Avishek Das | LightRocket | Getty Images
This is a developing story. Check back for updates.
Robinhood has chosen the Nasdaq for its eventual initial public offering, according to sources familiar with the matter. The company has not yet filed officially for the listing.
The stock trading app has lowered the barrier to entry for millions of retail investors, setting the stage for one of the biggest initial public offerings of the year.
It’s unclear if Robinhood has chosen a direct listing or a traditional IPO, sources said.
Robinhood —whose longstanding mission is to “democratize” investing — is seen as the main gateway for young investors to access the markets.
After record growth during the Covid-19 pandemic, the millennial-favored stock trading app found itself in the middle of a firestorm in January amid the short squeeze in GameStop, which was partially fueled by Reddit-driven retail investors. However, Robinhood’s brand appears to be intact with bids for pre-ipo shares spiking about the GameStop mania.
Robinhood added gained 3 million users in January alone, according to estimates from JMP Securities.
New York-based D1 Partners, Sequoia, Kleiner Perkins and Google’s venture capital arm, GV are some of Robinhood’s biggest venture capital investors.