Robinhood拟为Anthropic等IPO争取散户分配

Good to have you here with us. Gotta start though. Um, so many things going on, and we'll get to maybe the elections and the regulatory framework coming out. Everybody. But let's start with the mega IPO environment. All of them coming at us. Anthropic OpenAI some others. How Robinhood will be involved either in making sure their retail customers get access or in some other way. So I'd love to know how you guys are looking at that and how you are providing access for these, uh, really mega IPOs.

Yeah. First, great. Thank you for having me. Uh, as you mentioned, you know, anthropic is coming. It's going to be a bellwether for the market. Uh, you may have seen they actually amended their S-1 recently that show that Robinhood will be on the deal. So we're very excited to help customers get access. You know, if I go back to space just six months ago was historic IPO. And now you have anthropic coming in futures.

And so for us, the main thing is retail customers should be allowed to participate. They should have a great experience. And that's what we've been building thus far. What does that look like in terms of like an allocation for these retail investors? How do you make sure that the retail investors who do want a piece of anthropic IPO, get a piece of it? Yeah, it's an incredible question. Uh, what we do is we bring the demand and then we send it to the company and the banks.

Ultimately, they decide what is what, uh, retail should be allocated for us. We just ask the tree as a first class citizen. So if you looked at space, they actually came out and said they wanted to do about 15 to 20% to retail. Uh, when we did our own IPO, we gave 20% to retail, which at the time was the highest in history. And so if we bring great demand and we show them the power of retail, that's how you going to get a good allocation.

It is tough though. It's a food fight out there. So we're going to let our demand speak for itself and then let the companies decide for what they think is the problem. Is there a way you can gauge demand right now before the actual IPO happens? You have an understanding of what these retail investors, what the folks on the Robinhood platform want to see in terms of anthropic. So we're not allowed to directly start taking orders until they they start doing that.

But what we do see is what our customers are doing right now. So I shared our earnings last week. We're seeing incredibly strong engagement. Customers are depositing more. They're trading more. Most metrics are up 50% year over year. So that's what we're sharing with with a lot of the banks and a lot of the companies that right now retail's engaged. They're techno optimists. They tend to believe in this economy. And so with that I think it goes really well.

But we'll have to see when they actually open the audiobook up. Hey have you talked about allocation for something like the anthropic IPO or maybe some of the other mega? I like OpenAI coming up. What do you expect in terms of allocation? You talked about what you guys wanted to do when you IPO. Are you talking with anthropic? Are you getting any insight on what the allocation might be for those on the Robinhood platform?

Yeah, so we're in the quiet period. So we can't share specifics. But what I'll tell you about five years ago when we built the platform, traditionally retail got 1 to 2% of an IPO. And if you got 5%, that was fantastic. Uh, now when we talk to companies, they say, hey, how big can I go? Can I go to five? Can I go to ten? Can I go to 20? Uh, and so that's becoming more of the normal conversation. If you look at the US equities market, about 20 to 25% is retail on any given day.

And so just using that bar that shows how powerful retail is. Each specific company and each individual bank will give their own recommendations. But for us but we're making sure the companies know is retail is here. They are forced to stay. And given their 20 to 25% of the equities market, they should consider a large allocation. So can I read into that that you think it might be more like 5% versus 1.21 to 2%? Uh, it's again, I can't share or give it in the quiet period.

And so I want to be really careful on that. For us, we just think it's important that their tree is a first class citizen. And then ultimately, again, I've sat in the company's shoes. We've done our own IPO. But I do think retail is really powerful. And if you treat them well, they become long term supporters of the equity. Okay. I want to shift gears a little bit and talk. This is still has to do with AI, but it's about AI agents such as muse, for example.

One thing that we're all trying to figure out right now, and we're asking everybody these questions how do you want muse or other agents to interact with with your platform? What are you doing at Robinhood for a gigantic buying and selling of stocks, for example? Yeah. Great question. So for us we believe in access and selection. So our view is any of these different connectors, whether it's Muse or Crockpot or Instinct or the whole gamut that are coming out no dots and do it anthropic.

We believe Robinhood should connect to their end. Customers have access through those tools. Um, what are we doing for our first party? So we did our own product launch a few a few months ago, and we announced Robinhood agents. You can go into the app, you can have an agent do trading for you. You can do research for you. We think that's great. But if customers also want to access to these third party connectors, fantastic.

Again, we stand for access. And so I think some of the companies are being a little shortsighted when they say, hey, I don't want to connect to this app where I want everything go through mine. What we've shown is if you just build a great product and you let customers access whatever they want, Good things will happen. And so we're super excited. And we're already up in a lot of these different connector stores. And you should expect us to be available.

And the vast majority of them in the near term. How are the agents, whether it's outside agents or your own Robinhood agents, kind of increasing activity and volume, if you will. Uh, our engagement on the platform. I'm just curious how that actually turns into actions. Yeah. So it's really early right now, but the signals are positive. And so what we're seeing from customers is they love using it for things such as research and tools.

That's the vast majority of it. So for example, a customer may say, I have a view on I stocks right now, or I have a view on chip stocks right now. Can you help me do screeners or scanners and go to that. Uh, you can also that allow it to trade for you. Now we make sure we build the guardrails in place. For example, your trading account is completely separate from your core account. So if I open my app right now, I have my investment account, my retirement account, my custodial account for my daughter.

Then I have my genetic account. The adjusting account is completely separate. And then if it wants to make a trade, You have to give it permission to do that. So if you've use Claude Code or Codex, it can take you so far. But at the end the customer has to take the intent. So that's what we're seeing from customers. They're actually asking for more. They want even more tooling. They want it to be more powerful. You know, we sure are earning that about 200,000 people have a generic account and about 250 million of assets thus far.

So really nice early growth. But for us, we're just chiseling the product and making it better and better. But we think this could be pretty large. All right. We talked to anthropic. We've talked about eye agents. You think that age of genetic trading could be pretty large. Or agents role on Robinhood could be pretty large. Let's talk prediction markets because as you guys said earlier this year, it's among the fastest growing business at at Robinhood.

I'm curious about in terms of what you offer