rates used for leases; stock-based compensation; and the realizability of deferred tax assets, net and uncertain tax positions.

Concentrations of Credit Risk

The Company’s financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash, cash equivalents, restricted cash and cash equivalents, margin loans to its clients, and the convertible note.

Although the Company deposits corporate cash with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company has not experienced any losses on deposits of cash and cash equivalents. Cash equivalents consist of highly liquid investments that are invested at financial institutions in the United States. Management believes that the institutions are financially stable and, accordingly, minimal credit risk exists.

The Company engages in trading and brokerage activities on behalf of clients with broker-dealers, banks, and other financial institutions, exposing it to counterparty risk. While equity defaults are typically shared among clearinghouse members, the Company monitors counterparty creditworthiness as needed.

Deferred Offering Costs

Deferred offering costs primarily consist of accounting, legal, and other fees directly related to the Company’s IPO. Upon consummation of the IPO in December 2025, the deferred offering costs of $9.2 million were reclassified to stockholders’ equity (deficit) and recorded against the proceeds from the IPO.

Revenue Recognition

The amount of revenue recognized by the Company is measured based on the consideration specified within the contracts with clients. The Company recognizes revenue when a performance obligation is satisfied over time as the services are performed or at a point in time, depending on the nature of the services provided, as further discussed below. The Company has elected the “as-invoiced” practical expedient which allows for revenue to be recognized based on the contractual amount the Company has the right to invoice, as the amount corresponds directly with the value of the services performed to-date.

A description of the Company’s revenue streams is as follows:

Cash Management

Cash management revenue primarily consists of fees earned from program banks daily in the Company’s cash sweep program on clients’ cash swept to each program bank (“Cash Account fees”). Cash management services represent a distinct integrated service, and revenue is recognized over time

as the services are performed because clients simultaneously receive and consume the benefits of the services. Cash account fees are considered variable consideration as there is uncertainty in the amount of revenue depending on deposits held at the program banks, which is outside of the Company’s influence. Cash account fees consist of the difference between the total amount paid by program banks on deposits held at the program bank and the amount paid by program banks to the Company's clients at the rate set by the Company. During the fiscal years ended January 31, 2026, 2025, and 2024, the Company offered a referral incentive program whereby both the referred and referring clients received an interest rate promotional benefit on Cash Account balances for a limited period of time. Consideration paid to clients for receiving a referral is accounted for as a reduction to cash management revenue when earned. Consideration paid to clients for referring a new client is accounted for as a marketing expense in the consolidated statements of operations.

Investment Advisory

Investment advisory consists of fees charged for investment advisory and portfolio management services. Investment advisory services represent a series of distinct services that are substantially the same and have the same pattern of transfer to the client, and revenue is recognized over time as the services are performed because clients simultaneously receive and consume the benefits of the services. Investment advisory fees are earned based on a percentage applied to the market value, less fee waivers, of assets held in client accounts at the close of market. Investment advisory fees are recognized daily and charged to client accounts on a monthly basis in arrears.

Other Revenue

Other revenue primarily consists of net interest margin revenue and proxy distribution revenue. For the fiscal year ended January 31, 2025, other revenue included a discontinued product.

Net interest margin revenue is earned from clients’ borrowings on margin, secured by securities and cash held on behalf of the clients, less interest expense incurred related to the funding costs associated with the margin loans. Revenue is recognized over time as interest is earned on the outstanding margin loans using the applicable interest method, as clients simultaneously receive and consume the benefits of financing. The Company generated $8.6 million of margin interest revenue and incurred $8.3 million of margin interest expense for the fiscal year ending January 31, 2026.

Proxy distribution revenue is earned through a partnership with a third-party investor communications company. The Company provides certain stockholder information for proxy voting materials to the third-party company, which is used to send investor materials to stockholders, such as materials related to stockholder meetings and voting instruction forms. The Company earns a share of the revenue the third party receives from issuers and recognizes revenue at a point in time when the stockholder information is provided to the third party, which satisfies the Company’s performance obligation.

Contract Balances

Contract assets are rights to consideration in exchange for services that the Company has transferred to a client when such a right is conditional on something other than the passage of time. In some arrangements, a right to consideration for the Company’s performance under the client contract may occur before payment is received, resulting in an accounts receivable.

Cost of Revenue and Operating Expenses

Cost of Revenue

As the principal in the revenue arrangements, cost of revenue primarily consists of expenses related to cash management, brokerage platform, and data costs, inclusive of amortization of internally-developed software costs related to these services. Cash management costs primarily consist of amounts paid to a third party for the administration of the Company’s cash sweep program and debit card platform

costs. Brokerage platform costs primarily consist of clearing and execution, money movement, tax reporting, client account maintenance, and individual retirement accounts custodial expenses. Data costs primarily consist of amounts paid for access to real-time market data and account linking.

Product Development

Product development expense primarily consists of personnel-related costs, cloud computing costs, amortization of internally-developed software, and allocated overhead incurred in connection with the development of the Company’s platform and new products as well as the improvement of existing products.

Marketing

Marketing expense primarily consists of performance and brand advertising, client referral costs, personnel-related costs, and allocated overhead.

Advertising and promotion costs are expensed as incurred as a component of marketing in the consolidated statements of operations. Advertising costs amounted to $35.7 million, $43.8 million and $16.5 million for the fiscal years ended January 31, 2026, 2025, and 2024 respectively.

General and Administrative

General and administrative expense primarily consists of personnel-related costs for executive management and administrative functions, including finance and accounting, legal, and people operations, as well as general corporate and director and officer insurance. General and administrative expense also include certain professional services costs, allocated overhead, and other business costs.

Operations and Support

Operations and support expense primarily consists of personnel-related costs, third-party service provider costs, and allocated overhead, inclusive of amortization of internally-developed software costs.

Treasury Stock

The Company records treasury stock purchases using the cost method, presenting the total acquisition costs of common stock as treasury stock in the consolidated balance sheets. If the Company subsequently reissues the repurchased shares, proceeds in excess of or less than the original cost are recorded to additional paid-in capital in the consolidated balance sheets.

For retirement of shares, the Company reduces the common stock by an amount equal to the number of shares being retired multiplied by the par value and reduces additional paid-in capital for the amount in excess of the par value

Stock-Based Compensation

Stock-based compensation related to stock-based awards is recognized based on the fair value of the awards granted. The Company determines fair value of stock-based awards on the grant date using the closing price of the Company’s common stock, which is traded on the Nasdaq Global Select Market.

Prior to the IPO, the fair value of stock-based awards was estimated using the Black-Scholes-Merton (“BSM”) model, considering factors such as the expected term, fair value of common stock, expected volatility, risk-free interest rate, and dividend yield.

The Company grants time-based equity awards that vest once the service is rendered and related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. Prior to the IPO, the time-based RSUs vested based upon the satisfaction of both a time-based service condition and a performance-based condition, defined as the earlier of: (i) the closing of certain, specific liquidation or change in control transactions, or (ii) an IPO of the Company’s common stock. The

Company recorded stock-based compensation expense associated with performance-based equity awards on an accelerated attribution method over the requisite service period, and only if performance-based conditions were considered probable to be satisfied. The performance-based condition for the pre-IPO grants was satisfied upon the occurrence of the IPO in December 2025, at which point the Company recorded a cumulative one-time share-based compensation expense determined using the awards’ grant-date fair value. Share-based compensation related to the remaining time-based service after the IPO is recorded over the remaining requisite service period. Awards containing time-based and performance-based conditions granted for the fiscal years ended January 31, 2026 and 2025 did not require the grantee to be employed upon satisfaction of the performance-based condition. For awards granted after the IPO, the time-based equity awards require the grantee to be employed by the Company as of the vesting date.

The Company accounts for forfeitures as they occur. Forfeitures were immaterial for the fiscal years ended January 31, 2026, 2025, and 2024.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established or adjusted where necessary to reduce deferred tax assets to amounts expected to be realized. The Company evaluates uncertain tax positions taken or expected to be taken each reporting period to determine whether the tax positions are more likely than not of being sustained upon challenge by the applicable tax authority.

The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained upon examination. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits and penalties in other expense (income), net in the consolidated statements of operations.

Earnings per Share Attributable to Common Stockholders

The Company’s basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted-average number of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period utilizing the treasury stock method or the if-converted method based on the nature of such securities.

Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents

The Company considers all demand deposits held in banks and certain highly liquid investments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of money market funds and certificates of deposit.

Restricted cash and cash equivalents comprises cash and certificates of deposit required to be maintained with the Company’s brokerage service partners and third-party banks and is included in other noncurrent assets in the consolidated balance sheets.

Cash Segregated and on Deposit For Regulatory Purposes

Cash Segregated and on Deposit for Regulatory Purposes

Cash segregated and on deposit for regulatory purposes represent amounts segregated in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (“Rule 15c3-3”). Under Rule 15c3-3, a broker-dealer carrying client accounts is subject to requirements related to maintaining cash or qualified securities in a segregated reserve account for the exclusive benefit of clients.

Due from Clients

Due from clients represents fully secured amounts owed to the Company. The Company offers its margin lending product to eligible clients collateralized by their respective security and cash holdings. The Company monitors margin levels and requires additional collateral or margin reduction to meet minimum collateral requirements based on fair value. The Company applies the practical expedient based on collateral maintenance provisions in estimating an allowance for credit losses for margin loans. The Company has no expectation of credit losses for amounts due from clients for margin loans that are fully secured, where the fair value of the collateral securing the balance is equal to or in excess of the receivable amount. This is based on an assessment of the composition of the collateral, potential future changes in collateral values, and historical credit loss information relating to fully secured receivables. If the fair value of the collateral is less than the outstanding margin loan due from a client, the Company recognizes an allowance for the difference. If the fair value of the collateral is greater than the amortized cost of the financial asset, and the Company reasonably expects that the collateral will be replenished as required, there is no expectation of credit losses. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. As of January 31, 2026 and 2025, the allowance for credit losses and related activity were immaterial.

Due to Clients

Due to clients primarily relates to client cash balances in their brokerage account. The cash balances typically arise from client cash received by the clearing firm or held in the bank account for the client’s benefit. This cash has not yet been directed towards client investment or cash management, or is pending withdrawal.

Payable to Clearing Broker

The Company has a loan payable to its clearing broker related to funds borrowed to finance client margin loans. The securities of clients with margin loan balances are segregated and made available to the clearing broker as collateral for the outstanding loan balance. Service charges payable to the clearing broker and interest payable to the clearing broker were immaterial as of January 31, 2026 and 2025.

Fractional Share Program

The Company operates a fractional share program for the benefit of its clients and maintains inventory of securities held exclusively for the fractional share program. This proprietary inventory is recorded within other current assets in the consolidated balance sheets.

When a client purchases a fractional share, the Company records the cash received for the client-held fractional shares as pledged collateral and an offsetting liability to repurchase the share. The Company does not meet the criteria for derecognition under the accounting guidance and client-held fractional shares are accounted for as a secured borrowing. Proprietary inventory of securities, client-held fractional shares, and fractional shares repurchase obligation are measured at fair value at each reporting period via the election of the fair value option, with realized and unrealized gains and losses recorded in other expense (income), net in the consolidated statements of operations, which were immaterial during the fiscal years ended January 31, 2026 and 2025. The Company does not earn revenue from its clients when they purchase or sell fractional shares from the Company.

Leases

At lease commencement, an operating lease right-of-use (“ROU”) asset and lease liability are recognized based on the present value of lease payments over the lease term. While the operating leases may include options to extend the term, these options are not included when calculating the operating lease ROU asset and lease liability unless it is reasonably certain such options will be exercised. The Company uses the incremental borrowing rate to determine the present value of the future lease payments, which is the theoretical interest rate that the Company would pay to borrow under similar terms and payments on a collateralized basis for the lease. The Company applies the short-term lease measurement and recognition practical expedient to its leases with an initial term of 12 months or less, which are not recorded in the consolidated balance sheets. The Company’s lease agreements include both lease and non-lease components, such as common area maintenance, which are variable and are accounted for together with the lease as a single lease component.

Property, Software, and Equipment, Net

Property, software, and equipment are stated at cost, net of accumulated depreciation. Expenditures for repairs and maintenance are expensed in the period incurred. Depreciation is computed using the straight-line method based on estimated useful lives of the respective assets. Depreciation expense is included in the consolidated statements of operations, allocated to operations and support, product development, marketing, and general and administrative expenses based on relative payroll percentages by function.

The Company capitalizes expenses for developing and enhancing internal-use software once the preliminary project stage is complete, it is probable that the project will be completed and the software will be used to perform the function intended. Capitalized costs are amortized over the estimated useful life of the software on a straight-line basis. Amortization expense is included in the consolidated statements of operations, allocated to cost of revenue and operations and support, based on the nature of the underlying use of that software. The useful life of all capitalized internally developed software as of January 31, 2026 and 2025 was three years. Capitalization ceases when the software project is substantially complete and ready for its intended use. The Company capitalizes personnel-related expenses for employees directly involved in the internal-use software development, limited to the time directly spent on the projects.

The estimated useful lives are as follows:


Office equipment			3 years
Network equipment			3 years
Office furniture and fixtures			5 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life
Internally developed software			3 years

Impairment of Long-Lived Assets

Long-lived assets, such as equipment, property and improvements, and internally-developed software assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models and quoted market values, as considered necessary.

Financing Activities

The Company occasionally borrows to finance its operating activities. Financing costs, such as bankers’ fees, origination fees, and legal fees, are deferred and amortized over the debt term. The Company capitalizes these costs and reports the amounts as a direct deduction of debt’s carrying amount. The Company calculates the effective interest rate based on the variable index in effect at each reporting period.

Simple Agreement For Future Equity

Simple Agreement for Future Equity

The Simple Agreement for Future Equity (“SAFE”) grants investors the right to receive the Company’s capital stock upon equity financing. The Company determined that the SAFEs are not legal forms of debt and are classified as liabilities. The Company initially records the SAFEs at fair value in other noncurrent liabilities in the consolidated balance sheets and they are remeasured at each balance sheet date with changes in fair value recognized in other expense (income), net in the Company’s consolidated statements of operations. Upon the closing of the Company’s IPO, all outstanding SAFEs were converted into shares of common stock pursuant to their contractual terms and are no longer reflected as SAFEs on the Company’s balance sheet.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. The assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and at each reporting period while the warrants are outstanding.

For issued or modified warrants that meet all the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrant liabilities are initially recorded at fair value on the date of issuance within other noncurrent liabilities in the consolidated balance sheets and are remeasured at each balance sheet date with changes in fair value recognized in other expense (income), net in the consolidated statements of operations. The fair value of the warrants is estimated using the BSM option-pricing model.

Related Parties Transactions

Related-Party Transactions

From time to time, the Company enters into transactions with related parties. The Company defines related parties as members of the board of directors (the “board of directors”), executive officers, existing investors holding 10% or more of the Company’s outstanding stock, principal owners of the Company’s outstanding stock, and any immediate family members of each related party, as well as any other person or entity with significant influence over the management or operations of the Company. Refer to “Bridge Loan” in Note 7. — Financing Activities and Note 17. — Related Party Transactions for more information.

Recently Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in guidance improve reportable segment disclosure requirements,

primarily through enhanced disclosures about significant segment expenses. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted the pronouncement on February 1, 2024. The Company applied the amendments retrospectively to all prior periods presented in the consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income taxes (Topic 740): Improvements to Income Taxes Disclosures. This guidance requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted the disclosure requirements of ASU 2023-09 prospectively for the fiscal year ended January 31, 2026. See Note 14.— Income Taxes for more information.

Recent Accounting Pronouncements Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments are expected to impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, derivatives, and transfer of financial assets. The amendments will become effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of these amendments on the consolidated financial statements.

In March 2024, the SEC adopted final rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, Release Nos. 33-11275 and 34-99678. The rules require registrants to provide certain climate-related information in their registration statements and annual reports. These rules require disclosures about climate-related risks that are reasonably likely to have a material impact on the registrant’s business, strategy, results of operations, or financial condition, governance and risk management related to climate risks, and certain climate-related financial statement metrics and related disclosures in the audited financial statements. In April 2024, the SEC stayed the effectiveness of the final rules and in March 2025 the SEC voted to end its defense of the climate disclosure rules in federal court. The Company will continue to monitor the status of the final rules and evaluate the potential impact.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement Expense Disaggregation Disclosures, which requires additional disclosures about certain amounts included in the expense captions presented on the statement of operations as well as disclosures about selling expenses. In January 2025, the FASB issued ASU No. 2025-01, which provides a delayed implementation timeline to give issuers additional time to prepare for the impacts of adopting ASU No. 2024-03. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Accounting for Software Costs, which provides a single capitalization model for internal-use software development and cloud implementation costs and replaces the current phase-based guidance. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied prospectively or modified retrospectively. The Company is currently assessing the impact of this new guidance on the consolidated financial statements.

Earnings per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share attributable to common stockholders for the periods presented (in thousands, except per share and share amounts):


	Fiscal Year Ended January 31
	2026		2025		2024
Basic earnings per share
Numerator:
Net income (loss) attributable to common stockholders	$	(42,066)	$	194,447	$	76,966
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Earnings per share attributable to common stockholders, basic	$	(0.74)	$	4.99	$	2.06

Diluted earnings per share
Numerator:
Net income (loss) attributable to common stockholders, basic	$	(42,066)	$	194,447	$	76,966
Fair value adjustment for the convertible note, net of tax effect	—		(12,695)		953
Fair value adjustment for liability-classified Series G Warrant, net of tax effect	(893)		—		—
Fair value adjustment for liability-classified common stock warrant, net of tax effect	(244)		—		—
Net income (loss) attributable to common stockholders, dilutive	$	(43,203)	$	181,752	$	77,919
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Conversion of the convertible note	—		492,096		6,888,298
Conversion of redeemable convertible preferred stock, all series	—		69,914,359		69,914,359
Dilutive effect of stock options	—		27,962,907		28,567,993
Dilutive effect of equity-classified common stock warrants	—		1,300,400		1,210,425
Dilutive effect of liability-classified Series G Warrant	164,242		—		—
Dilutive effect of liability-classified common stock warrant	78,552		—		—
Weighted-average number of common stock outstanding used in computing earnings per share, dilutive	56,890,456		138,660,318		143,878,296
Earnings (loss) per share attributable to common stockholders, diluted	$	(0.76)	$	1.31	$	0.54

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following common stock equivalents were excluded from the computation of diluted earnings per share attributable to common stockholders because including them would have been antidilutive (outstanding):


	Fiscal Year Ended January 31
	2026	2025
Liability-classified common stock warrant	—	60,000
Series G Warrant	—	251,750
Dual-trigger RSUs	15,676,155	31,308,443
SAFEs	Various	Various


Options	23,755,365	—
Equity-classified common stock warrants	1,641,713	—

Leases (Tables)

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Components of Lease Cost

The components of lease cost for operating leases for the fiscal years ended January 31, 2026 and 2025 were as follows (in thousands):


	Year Ended January 31,
	2026		2025		2024
Operating lease cost	$	3,922	$	3,862	$	4,165
Variable lease cost	1,211		927		883
Total lease cost	$	5,133	$	4,789	$	5,048

Supplemental cash flow information related to leases was as follows (in thousands):


	January 31,
	2026		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases	$	4,331	$	4,194	$	4,066

Lease-Related Assets and Liabilities

The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at January 31, 2026 and January 31, 2025 (in thousands):


	January 31,		January 31,
	2026		2025
Operating lease ROU assets	$	8,696	$	11,229

Current operating lease liabilities	4,101		3,556
Noncurrent operating lease liabilities	6,292		9,796
Total operating lease liabilities	$	10,393	$	13,352

Lease term and discount rate were as follows:


	January 31,		January 31,
	2026		2025
Weighted-average remaining lease term (years)	2.40		3.40
Weighted-average discount rate	5.29	%	5.25	%

Maturity of Lease Liabilities

The following table provides the maturities of lease liabilities as of January 31, 2026 (in thousands):


Maturity of lease liabilities at January 31:	Amount
2027	$	4,551
2028	4,580
2029	1,964
2030	—
2031	—
Total future undiscounted lease payments	11,095
Less: imputed interest	(702)
Present value of lease liabilities	$	10,393

Warrants (Tables)

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Fair Value of Warrants

The fair value of the common stock warrant was estimated using the BSM option-pricing model with the following assumptions:


	January 31,			January 31,
	2026			2025
Expected term (years)	4.24			5.24
Expected volatility	55.00		%	54.40		%
Risk-free interest rate	3.70		%	4.42		%
Expected dividends	—		%	—		%
Fair value of common stock	$	8.68		$	14.04

The fair value of the Series G Warrant was estimated using the BSM option-pricing model with the following assumptions:


	January 31,			January 31,
	2026			2025
Expected term (years)	4.86			5.50
Expected volatility	55.00		%	53.40		%
Risk-free interest rate	3.75		%	4.42		%
Expected dividends	—		%	—		%
Fair value of common stock	$	8.68		$	16.15

Commitments and Contingencies (Tables)

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments Over Term Of Contracts

The following table provides the future minimum payments over the term of the noncancelable contracts (in thousands):


	Total
Fiscal Year Ended January 31,	Amount
2027	$	6,750
2028	$	7,400
Total	$	14,150

Financing Activities (Tables)

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Fair Value Assumptions of SAFE

The fair value of the SAFEs was estimated using the following assumptions:


	January 31,
	2025
Purchase Amount (in thousands)	$	2,187
Discounted Price	$	5.00
Fair value of common stock	$	14.04

Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 8,052	$ 6,661	$ 5,435
Increase in tax positions for prior years	415	0	0
Decrease in tax positions for prior years	0	0	0
Increase in tax positions for current year	5,964	1,391	1,226
Decrease in tax positions for current year	0	0	0
Settlements	0	0	0
Lapse from statute of limitations	0	0	0
Unrecognized tax benefits as of the end of the year	$ 14,431	$ 8,052	$ 6,661

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and the applicable rules and regulations of the SEC. The consolidated financial statements include the accounts of Wealthfront and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.

Segment Information

All revenue and long-lived assets in these consolidated financial statements relate to contracts with clients located in the United States of America.

Use of Estimates

Concentrations of Credit Risk

Deferred Offering Costs

Revenue Recognition

A description of the Company’s revenue streams is as follows:

Cash Management

Investment Advisory

Other Revenue

Other revenue primarily consists of net interest margin revenue and proxy distribution revenue. For the fiscal year ended January 31, 2025, other revenue included a discontinued product.

Contract Balances

Cost of Revenue and Operating Expenses

Cost of Revenue

Product Development

Marketing

Marketing expense primarily consists of performance and brand advertising, client referral costs, personnel-related costs, and allocated overhead.

General and Administrative

Operations and Support

Treasury Stock

Stock-Based Compensation

The Company accounts for forfeitures as they occur. Forfeitures were immaterial for the fiscal years ended January 31, 2026, 2025, and 2024.

Income Taxes

Earnings per Share Attributable to Common Stockholders

Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents

Cash Segregated and on Deposit for Regulatory Purposes

Due from Clients

Due to Clients

Payable to Clearing Broker

Fractional Share Program

Leases

Property, Software, and Equipment, Net

The estimated useful lives are as follows:


Office equipment			3 years
Network equipment			3 years
Office furniture and fixtures			5 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life
Internally developed software			3 years

Impairment of Long-Lived Assets

Financing Activities

Simple Agreement for Future Equity

Warrants

Related-Party Transactions

Emerging Growth Company Status

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards.

Recent Accounting Pronouncements Adopted

Recent Accounting Pronouncements Not Yet Adopted

Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize the fair value of financial assets and liabilities and their classification by level of input within the fair value hierarchy as of January 31, 2026 and January 31, 2025 (in thousands):


	Financial Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
January 31, 2026
Assets
Cash equivalents
Money market funds	$	406,837	$	406,837	$	—	$	—
Certificates of deposit	2,600		2,600		—		—
Client-held fractional shares	514,877		514,877		—		—
Other current assets
Proprietary inventory	1,500		1,500		—		—
Total financial assets at fair value	$	925,814	$	925,814	$	—	$	—
Liabilities

Other noncurrent liabilities

Warrant liabilities	1,993		—		—		1,993
Fractional shares repurchase obligation	514,877		514,877		—		—
Total financial liabilities at fair value	$	516,870	$	514,877	$	—	$	1,993


	Financial Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
January 31, 2025
Assets
Cash equivalents
Money market funds	$	118,708	$	118,708	$	—	$	—
Certificates of deposit	2,600		2,600		—		—
Client-held fractional shares	28,057		28,057		—		—
Other current assets
Proprietary inventory	302		302		—		—
Total financial assets at fair value	$	149,667	$	149,667	$	—	$	—
Liabilities

Other noncurrent liabilities
SAFEs	6,141		—		—		6,141
Warrant liabilities	3,510		—		—		3,510
Fractional shares repurchase obligation	28,057		28,057		—		—
Total financial liabilities at fair value	$	37,708	$	28,057	$	—	$	9,651

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):


	Convertible Note		Warrant Liabilities		SAFEs		Total
Balance at January 31, 2024	$	46,953	$	2,832	$	4,843	$	54,628
Mark-to-market adjustment	$	(16,927)	$	678	$	1,298	$	(14,951)
Repayment of interest	$	(904)	$	—	$	—	$	(904)
Repayment of principal	$	(29,122)	$	—	$	—	$	(29,122)
Balance at January 31, 2025	$	—	$	3,510	$	6,141	$	9,651
Mark-to-market adjustment	—		(1,517)		66		(1,450)
Settlement (conversion to common stock)	—				(6,207)		(6,207)


Balance at January 31, 2026	$	—	$	1,993	$	—	$	1,993

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity as of and for the fiscal year ended January 31, 2026 under the Plans is as follows:


	Number of Options Outstanding Under the Plans	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2025*	31,132,993	$	1.94	3.8	376,555


Exercised	(6,649,247)	2.06			79,613
Expired	(709,006)	2.36
Forfeited	(19,375)	2.91
Outstanding at January 31, 2026*	23,755,365	1.90		3.2	$	161,131
Exercisable at January 31, 2026	23,685,819	$	1.90	3.2	$	160,702

______________

*The Plans allow for early exercise of stock options and exercised/forfeited balances include only vested stock options exercised.

Schedule of Nonvested Stock Option Activity


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 31, 2025	308,493	$	4.50
Granted	—	—
Vested	(214,905)	4.40
Forfeited	(19,375)	4.73
Unvested at January 31, 2026	74,213	$	4.73

Summary of Restricted Stock Activity

A summary of RSU activity for the fiscal year ended January 31, 2026 under the Plans is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 31, 2025	31,294,850	$	8.23
Granted	7,281,903	14.21
Settled	(21,640,347)	7.05
Forfeited	(1,260,251)	8.01
Outstanding at January 31, 2026	15,676,155	$	12.51

Allocation of Stock-Based Compensation

Stock-based compensation expense recognized in the consolidated statements of operations for the fiscal year ended January 31, 2026, 2025, and 2024 was as follows (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Product development	$	127,414	$	7,325	$	8,692
General and administrative	110,677		2,041		2,647
Marketing	8,472		536		582
Operations and support	13,261		1,099		1,334
Total stock-based compensation expense	259,824		11,001		13,255
Capitalized stock-based compensation expense	—		(1,637)		(1,409)
Total stock-based compensation expense, net of amounts capitalized	$	259,824	$	9,364	$	11,846

Summary of Significant Accounting Policies - Property Plant and Equipment (Details)	Jan. 31, 2026	Jan. 31, 2025
Office equipment
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Network equipment
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Internally developed software
Property, Plant and Equipment [Line Items]
Useful lives	3 years	3 years

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We rely on technology, including the internet and mobile services, to conduct much of our business activity and allow our clients to conduct financial transactions on our platform. As a result, our systems and operations as well as those of the third parties on which we rely to conduct certain key functions are vulnerable to cybersecurity incidents. We have developed and implemented a cybersecurity risk management program that has been integrated into our broader enterprise risk management framework. Our program is designed to protect our core platform, client assets, and sensitive data through a "Defense in Depth" architecture. Continuous Security Operations To identify and mitigate emerging threats, we employ a multi-layered testing strategy: •Detection. We utilize a Security Information and Event Management (SIEM) solution for 24/7 infrastructure monitoring and detection. •Assessment. We perform vulnerability scans, third-party penetration testing, and maintain a managed, third-party-hosted bug bounty program to encourage and compensate third-party security researchers. •Resilience. We maintain Business Continuity and Disaster Recovery (BCP and DR) plans that utilize geographic redundancy. Our resilience strategy includes annual tabletop exercises to verify our recovery protocols and communication chains. ◦We also engage the assistance of third-party consultants to increase protection of our information, IT systems, and network to help secure long-term value for our stakeholders. ◦Services provided by third-party consultants include, but are not limited to, regular assessments of our cybersecurity program, including cyber maturity assessments and penetration tests, and participating in incident response processes. Incident Management and Materiality Process We maintain a formal Engineering Incident Management Policy to govern the detection, escalation, and remediation of operational and security events. We maintain 24/7 on-call rotations with defined service level agreements (SLAs) for executive escalation to the VP of Engineering and Chief Technology Officer for critical issues. Upon escalation of a significant incident, we initiate a cross-functional assessment process involving Engineering leadership, Legal, and Compliance. This team evaluates the incident’s materiality by considering quantitative factors (e.g., remediation costs and lost revenue) and qualitative factors (e.g., reputational harm, impact on client relationships, and regulatory implications). This process is designed to ensure that if an incident is deemed material, a determination is reached without unreasonable delay to facilitate timely disclosure. Following high-priority incidents, we conduct formal post-mortems to drive continuous improvement. Standards and Certifications Our security posture is informed by the following international standards: •ISO27001:2022 - We maintain an Information Security Management System (ISMS) that was ISO/IEC 27001:2022 certified in the fiscal year ended January 31, 2026. •PCI DSS v4.0.1 - As part of our commitment to the security of the debit card functionality associated with the Cash Account service security, we successfully completed our annual assessment under PCI DSS v4.0.1 in the fiscal year ended January 31, 2026.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We rely on technology, including the internet and mobile services, to conduct much of our business activity and allow our clients to conduct financial transactions on our platform. As a result, our systems and operations as well as those of the third parties on which we rely to conduct certain key functions are vulnerable to cybersecurity incidents. We have developed and implemented a cybersecurity risk management program that has been integrated into our broader enterprise risk management framework. Our program is designed to protect our core platform, client assets, and sensitive data through a "Defense in Depth" architecture.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the Board of Directors oversees our cybersecurity risk exposure. This committee receives quarterly briefings from our Head of Security regarding: •The status of our ISO 27001 and PCI DSS compliance postures. •Results of annual BCP/DR tabletop exercises and the performance of our vulnerability management programs. •Summaries of significant incidents and subsequent remediation efforts.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors oversees our cybersecurity risk exposure.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	This committee receives quarterly briefings from our Head of Security regarding: •The status of our ISO 27001 and PCI DSS compliance postures. •Results of annual BCP/DR tabletop exercises and the performance of our vulnerability management programs. •Summaries of significant incidents and subsequent remediation efforts.
Cybersecurity Risk Role of Management [Text Block]	We rely on technology, including the internet and mobile services, to conduct much of our business activity and allow our clients to conduct financial transactions on our platform. As a result, our systems and operations as well as those of the third parties on which we rely to conduct certain key functions are vulnerable to cybersecurity incidents. We have developed and implemented a cybersecurity risk management program that has been integrated into our broader enterprise risk management framework. Our program is designed to protect our core platform, client assets, and sensitive data through a "Defense in Depth" architecture. Continuous Security Operations To identify and mitigate emerging threats, we employ a multi-layered testing strategy: •Detection. We utilize a Security Information and Event Management (SIEM) solution for 24/7 infrastructure monitoring and detection. •Assessment. We perform vulnerability scans, third-party penetration testing, and maintain a managed, third-party-hosted bug bounty program to encourage and compensate third-party security researchers. •Resilience. We maintain Business Continuity and Disaster Recovery (BCP and DR) plans that utilize geographic redundancy. Our resilience strategy includes annual tabletop exercises to verify our recovery protocols and communication chains. ◦We also engage the assistance of third-party consultants to increase protection of our information, IT systems, and network to help secure long-term value for our stakeholders. ◦Services provided by third-party consultants include, but are not limited to, regular assessments of our cybersecurity program, including cyber maturity assessments and penetration tests, and participating in incident response processes. Incident Management and Materiality Process We maintain a formal Engineering Incident Management Policy to govern the detection, escalation, and remediation of operational and security events. We maintain 24/7 on-call rotations with defined service level agreements (SLAs) for executive escalation to the VP of Engineering and Chief Technology Officer for critical issues. Upon escalation of a significant incident, we initiate a cross-functional assessment process involving Engineering leadership, Legal, and Compliance. This team evaluates the incident’s materiality by considering quantitative factors (e.g., remediation costs and lost revenue) and qualitative factors (e.g., reputational harm, impact on client relationships, and regulatory implications). This process is designed to ensure that if an incident is deemed material, a determination is reached without unreasonable delay to facilitate timely disclosure. Following high-priority incidents, we conduct formal post-mortems to drive continuous improvement. Standards and Certifications Our security posture is informed by the following international standards: •ISO27001:2022 - We maintain an Information Security Management System (ISMS) that was ISO/IEC 27001:2022 certified in the fiscal year ended January 31, 2026. •PCI DSS v4.0.1 - As part of our commitment to the security of the debit card functionality associated with the Cash Account service security, we successfully completed our annual assessment under PCI DSS v4.0.1 in the fiscal year ended January 31, 2026. Board of Directors Oversight The Audit Committee of the Board of Directors oversees our cybersecurity risk exposure. This committee receives quarterly briefings from our Head of Security regarding: •The status of our ISO 27001 and PCI DSS compliance postures. •Results of annual BCP/DR tabletop exercises and the performance of our vulnerability management programs. •Summaries of significant incidents and subsequent remediation efforts. Management’s Role in Assessing and Managing Material Risks Our cybersecurity strategy is executed by our Head of Security, who has over 15 years of experience in information security, and over 10 years of experience in the financial technology sector. The Head of Security oversees the administration of our Incident Management and BCP/DR policies, ensuring that security is integrated into the software development lifecycle. Third-Party Risk: We maintain a Third-Party Risk Management Policy and conduct security reviews of vendors, including for potential fourth-party risks, prior to and during their contracts. We require all third-party service providers with access to sensitive information to implement and maintain cybersecurity practices consistent with applicable legal and industry standards. Any identified risks, including potential fourth-party risks, are highlighted to internal business owners to help make informed risk-based decisions. We also require critical service providers to provide evidence of independent security audits (such as SOC 2 or ISO 27001). Cybersecurity Risk While to date no risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, financial condition, or results of operations, our systems and those of our clients and third-party service providers have been and might in the future be vulnerable to cybersecurity threats. For more information about risks related to cybersecurity threats that have materially affected or are reasonably likely to materially affect our business, financial condition, and results of operations, see “Risk Factors–Risks Related to Cybersecurity and Data Privacy” in this Form 10-K.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity strategy is executed by our Head of Security, who has over 15 years of experience in information security, and over 10 years of experience in the financial technology sector. The Head of Security oversees the administration of our Incident Management and BCP/DR policies, ensuring that security is integrated into the software development lifecycle.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	has over 15 years of experience in information security, and over 10 years of experience in the financial technology sector.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity strategy is executed by our Head of Security, who has over 15 years of experience in information security, and over 10 years of experience in the financial technology sector. The Head of Security oversees the administration of our Incident Management and BCP/DR policies, ensuring that security is integrated into the software development lifecycle.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Common Stock - Narrative (Details)	Jan. 31, 2026 vote $ / shares shares	Jan. 31, 2025 $ / shares shares
Equity [Abstract]
Common stock, authorized (in shares) \| shares	214,611,134	214,611,134
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Voting rights per share of stock \| vote	1

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions		1 Months Ended			12 Months Ended
	Dec. 15, 2025	Dec. 31, 2025	Aug. 31, 2018	Jan. 31, 2008	Jan. 31, 2026	Jan. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares early exercised					4,667	1,519,220
Total shares of common stock reserved					69,316,163	155,177,967
2008 Plan \| First Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				25.00%
2008 Plan \| Subsequent Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Number of shares available for grant						5,795,839
2025 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant						27,856,967
Number of shares authorized	17,500,000
Percentage of outstanding stock maximum	5.00%
Maximum exercise price of stock on day of grant, percent		100.00%
2025 Plan \| 10% of Voting Power Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of voting power owner		10.00%
Maximum exercise price of stock on day of grant, percent		110.00%
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Unrecognized share-based compensation cost related to unvested stock options					$ 0.3
Unrecognized share-based compensation cost, period of recognition					7 months 6 days
Options \| 10% of Voting Power Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				5 years
Percent of voting power owner				10.00%
Dual-trigger RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation cost, period of recognition					2 years 2 months 12 days
Unrecognized share-based compensation cost related to unvested restricted stock units					$ 105.5
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	45,000,000
Percentage of outstanding stock maximum	1.00%
Discount from market price on purchase date, percentage	15.00%
Percentage of fair value of purchase price of common stock	85.00%
Total shares of common stock reserved	4,500,000
Period in which shares in ESPP can be increased	10 years

Financial Instruments with Off-Balance Sheet Credit Risk	12 Months Ended
	Jan. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Financial Instruments with Off-Balance Sheet Credit Risk	Financial Instruments with Off-Balance Sheet Credit Risk As a securities broker, the Company executes transactions with and on behalf of clients. The Company clears these transactions with its clearing firm on an omnibus basis. In the normal course of business, the Company’s client activities involve the execution of securities transactions and settlement by its clearing broker. The agreement between the Company and its clearing broker provides that the Company is obligated to assume any exposure related to nonperformance by its clients. These activities may expose the Company to off-balance sheet risk in the event the client is unable to fulfill its contracted obligations. In the event the client fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at the prevailing market price in order to fulfill the client’s obligation. The Company seeks to control off-balance sheet credit risk by monitoring its client transactions and reviewing information it receives from its clearing broker on a daily basis and reserving for doubtful accounts when necessary.

Common Stock (Tables)

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Schedule of Stock Reserved For Issuance

At January 31, 2026 and January 31, 2025, the Company reserved the following shares of common stock for issuance:


	January 31,	January 31,
	2026	2025
Redeemable convertible preferred stock, all series (1)	—	84,525,493
Series G redeemable convertible preferred stock warrant	—	251,750
Common stock warrants	1,953,463	1,701,713
Other stock awards issued	39,505,733	62,903,172
Authorized for future stock awards or stock options	27,856,967	5,795,839
Total shares of common stock reserved	69,316,163	155,177,967

_______________

(1)Includes Series H-2 redeemable convertible preferred stock, which is convertible into shares of nonvoting common stock.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2026	Jan. 31, 2025	Dec. 31, 2023	Apr. 30, 2020
Equity-classified common stock warrants
Class of Warrant or Right [Line Items]
Number of securities called by warrants (in shares)			1,600,000
Exercise price of warrants (in dollars per share)			$ 2.60
Warrants term			10 years
Common Stock Warrant
Class of Warrant or Right [Line Items]
Number of securities called by warrants (in shares)				60,000
Exercise price of warrants (in dollars per share)				$ 1.16
Liability outstanding	$ 0.5	$ 0.8
Series G Warrant
Class of Warrant or Right [Line Items]
Number of securities called by warrants (in shares)	251,750	251,750
Warrants term	5 years
Liability outstanding	$ 1.5	$ 2.7

Property, Software, and Equipment, Net - Schedule of Property, Software, and Equipment, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 45,825	$ 45,397
Less: accumulated depreciation and amortization	(38,070)	(30,674)
Property, software, and equipment, net	7,755	14,723
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	2,475	2,467
Computer equipment
Property, Plant and Equipment [Line Items]
Total	5,645	4,539
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	712	689
Internally developed software
Property, Plant and Equipment [Line Items]
Total	$ 36,993	$ 37,702

Redeemable Convertible Preferred Stock

12 Months Ended

Jan. 31, 2026

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

A summary of the authorized, issued, and outstanding redeemable convertible preferred stock as of January 31, 2025 is as follows (in thousands, except per share and share amounts):


			Per Share
	Shares Authorized	Shares Issued and Outstanding		Issuance Price		Dividend		Net Carrying Value		Liquidation Preference

Series A	1,350,000	1,350,000		$	0.11	$	0.0089	$	148	$	149
Series B	7,658,874	7,658,868		0.39		0.0310		2,951		2,987
Series C	6,169,302	5,952,858		1.27		0.1016		7,529		7,560
Series D	14,431,860	14,431,844		1.36		0.1086		19,482		19,627
Series E	8,780,133	8,780,133		3.99		0.3190		34,913		35,033
Series F	7,938,238	7,816,435		8.21		0.6568		64,087		64,173
Series G	19,516,000	18,889,279		3.97		0.3178		72,132		74,990
Series G-1 (1)	5,034,942	5,034,942		4.97		0.3973		25,956		25,024
Series H-1 (2)	7,305,567	—		9.54		0.7633		—		—
Series H-2 (2)	7,305,567	—		9.54		0.7633		—		—
	85,490,483	69,914,359						$	227,198	$	229,543

_______________

(1)Dividend per share per annum when and if declared by the board of directors.

(2)The convertible note to purchase shares of Series H-1 and H-2 redeemable convertible preferred stock was paid off in full in March 2024.

Immediately prior to the Company’s IPO, all outstanding shares of redeemable convertible preferred stock were converted into shares of the Company’s common stock on a one-to-one basis and their carrying value of $227.2 million was reclassified into stockholders’ equity. As such, there were no shares of redeemable convertible preferred stock issued and outstanding as of January 31, 2026.

The Company’s board of directors is authorized, without further stockholder approval and subject to any limitations prescribed by law, to issue preferred stock in one or more series and determine the rights, preferences, and privileges of each series. As of January 31, 2026, no shares of redeemable convertible preferred stock were issued or outstanding.

Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 15, 2025	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Underwriting discounts and commissions payable		$ 9,162	$ 0	$ 0
Total stock-based compensation expense, net of amounts capitalized		$ 259,824	$ 9,364	$ 11,846
Anticipated tax withholding and remittance obligations	$ 140,900
Dual-trigger RSUs
Subsidiary, Sale of Stock [Line Items]
Total stock-based compensation expense, net of amounts capitalized	$ 239,000
IPO Warrants
Subsidiary, Sale of Stock [Line Items]
Exercise price of warrants (in dollars per share)	$ 2.73
Number of securities called by warrants (in shares)	1,953,463
Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued during period after conversion of convertible securities	69,852,421	70,351,774
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction	34,615,384
Sale of stock, price per share (in USD per share)	$ 14.00
Consideration received	$ 282,100
Underwriting discounts and commissions payable	18,500
Deferred offering costs reclassified	$ 9,200
IPO \| Company
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction	21,468,038
IPO \| Selling Stockholders
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in transaction	13,147,346

Commitments and Contingencies - Future Minimum Payments (Details) $ in Thousands	Jan. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2027	$ 6,750
2028	7,400
Total	$ 14,150

Leases - Supplemental Cash Flow Information Related To Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases	$ 4,331	$ 4,194	$ 4,066

Financing Activities - Fair Value of SAFEs (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2019	Jan. 31, 2025	Mar. 10, 2022
Line of Credit Facility [Line Items]
Discount price per share (in dollars per share)		$ 5.00	$ 5.00
SAFE
Line of Credit Facility [Line Items]
Purchase Amount (in thousands)	$ 2,200	$ 2,187
Fair value of common stock (in dollars per share)		$ 14.04

Leases - Narrative (Details) - operatingLease	Jan. 31, 2026	May 31, 2025
Lessee, Lease, Description [Line Items]
Number of noncancelable operating leases	3
Number of noncancelable operating leases expired		1
Maximum
Lessee, Lease, Description [Line Items]
Noncancelable operating lease remaining term	29 months
Minimum
Lessee, Lease, Description [Line Items]
Noncancelable operating lease remaining term	10 months

Commitments and Contingencies

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

As of January 31, 2026, the Company had three noncancelable contracts, one of which is related to a third-party partner bank in connection with services that the Company offers its clients as part of the cash sweep program. Payments made to this third-party partner bank during the fiscal years ended January 31, 2026, 2025 and 2024 towards this contract were immaterial.

During the fiscal year ended January 31, 2025, the Company entered into a noncancelable contract for cloud computing services with a third-party provider. The Company is committed to a minimum spend during the term of the contract. Payments made to this third-party provider were $6.7 million and $5.9 million during the fiscal years ended January 31, 2026 and 2025, respectively.

During the fiscal year ended January 31, 2026, the Company entered into another noncancelable contract for an application programming interface service with a third-party provider. The Company is

committed to a minimum monthly spend during the term of the contract. Payments made to this third-party provider were $0.3 million during the fiscal year ended January 31, 2026.

The following table provides the future minimum payments over the term of the noncancelable contracts (in thousands):


	Total
Fiscal Year Ended January 31,	Amount
2027	$	6,750
2028	$	7,400
Total	$	14,150

Contingencies

The Company reviews its lawsuits, regulatory inquiries, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with the loss contingencies accounting guidance. The Company establishes an accrual for losses at management’s best estimate when it assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If an estimated loss is only reasonably possible rather than probable, no liability is recognized. However, where a material loss is reasonably possible, the Company will disclose details of the legal proceeding or claim and an estimate of the possible loss or range of losses if an estimate can be reasonably made. An event is defined as reasonably possible if the chance of the loss to the Company is more than remote but less than probable. The Company monitors these matters for developments that would affect the likelihood of a loss and the accrued amount, if any, and adjusts the amount as appropriate. As of January 31, 2026 and January 31, 2025, the Company’s loss contingencies were immaterial.

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Jan. 31, 2026	Apr. 22, 2026	Jul. 31, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--01-31
Document Period End Date	Jan. 31, 2026
Document Transition Report	false
Entity File Number	001-42987
Registrant Name	WEALTHFRONT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8280144
Entity Address, Address Line One	261 Hamilton Avenue
Entity Address, City or Town	Palo Alto,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94301
City Area Code	(844)
Local Phone Number	995-8437
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	WLTH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		149,574,024
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders (“Proxy Statement”) to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	FY
Central Index Key	0001524566
Amendment Flag	false

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Opening Balance	$ 29,127	$ 20,181
Change	4,000	8,946
Ending Balance	33,127	29,127
Cash Management Receivable
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Opening Balance	20,982	14,580
Change	2,621	6,402
Ending Balance	23,603	20,982
Investment Advisory Receivable
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Opening Balance	6,668	5,303
Change	2,333	1,365
Ending Balance	9,001	6,668
Other Receivable
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward]
Opening Balance	1,477	298
Change	(954)	1,179
Ending Balance	$ 523	$ 1,477

Warrants

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Warrants

Equity-Classified Warrants

From 2019 to 2023, the Company issued warrants to purchase an aggregate of 1.6 million shares of common stock with a weighted-average exercise price of $2.60. All warrants expire 10 years from the date of grant. As of January 31, 2026, none of these equity-classified warrants had vested or been exercised.

Liability-Classified Warrants

The warrant liabilities are included in other noncurrent liabilities in the consolidated balance sheets. The fair value of the warrants is remeasured at the end of every reporting period, with changes in fair value during the period recorded as a component of other expense (income), net in the consolidated statements of operations.

Common Stock Warrant

In April 2020, the Company issued a warrant to purchase 60,000 shares of common stock at an exercise price of $1.16 per share. At January 31, 2026 and January 31, 2025, the warrant was recorded at fair value of approximately $0.5 million and $0.8 million, respectively. The warrant expires in April 2030.

The fair value of the common stock warrant was estimated using the BSM option-pricing model with the following assumptions:


	January 31,			January 31,
	2026			2025
Expected term (years)	4.24			5.24
Expected volatility	55.00		%	54.40		%
Risk-free interest rate	3.70		%	4.42		%
Expected dividends	—		%	—		%
Fair value of common stock	$	8.68		$	14.04

Series G Warrant

At January 31, 2026 and January 31, 2025, a warrant to purchase 251,750 shares of the Company’s common stock (the “Series G Warrant”) was outstanding at a fair value of $1.5 million and $2.7 million, respectively. The Series G Warrant was originally exercisable for shares of Series G redeemable convertible preferred stock, which automatically converted into common stock upon the completion of the Company’s IPO. The Series G Warrant is immediately exercisable and expires five years from the effective date of an IPO.

The fair value of the Series G Warrant was estimated using the BSM option-pricing model with the following assumptions:


	January 31,			January 31,
	2026			2025
Expected term (years)	4.86			5.50
Expected volatility	55.00		%	53.40		%
Risk-free interest rate	3.75		%	4.42		%
Expected dividends	—		%	—		%
Fair value of common stock	$	8.68		$	16.15

Subsequent Events (Details)				2 Months Ended	12 Months Ended
Subsequent Events (Details)	Feb. 25, 2026 shares	Feb. 16, 2026 USD ($)	Dec. 15, 2025 shares	Apr. 23, 2026 $ / shares shares	Jan. 31, 2026 shares	Jan. 31, 2025 shares	Mar. 09, 2026 USD ($)
Common Stock
Subsequent Event [Line Items]
Shares issued during period after conversion of convertible securities			69,852,421		70,351,774
Repurchase of common stock (in shares)					54,455	3,352,224
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program, authorized amount \| $							$ 100,000,000.0
Repurchase of common stock (in shares)				3,037,141
Average purchase price of common stock (in dollars per share) \| $ / shares				$ 8.58
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Shares issued during period after conversion of convertible securities	51,481
Subsequent Event \| Wealthfront Holdings LLC
Subsequent Event [Line Items]
Percentage of voting interest acquired		0.951
Purchase price \| $		$ 1
Ownership interest, percentage		100.00%
Subsequent Event \| Common Stock Warrant
Subsequent Event [Line Items]
Number of warrants exercised (in shares)	60,000

Property, Software, and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation	$ 0.9	$ 0.9	$ 0.7
Internally developed software capitalized	0.0	6.9
Computer software impairments	0.7	0.0
Computer software capitalized	$ 6.5	$ 5.4	$ 5.3

Earnings per Share Attributable to Common Stockholders

12 Months Ended

Jan. 31, 2026

Earnings Per Share [Abstract]

Earnings per Share Attributable to Common Stockholders


	Fiscal Year Ended January 31
	2026		2025		2024
Basic earnings per share
Numerator:
Net income (loss) attributable to common stockholders	$	(42,066)	$	194,447	$	76,966
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Earnings per share attributable to common stockholders, basic	$	(0.74)	$	4.99	$	2.06

Diluted earnings per share
Numerator:
Net income (loss) attributable to common stockholders, basic	$	(42,066)	$	194,447	$	76,966
Fair value adjustment for the convertible note, net of tax effect	—		(12,695)		953
Fair value adjustment for liability-classified Series G Warrant, net of tax effect	(893)		—		—
Fair value adjustment for liability-classified common stock warrant, net of tax effect	(244)		—		—
Net income (loss) attributable to common stockholders, dilutive	$	(43,203)	$	181,752	$	77,919
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic	56,647,662		38,990,556		37,297,221
Conversion of the convertible note	—		492,096		6,888,298
Conversion of redeemable convertible preferred stock, all series	—		69,914,359		69,914,359
Dilutive effect of stock options	—		27,962,907		28,567,993
Dilutive effect of equity-classified common stock warrants	—		1,300,400		1,210,425
Dilutive effect of liability-classified Series G Warrant	164,242		—		—
Dilutive effect of liability-classified common stock warrant	78,552		—		—
Weighted-average number of common stock outstanding used in computing earnings per share, dilutive	56,890,456		138,660,318		143,878,296
Earnings (loss) per share attributable to common stockholders, diluted	$	(0.76)	$	1.31	$	0.54


	Fiscal Year Ended January 31
	2026	2025
Liability-classified common stock warrant	—	60,000
Series G Warrant	—	251,750
Dual-trigger RSUs	15,676,155	31,308,443
SAFEs	Various	Various


Options	23,755,365	—
Equity-classified common stock warrants	1,641,713	—

Upon the completion of the IPO, the Series G Warrant was automatically converted to being exercisable for common stock. Accordingly, it is included as a liability-classified common stock warrant for the fiscal year ended January 31, 2026.

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

The components of income (loss) before income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024

United States	(101,264)		139,229		78,589
Foreign	16		—		—
Income (loss) before income taxes	$	(101,248)	$	139,229	$	78,589

Schedule of Components of Income Before Income Tax Benefit (Expense)

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Current expense (benefit):
Federal	$	—	$	1,200	$	—
State	369		3,774		1,623
Foreign	4		—		—

Deferred tax expense (benefit):
Federal	(46,390)		(43,252)		—
State	(13,165)		(16,940)		—
Foreign	$	—	$	—	$	—
Total provision for (benefit from) income taxes	$	(59,182)	$	(55,218)	$	1,623

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate was as follows:


	Fiscal Year Ended January 31, 2026
Federal tax (benefit) at statutory rate	$	(21,263)	21.0	%
State tax (benefit) at statutory rate, net of federal benefit*	(14,261)		14.1	%
Foreign tax effects	1		—	%
Effect of cross-border tax laws	23		—	%
Tax credits:
Research and development credits	(13,845)		13.7	%
Change in valuation allowance	—		—	%
Nontaxable or nondeductible items:
Stock based compensation	(43,983)		43.4	%
Executive compensation	30,156		(29.8)	%
Other	(28)		0.1	%
Changes in unrecognized tax benefits:
Reserve on research and development credits	5,584		(5.5)	%
Other adjustments to prior year tax estimates	$	(1,566)	1.6	%
Provision for (benefit from) income taxes	$	(59,182)	58.6	%

*State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category.

The reconciliation of the statutory Federal income tax rate to the Company’s effective tax rate, for the year prior to the adoption of ASU 2023-09, was as follows:


	Fiscal Year Ended January 31,
	2025		2024
Federal tax (benefit) at statutory rate	21.0	%	21.0	%
State tax (benefit) at statutory rate, net of federal benefit	1.9		4.4
Change in valuation allowance	(57.6)		(17.1)
Stock-based compensation expense	(2.7)		(4.3)
Financial instrument fair value change	(2.3)		1.2
Research and development tax credits	(1.1)		(4.8)
Other	1.0		1.8
Provision for (benefit from) income taxes	(39.8)	%	2.2	%

Schedule of Cash Payments for Income Taxes, Net

The amount of cash income taxes paid, net of refunds received, consisted of the following (in thousands):


	Fiscal Year Ended January 31, 2026
Federal	$	1,500
State and local:
Massachusetts	159
New Jersey	146
New York State	124
All other state and local	561
Foreign	—
Income taxes paid, net of amounts refunded	$	2,490

Schedule of Deferred Tax Assets, Net

Deferred tax assets, net consisted of the following (in thousands):


	January 31,
	2026		2025
Deferred tax assets
Accruals	$	325	$	280
Fixed assets	367		260
Net operating loss carryforwards	51,626		16,988
Research and development tax credits, net of reserves	26,472		10,865
Stock-based compensation expense	25,363		15,315
Lease liability	2,724		3,488
Research and experimental expenditures capitalization	15,260		16,063
Intangible assets	515		—
Other	—		791
Gross deferred tax assets	122,652		64,050
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	122,652		64,050

Deferred tax liabilities
Intangible assets	—		(922)
ROU asset	(2,280)		(2,934)
Other	(623)		—
Total deferred tax liabilities	(2,903)		(3,856)
Deferred tax assets, net	$	119,749	$	60,194

Schedule of Unrecognized Tax Benefits Activity

The Company had unrecognized tax benefits as outlined in the tabular reconciliation below (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Unrecognized tax benefits as of the beginning of the year	$	8,052	$	6,661	$	5,435
Increase in tax positions for prior years	415		—		—
Decrease in tax positions for prior years	—		—		—
Increase in tax positions for current year	5,964		1,391		1,226
Decrease in tax positions for current year	—		—		—
Settlements	—		—		—
Lapse from statute of limitations	—		—		—
Unrecognized tax benefits as of the end of the year	14,431		8,052		6,661

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Jan. 31, 2026 USD ($) segment	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Deferred offering costs				$ 9.2
Margin interest revenue	$ 8.6
Margin interest expense	8.3
Advertising expense	$ 35.7	$ 43.8	$ 16.5
Internally developed software
Accounting Policies [Abstract]
Useful lives	3 years	3 years
Property, Plant and Equipment [Line Items]
Useful lives	3 years	3 years

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 310
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479255/942-310-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 310
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.H.2.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478116/942-310-S99-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column E)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
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-Publisher FASB
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+ Details

Stock-Based Compensation

12 Months Ended

Jan. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In January 2008, the Company adopted the 2008 Equity Incentive Plan (the “2008 Plan”), which was most recently amended in October 2017 and subsequently terminated in connection with the adoption of the Company’s 2017 Plan (as defined below). The 2008 Plan allowed stock options to be granted to Company employees, officers, directors, advisors, consultants, and other service providers as either incentive stock options (“ISOs”) or non-statutory stock options (“NSOs”). ISOs could be granted only to the Company’s employees. NSOs could be granted to the Company’s service providers who were not employees.

Under the 2008 Plan, options could be granted for terms no longer than 10 years from the date of the grant. In the case of an ISO grant to an optionee who, at the time the option is granted, owned stock representing more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary, the term of the option was five years from the date of grant. ISOs and NSOs generally vested at a rate of 25% on the first anniversary of the grant date and then ratably over the next three years. Upon termination of employment, any unvested shares were automatically returned to the Company. Those shares were added back to the plan and made available for future grants. The 2008 Plan was terminated in 2017, but the awards granted previously still vest. At January 31, 2026 and January 31, 2025, no shares from the 2008 Plan remained available for future grants.

In December 2017, the Company adopted the 2017 Equity Incentive Plan (the “2017 Plan”), which was most recently amended in September 2025 and subsequently terminated in connection with the adoption of the Company’s 2025 Plan (as defined below). The 2017 Plan allowed stock options to be granted to Company employees, officers, directors, advisors, consultants, and other service providers as either stock options, restricted stock awards, RSUs, stock appreciation rights, and other equity awards. The 2017 Plan was initially adopted with substantively similar plan features as the 2008 Plan. In August 2018, the 2017 Plan was amended to extend the post-termination exercise period for vested awards, other than terminations for cause, to up to 10 years. At January 31, 2026, no shares from the 2017 Plan remained available for future grants. At January 31, 2025, 5,795,839 shares from the 2017 Plan remained available for future grants.

In December 2025, the Company’s board of directors approved the 2025 Equity Incentive Plan (the “2025 Plan” and, together with the 2017 and 2008 Plan, the “Plans”). The 2025 Plan became effective in connection with the IPO, and provides for the issuance of up to 17,500,000 shares of the Company’s common stock, plus any reserved shares of the Company’s common stock not issued or subject to outstanding grants under the 2008 Plan and the 2017 Plan on the effective date of the 2025 Plan, pursuant to stock options, RSUs, stock appreciation rights, and other equity awards. The number of shares reserved for issuance under the 2025 Plan will increase automatically on February 1 of each of 2026 through 2035 by the number of shares equal to 5% of the aggregate number of outstanding shares of all classes of the Company’s common stock as of the immediately preceding January 31, or a lesser number as may be determined by the board of directors. The 2025 Plan was initially adopted with substantively similar plan features to the 2017 and 2008 Plans. The Company began issuing awards under the 2025 Plan during the quarter ended January 31, 2026. At January 31, 2026, 27,856,967 shares from the 2025 Plan remained available for future grants.

In accordance with the Plans, the exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant unless expressly determined in writing by the board of directors or its designated committee, and the exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant.

Stock Options

A summary of stock option activity as of and for the fiscal year ended January 31, 2026 under the Plans is as follows:


	Number of Options Outstanding Under the Plans	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 31, 2025*	31,132,993	$	1.94	3.8	376,555


Exercised	(6,649,247)	2.06			79,613
Expired	(709,006)	2.36
Forfeited	(19,375)	2.91
Outstanding at January 31, 2026*	23,755,365	1.90		3.2	$	161,131
Exercisable at January 31, 2026	23,685,819	$	1.90	3.2	$	160,702

______________

*The Plans allow for early exercise of stock options and exercised/forfeited balances include only vested stock options exercised.


	Shares	Weighted-Average Grant-Date Fair Value
Unvested at January 31, 2025	308,493	$	4.50
Granted	—	—
Vested	(214,905)	4.40
Forfeited	(19,375)	4.73
Unvested at January 31, 2026	74,213	$	4.73

As of January 31, 2026, unrecognized stock-based compensation expense related to unvested stock options was $0.3 million, which is expected to be recognized over a weighted-average period of 0.6 years.

No options were granted during the fiscal years ended January 31, 2026 and 2025.

Early Exercise of Unvested Options

Under the Plans, employees are offered the option to elect early exercise of their stock options prior to vesting. The Company has the right to repurchase any unvested (but issued) shares of common stock upon termination of service of an employee, either voluntarily or involuntarily, at the lower of: (i) the exercise price paid per share or (ii) the fair market value per share of common stock at the time of the employee’s termination. The consideration received for early exercise of a stock option is initially recorded as a liability and is reclassified to stockholders’ deficit as the stock options vest. As of January 31, 2026 and 2025, the Company recorded immaterial liabilities for 4,667 unvested shares and 1,519,220 unvested shares, respectively, that were early exercised by employees and subject to repurchase.

Restricted Stock Units

RSUs are issued at no cost to the recipient and can be settled only in shares after the RSUs have vested. RSUs do not provide the holder with voting rights or cash dividends. Prior to the Company’s IPO, the majority of RSUs included both a time-based service and performance-based conditions tied to the occurrence of a qualifying liquidity event (“dual-trigger RSUs”). Upon the completion of the IPO on December 15, 2025, the performance condition was satisfied and the existing dual-trigger awards are now subject only to the remaining service-based vesting conditions. Accordingly, the Company began

recognizing share-based compensation expense for these awards from the date the performance condition was satisfied. Following the Company’s IPO, RSUs granted are subject only to continued service-based vesting conditions and do not contain performance or market conditions.

A summary of RSU activity for the fiscal year ended January 31, 2026 under the Plans is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at January 31, 2025	31,294,850	$	8.23
Granted	7,281,903	14.21
Settled	(21,640,347)	7.05
Forfeited	(1,260,251)	8.01
Outstanding at January 31, 2026	15,676,155	$	12.51

As of January 31, 2026, unrecognized stock-based compensation expense related to unvested RSUs was $105.5 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Modification of Restricted Stock Units

In September 2025, the Company approved the acceleration of vesting of dual-triggered RSUs granted under the 2017 Plan to certain employees (the “IPO RSU Vesting Acceleration”). These RSUs were subject to dual-trigger vesting conditions, consisting of a service-based vesting and an initial vesting event.

The approval of the IPO RSU Vesting Acceleration represents a modification of the affected RSUs. As of the date of modification, the liquidity vesting event condition remained improbable, as the IPO had not occurred. Therefore, immaterial incremental compensation cost was recognized after the completion of the IPO for the fiscal year ended January 31, 2026.

Employee Stock Purchase Plan

The Company’s employee stock purchase plan (“ESPP”) became effective in connection with the IPO in December 2025. The ESPP enables employees to purchase shares of the Company’s common stock at a discounted price through payroll deductions of up to 15% of their eligible compensation up to the statutory maximum. The purchase price is equal to 85% of the fair market value of a share of common stock on the first day of an offering period or the purchase date, whichever is lower.

The aggregate number of shares reserved for issuance under the ESPP is 4,500,000, and will automatically increase on February 1 of each of the first ten fiscal years during the term. Such annual increase will be equal to the lesser of (i) 1% of the outstanding shares of common stock issued and outstanding on the last day of the immediately preceding fiscal calendar year and (ii) such number of shares determined by the board of directors. No more than 45,000,000 shares may be issued under the ESPP.

During fiscal year ended January 31, 2026, employees began participating in the ESPP through payroll deductions, however, no shares were purchased or issued under the ESPP as of January 31, 2026. Payroll deductions related to the ESPP are recorded as accrued compensation and other current liabilities until the applicable purchase date. Compensation expense associated with the ESPP is recognized over the offering period based on the grant-date fair value.

Allocation of Stock-Based Compensation

Stock-based compensation expense recognized in the consolidated statements of operations for the fiscal year ended January 31, 2026, 2025, and 2024 was as follows (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Product development	$	127,414	$	7,325	$	8,692
General and administrative	110,677		2,041		2,647
Marketing	8,472		536		582
Operations and support	13,261		1,099		1,334
Total stock-based compensation expense	259,824		11,001		13,255
Capitalized stock-based compensation expense	—		(1,637)		(1,409)
Total stock-based compensation expense, net of amounts capitalized	$	259,824	$	9,364	$	11,846

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

The estimated useful lives are as follows:


Office equipment			3 years
Network equipment			3 years
Office furniture and fixtures			5 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life
Internally developed software			3 years

Property, software, and equipment, net as of January 31, 2026 and January 31, 2025 consists of the following (in thousands):


	January 31,		January 31,
	2026		2025
Leasehold improvements	$	2,475	$	2,467
Computer equipment	5,645		4,539
Furniture and fixtures	712		689
Internally developed software	36,993		37,702
Total	45,825		45,397
Less: accumulated depreciation and amortization	(38,070)		(30,674)
Property, software, and equipment, net	$	7,755	$	14,723

Revenue

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The principal categories the Company uses to disaggregate revenue reflect the type of service from which the revenue is generated, which is consistent with the presentation in the consolidated statements of operations.

Contract Balances

The revenue streams identified as being generated through contracts with clients are outlined in Note 2. — Summary of Significant Accounting Policies are all settled in arrears, in accordance with the Company’s contracts with the applicable counterparties. Receivables relate to the Company’s unconditional right to receive payment for its performance completed under the contract. The Company does not have deferred revenue as of January 31, 2026 and January 31, 2025. No other contract assets or liabilities existed as of January 31, 2026 and January 31, 2025.

The table below sets forth the opening and closing balances for accounts receivable from contracts with clients (in thousands):


	Cash Management Receivable		Investment Advisory Receivable		Other Receivable		Total Accounts Receivable
Opening Balance, February 1, 2024	$	14,580	$	5,303	$	298	$	20,181
Change	6,402		1,365		1,179		8,946
Closing Balance, January 31, 2025	$	20,982	$	6,668	$	1,477	$	29,127
Change	2,621		2,333		(954)		4,000
Closing Balance, January 31, 2026	$	23,603	$	9,001	$	523	$	33,127

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Warrants - Fair Value of Warrants (Details)	Jan. 31, 2026 $ / shares yr	Jan. 31, 2025 $ / shares yr
Common Stock Warrant \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	4.24	5.24
Common Stock Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.5500	0.5440
Common Stock Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0370	0.0442
Common Stock Warrant \| Expected dividends
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0
Common Stock Warrant \| Fair value of common stock
Class of Warrant or Right [Line Items]
Warrants, measurement input \| $ / shares	8.68	14.04
Series G Warrant \| Expected term (years)
Class of Warrant or Right [Line Items]
Warrants, measurement input \| yr	4.86	5.50
Series G Warrant \| Expected volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.5500	0.5340
Series G Warrant \| Risk-free interest rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0375	0.0442
Series G Warrant \| Expected dividends
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0
Series G Warrant \| Fair value of common stock
Class of Warrant or Right [Line Items]
Warrants, measurement input \| $ / shares	8.68	16.15

Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Leases [Abstract]
Operating lease cost	$ 3,922	$ 3,862	$ 4,165
Variable lease cost	1,211	927	883
Total lease cost	$ 5,133	$ 4,789	$ 5,048

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Number of Options Outstanding Under the Plans
Outstanding, beginning balance (in shares)	31,132,993
Exercised (in shares)	(6,649,247)
Expired (in shares)	(709,006)
Forfeited (in shares)	(19,375)
Outstanding, ending balance (in shares)	23,755,365	31,132,993
Weighted Average Exercise Price
Options outstanding, Weighted average exercise price per share, beginning balance (in dollars per share)	$ 1.94
Options exercised, Weighted average exercise price per share (in dollars per share)	2.06
Options expired, Weighted average exercise price per share (in dollars per share)	2.36
Options forfeited, Weighted average exercise price per share (in dollars per share)	2.91
Options outstanding, Weighted average exercise price per share, ending balance (in dollars per share)	$ 1.90	$ 1.94
Aggregate Intrinsic Value (in thousands)
Options outstanding, Aggregate intrinsic value, beginning balance (in USD)	$ 376,555
Options exercised, Aggregate intrinsic value (in USD)	79,613
Options outstanding, Aggregate intrinsic value, ending balance (in USD)	$ 161,131	$ 376,555
Stock Options Additional Disclosures
Options outstanding, Weighted average remaining contractual term	3 years 2 months 12 days	3 years 9 months 18 days
Options exercisable, Number of options (in shares)	23,685,819
Options exercisable, Weighted average exercise price per share (in dollars per share)	$ 1.90
Options exercisable, Weighted average remaining contractual term	3 years 2 months 12 days
Options exercisable, Aggregate intrinsic value (in USD)	$ 160,702

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Leases [Abstract]
Operating lease ROU assets	$ 8,696	$ 11,229
Current operating lease liabilities	4,101	3,556
Noncurrent operating lease liabilities	6,292	9,796
Total operating lease liabilities	$ 10,393	$ 13,352
Weighted-average remaining lease term (years)	2 years 4 months 24 days	3 years 4 months 24 days
Weighted-average discount rate (percent)	5.29%	5.25%

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Leases [Abstract]
2027	$ 4,551
2028	4,580
2029	1,964
2030	0
2031	0
Total future undiscounted lease payments	11,095
Less: imputed interest	(702)
Present value of lease liabilities	$ 10,393	$ 13,352

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2026
Auditor [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California
Auditor Firm ID	42

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Jan. 31, 2026 USD ($) contract	Jan. 31, 2025 USD ($)
Long-Term Purchase Commitment [Line Items]
Number of noncancelable contracts \| contract	3
Number of noncancelable contracts with third-party \| contract	1
Cloud Computing Services
Long-Term Purchase Commitment [Line Items]
Payments to acquire software \| $	$ 6.7	$ 5.9
Programming Interface Service
Long-Term Purchase Commitment [Line Items]
Payments to acquire software \| $	$ 0.3

Stock-Based Compensation - Summary of RSU Activity (Details) - Dual-trigger RSUs	12 Months Ended
	Jan. 31, 2026 $ / shares shares
Number of Shares
Outstanding at January 31, 2025 (in shares) \| shares	31,294,850
Granted (in shares) \| shares	7,281,903
Settled (in shares) \| shares	(21,640,347)
Forfeited (in shares) \| shares	(1,260,251)
Outstanding at January 31, 2026 (in shares) \| shares	15,676,155
Weighted Average Grant Date Fair Value
Outstanding, Weighted average grant date fair value at January 31 , 2025 (in dollars per share) \| $ / shares	$ 8.23
Granted, Weighted average grant date fair value (in dollars per share) \| $ / shares	14.21
Vested, Weighted average grant date fair value (in dollars per share) \| $ / shares	7.05
Forfeited, Weighted average grant date fair value (in dollars per share) \| $ / shares	8.01
Outstanding, Weighted average grant date fair value at January 31, 2026 (in dollars per share) \| $ / shares	$ 12.51

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	0	85,490,483
Redeemable convertible preferred stock, shares issued (in shares)	0	69,914,359
Redeemable convertible preferred stock, shares outstanding (in shares)	0	69,914,359
Redeemable convertible preferred stock, liquidation preference	$ 0	$ 229,543
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	214,611,134	214,611,134
Common stock, issued (in shares)	151,782,411	41,532,599
Common stock, outstanding (in shares)	150,305,463	40,110,106
Treasury stock (in shares)	1,476,948	1,422,493

Financing Activities

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Financing Activities

Bridge Loan

On January 14, 2022, the Company entered into a loan agreement with an investor and member of the Company’s board of directors to allow borrowings of up to $20.0 million (the “Bridge Loan”). The Company amended this loan agreement on August 7, 2023, to extend the maturity date to September 30, 2025 and increased the interest rate from 10% to 12.5% per annum as of April 3, 2024. The Company was required to repay all outstanding principal and accrued interest on the maturity date and was allowed to make voluntary prepayment at any time prior to the maturity date without penalty or premium.

In November 2024, the Bridge Loan was paid off in full. Bridge Loan interest expense was $2.3 million for the fiscal year ended January 31, 2025, recorded as interest expense in the consolidated statements of operations. The weighted-average interest rate was 12% for the fiscal year ended January 31, 2025.

Convertible Note

On September 2, 2022, the Company issued a $69.7 million convertible note with a maturity date of September 2, 2025. The convertible note accumulated interest at the SOFR, plus 9.0% per annum, compounding annually and was payable semiannually in arrears either in cash or by increasing the principal amount (“PIK Interest”).

The noteholder had the right to exchange the convertible note for Series H-1 or Series H-2 redeemable convertible preferred stock after the filing of the restated certificate of incorporation, as provided in the convertible note purchase agreement and the convertible note, and prior to the repayment at maturity, at a conversion price of $9.54 per share.

The convertible note was accounted for as a liability in the Company’s consolidated balance sheets, as the Company made an irrevocable election to account for the convertible note under fair value option in lieu of bifurcating certain features in the convertible note agreement under Accounting Standards Codification (“ASC”) 825-10-45-5. In March 2024, the convertible note was paid off in full. The fair value change due to instrument-specific credit risk was immaterial for the fiscal year ended January 31, 2025.

Revolving Line of Credit

On October 31, 2024, the Company entered into a credit agreement with a third-party financial institution to provide a revolving line of up to $50.0 million (the “Revolver”) with a maturity date of October 30, 2025. Interest accrued on the outstanding principal balance is at (i) the base rate, plus 1.0% per annum or (ii) Adjusted Daily Simple SOFR (as defined in the credit agreement), plus 2.0% per annum. The base rate is defined as the highest of (i) the Prime Rate (as defined in the credit agreement); (ii) the Federal Funds Rate (as defined in the credit agreement), plus 0.50%, and (c) Adjusted Daily Simple SOFR plus 1.00%, and is payable on a monthly basis. The Revolver was not drawn on during the fiscal year ended January 31, 2026.

On October 14, 2025, the Company entered into an amended and restated credit agreement (the “Credit Agreement”) with the same third-party financial institution acting as administrative agent to provide a revolving line of up to $250.0 million (the “Amended Revolver”), including a subfacility of up to $25.0 million for letters of credit. This Credit Agreement replaced the original credit agreement entered into on October 31, 2024. Interest accrues on the outstanding principal balance, at the Company’s option, is at either (i) the base rate determined by the highest of the prime rate, the federal funds effective rate plus 0.50% and the adjusted daily SOFR plus 1.00%, or (ii) the adjusted daily SOFR plus the applicable interest margin. In addition, the Company will be required to pay commitment fees of (i) 0.25% per annum on the undrawn portion of the commitments under the Credit Agreement based on a consolidated total net leverage ratio less than 2.00 to 1.00, (ii) 0.375% per annum based on a consolidated total net leverage ratio greater than or equal to 2.00 to 1.00 but less than 3.00 to 1.00, and (iii) 0.50% per annum based on a consolidated total net leverage ratio greater than or equal to 3.00 to 1.00.

On December 5, 2025, the Company drew $200.0 million under the Amended Revolver. The borrowing was repaid in full on December 18, 2025, using proceeds from the IPO. No amounts were outstanding under the Amended Revolver as of January 31, 2026.

Simple Agreement for Future Equity

In November 2019, the Company entered into a series of SAFEs with new investors associated with a small “acquihire” for an aggregate purchase amount of $2.2 million (the “Purchase Amount”).

The SAFEs provided that, upon the occurrence of an equity financing or termination, the SAFE holders would be entitled to receive, in the aggregate, a number of shares of the Company’s common stock equal to the Purchase Amount divided by the applicable conversion price. Upon the occurrence of a liquidity event, and at the election of the Majority Holders (as defined in the SAFE agreements), the SAFE holders would have been entitled to receive, in the aggregate, either (i) a cash payment equal to the Purchase Amount or (ii) a number of shares of common stock equal to the Purchase Amount divided by the product of the liquidity price and the discount rate (such product, the “Discounted Price”).

On March 10, 2022, the Company amended the SAFEs to set the Discounted Price at $5.00 per share with respect to a specified strategic transaction. The SAFEs also provided that, in the event the Company did not have sufficient funds to satisfy any required cash payment, available funds would be distributed to the SAFE holders on a pro rata basis. Upon a dissolution event, the SAFE holders would have been entitled to receive a cash payment equal to the Purchase Amount, subject to the availability of assets.

The fair value of the SAFEs was estimated using the following assumptions:


	January 31,
	2025
Purchase Amount (in thousands)	$	2,187
Discounted Price	$	5.00
Fair value of common stock	$	14.04

Upon the completion of the Company’s IPO on December 15, 2025, all outstanding SAFEs automatically converted into shares of the Company’s common stock in accordance with their terms, and no SAFEs were outstanding as of the year ended January 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Federal tax (benefit) at statutory rate	21.00%	21.00%	21.00%
State tax (benefit) at statutory rate, net of federal benefit	14.10%	1.90%	4.40%
Change in valuation allowance	0.00%	(57.60%)	(17.10%)
Stock based compensation	43.40%	(2.70%)	(4.30%)
Financial instrument fair value change		(2.30%)	1.20%
Research and development credits	13.70%	(1.10%)	(4.80%)
Other		1.00%	1.80%
Total income tax expense and rate	58.60%	(39.80%)	2.20%

Earnings per Share Attributable to Common Stockholders - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Numerator:
Net income attributable to common stockholders	$ (42,066)	$ 194,447	$ 76,966
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic (in shares)	56,647,662	38,990,556	37,297,221
Earnings per share attributable to common stockholders (in dollars per share)	$ (0.74)	$ 4.99	$ 2.06
Numerator:
Net income attributable to common stockholders, basic	$ (42,066)	$ 194,447	$ 76,966
Fair value adjustment for the convertible note, net of tax effect	0	(12,695)	953
Fair value adjustment of warrants, net of tax effect	1,517	(678)	(1,241)
Net income attributable to common stockholders, dilutive	$ (43,203)	$ 181,752	$ 77,919
Denominator:
Weighted-average number of common stock outstanding used in computing earnings per share, basic (in shares)	56,647,662	38,990,556	37,297,221
Conversion of the convertible note (in shares)	0	492,096	6,888,298
Conversion of redeemable convertible preferred stock, all series (in shares)	0	69,914,359	69,914,359
Dilutive effect of stock options (in shares)	0	27,962,907	28,567,993
Dilutive effect of equity-classified common stock warrants (in shares)	0	1,300,400	1,210,425
Dilutive effect of liability-classified Series G Warrant (in shares)	164,242	0	0
Dilutive effect of liability-classified common stock warrant (in shares)	78,552	0	0
Weighted-average number of common stock outstanding used in computing earnings per share, dilutive (in shares)	56,890,456	138,660,318	143,878,296
Earnings per share attributable to common stockholders, diluted (in dollars per share)	$ (0.76)	$ 1.31	$ 0.54
Series G Warrant
Numerator:
Fair value adjustment of warrants, net of tax effect	$ (893)	$ 0	$ 0
Common Stock Warrant
Numerator:
Fair value adjustment of warrants, net of tax effect	$ (244)	$ 0	$ 0

Property, Software, and Equipment, Net

12 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Software, and Equipment, Net

Property, Software and Equipment, Net

Property, software, and equipment, net as of January 31, 2026 and January 31, 2025 consists of the following (in thousands):


	January 31,		January 31,
	2026		2025
Leasehold improvements	$	2,475	$	2,467
Computer equipment	5,645		4,539
Furniture and fixtures	712		689
Internally developed software	36,993		37,702
Total	45,825		45,397
Less: accumulated depreciation and amortization	(38,070)		(30,674)
Property, software, and equipment, net	$	7,755	$	14,723

Depreciation expense related to property and equipment was $0.9 million, $0.9 million and $0.7 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.

No internally developed software was capitalized during the fiscal year ended January 31, 2026. The Company wrote-off $0.7 million in internally developed software due to impairment during the fiscal year ended January 31, 2026.

The Company capitalized $6.9 million in internally developed software costs during the fiscal year ended January 31, 2025. No impairment of internally developed software was recorded during the fiscal year ended January 31, 2025.

The amortization expense on capitalized internally developed software was $6.5 million, $5.4 million and $5.3 million for the fiscal years ended January 31, 2026, 2025 and 2024, respectively.

Income Taxes

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The components of income (loss) before income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024

United States	(101,264)		139,229		78,589
Foreign	16		—		—
Income (loss) before income taxes	$	(101,248)	$	139,229	$	78,589

The provision for (benefit from) income taxes consisted of the following (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Current expense (benefit):
Federal	$	—	$	1,200	$	—
State	369		3,774		1,623
Foreign	4		—		—

Deferred tax expense (benefit):
Federal	(46,390)		(43,252)		—
State	(13,165)		(16,940)		—
Foreign	$	—	$	—	$	—
Total provision for (benefit from) income taxes	$	(59,182)	$	(55,218)	$	1,623

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate was as follows:


	Fiscal Year Ended January 31, 2026
Federal tax (benefit) at statutory rate	$	(21,263)	21.0	%
State tax (benefit) at statutory rate, net of federal benefit*	(14,261)		14.1	%
Foreign tax effects	1		—	%
Effect of cross-border tax laws	23		—	%
Tax credits:
Research and development credits	(13,845)		13.7	%
Change in valuation allowance	—		—	%
Nontaxable or nondeductible items:
Stock based compensation	(43,983)		43.4	%
Executive compensation	30,156		(29.8)	%
Other	(28)		0.1	%
Changes in unrecognized tax benefits:
Reserve on research and development credits	5,584		(5.5)	%
Other adjustments to prior year tax estimates	$	(1,566)	1.6	%
Provision for (benefit from) income taxes	$	(59,182)	58.6	%

*State taxes in California made up the majority (greater than 50 percent) of the tax effect in this category.

The reconciliation of the statutory Federal income tax rate to the Company’s effective tax rate, for the year prior to the adoption of ASU 2023-09, was as follows:


	Fiscal Year Ended January 31,
	2025		2024
Federal tax (benefit) at statutory rate	21.0	%	21.0	%
State tax (benefit) at statutory rate, net of federal benefit	1.9		4.4
Change in valuation allowance	(57.6)		(17.1)
Stock-based compensation expense	(2.7)		(4.3)
Financial instrument fair value change	(2.3)		1.2
Research and development tax credits	(1.1)		(4.8)
Other	1.0		1.8
Provision for (benefit from) income taxes	(39.8)	%	2.2	%

The amount of cash income taxes paid, net of refunds received, consisted of the following (in thousands):


	Fiscal Year Ended January 31, 2026
Federal	$	1,500
State and local:
Massachusetts	159
New Jersey	146
New York State	124
All other state and local	561
Foreign	—
Income taxes paid, net of amounts refunded	$	2,490

Deferred tax assets, net consisted of the following (in thousands):


	January 31,
	2026		2025
Deferred tax assets
Accruals	$	325	$	280
Fixed assets	367		260
Net operating loss carryforwards	51,626		16,988
Research and development tax credits, net of reserves	26,472		10,865
Stock-based compensation expense	25,363		15,315
Lease liability	2,724		3,488
Research and experimental expenditures capitalization	15,260		16,063
Intangible assets	515		—
Other	—		791
Gross deferred tax assets	122,652		64,050
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	122,652		64,050

Deferred tax liabilities
Intangible assets	—		(922)
ROU asset	(2,280)		(2,934)
Other	(623)		—
Total deferred tax liabilities	(2,903)		(3,856)
Deferred tax assets, net	$	119,749	$	60,194

During the year ended January 31, 2025, the Company concluded that its U.S. federal and state deferred tax assets ("DTAs") were more likely than not realizable based on an evaluation of all available evidence. This resulted in a full valuation allowance ("VA") release of $80.2 million. Key factors in this determination included the Company’s shift into a three-year cumulative income position, sustained revenue growth, and projected future profitability. As of January 31, 2026, the Company continues to believe that these DTAs are more likely than not to be realized, and no valuation allowance is required. While these estimates involve significant judgment, the Company believes its projections are reasonable.

As of January 31, 2026, the Company had federal and state net operating loss ("NOL") carryforwards of $181.7 million and $202.3 million, respectively, available to offset future taxable income. Federal NOLs generated prior to the Tax Cuts and Jobs Act ("TCJA") have been fully utilized; remaining federal NOLs were generated post-TCJA and may be carried forward indefinitely, subject to an 80% limitation of taxable income in the year of utilization. State NOL carryforwards will begin to expire in 2029. Additionally, the Company had federal research and development ("R&D") credits of $27.2 million, which begin to expire in 2039, and California R&D credits of $16.0 million, which have no expiration.

The Company’s ability to utilize the NOLs and tax credit carryforwards is subject to limitations in the event of an ownership change as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), and similar state law. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period. In the event that the Company has had a change in ownership, utilization of the carryforwards could be restricted. The Company assessed whether it had an ownership change, as defined by Section 382 of the Code, from its formation through January 31, 2026. Based upon this assessment, the Company experienced three ownership changes in the prior years. However, the Company does not expect any previous ownership changes to result in a

limitation that will reduce the total amount of NOLs and tax credit carryforwards that can be utilized. Additional ownership changes in the future could result in additional limitations on the Company’s NOL and tax credit carryforwards.

On July 4, 2025, the One Big Beautiful Bill Act, Public Law No. 119-21 and formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (“OBBBA”) was enacted in the United States. The OBBBA includes a broad range of tax provisions, such as the permanent extension of certain provisions of the TCJA, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the provisions of the OBBBA and determined that the most significant impact relates to capitalization of research and experimental expenditures under IRC Section 174. The effects of this provision have been reflected in the Company’s income tax provision.

The Company had unrecognized tax benefits as outlined in the tabular reconciliation below (in thousands):


	Fiscal Year Ended January 31,
	2026		2025		2024
Unrecognized tax benefits as of the beginning of the year	$	8,052	$	6,661	$	5,435
Increase in tax positions for prior years	415		—		—
Decrease in tax positions for prior years	—		—		—
Increase in tax positions for current year	5,964		1,391		1,226
Decrease in tax positions for current year	—		—		—
Settlements	—		—		—
Lapse from statute of limitations	—		—		—
Unrecognized tax benefits as of the end of the year	14,431		8,052		6,661

The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in the financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. The Company's liability for unrecognized tax benefits was approximately $14.4 million and $8.1 million as of January 31, 2026 and 2025, respectively.

As of January 31, 2026, the Company had no accrued interest and penalties related to unrecognized tax benefits. If realized, $14.4 million of unrecognized tax benefits would impact the effective tax rate. The Company does not expect any significant increases or decreases to its unrecognized benefits within the next 12 months.

The Company files income tax returns in the United States, various state and local jurisdictions, and Canada. As of January 31, 2026, the Company’s U.S. federal and state tax returns for fiscal years through 2021 and 2020, respectively, are no longer subject to examination. However, tax authorities may still adjust net operating loss or tax credit carryforwards from closed tax years to the extent they are utilized in an open tax year. In Canada, the Company's initial tax return for the year ended January 31, 2025 remains subject to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Redeemable Convertible Preferred Stock - Narrative (Details) $ in Thousands	Jan. 31, 2026 USD ($) shares	Dec. 14, 2025 USD ($)	Jan. 31, 2025 USD ($) shares	Jan. 31, 2024 USD ($) shares	Jan. 31, 2023 USD ($) shares
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $	$ 0	$ 227,200	$ 227,198	$ 227,198	$ 227,198
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	0		69,914,359
Redeemable convertible preferred stock, shares outstanding (in shares)	0		69,914,359	69,914,359	69,914,359
Series A Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 148
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			1,350,000
Redeemable convertible preferred stock, shares outstanding (in shares)			1,350,000
Series C Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 7,529
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			5,952,858
Redeemable convertible preferred stock, shares outstanding (in shares)			5,952,858
Series D Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 19,482
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			14,431,844
Redeemable convertible preferred stock, shares outstanding (in shares)			14,431,844
Series E Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 34,913
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			8,780,133
Redeemable convertible preferred stock, shares outstanding (in shares)			8,780,133
Series F Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 64,087
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			7,816,435
Redeemable convertible preferred stock, shares outstanding (in shares)			7,816,435
Series G Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 72,132
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			18,889,279
Redeemable convertible preferred stock, shares outstanding (in shares)			18,889,279
Redeemable Convertible Preferred Stock Series G-1
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 25,956
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			5,034,942
Redeemable convertible preferred stock, shares outstanding (in shares)			5,034,942
Redeemable Convertible Preferred Stock Series H-1
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 0
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			0
Redeemable convertible preferred stock, shares outstanding (in shares)			0
Redeemable Convertible Preferred Stock Series H-2
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 0
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			0
Redeemable convertible preferred stock, shares outstanding (in shares)			0
Series B Preferred Stock
Temporary Equity Disclosure [Abstract]
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value \| $			$ 2,951
Preferred stock conversion ratio		1
Temporary Equity [Line Items]
Preferred stock conversion ratio		1
Redeemable convertible preferred stock, shares issued (in shares)			7,658,868
Redeemable convertible preferred stock, shares outstanding (in shares)			7,658,868

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Jan. 31, 2026

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

A summary of the authorized, issued, and outstanding redeemable convertible preferred stock as of January 31, 2025 is as follows (in thousands, except per share and share amounts):


			Per Share
	Shares Authorized	Shares Issued and Outstanding		Issuance Price		Dividend		Net Carrying Value		Liquidation Preference

Series A	1,350,000	1,350,000		$	0.11	$	0.0089	$	148	$	149
Series B	7,658,874	7,658,868		0.39		0.0310		2,951		2,987
Series C	6,169,302	5,952,858		1.27		0.1016		7,529		7,560
Series D	14,431,860	14,431,844		1.36		0.1086		19,482		19,627
Series E	8,780,133	8,780,133		3.99		0.3190		34,913		35,033
Series F	7,938,238	7,816,435		8.21		0.6568		64,087		64,173
Series G	19,516,000	18,889,279		3.97		0.3178		72,132		74,990
Series G-1 (1)	5,034,942	5,034,942		4.97		0.3973		25,956		25,024
Series H-1 (2)	7,305,567	—		9.54		0.7633		—		—
Series H-2 (2)	7,305,567	—		9.54		0.7633		—		—
	85,490,483	69,914,359						$	227,198	$	229,543

_______________

(1)Dividend per share per annum when and if declared by the board of directors.

(2)The convertible note to purchase shares of Series H-1 and H-2 redeemable convertible preferred stock was paid off in full in March 2024.

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Property, Software, and Equipment, Net (Tables)

12 Months Ended

Jan. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Software, and Equipment, Net

The estimated useful lives are as follows:


Office equipment			3 years
Network equipment			3 years
Office furniture and fixtures			5 years
Leasehold improvements			Shorter of remaining lease term or estimated useful life
Internally developed software			3 years

Property, software, and equipment, net as of January 31, 2026 and January 31, 2025 consists of the following (in thousands):


	January 31,		January 31,
	2026		2025
Leasehold improvements	$	2,475	$	2,467
Computer equipment	5,645		4,539
Furniture and fixtures	712		689
Internally developed software	36,993		37,702
Total	45,825		45,397
Less: accumulated depreciation and amortization	(38,070)		(30,674)
Property, software, and equipment, net	$	7,755	$	14,723

Income Taxes - Amount of Cash Income Taxes Paid, Net (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2026 USD ($)
Income Taxes Paid [Line Items]
Federal	$ 1,500
Foreign	0
Income taxes paid, net of amounts refunded	2,490
Massachusetts
Income Taxes Paid [Line Items]
State and local:	159
New Jersey
Income Taxes Paid [Line Items]
State and local:	146
New York State
Income Taxes Paid [Line Items]
State and local:	124
All other state and local
Income Taxes Paid [Line Items]
State and local:	$ 561

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 31, 2026	Dec. 14, 2025	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	0		85,490,483
Redeemable convertible preferred stock, shares issued (in shares)	0		69,914,359
Redeemable convertible preferred stock, shares outstanding (in shares)	0		69,914,359	69,914,359	69,914,359
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value	$ 0	$ 227,200	$ 227,198	$ 227,198	$ 227,198
Redeemable convertible preferred stock, liquidation preference	$ 0		$ 229,543
Series A Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			1,350,000
Redeemable convertible preferred stock, shares issued (in shares)			1,350,000
Redeemable convertible preferred stock, shares outstanding (in shares)			1,350,000
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 0.11
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.0089
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 148
Redeemable convertible preferred stock, liquidation preference			$ 149
Series B Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			7,658,874
Redeemable convertible preferred stock, shares issued (in shares)			7,658,868
Redeemable convertible preferred stock, shares outstanding (in shares)			7,658,868
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 0.39
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.0310
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 2,951
Redeemable convertible preferred stock, liquidation preference			$ 2,987
Series C Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			6,169,302
Redeemable convertible preferred stock, shares issued (in shares)			5,952,858
Redeemable convertible preferred stock, shares outstanding (in shares)			5,952,858
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 1.27
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.1016
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 7,529
Redeemable convertible preferred stock, liquidation preference			$ 7,560
Series D Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			14,431,860
Redeemable convertible preferred stock, shares issued (in shares)			14,431,844
Redeemable convertible preferred stock, shares outstanding (in shares)			14,431,844
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 1.36
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.1086
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 19,482
Redeemable convertible preferred stock, liquidation preference			$ 19,627
Series E Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			8,780,133
Redeemable convertible preferred stock, shares issued (in shares)			8,780,133
Redeemable convertible preferred stock, shares outstanding (in shares)			8,780,133
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 3.99
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.3190
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 34,913
Redeemable convertible preferred stock, liquidation preference			$ 35,033
Series F Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			7,938,238
Redeemable convertible preferred stock, shares issued (in shares)			7,816,435
Redeemable convertible preferred stock, shares outstanding (in shares)			7,816,435
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 8.21
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.6568
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 64,087
Redeemable convertible preferred stock, liquidation preference			$ 64,173
Series G Preferred Stock
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			19,516,000
Redeemable convertible preferred stock, shares issued (in shares)			18,889,279
Redeemable convertible preferred stock, shares outstanding (in shares)			18,889,279
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 3.97
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.3178
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 72,132
Redeemable convertible preferred stock, liquidation preference			$ 74,990
Redeemable Convertible Preferred Stock Series G-1
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			5,034,942
Redeemable convertible preferred stock, shares issued (in shares)			5,034,942
Redeemable convertible preferred stock, shares outstanding (in shares)			5,034,942
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 4.97
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.3973
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 25,956
Redeemable convertible preferred stock, liquidation preference			$ 25,024
Redeemable Convertible Preferred Stock Series H-1
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			7,305,567
Redeemable convertible preferred stock, shares issued (in shares)			0
Redeemable convertible preferred stock, shares outstanding (in shares)			0
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 9.54
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.7633
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 0
Redeemable convertible preferred stock, liquidation preference			$ 0
Redeemable Convertible Preferred Stock Series H-2
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)			7,305,567
Redeemable convertible preferred stock, shares issued (in shares)			0
Redeemable convertible preferred stock, shares outstanding (in shares)			0
Redeemable convertible preferred stock, share issuance price (in dollars per share)			$ 9.54
Redeemable convertible preferred stock, dividend per share (in dollars per share)			$ 0.7633
Redeemable convertible preferred stock, liquidation preference, Net Carrying Value			$ 0
Redeemable convertible preferred stock, liquidation preference			$ 0

Earnings per Share Attributable to Common Stockholders - Anti-Dilutive Excluded From EPS (Details) - shares	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025
Liability-classified common stock warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of EPS (in shares)	0	60,000
Series G Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of EPS (in shares)	0	251,750
Dual-trigger RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of EPS (in shares)	15,676,155	31,308,443
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of EPS (in shares)	23,755,365	0
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of EPS (in shares)	1,641,713	0

Fair Value Measurements

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Assets and

liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are:

•Level 1 – Observable inputs that reflect quoted prices (unadjusted) available in active markets for identical assets or liabilities.

•Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable.

•Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In addition, the Company considers and uses all valuation methods that are appropriate in estimating the fair value of an asset or liability.


	Financial Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
January 31, 2026
Assets
Cash equivalents
Money market funds	$	406,837	$	406,837	$	—	$	—
Certificates of deposit	2,600		2,600		—		—
Client-held fractional shares	514,877		514,877		—		—
Other current assets
Proprietary inventory	1,500		1,500		—		—
Total financial assets at fair value	$	925,814	$	925,814	$	—	$	—
Liabilities

Other noncurrent liabilities

Warrant liabilities	1,993		—		—		1,993
Fractional shares repurchase obligation	514,877		514,877		—		—
Total financial liabilities at fair value	$	516,870	$	514,877	$	—	$	1,993


	Financial Assets and Liabilities at Fair Value
	Total		Level 1		Level 2		Level 3
January 31, 2025
Assets
Cash equivalents
Money market funds	$	118,708	$	118,708	$	—	$	—
Certificates of deposit	2,600		2,600		—		—
Client-held fractional shares	28,057		28,057		—		—
Other current assets
Proprietary inventory	302		302		—		—
Total financial assets at fair value	$	149,667	$	149,667	$	—	$	—
Liabilities

Other noncurrent liabilities
SAFEs	6,141		—		—		6,141
Warrant liabilities	3,510		—		—		3,510
Fractional shares repurchase obligation	28,057		28,057		—		—
Total financial liabilities at fair value	$	37,708	$	28,057	$	—	$	9,651

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis (in thousands):


	Convertible Note		Warrant Liabilities		SAFEs		Total
Balance at January 31, 2024	$	46,953	$	2,832	$	4,843	$	54,628
Mark-to-market adjustment	$	(16,927)	$	678	$	1,298	$	(14,951)
Repayment of interest	$	(904)	$	—	$	—	$	(904)
Repayment of principal	$	(29,122)	$	—	$	—	$	(29,122)
Balance at January 31, 2025	$	—	$	3,510	$	6,141	$	9,651
Mark-to-market adjustment	—		(1,517)		66		(1,450)
Settlement (conversion to common stock)	—				(6,207)		(6,207)


Balance at January 31, 2026	$	—	$	1,993	$	—	$	1,993

There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the fiscal years ended January 31, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Jan. 31, 2025 shares
Statement of Stockholders' Equity [Abstract]
Retirement of common stock (in shares)	85,034

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit
Redeemable Convertible Preferred Stock, beginning balance (in shares) at Jan. 31, 2023	69,914,359
Redeemable Convertible Preferred Stock, beginning balance at Jan. 31, 2023	$ 227,198
Redeemable Convertible Preferred Stock, ending balance (in shares) at Jan. 31, 2024	69,914,359
Redeemable Convertible Preferred Stock, ending balance at Jan. 31, 2024	$ 227,198
Beginning balance at Jan. 31, 2023	(272,551)	$ 4	$ 0	$ 98,793	$ (371,348)
Beginning balance (in shares) at Jan. 31, 2023		36,897,306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	76,966				76,966
Issuance of common stock upon exercise of vested stock options (in shares)		2,041,617
Issuance of common stock upon exercise of vested stock options	1,079			1,079
Issuance of common stock upon settlement of RSUs, net of tax withholdings (in shares)		21,632
Change in early exercise liability	396			396
Share-based compensation expense	13,255			13,255
Ending balance (in shares) at Jan. 31, 2024		38,960,555
Ending balance at Jan. 31, 2024	$ (180,855)	$ 4	0	113,523	(294,382)
Redeemable Convertible Preferred Stock, ending balance (in shares) at Jan. 31, 2025	69,914,359
Redeemable Convertible Preferred Stock, ending balance at Jan. 31, 2025	$ 227,198
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	194,447				194,447
Issuance of common stock upon exercise of vested stock options (in shares)		2,568,044
Issuance of common stock upon exercise of vested stock options	4,919			4,919
Issuance of common stock upon settlement of RSUs, net of tax withholdings (in shares)		4,000
Repurchase of common stock (in shares)		(3,352,224)
Repurchase of common stock	$ (37,037)		(35,287)	(1,750)
Repurchase of common stock (in shares)	(85,034)
Reissuance of treasury stock (in shares)		1,929,731
Reissuance of treasury stock	$ 22,694		22,694
Change in early exercise liability	169			169
Share-based compensation expense	$ 11,001			11,001
Ending balance (in shares) at Jan. 31, 2025	40,110,106	40,110,106
Ending balance at Jan. 31, 2025	$ 15,338	$ 4	(12,593)	127,862	(99,935)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of common stock upon conversion of redeemable convertible preferred stock and SAFEs (in shares)	(69,914,359)
Issuance of common stock upon conversion of redeemable convertible preferred stock and SAFEs	$ (227,198)
Redeemable Convertible Preferred Stock, ending balance (in shares) at Jan. 31, 2026	0
Redeemable Convertible Preferred Stock, ending balance at Jan. 31, 2026	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (42,066)				(42,066)
Issuance of common stock upon exercise of vested stock options (in shares)	6,649,247	6,649,247
Issuance of common stock upon exercise of vested stock options	$ 12,439			12,439
Issuance of common stock upon settlement of RSUs, net of tax withholdings (in shares)		11,780,753
Issuance of common stock upon settlement of RSUs, net of tax withholdings	(136,855)			(136,855)
Issuance of common stock upon IPO (in shares)		21,468,038
Issuance of common stock upon IPO	282,070			282,070
IPO offering costs	(9,162)			(9,162)
Repurchase of common stock (in shares)		(54,455)
Repurchase of common stock	(459)		(459)
Issuance of common stock upon conversion of redeemable convertible preferred stock and SAFEs (in shares)		70,351,774
Issuance of common stock upon conversion of redeemable convertible preferred stock and SAFEs	233,407	$ 8		233,399
Employee Stock Purchase Plan compensation expense	153			153
Share-based compensation expense	$ 259,824			259,824
Ending balance (in shares) at Jan. 31, 2026	150,305,463	150,305,463
Ending balance at Jan. 31, 2026	$ 614,689	$ 12	$ (13,052)	$ 769,730	$ (142,001)

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Current expense (benefit):
Federal	$ 0	$ 1,200	$ 0
State	369	3,774	1,623
Foreign	4	0	0
Deferred tax expense (benefit):
Federal	(46,390)	(43,252)	0
State	(13,165)	(16,940)	0
Foreign	0	0	0
Total provision for (benefit from) income taxes	$ (59,182)	$ (55,218)	$ 1,623

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2026	Jan. 31, 2025
Current assets:
Cash and cash equivalents	$ 440,805	$ 142,860
Cash segregated and on deposit for regulatory purposes	10,375	9,083
Due from clients	227,413	118,518
Accounts receivable	33,127	29,127
Client-held fractional shares	514,877	28,057
Other current assets	49,187	18,805
Total current assets	1,275,784	346,450
Deferred tax assets, net	119,749	60,194
Operating lease right-of-use asset	8,696	11,229
Property, software, and equipment, net	7,755	14,723
Other noncurrent assets	3,745	2,610
Total assets	1,415,729	435,206
Current liabilities:
Accounts payable	7,299	6,467
Accrued liabilities	8,830	7,517
Due to clients	30,209	9,452
Payable to clearing broker	227,439	118,174
Current portion of operating lease liabilities	4,101	3,556
Fractional shares repurchase obligation	514,877	28,057
Total current liabilities	792,755	173,223
Operating lease liabilities, net of current portion	6,292	9,796
Other noncurrent liabilities	1,993	9,651
Total liabilities	801,040	192,670
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, $0.0001 par value per share; 0 and 85,490,483 shares authorized as of January 31, 2026 and January 31, 2025, respectively; 0 and 69,914,359 shares issued and outstanding as of January 31, 2026 and January 31, 2025, respectively; aggregate liquidation preference of $0 and $229,543 as of January 31, 2026 and January 31, 2025, respectively	0	227,198
Stockholders’ equity:
Common stock, $0.0001 par value per share; 214,611,134 shares authorized as of January 31, 2026 and January 31, 2025; 151,782,411 and 41,532,599 shares issued as of January 31, 2026 and January 31, 2025; 150,305,463 and 40,110,106 shares outstanding as of January 31, 2026 and January 31, 2025, respectively	12	4
Treasury stock, at cost; 1,476,948 and 1,422,493 shares held as of January 31, 2026 and January 31, 2025, respectively	(13,052)	(12,593)
Additional paid-in capital	769,730	127,862
Accumulated deficit	(142,001)	(99,935)
Total stockholders’ equity	614,689	15,338
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$ 1,415,729	$ 435,206

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 31, 2026
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events from the consolidated balance sheets date through April 24, 2026, the issuance date of the consolidated financial statements. On February 16, 2026, the Company entered into an equity purchase agreement with David Fortunato, the Company’s Chief Executive Officer, President and director (the “Purchase Agreement”). Pursuant to the Purchase Agreement, Mr. Fortunato sold the entirety of his limited liability company interest (the “Ownership Interest”) in Wealthfront Holdings LLC (“Holdings LLC”), which represented 95.1% of the aggregate limited liability company interests of Holdings LLC, to the Company for nominal consideration in the amount of one dollar ($1). Following Mr. Fortunato’s sale of the Ownership Interest to the Company, the Company became the sole owner of 100.0% of the limited liability company interests of Holdings LLC. On February 25, 2026, 60,000 warrants were exercised on a cashless basis, resulting in the issuance of 51,481 net shares of common stock. No cash was received in connection with these exercises On March 9, 2026, the Company’s board of directors approved a share repurchase program with authorization to purchase up to $100.0 million of its outstanding common stock. 3,037,141 shares have been repurchased at an average purchase price of $8.58. There have been no other material subsequent events other than previously disclosed that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements as of January 31, 2026.

Common Stock

12 Months Ended

Jan. 31, 2026

Equity [Abstract]

Common Stock

As of January 31, 2026 and January 31, 2025, the Company was authorized to issue 214.6 million shares of common stock, with a par value of $0.0001 per share. Each share of voting common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights to dividends, and subject to beneficial ownership limitations applicable to certain regulated stockholders. No dividends have been declared by the board of directors from the Company’s inception through January 31, 2026.

Common Stock Reserved for Future Issuance

At January 31, 2026 and January 31, 2025, the Company reserved the following shares of common stock for issuance:


	January 31,	January 31,
	2026	2025
Redeemable convertible preferred stock, all series (1)	—	84,525,493
Series G redeemable convertible preferred stock warrant	—	251,750
Common stock warrants	1,953,463	1,701,713
Other stock awards issued	39,505,733	62,903,172
Authorized for future stock awards or stock options	27,856,967	5,795,839
Total shares of common stock reserved	69,316,163	155,177,967

_______________

(1)Includes Series H-2 redeemable convertible preferred stock, which is convertible into shares of nonvoting common stock.

As a result of the completion of the IPO on December 15, 2025, all shares of redeemable convertible preferred stock were converted to common stock and became issued and outstanding common shares. Additionally, the Series G Warrant (as defined below) was converted to a common stock warrant. As such, there were no shares of common stock reserved for issuance for redeemable convertible preferred stock or the Series G Warrant as of January 31, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements

3 Months Ended

Jan. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name and Title

Action

Total Shares of Common Stock to be Sold

Adoption Date

Expiration Date

Kenneth A. Goldman, Director

Adopt

50,000

1/14/2026

12/31/2026

Kal Iyer, Vice President of Engineering

Adopt

478,068(1)

1/14/2026

12/31/2026

Lauren Lin,

Chief Legal Officer, Chief Compliance Officer, and Secretary

Adopt

To be determined(1)

1/14/2026

9/30/2026

Julien Wetterwald, Chief Technology Officer

Adopt

188,075(1)

1/14/2026

9/30/2026

Michelle Wilson, Director

Adopt

2,552

1/14/2026

3/31/2027

(1) This plan provides for the potential sale of shares of common stock to be received upon vesting and settlement of certain outstanding restricted stock units, net of any shares withheld by the Company to satisfy applicable tax obligations. The number of shares to be withheld, and therefore the exact number of shares to be sold pursuant to the plan, can only be determined upon the occurrence of the future vesting events.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Kenneth A Goldman [Member]

Trading Arrangements, by Individual

Name

Kenneth A. Goldman

Title

Director

Rule 10b5-1 Arrangement Adopted

true

1/14/2026

12/31/2026

351 days

50,000

Trading Arrangements, by Individual

Name

Kal Iyer

Title

Vice President of Engineering

Rule 10b5-1 Arrangement Adopted

true

1/14/2026

12/31/2026

351 days

478,068

Trading Arrangements, by Individual

Name

Lauren Lin

Title

Chief Legal Officer, Chief Compliance Officer, and Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

1/14/2026

Expiration Date

9/30/2026

Arrangement Duration

259 days

Julien Wetterwald [Member]

Trading Arrangements, by Individual

Name

Julien Wetterwald

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

1/14/2026

9/30/2026

259 days

188,075

Michelle Wilson [Member]

Trading Arrangements, by Individual

Name

Michelle Wilson

Title

Director

Rule 10b5-1 Arrangement Adopted

true

1/14/2026

3/31/2027

441 days

2,552

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Revenue:
Revenue	$ 364,993	$ 308,859	$ 216,714
Costs and operating expenses:
Cost of revenue	38,007	30,964	22,898
Product development	212,437	64,515	57,558
General and administrative	149,128	29,092	23,766
Marketing	51,755	52,196	21,150
Operations and support	24,836	10,619	9,767
Total costs and operating expenses	476,163	187,386	135,139
Interest expense	891	2,810	2,000
Other expense (income), net	(10,813)	(20,566)	986
Income before income taxes	(101,248)	139,229	78,589
Provision for (benefit from) income taxes	(59,182)	(55,218)	1,623
Net income (loss)	$ (42,066)	$ 194,447	$ 76,966
Earnings per share:
Basic (in dollars per share)	$ (0.74)	$ 4.99	$ 2.06
Diluted (in dollars per share)	$ (0.76)	$ 1.31	$ 0.54
Weighted-average shares outstanding used in computing earnings per share:
Basic (in shares)	56,647,662	38,990,556	37,297,221
Diluted (in shares)	56,890,456	138,660,318	143,878,296
Cash management
Revenue:
Revenue	$ 271,700	$ 230,946	$ 154,800
Investment advisory
Revenue:
Revenue	91,899	73,045	56,095
Other revenue
Revenue:
Revenue	$ 1,394	$ 4,868	$ 5,819

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2026	Jan. 31, 2024	Jan. 31, 2023
Income Taxes [Line Items]
Decrease in valuation allowance amount	$ 80,200
Unrecognized Tax Benefits	$ 8,052	$ 14,431	$ 6,661	$ 5,435
U.S. federal
Income Taxes [Line Items]
Operating loss carryforwards		181,700
U.S. federal \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax credits		27,200
State and Local Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards		202,300
California \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax credits		$ 16,000

Revenue (Tables)

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Accounts Receivable From Contracts with Clients

The table below sets forth the opening and closing balances for accounts receivable from contracts with clients (in thousands):


	Cash Management Receivable		Investment Advisory Receivable		Other Receivable		Total Accounts Receivable
Opening Balance, February 1, 2024	$	14,580	$	5,303	$	298	$	20,181
Change	6,402		1,365		1,179		8,946
Closing Balance, January 31, 2025	$	20,982	$	6,668	$	1,477	$	29,127
Change	2,621		2,333		(954)		4,000
Closing Balance, January 31, 2026	$	23,603	$	9,001	$	523	$	33,127

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2025	Jan. 31, 2024
Income Tax Disclosure [Abstract]
United States	$ (101,264)	$ 139,229	$ 78,589
Foreign	16	0	0
Income before income taxes	$ (101,248)	$ 139,229	$ 78,589

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Financing Activities - Narrative (Details) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Dec. 05, 2025 USD ($)	Oct. 14, 2025 USD ($)	Oct. 31, 2024 USD ($)	Sep. 02, 2022 USD ($) $ / shares	Nov. 30, 2019 USD ($)	Jan. 31, 2026 USD ($)	Jan. 31, 2025 USD ($) $ / shares	Jan. 31, 2024 USD ($)	Apr. 03, 2024	Apr. 02, 2024	Mar. 10, 2022 $ / shares	Jan. 14, 2022 USD ($)
Line of Credit Facility [Line Items]
Proceeds from draw on credit facility						$ 200,000	$ 0	$ 0
Discount price per share (in dollars per share) \| $ / shares							$ 5.00				$ 5.00
Convertible Debt
Line of Credit Facility [Line Items]
Face amount of debt				$ 69,700
Spread on variable rate				9.00%
Debt instrument, conversion price (in dollars per share) \| $ / shares				$ 9.54
Bridge Loan
Line of Credit Facility [Line Items]
Face amount of debt												$ 20,000
Stated interest rate									12.50%	10.00%
Interest expense							$ 2,300
Weighted average interest rate							12.00%
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 250,000	$ 50,000
Proceeds from draw on credit facility	$ 200,000
Line of Credit \| Revolving Credit Facility \| Commitment Fee Scenario One
Line of Credit Facility [Line Items]
Unused capacity commitment fee, percentage		0.25%
Net leverage ratio		2.00
Line of Credit \| Revolving Credit Facility \| Commitment Fee Scenario Two
Line of Credit Facility [Line Items]
Unused capacity commitment fee, percentage		0.375%
Line of Credit \| Revolving Credit Facility \| Commitment Fee Scenario Two \| Minimum
Line of Credit Facility [Line Items]
Net leverage ratio		2.00
Line of Credit \| Revolving Credit Facility \| Commitment Fee Scenario Two \| Maximum
Line of Credit Facility [Line Items]
Net leverage ratio		3.00
Line of Credit \| Revolving Credit Facility \| Commitment Fee Scenario Three
Line of Credit Facility [Line Items]
Unused capacity commitment fee, percentage		0.50%
Net leverage ratio		3.00
Line of Credit \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Spread on variable rate			1.00%
Floor rate		0.50%
Line of Credit \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Floor rate			0.50%
Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Spread on variable rate			2.00%
Floor rate		1.00%
Line of Credit \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Floor rate			1.00%
Line of Credit \| Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 25,000
SAFE
Line of Credit Facility [Line Items]
Purchase Amount (in thousands)					$ 2,200		$ 2,187

Stock-Based Compensation - Nonvested Stock Option Activity (Details)	12 Months Ended
	Jan. 31, 2026 $ / shares shares
Shares
Unvested at January 31, 2025 \| shares	308,493
Granted \| shares	0
Vested \| shares	(214,905)
Forfeited \| shares	(19,375)
Unvested at January 31, 2026 \| shares	74,213
Weighted-Average Grant-Date Fair Value
Unvested at January 31, 2025, Weighted average exercise price (in dollars per share) \| $ / shares	$ 4.50
Granted, Weighted average grant date fair value (in dollars per share) \| $ / shares	0
Vested, Weighted average grant date fair value (in dollars per share) \| $ / shares	4.40
Forfeited, Weighted average grant date fair value (in dollars per share) \| $ / shares	4.73
Unvested at January 31, 2026, Weighted average exercise price (in dollars per share) \| $ / shares	$ 4.73

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Jan. 31, 2026
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a 401(k) defined contribution plan for its employees. This plan provides for tax-deferred salary deductions for all employees. Employee contributions are voluntary. Employees may contribute up to 90% of their annual compensation to this plan, as limited by an annual maximum amount as determined by the Internal Revenue Service. During the period, the Company began providing matching contributions to employees’ 401(k) retirement plans. The related expense recognized for the fiscal year ended January 31, 2026 was immaterial. No matching contributions were made during the fiscal year ended January 31, 2025.