So, our vision is we want to be the

financial super app or the family of

apps. And if you look at it, we can

serve customers across a wide variety of

products. So, Vlad actually demoed a lot

of our apps yesterday. So, everyone

knows the core app, that's where we got

started. We have a banking app now, you

can get checking, savings, credit card.

We have a non-custodial wallet where you

can uh use DeFi. And we have the Trump

accounts, which is doing really well to

help uh America's children start to

investing. And so, the more you look at

it, anything you want to do for your

financial lives, Robinhood should be

able to do that for you.

>> Do you still view the company as

fintech?

>> Uh you know, fintech is a little bit of

a misnomer. We are a technology company

that happens to be in finance. And so,

all of our product managers, all of our

engineers, everybody is there. We're

highly regulated, and we take that

seriously. But, for us, it doesn't

matter what the title is. Like, are we

serving customers' lives? And if you ask

them, many people say, "I bank with

Robinhood. I do my finances with

Robinhood." And that's what we're

focused on.

>> Who's the core customer nowadays?

>> Yeah, so if you look at our median

customer, 35 years old, tend to be

widely distributed across the US,

uh tend to be married, educated, one or

two kids, cat or a dog. Like, that is

[laughter] that is our prototical

prototypical customer. And they want to

use us for all their products. So, they

typically come in, I want to start my

first equities, I want to have a

retirement account, I want to get the

credit card. Then they discover

Robinhood Gold. Then they start to use

other products. And so, when I joined 8

years ago, our average customer was

actually 27, 28. Our customers are aging

with us, they're getting more wealthy.

Now, they want to use more and more of

our products. And so, that's how we're

building for them.

>> Where do you think is You talked a lot

about this on the on the earnings call.

Where do you think you're gaining market

share from?

>> Uh a lot of the legacy incumbents. And

so, uh for us, as I mentioned, we are a

technology company, we can move fast.

You can never get complacent. And so,

our view is you should be at

disadvantage if you're not trading on

Robinhood. That's why we're iterating,

that's why we're building AI products,

that's why we we keep coming out with a

lot of these newer uh vectors. And if

you do that, a lot of it comes from

incumbents, a lot of it's actually new

investors as well. So, we survey

customers, about 50% of them tell us we

are their first brokerage app. And so,

by design, 50% are coming from other

places, but 50% are also new to the

market. So, it's a little bit from all

over the place.

>> The S&P 500 is still, you know, even

with the the tech semiconductor route,

still trading near record highs. What

have you seen in terms of You just

mentioned it, too, a little bit, I

think, new investors.

>> Mhm.

>> Uh that those sub-25-year-olds, is that

bringing them into the market?

>> So, a lot of our investors, they tend to

be techno-optimists. So, they tend to

invest in technology, they tend to have

a long-term view. So, anytime you see

drawdowns, for example, so in Q2, we saw

some volatility, they actually use it as

an opportunity to invest. And so, they

invest in technology companies, chip

companies, AI, energy. They really

believe in America's future, and that's

where they put their money in. And I

think a lot of people think of Robinhood

as, "Hey, it's just a trading account."

We actually have a lot of people who put

in their retirement accounts or their

ETFs. And what we tend to see is they're

optimists, and they have a long-term

view, and so that's what we see a lot of

customers start with.

>> Mention America's future. Uh how are the

Trump accounts doing since launch?

>> Oh, it's it's going fantastic. And so,

really great partnership with the

Treasury, the National Design Studio,

BNY. Uh we shared some numbers

yesterday, but over 7 million people

have already signed up. A billion and a

half of assets have already flowed

through our system. But, the really nice

part is we are just getting started. So,

we're starting to build a great employer

portal. If you're an employer like

Robinhood, for example, we'll match our

employees, so we're building that out.

Donations, Michael and Susan Dell gave a

massive donation, and so we're building

that out. Um I think this is going to be

transformational for the next

generation, and this is just V1, but the

initial uptake has been really great.

>> How do you see that, you know, these

accounts evolving over time?

>> Yeah, so they're meant to be low-cost

ETFs, buy and hold. You can actually go

in the app and simulate what's going to

happen in 18 years and 60 years. What

we're trying to show is just the benefit

of compound interest. If you start

early, it's actually really powerful.

And then what we hope is it just keeps

people to discover investing, whether

it's the parents or whether it's the

children. Um and so, a lot of the

investment has been focused on

education. How do you explain the stock

market? How do you get to people to

start? And then once they get started,

it open up a lot of different doors.

>> Within those 7 million accounts, are

those new customers to Robinhood, or

those were folks already on the

platform?

>> So, these are people who have signed up

to use it either directly in the app or

on the

IRS website. So, we're not including

those in our customers today. We are the

sole trustee and custodian. So, all the

assets that come in, we custody. We

actually don't include those in our

numbers today.

So, for us, we're starting with let's

build the app, let's make sure it works,

and then what you'll see over time is

you know, how do we share it with our

KPIs going forward.

>> One business I think I know it surprised

me is the strength of this events

business. It has come on strong what 18

months since launch.

>> Mhm.

>> Where do you see that business going,

and what are the drivers behind that?

>> Yeah, it's it's been incredible to see

the uptick. So, a couple things we're

working on. We're adding more

selections. We have multiple thousands

of contracts today across economic,

sports, financial, lifestyle. So, making

that making the product better. If you

look at it, you mentioned it's only 18

months old. The app has got better, the

design has got better, discoverability

has got better, so we're working on

that. We also vertically integrated in

the quarter, meaning we bought our own

exchange. By doing that, we can actually

give customers better pricing. And so,

what you saw in this quarter is we

lowered our pricing for customers. So,

not only is the product getting better,

it's now cheaper to trade. I think we're

just scratching the surface. You know,

we said before we're at the beginning of

a a super cycle for this. What we're

seeing is customers want to use it.

We're seeing use cases we didn't even

expect. You know, I've given an example

before, but during weather storms, we've

seen people hedge their flights by

buying weather contracts. Like, that's

not something we're expecting.

>> different level.

>> Yeah, it's So, it's a really brand new

growing asset class, and I think we look

out 5 or 10 years, like this could be as

big as the equities market.

>> The passing of the Clarity Act, does

that reawaken crypto?

>> You know, I think it's nice to have. So,

we have come out and say we would like

it to pass. We believe it's important to

have legislation. Really, you don't want

it changing from administration to

administration. You just want to know

what the rules are. For us, it's not

existential. Like, it's great, it's

important, but if it doesn't, we have

other ways to give customers high yield

on their on their interest, whether it's

through banking or the brokerage. Um so

we're hoping it passes. Um but again,

it's it's a nice to have. And And what

are we focused on? We're focused on the

infrastructure layer. Tokenization, we

just announced the Robinhood chain,

fastest ever to 100 million

transactions, over 10 billion of DEX

swap volume. And so if you build great

infrastructure and products, the asset

class is going to move around. Uh but

that's what we're spending our cycles

on.

>> the last time you and I talked, it was

around or just before the SpaceX IPO.

And uh Robinhood gave access or what was

pre-IPO access for SpaceX. How do you

How do you assess the stock slide since

IPO? And what do you say to those retail

investors that now I mean they've gotten

burned by whatever I mean the stock's

down what, 40, 50% or whatever it is?

>> Yeah, it's a good question. So we don't

comment on any particular stock. So it's

a In general, you know, we stand for

access. Uh stocks can go up, stocks can

go down. It didn't seem right to us that

one of the most historic IPOs in

history, retail would be left out. So we

were really excited to be able to

support it. We had nearly a million

customers that put in orders. Um

and we'll see what happens on the long

term. Our customers, as I mentioned, are

long-term bullish. And so many of them

are probably still buying it right now.

Um and so we're going to continue to

support them.

>> I was just going to ask you. So you will

you will still support you will still do

what you did for SpaceX for other IPOs?

Even though, look, a year after a lot of

IPOs go public, they all I mean a lot of

them just don't do well.

>> Yeah, it's um it's a it's a mix. Like

some go up and some go down. We don't

want to be paternalistic. Like we're not

going to say you can't access this. I

think that's even worse. Customers

should do their own research. We think

it's important. These are riskier

assets. But for us, if you give

customers access, you give them the

education, they're adults, they should

be able to make decisions. So we're

going to continue to support a lot of

the uh the upcoming IPOs. We actually

just got our license to be an

underwriter now. So we actually want to

go even deeper in helping both companies

>> When was that?

>> Uh we announced this a few months ago.

And uh we haven't underwritten an IPO

yet, but we have our license. We're

FINRA approved. And so you should expect

in the near term, you may actually see

Robinhood underwriting IPOs.

>> So, that mean you mean going toe-to-toe,

going back to the bank question, going

toe-to-toe with my Morgan Stanley and

Goldman Sachs?

>> We will we will be up there and I hope

in a couple years the same way you think

about Goldman or Morgan Stanley

underwriting an IPO, you'll be thinking

about Robinhood.

>> How big is this team? I mean, how big is

the team you're hiring for these

>> We are hiring. You actually go to our

website, we have a lot of open roles

>> I'm applying right now. That's my prior

life. [laughter] That's my prior life.

>> Uh right now we are building it out.

It's nascent and I think we have said

later this year we'll be ready to do it.

But this is one of our long-term bets.

Like we want to be able to serve

companies from inception. Uh we have our

ventures fund business where we can

invest in new companies. We can then do

your growth rounds with Robinhood

Ventures Fund 1. We can help take you

public and then after you go public we

can support you as well. So, that's the

vision and it's just another step there.

>> well, that's cool stuff. Shir, good to

see you. Thanks for coming down.

Appreciate you having me.