Robinhood enters IPO underwriting with Oura Ring deal

Robinhood Markets is taking on the role of an initial public offering underwriter for the first time. The company was selected as one of 18 banks working on an upcoming IPO for smart ring maker Oura Ring, which is seeking to raise $3 billion. Unlike Robinhood's previous IPO access program that operated as an intermediary, this underwriting role allows the firm to sell common stock directly to its clients and earn direct underwriting revenue.

The expansion follows strong performance across Robinhood's core business lines. In the most recent quarter, transaction revenue rose 44% year over year to $776 million, supported by stock, options, and its new event prediction trading platform, despite a collapse in cryptocurrency revenue. Other revenue climbed 54% to $143 million, and the company now counts 13 business lines with annualized revenue of at least $100 million.

Robinhood recently launched a high-fee credit card called Robinhood Platinum to expand banking and subscription services. Average revenue per user rose 24% year over year last quarter to $187, maintaining an annualized growth rate of 14% since 2020.

On 11 September 2026, figures showed Robinhood trading at a market capitalization of $104 billion. Net income for the quarter increased 48% to $573 million, bringing trailing net income to $2 billion and leaving the stock with a price-to-earnings ratio of roughly 51.